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EU monetary chief sees 10 days to rescue euro zone

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posted on Nov, 30 2011 @ 04:53 AM
EU monetary chief sees 10 days to rescue euro zone

Europe faces a crucial 10 days to save the euro zone after agreeing to ramp up the firepower of its bailout fund but acknowledging it may have to turn to the International Monetary Fund for more help to avert financial disaster.

"We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union," Economic and Monetary Affairs Commissioner Olli Rehn said on Wednesday as EU finance ministers met.

There's no indication from the article as to why he places a 10 day time frame, with no results or consequences either way.

"It must also be remembered that the EFSF is already funding at very wide (borrowing) levels over Germany, struggled in its last auction to raise the required funds and would have its rating put under severe pressure by any rating downgrade of France," Rabobank strategists said in a note.

"This must call into question any plans related to the EFSF. It is yesterday's solution and the market has simply moved on."

This might explain why markets didn't have quite the rallying party at the announcement that eurozone leaders have agreed to leverage the EFSF. Probably because like every other announcement, there are the promises but no delivery, no action to meet the talk, and no details.

"We are now looking at a true financial crisis -- that is a broad-based disruption in financial markets," Christian Noyer, France's central bank governor and a governing council member of the European Central Bank, told a conference in Singapore.

And here we stand today with the world in a "true financial crisis", the endgame perhaps days away, but could be week or months and goodness forbid, a slow roast over a period of years.
edit on 30-11-2011 by surrealist because: formatting

posted on Nov, 30 2011 @ 05:07 AM
Once it goes. The power shift from West to East will be even more evident. I am beginning to think the future next 5-10 years will be horrific.

On the other hand things are simple and always have been. Nature is surviial of the fitttest, every day is a struggle for nature.

If a polar bear does not kill that day it cannot feed its pups...they die.

Humans have gotten lazy and reliant. Everyone is to blame including myself.

The demise of the current financial system as we know it will be far worse than everyone is predicting. again, the normalcy bias trait comes into play.

FACT:- no one knows how much credit, derivative instruments exposure is out there. Dodd Frank wont change a thing. Clearing house or no clearing house, exchanges and trades will be made off balance sheet. profit and losses will be made undisclosed off p/l.

People are worried about many things on ATS, UFOS, comets, virus. But the simple fact is two things:-

1. Over-population - unsustainable
2. Financial Structure - invisible, uninsured, fake, and unsustainable.

Im not saying im correct. This is just my view. Europe will fail, was designed to fail. Its basic history, empires reign and fall. Only this time it is more rapid.

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