Bye bye Euro, hello Gold & Silver Information about the demise of the Euro and the role of the European Central Bank ECB -->Euro Chart daily

2012 - 02 - 16:

[08:45 am] "Peace project Euro": For two decades the Mail has warned the euro would lead to rioting on the streets. Sadly, we were right

2012 - 02 - 14:

[12:30 pm] The amputation plan: CAUTERISE AND PRINT: GERMANY’S NEWEST PLAN A

According to this plan, Greece and Portugal are the first countries to be banned from the euro, while France is the last country to be kicked out - after the presidential election.

2012 - 02 - 07:

[01:30 pm] Wall Street Journal: Citigroup: risk of Greek exit from euro has risen to 50%

[01:30 pm] AEP: An orderly EMU break-up, à la Française

New 2012 - 02 - 01:

[03:15 pm] Theautomaticearth: The Report That Will Blow Up The Eurozone

[03:15 pm] Zerohedge: 1.12 On The EURUSD Coming?

New 2012 - 01 - 29:

[12:15 pm] This one is coming from the Netherlands: The Report That Will Blow Up The Eurozone

In Holland, where I'll be for a few more days, there's a "rogue" right-wing party named PVV (Party for Freedom). It has no cabinet ministers, but the minority moderate right-wing government needs its support to stay in the saddle. The PVV, like other European right-wingers, is, among many other things, against much of what the European Union stands for. It's certainly against the Euro, and the bailouts with Dutch taxpayer money of countries like Greece and Portugal.

A few months ago, the PVV announced they had commissioned a report from British financial consultancy firm Lombard Street Research on the economic consequences of staying in the Eurozone versus returning to the guilder.

That report is about to be published "within days". It will prove to be highly explosive material. And the PVV will do all it possibly can to make sure it receives a lot of media attention. It may tear down the incumbent government, which is a heavy advocate of all things Europe, and which

New 2012 - 01 - 24:

[02:00 pm] Bye bye Euro: "Dreams Versus Reality" - Former IMF Chief Economist On Europe's Last Stand

[02:00 pm] Short-Squeeze: EURUSD Passes 1.30 On Early Rumor Greece, IIF Reach Agreement

[02:00 pm] Europe's most important treaty on the European Stability Mechanism (ESM), which will lead the EU into a financial dictatorship, has been pushed through by EU finance ministers late Monday evening: Guest Post: EU Finance Ministers Push Through ESM Treaty in Fishy Fly-by-Night Move

New 2012 - 01 - 22:

[07:30 am] Full-on "stealth monetisation": Eurozone burns money while the banks fiddle their balance sheets

They are printing like crazy, but the public isn't supposed to take notice.

[07:30 am] CFR - The euro should now be recognized as an experiment that failed: Look Out Below: The Euro Continues To Be A Dying Currency

[07:30 am] 99% would be a more realistic number: 40% Chance of a Euro Zone Breakup: Economist

New 2012 - 01 - 20:

[12:30 pm] Telegraph: The IMF is no longer serving its purpose

New 2012 - 01 - 17:

[11:45 am] Video: Eurozone collapse 2012

[11:45 am] Zerohedge: A Shocking €1 Trillion LTRO On Deck? CLSA Explains Why Massive Quanto-Easing By The ECB May Be Coming Next Month

New 2012 - 01 - 14:

[04:00 am] Zerohedge: Everyone Hates The Euro - EUR Shorts Hit New Record High

[04:00 am] Postponing the armageddon is his job: Draghi Says Debt-Crisis Strategy Is Working as ECB Postpones ‘Armageddon’

New 2012 - 01 - 12:

[02:30 pm] Gold/silver will then go to the moon/mars: Dave Morgan: Euro Collapse Means Flight to Precious Metals for Investors, Text

New 2012 - 01 - 05:

