Posts Tagged ‘ EUROZONE ’

Full Text of German Court Ruling on Bailout Participation

Bundesverfassungsgericht verhandelt über Griechenland-Hilfe und

By John Galt September 7, 2011 – 07:35 ET While this ruling is not a surprise, future bailouts which will be needed have a more difficult path now to follow based on this ruling. Onwards to more EFSF insanity and debt monetization. Here is the full press release and ruling from Das Bundesverfassungsgericht: Federal Constitutional Court – Press office - Press release no. 55/2011 of 7 September 2011 Judgment of 7 September 2011 2 BvR 987/10 2 BvR 1485/10 2 BvR 1099/10 Constitutional complaints lodged…

By John Galt September 5, 2011 – 11:05 ET As the world burns some more because of the PIIGS, our pigs in D.C., and our piggish banksters, the porkfest has resulted in a week’s worth of alleged stability in the Euro currency being wiped off the books. The market has dropped from 1.44 to 1.40 at a torrid pace which puts the ability of the ECB to support that key exchange level into great doubt and should it fail, set the USD off on a…

By John Galt September 5, 2011 – 08:15 ET As the world turns….into crap. No one apparently has any faith that the Fed will do enough, no faith in Obama to announce anything of consequence, and no faith in the honesty of the French banksters. Thus the formula for today’s across the board sell off in Europe. Germany, getting zapped the worst is watching the DAX crater 3%+: France is getting ready to surrender also: Austria down 3%: FTSE 100 just ugly: and now the…

By John Galt August 28, 2011 – 16:05 ET Enough Irene and back to the other storm, brewing quietly but stronger in Europe. Ambrose Evan-Pritchard points out in today’s commentary from the UK Telegraph the dangerous road Germany is traversing with the leadership of Angela Merkel hanging in the balance. It is a must read as it highlights the point I have been making of the nature that this coming September will be “different this time” as many major financial issues coalesce in one point…

By John Galt August 17, 2011 – 08:30 ET This morning’s print edition of the UK Telegraph has what sounds like a eulogy for the European Union from Ambrose Evans-Pritchard. Click on the article title below to read the entire story: EMU crisis deepens as slump reaches Europe’s AAA core The German economy slowed drastically over the early summer and may be on the cusp of a double-dip recession, dashing hopes that Europe’s industrial engine would eventually lift EMU’s southern bloc out of slump. Growth…

By John Galt August 17, 2011 – 06:10 ET Yesterday the leaders of France and Germany held a 1938 Munich style meeting where instead of the Sudetenland being carved up, the two political elites bowed to the pressure of their nation’s banksters and carved up the spoils of the now failed European Union experiment. Below is a full translation of the press conference with the details being provided by the UK Telegraph in an article at this link on the 16th. Here are their proposals…

By John Galt August 15, 2011 – 21:45 Uh,oh…Germany is getting a wee bit ticked about bailing out the weak sisters in this unfortunate political union. Ambrose Evans-Pritchard outlines this in his latest UK Telegraph column. Click on the title below to read the nightmare of European devolution in full. Germany’s Angela Merkel faces eurobond mutiny

By John Galt August 14, 2011 – 15:55 ET Breaking on the Financial Times website this afternoon (Registration required to read full article; click on the title to register and read): Germany and France rule out Eurobonds This nightmare is about to accelerate to an untimely demise for the PABHIIGS (Portugal, Austria, Belgium, France, Hungary, Ireland, Italy, Greece, and Spain) and the European Union experiment. On September 23rd, the German Parliament votes on the bailout package and if the German media is any indication, this…

By John Galt August 14, 2011 – 15:15 ET Well, tonight’s edition from Ambrose Evans-Pritchard is a depressing look at the reality facing the floundering European Union. All indications are that it is about to implode and the markets can smell it. The latest from the UK Telegraph (Click on the title to read the full article): ECB is euroland’s last hope as bail-out machinery fails to resolve crisis The leaders of Germany and France have three bad choices as they decide whether to save…

By John Galt August 12, 2011 – 09:10 ET The release this morning of Greece’s 2nd Quarter GDP coming in at a minus 6.9% should be a wake up call to the central planning mentality in Brussels, but of course it will do nothing but reinforce the mandate from the European Central Bank to increase intervention and pressure on the Athens government. Although the claim that the deficit for the Greek government came in below estimates, the reality is that the rate of contraction will…

By John Galt August 11, 2011 – 17:36 ET Well, apparently these people do not understand that 2008 sucked and who was in charge at that moment. Here is the statement from the European Securities and Markets Authority in its full glory:

By John Galt July 11, 2011 – 09:58 ET You would think I was talking about another campaign in the desert against the British during World War II. After all that hard work to rally towards the close on a rumor of victory over the evil banksters, well, boom, is is now down almost 1% or 141.52 as of this entry.

By John Galt August 11, 2011 – 08:23 ET The NY Times is breaking this story now on their business pages (click on the title to read entire story): Europe Considers Ban on Short Selling By STEPHEN CASTLE AND LOUISE STORY BRUSSELS — A European market regulator is considering recommending a temporary ban on negative bets against stocks across the continent, in an effort to stop the tailspin in the markets, according to two people with knowledge of government discussions. The European Securities and Markets…

By John Galt August 8, 2011 07:41 ET For their sake, I hope they don’t smell like fish. The charts this morning are a lot uglier than I thought they would be but the Teutonic nations who are bailing out Southern Europe are going to be hard pressed to raise the trillions of Euros necessary for the bailout if their stock markets are any indication of future economic activity. Are these nations sending a message to our markets that our future is just as bleak?…

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 Until 4 pm today the Yen was surging against the US Dollar as it appears another flight to safety is underway, including a flight away from the Euro and Dollar thus distorting the normal flight to safety most perceive in the markets. If the Yen breaks 78 and the BoJ decides to stand on the sidelines while capital floods into their currency along with the Swiss, it is a direct indication that the default risk in Europe has grown…

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 11, 2011 From the U.K. Guardian 7/12 print edition: Greece set to default on massive debt burden, European leaders concede Uh, there are consequences to this. The insane idea is highlighted here: They also abruptly shifted tack in the eurozone debt crisis by raising the possibility of using the eurozone’s bailout fund to buy back Greek debt on the markets, meaning sizeable losses for Greece’s private investors and reduced debt levels for Athens. Following 12 hours of fraught negotiations in Brussels…

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…

The Greek Tragedy Depends now on the Ratings Agencies

By John Galt July 3, 2011 Yeah, the same guys who said this was a AAA company from 2007 until, well, darned near the end. The story coming out of Europe this morning via the British paper the Guardian is: Ratings agencies could wreck Greek rescue by declaring it a default The story by Heather Stewart and Richard Wachman has two very significant statements that should alert everyone that the game is either over or about to be rigged as usual: The debt-swap proposal,…

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…

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Posts Tagged ‘ EUROZONE ’

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