Posts Tagged ‘ EUROPEAN UNION ’

BREAKING NEW 8/7 17:03 ET: Full Text of ECB Statement

By John Galt August 7, 2011 With liberty and monetization for all, courtesy of the European Central bank website (link is here): PRESS RELEASE 7 August 2011 – Statement by the President of the ECB 1. The Governing Council of the European Central Bank (ECB) welcomes the announcements made by the governments of Italy and Spain concerning new measures and reforms in the areas of fiscal and structural policies. The Governing Council considers a decisive and swift implementation by both governments as essential in order…

By John Galt August 5, 2011 The efforts by the JCB and SNB appear to have started to flail wildly and the lack of follow through by the ECB to save the markets was noticed around the world yesterday prompting and accelerating the currency and solvency awareness crisis worldwide. Watch the chart of the EUR/CHF after 7:30 a.m. ET and if it turns up sharply odds are the Fed, ECB, and SNB decided on a coordinated intervention on behalf of the European banking system by…

By John Galt August 4, 2011 Unlike the U.S. markets, the FTSE in the United Kingdom, or even the DAX in Germany, there is no threat of internal strife, a shooting war, or a religious conflict. In the nation of Cyprus, divided for decades between Turks and Greeks. Orthodox Christian and Muslim, the danger is real and somewhat buried in the back pages as other more pressing issues which impact geopolitics surpassed the region in importance. With the nation divided at gunpoint and distrust at…

By John Galt July 29, 2011 A fascinating Reuters story crossed the wires this morning raising the very question of the title of this particular piece. According to the article, Italy was supposed to offer a portion of the key tranche from the European Union crisis designed bailout recently constructed for the nation of Greece. The problem with this theory is that one of the “I’s” in the PIIGS does not have an economic structure much healthier than Greece and thus the question arises as…

By John Galt July 27, 2011 And for tonight’s edition from Ambrose Evans-Pritchard, an almost perfect summary and follow up to the articles I posted earlier about Cyprus joining the PIIGS(c) and Italy’s banking issues causing a nasty equity sell off today. Click on the headline below from the U.K. Telegraph to read the entire story: Europe’s hot summer as Italy and Cyprus join sick list Fears of recession in Italy and the Germans’ reluctance to back the EU’s bail-out fund with real muscle have…

By John Galt July 27, 2011 Translation: Greece is in default and might as well plan on being Europe’s first financial leper colony of many to come. Via from ForexLive.com: Greece cut to CC from CCC by S&P, negative outlook; amounts to a selective default By Jamie Coleman || July 27, 2011 at 16:32 GMT Not much reaction. When ratings are that low, doesn’t much matter…. Debt restructuring plan amounts to a selective default S&P views the EU’s debt restructuring proposal as a “distressed debt…

By John Galt July 27, 2011 Despite the proclamations of a miracle solution of paying off old debt by creating new debt for the PIIGS, it would appear that the entire European Union is heading for the ultimate destination that the U.S. is on: Mega-Downgrades to Credit Hell Cyprus becomes the latest member of the credit downgrade express and here is part of what Moody’s said in their statement this morning (Click on the title for the full statement): Moody’s downgrades Cyprus to Baa1 from…

By John Galt July 27, 2011 Now off 2.01% or -401.80 as of 0630 ET. The story which is triggering the slump (From CNBC): Italian Banks Slump After Bond Purchase Report By: Antonia van de Velde CNBC Associate Web Producer Italian bank shares were sharply lower in Wednesday morning trade after Reuters reported German Finance Minister Wolfgang Schaeuble said the euro zone’s rescue fund should only purchase bonds on the secondary market in exceptional circumstances. And you thought the bailout meant that it really, honestly,…

By John Galt July 25, 2011 There are two very bad outcomes for the E.U. if AEP is right and Merkel falls hard due to the multiple bailouts: 1. The Leftists take over and institute a move towards a fiscal union of all of Europe. 2. The ultra-Nationalists gain a foothold and push for withdrawal from the Union. In the end, this deal if passed makes Germany a slave to world politics as much as it does to the unemployed cobbler or fisherman in Greece.…

