mercredi 27 juillet 2011

Les rats quittent le navire ou "non, je l'ai pas dit !"

Berlin réduit la portée de l'accord sur la Grèce pour rassurer ses députés

BERLIN - Le ministre allemand des Finances, Wolfgang Schäuble, affirme que Berlin n'a pas signé de chèque en blanc pour le rachat d'obligations de pays en difficulté par le fonds de secours européen (FESF), dans une lettre destinée à rassurer des parlementaires parfois réticents.

puis :

the ECB has effectively left Germany holding the bag to the entire European bailout via the blank check SPV." We concluded with the rhetorical: "what happens tomorrow when every German (in a population of 82 very efficient million) wakes up to newspaper headlines screaming that their country is now on the hook to 32% of its GDP in order to keep insolvent Greece, with its 50-some year old retirement age, not to mention Ireland, Portugal, and soon Italy and Spain, as part of the Eurozone?" Well, German Finance Minister just gave us an answer, and it is the reason why various European banks are once locked limit down, and the entire banking industry in Europe is bleeding: "The government rejects a 'carte blanche' for widespread purchases on the secondary market." This means that the entire second bailout package has now been unilaterally unwound courtesy of German which has realized it was the "weakest link" patsy, and will not agree to the clause giving the EFSF unlimited PPT powers. Time to start planning bailout #3. From Reuters:
Euro zone leaders agreed last Thursday on a second rescue package for Greece in a deal which includes the right for the European Financial Stability Facility (EFSF) to buy bonds on the secondary market at the ECB's recommendation.

"Even in the future, such purchases should only take place under very strict conditions when the European Central Bank deems there are exceptional circumstances on the financial markets and dangers for financial stability," Schaeuble said in the letter to members of parliament dated July 26.

"The government rejects a 'carte blanche' for widespread purchases on the secondary market."

He said the decisions taken at the summit were not without risks, "but the risks of the conceivable alternatives are much greater".

Indeed the summit's agreed measures could prevent Greece's debt crisis from becoming "a crisis that would endanger the euro zone as a whole and therefore the euro".

However, Schaeuble said one summit would not be enough to solve the euro zone's debt crisis, echoing cautious comments made by Chancellor Angela Merkel.

 et une belle image de l'Italie, entre autre .. pour terminer le tableau.
B.I.   The FTSE MIB index is down 2.2%. 
 où va t on, ma po'v dame ???? dans le "wall" street !