[01:45 pm] Bob Chapman: The European Ponzi Scheme and the Euro

[01:45 pm] Euro collapse within 3 months? Gerald Celente: EU Collapses In 90 Days, Bank Holiday and War

New 2012 - 01 - 02:

[04:00 pm] AEP - outlook for 2012: Ambrose Evans-Pritchard: 2012 could be the year Germany lets the euro die

[12:30 pm] Think Tank: Eurozone collapse 'starts this year' says CEBR

New 2012 - 01 - 01:

[01:45 pm] Video: Biderman On 2012: Long Gold, Short EUR And Stop Praying For A Miracle

[01:45 pm] The CEOs are also already taking notice of this: Eurozone is closer to break-up, warns Standard Chartered's Peter Sands

New 2011 - 12 - 30:

[05:15 pm] Despite the whole money printing - AEP: Eurozone credit crunch fears on M3 money contraction

Europe is at mounting risk of a fresh credit crunch after the eurozone money supply contracted for a second month in November and the volume of private loans began to shrink.

More and more loans are being paid off. This poses a real threat to the system.

New 2011 - 12 - 29:

[04:00 pm] Dailymail: UK prepares emergency measures for euro collapse to prevent an influx of people and money

Value of the Pound could surge if euro fails
Britain's borders could be temporarily sealed against economic refugees
Many experts believe the 17-member currency cannot survive the coming year
Rich individuals from Greece and Portugal are already moving money into UK

Some countries are expected to ground all flights and effectively seal their borders to prevent the flight of people and money. British officials are said to be considering contingency plans to seal the UK’s borders in a worst-case scenario – although any attempt to prevent the free movement of people is illegal under EU law.

Earlier this month reports in Portugal said the country’s borders would be temporarily sealed if the country drops out of the single currency.

Strict limits would be imposed on cash withdrawals and euro notes would be stamped with an escudo mark until the new currency was printed and distributed.

[04:00 pm] No money printing? Update On The "Non-Printing" ECB's Parabolically Rising Balance Sheet

[04:00 pm] Precious metals are the answer: Building A Strategy For Navigating The Rapidly Changing Euro In 2012

[04:00 pm] Bankrate: What if the euro fails?

...then you definitely need physical Gold and Silver.

[04:00 pm] Bye bye Euro, hello Gold & Silver: LIR – The Euro’s End

New 2011 - 12 - 27:

[01:15 pm] Euro crash: Treasury plans for euro failure

The Government is considering plans to restrict the flow of money in and out of Britain to protect the economy in the event of a full-blown euro break-up.

Officials fear that if one member state left the euro, investors in both that country and other vulnerable eurozone nations would transfer their funds to safe havens abroad. Capital flight from weak euro nations to countries such as the UK would drive up sterling, dealing a devastating blow to the Government’s plans to rebalance the economy towards exports.

[01:15 pm] Zerohedge: LTRO "Bazooka" Is Epic Disaster As Banks Scramble To Redeposit "Free Carry" Cash With ECB, Lose Money On "Inverse Carry"

New 2011 - 12 - 23:

[01:15 pm] globaleconomicanalysis.blogspot: Italy GDP Contracts in Q3, Heads for Harsh Recession; Bizarro World Math; Sarkozy Announces He Will Not Be Sarkozy; LIBOR-OIS Spread Says ECB's 3-Year Financing Scheme Nothing But A "Sugar Rush"

New 2011 - 12 - 22:

[06:30 am] AEP: Herr Draghi or Signor Draghi, and the ECB's Santa Rally

[06:30 am] Is the European Central Bank (ECB) Europe’s AIG? Memo to ECB: print money

New 2011 - 12 - 20:

[03:45 pm] Zerohedge: Deus Ex LTRO

So the market has completely latched on to the idea that LTRO is back-door QE.

Does this make any sense and can it even work?

So banks can borrow money for up to 3 years from the ECB. They can buy sovereign bonds with that money. Those bonds would be posted as collateral at the ECB.