By John Galt July 25, 2011 Meanwhile in another insolvent nation: Yes, that’s right boys and girls, that is the Italian FTSE MIB Boursa and it’s down 1.27% or 246 points as I type this thanks to the realization by the world that the ECB bailout by creating more debt to pay off more debt doesn’t actually pay off the debt owed. As a result the Italian banking sector is getting whacked again and I doubt that anyone in the U.S. will be paying attention…

By John Galt July 25, 2011 This morning Moody’s made the decision to downgrade Greece again, this time to just one step above outright default (statement can be found at this link), and the key phrase from this downgrade is obviously going to anger the European Central Bank and their minions: The announced EU programme along with the Institute of International Finance’s (IIF’s) statement (representing major financial institutions) implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is…

By John Galt July 24, 2011 This one is a miss in my humble opinion. While it is true that the “ideologues” took Europe to the brink, there is no solution to a problem which has not been solved. The ideas that at some point in time that Europe can grow out of its disaster is as laughable as presuming America can grow its economy fast enough to meet the $114 trillion in obligations it currently has. However, Evans-Pritchard’s opinion is always worth a read…

By John Galt July 24, 2011 While the world sighed relief with the temporary resolution of the crisis in Greece by permitting an actual temporary default which is not a default according to the banksters, the European Union is far from out of the woods as trouble lurks in nation after nation and the myth that debt monetization was forbidden by the structure of the European Central Bank (ECB) has been shattered forever. In fact if one takes a moment to reflect on the growth…

By John Galt July 21, 2011 Sadly this latest missive sounds like a victory lap for the banksters. However, here is the U.K. Telegraph’s own Ambrose Evans-Pritchard and a brief extract from the article to give you a taste. Click on the headline below to read the remainder of the story. Europe steps up to the plate The three rescued countries of Greece, Ireland and Portugal have in turn been offered a lifeline out of crippling debt-deflation. The tetchy negotiations dragged on for hours, with…

By John Galt July 21, 2011 The only thing my readers need to know today is this headline (with link to story) and the graph which follows of the Euro versus the Yen. If we see the Euro break 111 then 110, it is game over once again and massive stock corrections as well as currency market shifts will happen rapidly. From Reuters: New Greek Bailout Can’t Rule Out Default: Juncker Jean-Claude Juncker, chairman of the group of euro-zone finance ministers, said that a selective…

By John Galt July 20, 2011 Tonight’s edition is a look at what appears to be a crisis which will come to a head this weekend. Refer back to the chart earlier today on this site with the Greek 2 year bonds with a 40%+ yield. That can not last. From the U.K. Telegraph tonight, in print tomorrow by AEP: Franco-German axis loses its wheels

By John Galt July 20, 2011 But don’t worry, they won’t default according to the cheerleaders. From Bloomberg:

By John Galt July 19, 2011 I think based on this story, the sense of urgency ignored by U.S. markets is not so much the case in the U.K. or based on Ambrose Evans-Pritchard’s latest missive a serious case of panic is beginning to spread across Euroland. Read more at the link at the headline from the U.K. Telegraph: Only Germany can save EMU as contagion turns systemic Europe’s leaders have finally run out of time. If they fail to agree on some form of…

By John Galt July 18, 2011 And in my opinion, many in the responsible nations of Europe are losing patience with the E.U. also. Check out AEP’s latest at the U.K. Telegraph tonight at this link: Portugal Loses Patience With Europe

By John Galt July 11, 2011 I think this sucker could be going DOWNTOWN! This isn’t going to end well….

