Surreal Amptitude
Would you like to react to this message? Create an account in a few clicks or log in to continue.


This is where we do what we do!
 
HomeLatest imagesSearchRegisterLog in

 

 Eurozone ministers fail to create €1 trillion bail-out fund

Go down 
AuthorMessage
yidiandiana




Posts : 1
Join date : 2010-11-28

Eurozone ministers fail to create €1 trillion bail-out fund Empty
PostSubject: Eurozone ministers fail to create €1 trillion bail-out fund   Eurozone ministers fail to create €1 trillion bail-out fund Icon_minitimeMon Nov 07, 2011 9:34 pm

Despite publishing a more detailed mandate following a summit in Brussels, the Eurogroup delayed agreeing specifics on how to leverage the €440bn European Financial Stability Facility (EFSF), risking further market turmoil ahead of votes on Tuesday that could topple Silvio Berlusconi's government.
Eurozone ministers fail to create €1 trillion bail-out fund Juncker-rehn_2049109c
The EFSF also pushed ahead with a 10-year bond auction which it had put cheap nfl jerseys off from last week because of lack of demand. The fund, which is supposed to be the eurozone's key weapon against the debt crisis, managed to raise €3bn but only after having to pay record returns to entice investors.
Joachim Fels of Morgan Stanley said: "The leveraged EFSF may still turn into a bazooka but so far it looks more like a water pistol."
The fund is hampered by uncertainty over Greece's bail-out and eurozone nfl jerseys cheap membership. The country is expected to announce the new head of its interim Government on Tuesday.
Italian government bond yields hit 14-year highs, crossing the wholesale soccer jerseys threshold economists say is unsustainable for the country's €1.9 trillion debt pile. The yield on 10-year bonds soared to 6.68pc at one point, leading to frantic speculation that Italy will require an international bail-out.

The Italian parliament will vote today to ratify the 2010 state accounts and a raft of austerity measures which will also serve as a vote of confidence in Mr Berlusconi.
The Italian premier denied reports he was set to resign. However naty, rumours of his departure pushed the Milan stockmarket up more than 2pc and pulled bond yields down. Analysts said Italy has a "Berlusconi problem, not a financing problem".
After a choppy day on European bourses, the Italian market closed up 1.3pc while the Germany's DAX and France's CAC each fell 0.6pc. In London the FTSE 100 ended off 0.3pc.
Wolfgang Schauble, Germany's finance minister, said it was vital Rome approved mooted austerity measures. He told reporters: "Italy has to stick to what has been announced. If Italy will deliver, will reduce its debt, there is no problem."
Christine Lagarde warned the crisis was in a "dangerous" phase that is steelers jerseys cheap threatening the wider global economy. Speaking in Moscow, the International Monetary Fund chief said: "The economy in general is in a dangerous and uncertain phase. There is clearly a darkening outlook, rising risks. If the storm strengthens further in the euro area, emerging Europe as its closest neighbour would be severely hit."
Prime Minister David Cameron insisted Britain would not become embroiled in the bail-outs. He told the House of Commons the G20 had a clear message: "Sort yourselves out and then we will help, not the other way round."
But a document prepared for the Eurogroup suggested the cheap jerseys European Investment Bank (EIB) could provide up to €74bn of lending support over two years to continental banks. The UK is the EIB's biggest shareholder.
In addition, Fathom Consulting warned a disorderly default in the eurozone would trigger a recession requiring an extra £1 trillion of additional quantitative easing in the UK to keep to inflation targets.
George Osborne attended a meeting of "euro-outs" last night. The Chancellor is trying to drum up opposition to the financial transaction tax that Germany plans to push in today's meeting of EU finance ministers. The Eurogroup set another meeting for November 17. Failure to produce decisions may result in another G20 summit before Christmas.
http://nsod.forum-motion.com/t14-eurozone-ministers-fail-to-create-1-trillion-bail-out-fund
Back to top Go down
 
Eurozone ministers fail to create €1 trillion bail-out fund
Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Surreal Amptitude :: Announcements-
Jump to: