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What would be next?
Not the headlines Gollum van Rompuy needed at 3:30 am CET, when he was scheduled to have a press conference:
- EU LEADERS AGREE THEY WILL REEXAMINE CEILING OF ESM BAILOUT FUND IN MARCH 2012 - EU DIPLOMAT via RTRS
- TREATY CHANGE LIKELY TO BE DONE AMONG EURO ZONE PLUS OTHER COUNTRIES, BUT NOT AT 27 - EU DIPLOMATS via RTRS
- EU LEADERS AGREED PERMANENT ESM BAILOUT FUND WILL NOT HAVE A BANKING LICENCE -- EU DIPLOMAT
- And the guilty party: An agreement at 27 fell through after British Prime Minister David Cameron demanded concessions that Germany and France were not willing to give, one of the officials said.
Translation: tomorrow's summit is as of now an epic failure. As for the Eurozone lasting through January 1 of 2012, let alone March... good luck.
Originally posted by mzungu
well that's fantastic, december the ninth is my birthday, and could also give birth to a system of control with the potential to grow into the kind of totalitarianism depicted in an orwell novel..
weird, i was born in 1984..
Originally posted by SeekerofTruth101
Who will bailout the troubled contries in EU now? German citizens aren't gonna pick up the tab for sure. Even if dictator Sarkozy is willing to, the french people will roll out the guillotine for his head if he does so.
Originally posted by Bicent76
Um I just do not think these countries that lose sovereignty, like Italy, and Greece, are going to accept that to well. Your talking about Greece, the founder of democracy, and Italy the founder of Rome. I do not see these countries as puppet governments to a central Government in Europe, or whatever it is they are dreaming up in Europe..
Traders are in lala land, along with whoever else thinks countries are just going to hand the keys over to the gates
Lets see how this chit storm settles, before we go off the depend with this..
It won't go as planned. never does.
Originally posted by SeekerofTruth101
Despite what many would fear of apocalyptic proportions happening within EU, the reality is not as frightening as it seems to be.
What will actually happen would be the same old, same old paradigm of what happens when you default on your credit card. Owe the bank a thousand dollars and you have a problem. Owe the bank a million dollars and the bank have a problem.
The European Central Bank admitted it had held meetings about providing emergency funding to the region's struggling banks, however City figures said a "collateral crunch" was looming.
"If anyone thinks things are getting better then they simply don't understand how severe the problems are. I think a major bank could fail within weeks," said one London-based executive at a major global bank.
Many banks, including some French, Italian and Spanish lenders, have already run out of many of the acceptable forms of collateral such as US Treasuries and other liquid securities used to finance short-term loans and have been forced to resort to lending out their gold reserves to maintain access to dollar funding.