By John Galt July 10, 2011 In a print story by Arthur Beesley from the Irish Times on July 11: European leaders to consider default as part of Greek rescue It has to be a joke right? The Greek people were told repeatedly to “have faith in the European Union and the Euro currency” and now after all that, they are about to be ejected and tossed on the dustbin of globalist history because they banksters realized that all in all, there really weren’t any…

PIIGS Downgrades Begin: Portugal Zapped 4 grades by Moody’s

By John Galt July 5, 2011 When you go to Moody’s home page and read the information about the downgrade (available at this link) the lack of faith in the ECB’s plans to quasi-monetize their way out of the European Union PIIGS crisis has been exposed. Yesterday it was S&P commenting on the Greek bailout and today’s move by Moody’s to move Portugal from Baa1 to Ba2 is a bit of a shock to a nation already struggling to implement austerity Juncker style. The reasons…

S&P Starts the ball rolling: The Banksters Greek Bailout Plan is a default

By John Galt July 4, 2011 The headline this morning at the Wall Street Journal screams it out: S&P: Greece Debt Plan Is a Default The key sentences from the story create a picture of what happens when a rating agency refuses to play along (or is forced to) with the extend and pretend central bankers: “The S&P statement that the model would constitute a “selective default” will take banks and officials back to the drawing board,” interest rate strategists at Commerzbank said. The…

By John Galt July 3, 2011 As the American stock markets celebrate another episode of “extend and pretend” until January 1, 2012 in the Eurozone’s basket case de jour, the truth is that the Greek housing market is nothing more than a smaller version of my home state of Florida. Thankfully for the United States and European Central Bank, Florida is not a member of the European Union or it would be toast. The funny thing that happened along the way to the huge…

Does the E.U. Have an AIG Problem of its own?

By John Galt June 23, 2011 Per the New York Times this morning the answer appears to be “yes” and could create even more headaches as the derivatives nightmare expands and is analyzed with all of the PIIGS nations. If the maximum exposure of just over $78.7 billion for Greece is all that is at risk, then it does not appear to be a major crisis as the U.S. could print that away with the ECB in nothing flat. However, if there are more…

And the Greeks Surrender to Germany Again

By John Galt June 21, 2011 And the decision is…. Yup. Greece surrenders to Germany. Again. For the second time in 100 years. Breaking news on all wire services….

Greek Credit Default Swap Vote is in: No Confidence

By John Galt June 21, 2011 With the headlines screaming about Greece having the most expensive debt to insure in the world yesterday, the charts are just as painful. The one week chart of the 5yr Greek CDS from Bloomberg only tells half of the story: But even with the odds in favor of the Greek government capitulating and voting for austerity measures that they will never fulfill for the second time in two years, the long term trend and belief of the markets…

6/21 Tuesday Reading Assignment: Der Spiegel’s How the Euro Became Europe’s Greatest Threat

By John Galt June 20, 2011 IF this story from Der Spiegel is not a direct hint that Germany and perhaps some other Northern European nations are ready to kick out the weak sisters of the European Union and move forward without their participation, I do not know what is. Sentiment has been building in Germany, France, and other nations to get rid of the deadbeats and maintain the EU as a purely economic juggernaut without their drag. Read the article linked below to…

The U.K. Treasury prepares for the Eventual Greek Collapse

By John Galt June 20, 2011 The crisis in Greece is accelerating at a pace where after tomorrow the European Union’s very survival could well be determined. The Mayor of London, Boris Johnson, called for Greece to leave the EU and return to the drachma yesterday. Then tonight this headline on the front page of Tuesday morning’s U.K. Telegraph: Treasury plans for Greece to go bust The former foreign minister from the Labour party said it best in the article: a “quick” end to the…

6/19 Breaking: Germany Dismisses Greek Debt Deal this is now D-Day

By John Galt June 19, 2011 I leave the house for a while and the world blows up. Per AFP: Germany ‘dismisses Greek debt compromise plan’ With that being established, the prime comment from the article drives the point home as to the severity of this crisis now: Der Spiegel had reported ahead of its Monday issue that the German finance ministry called for a beefed-up version of Europe’s temporary bailout mechanism lending to Greek banks to insure they have adequate collateral with the…

More Insanity from Spain: Let’s Kill Auto Manufacturing

By John Galt June 19, 2011 Believe it or not, this is not another story about the insipid and stupid “green” movement which is closely intertwined within the Spanish Socialist political elites. The Spanish auto industry is still in a somewhat prolonged slump as sales in May declined 23.3% from depressed 2010 levels (Source: Reuters-EU Auto Sales rose 7.1% in May-ACEA) and the government is still clueless as to how to resolve the perpetually high unemployment levels, the housing disaster, and the overhang of…

The EuroZone Nations know: Greece Will Default

By John Galt June 19, 2011 Greece expected to default even after a second IMF/EU bailout That is the headline from the Sunday June 19, 2011 U.K. Independent’s financial news section and despite the slight improvement in the Greek CDS based on Merkel’s announcement last Friday, the reality is that if replacing a cabinet and demanding a national political leader resign would make a nation solvent, the United States public would have demanded Obama resign six months ago. Many European economists recognize the fallacy…

Is the United Kingdom Triggering the Lehman Like Eurozone Liquidity Crisis?

By John Galt June 18, 2011 There is now some strong evidence to validate the headline as reported in the financial section of the Sunday June 19th edition of the U.K. Telegraph: UK banks abandon eurozone over Greek default fears Tyler Durden at Zero Hedge hinted as to the liquidity issues in a piece on the 16th titled Ice-9 Sightings: (Blank)-OIS Spreads Confirm Liquidity Freeze Spreading but until the story was published in the Telegraph the source of the drain on liquidity was difficult…

China Tries to Kill the Euro Shorts one more time

By John Galt May 25, 2011 Gee, is China trying to pump up precious metals prices or screw the Eurozone? This story from Bloomberg tonight: Euro Advances on Report China Interested in Buying European Bailout Bonds is an indication of the desperation of the world’s central banksters to keep the fiat merry-go-round going one more day, week, or month. The Euro did advance nicely as you can see in the chart below, but is China going to be there to bail our all of the…

Italian Stock Market getting Waylaid this Morning

By John Galt May 23, 2011 For once, S&P is a little proactive even if they are late to the party. The bigger questions are when do they start downgrading Belgium and the other nations hiding behind the PIIGS crisis. Right now the Italian FTSE-MIB index is down 2.92% which I would consider a major bad meatball in the pasta there. The crisis is just now cranking up and as the Italian market careens towards 20,000 then 15,000 as the economic situation worsens in the…

Spanish Election Results Roil the Forex Markets

By John Galt May 23, 2011 The results from the elections in Spain were pretty much as expected but now the concerns over the Eurozone are front and center once again. Italy’s downgrade by S&P, Greece agreeing not to restructure their debts (which means eventual default, IMHO), and the worries over the real condition of the municipal budgets in numerous cities in Spain have all created the perfect Forex storm to sell the Euro. Chart from FinViz.com: After testing the 1.39 level again it…

The News Story of Sunday: Protest Rocked Spain Votes Today

By John Galt May 22, 2011 The outcome of today’s Spanish elections after a week of heavy and illegal protesting will tell the tale of the tape for the currency markets and the long festering problems of the PIIGS. With S&P downgrading Italy on Friday night (See WSJ- “S&P Lowers Outlook on Italy to Negative on Debt-Plan Risks”), the outcome of this election could well determine the future of the Eurozone as Spain has been declared the line of demarcation and the banksters know that…

The Greek Budget Travesty Continues-Deficit far Higher than Expected

Read it and weep from the Wall Street Journal: Greece’s Budget Deficit Higher Than Expected APRIL 26, 2011, 7:56 A.M. ET WALL ST JOURNAL By MATTHEW DALTON And LAURENCE NORMAN BRUSSELS—Greece’s budget deficit in 2010 was 10.5% of gross domestic product, significantly larger than forecast by either the Greek government or the European Union authorities, Eurostat, the EU’s official statistics agency, said Tuesday. Needless to say this Greek tragedy is going to end the entire EU con game and force the creation of…

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Posts Tagged ‘ EUROPEAN UNION ’

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