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And of course tax the banks. So private bonholders are supposed to bail out the wild spending of greece along with taxes on banks that will be passed on to private citizens. Yep riots coming when they realize this mess they're being dealt.
"In an attempt to assuage the rising panic across Europe, Alain Juppe, the French foreign minister, said that Mr Sarkozy and Ms Merkel's meeting was a good sign and he was "sure we will find an accord". He insisted that "there is a very broad convergence of views" among eurozone countries.
Steffen Seibert, the German government spokesman, said Ms Merkel and Mr Sarkozy knew the stakes were high. He said the pair were not intending to dictate terms to the other 15 eurozone countries, but admitted that "if France and Germany cannot agree, Europe does not move forward".
While Germany wants private bondholders to take a "haircut", France and the ECB are determined to avoid any credit event that could be seen as a default. The possible compromises, contained in a leaked document, include imposing a tax on eurozone banks; a vast debt swap in which investors would roll over their current bonds for new longer-term maturities; and an expansion of the EFSF"
Of note EFSF is basically the euro bailout fund that all countries contribute to with German and France making up about half the money allocated. With Greece, Ireland, Austria and Slovakia no longer contribute since they've gone down. The dominos continue to fall until there is no more left to dole out basically. Once we start bailing out California it will start happening here too.
Why don't they tax the investment banks that own Europe lock, stock, and barrel and are the reason why the world is going to ****?
After what France pulled with Iraq prior to Iraq I wouldn't trust them as far as I could throw the whole country. The "banks to big to fail" are most likely in cahoots with the crooks running these countries stealing every penny they can get their hands on. I'm sure the EFSF is being drained as we speak too. Its only got like twelve member handling allt his money or thats how it started out. Not really sure how its run now since it was started a year or so ago when they bailed out greece the first time.
They are trapped between a rock and a hard place, if they decide to give the bond holders a hair cut { mainly banksters} they have to think of the consequences. Like why would bondholders who took a hair cut keep on puchasing their debt in the future?
And of course tax the banks. So private bonholders are supposed to bail out the wild spending of greece along with taxes on banks that will be passed on to private citizens. Yep riots coming when they realize this mess they're being dealt.
"In an attempt to assuage the rising panic across Europe, Alain Juppe, the French foreign minister, said that Mr Sarkozy and Ms Merkel's meeting was a good sign and he was "sure we will find an accord". He insisted that "there is a very broad convergence of views" among eurozone countries.
Steffen Seibert, the German government spokesman, said Ms Merkel and Mr Sarkozy knew the stakes were high. He said the pair were not intending to dictate terms to the other 15 eurozone countries, but admitted that "if France and Germany cannot agree, Europe does not move forward".
While Germany wants private bondholders to take a "haircut", France and the ECB are determined to avoid any credit event that could be seen as a default. The possible compromises, contained in a leaked document, include imposing a tax on eurozone banks; a vast debt swap in which investors would roll over their current bonds for new longer-term maturities; and an expansion of the EFSF"
..... and you wonder why no one is buying bonds here.
They are buying gold.
Take a gander at the Swiss Franc!
It has the highest gold holdings per capita and its currency, the Swiss franc, has been among the top-performing currencies
There's no easy out for Germany. I do feel sorry for them because they aren't the ones at fault yet they will get sucked in with the others.
Right before the whole EU thing was set in place, I was in Germany...and the people were fearing exactly THIS. That they would be bailing out other countries at the expense of their own citizens.
Right before the whole EU thing was set in place, I was in Germany...and the people were fearing exactly THIS. That they would be bailing out other countries at the expense of their own citizens.
Welcome to our world.
The same happened to Ireland. They held out a long time but got sucked in anyways.
The Euro in Ireland
"The result of handing over control of the money decisions to the European Central Bank was that Ireland went through a period of inflation and normal monetary restraints weren't available to policy makers.
..
If we weren't part of the Euro, Ireland's currency would deflate rapidly. In a few rough months, prices would adjust across the economy and Ireland would be competitive again.
But, because the European Central Bank stands as the country's ultimate guarantor, we're stuck in limbo."
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