The bull case would have banks buying lots of European Sovereign Debt with this program.

There will be significant interest in tapping the LTRO for existing positions. Some small amount of incremental purchases may occur at the time, but the banks will use this to finance existing positions. This should help bank credit spreads. It should also show up in measurements like OIS as it would reduce pressure in the interbank funding market. This is positive, but a relatively minor positive, and seems more than priced in.

[03:45 pm] Zerohedge: ECB's Balance Sheet Now Far Bigger Than Fed's, More Levered Than Lehman, PIIGS Exposure Up 50% In 6 Months

[03:45 pm] After the Euro crash: Chart of The Day: The Currency Collapse After A Euro Breakup

New 2011 - 12 - 16:

[05:15 am] It's time to get out of this toilet paper currency: Markets and euro suffer as investors lose patience with Europe's leaders

Traders placed heavy bets against the euro on Wednesday in an alarming sign that patience with the glacial political process is running out.

You politicians won't be able to rescue anything at all, because the markets no longer believe your gibberish. When all the bail-outs have failed, it's 'Euro finito'.

New 2011 - 12 - 12:

[09:30 am] Zerohedge: Swiss, Germans Set To Unleash Capital Controls As European Companies Prepare For Euro End

[09:30 am] AEP: Merkel's Teutonic summit enshrines Hooverism in EU treaty law

Angela Merkel’s summit has sealed a 1930s outcome for Europe, further entrenching Germany’s misguided and contractionary policies without offering any viable way out of the crisis at hand.

Europe will now have its austerity union, a revamped Stability Pact. Budgets will be vetted "ex ante". Structural deficits will be capped at 0.5pc of GDP. Sinners will be punished automatically once they break the 3pc limit, and submit to suzerainty. Commissars will tell them how to treat trade unions, what to tax, and what to spend.

The tension would not exist if Germany and its satellites had their own hard currency, reflecting their hard economy and the tastes of their own hard-working peoples. A free float would restore equilibrium by natural means, consistent with Kultur.

At the end of the day, it always comes down the one core problem, the euro itself. Monetary union itself blocks any plausible solution. We have not advanced on inch.

[09:30 am] AEP: Bundesbank rejects Europe's IMF funding ruse

Europe's leaders agreed in Brussels to mobilise the reserves of the 17 national banks of the eurozone system to finance the IMF, hoping that this will then lever fresh money from China, Japan, and other global powers.

The summit item on the role of the IMF appears to have been slipped into the conclusions without full preparation and is meeting blistering criticism from IMF experts, as well as hostility in Washington.

US President Barack Obama said: "Europe is wealthy enough that there is no reason why they can't solve this problem. It's not as if we are talking about some impoverished country that doesn't have any resources."

The US said it will not contribute to the EU package. A group of Republicans on Capitol Hill want to go further and slash America's existing funding for the IMF.

[09:30 am] CNN: Like it or not, the euro is doomed

New 2011 - 12 - 10:

[06:00 am] We know: Every “Solution” To The Euro Crisis Involves Printing Money

[06:00 am] No, the sheep don't: Capital Account: Yanis Varoufakis, “All Europeans are Seeing the Collapse Coming” (12/09/11)

New 2011 - 12 - 09:

[09:30 am] Even more companies that are preparing for the euro collapse: Tesco plans for eurozone break-up

Tesco is shifting its currency exposure, holding cash and refusing to sign long-term supply contracts in the face of the eurozone crisis.

[09:30 am] Some more examples: European CEOs Move Cash to Germany In Case of Euro Breakup

[09:30 am] AEP - finally put an end to the euro misery: Better a horrible end for Euroland, or endless horror?

[09:30 am] Video: Hitler Hears About The Collapse Of The Eurozone

New 2011 - 12 - 07:

[03:45 pm] Cartoon - source: THe EURO DeToNaToRS

[03:45 pm] Bloomberg: Geithner Backs Merkel’s Crisis Plan

[03:45 pm] John Mauldin: The Euro Debate Gets Philosophical

New 2011 - 12 - 04:

[11:45 am] The last warning: Eurozone debt crisis: it's fiscal union or bust, says Pimco

European governments must rapidly commit to fiscal union or a partial break-up of the euro to prevent a "fundamental erosion" in demand for the region's debt, Pimco, the world's biggest bond investor, has warned.

"They can't continue to muddle through," said Andrew Balls, who runs Pimco's European investments. "They'll either have to signal their position or you'll get a continued disengagement by investors from the eurozone."

New 2011 - 12 - 03:

[12:45 pm] Guardian: Eurozone crisis: Britain's companies prepare for life after the single currency

Britain's biggest companies are thinking the unthinkable and planning for the collapse of the euro. Multinationals such as Diageo, GlaxoSmithKline, Unilever and Vodafone are looking at contingency measures in case the single currency falls apart.

"We have started thinking what [a break-up] might look like. If you get some much bigger change around the euro, then we are into a different situation altogether. With countries coming out of the euro, you've got a massive devaluation that makes imported brands very, very expensive."

[12:45 pm] The euro-initiators turn away from the euro: Euro doomed from start, says Jacques Delors

The euro project was flawed from the start and the current generation of European leaders has failed to address its fundamental problems, Jacques Delors, the architect of the single currency, declares today.

New 2011 - 12 - 02:

[04:15 am] AEP wants to print money again: You are all wrong, printing money can halt Europe's crisis

He probably intends to save the bonuses of his buddies in the City of London.

[04:15 am] The poison dwarf can say what he wants: Nicolas Sarkozy promises no eurozone member will default

The markets will laugh at him and sell his bonds.

New 2011 - 12 - 01:

[01:45 pm] Ben Bernanke, chairman of the US Federal Reserve, has decided he can't wait any longer for dithering eurozone politicians to sort out their problems: Central bank deal should remind eurozone leaders of looming disaster

So the American side is kind of frustrated about the indecision of the different European countries, which are mostly on bad terms with each other. That's why the Americans decided to make an intervention yesterday by opening the monetary floodgates.

New 2011 - 11 - 30:

[02:30 pm] Also on CNN: Businesses plan for possible end of euro

The entire world now knows that the euro is soon going to collapse and everybody acts accordingly.

[02:30 pm] Shows how bad the situation really is: Companies Prepare Plans for Possible Euro Breakup

[02:30 pm] Video fromChina: Endgame for the Eurozone: Austerity, ECB rescue or break-up?

New 2011 - 11 - 28:

[01:30 pm] Only 10 days left to go? Wolfgang Münchau: THE EUROZONE HAS 10 DAYS AT MOST

Why now? Because the increase in core yields, the failure of that German bund auction, and the increase in Spanish and Italian short-term yields, as well as the tightening of money for the banks, means it's all almost over unless Europe immediately cooks up some kind of ECB-backed/Eurobond/fiscal union concoction.

[01:30 pm] If Italy can’t make it, then there will be a very big crashing sound: Checkmate: Eurozone stumbles through final market moves to prevent collapse

[01:30 pm] Today we can see why: Why the Euro Can’t Work

[01:30 pm] Telegraph: Markets pricing in endgame for the euro, warns UBS

[01:30 pm] AEP: Should the Fed save Europe from disaster?

The dam is breaking in Europe. Interbank lending has seized up. Much of the financial system is paralysed, setting off a credit crunch just as Euroland slides back into slump.

So the question arises, should the rest of the world take over management of Europe to prevent or mitigate disaster? Specifically, should the US Federal Reserve assume leadership as a monetary superpower and impose policy on a paralyzed ECB, acting as a global lender of last resort?

What he describes might indeed already be the case, otherwise a flight of capital out of Europe would already have taken place. This article also says that Europe is unable to save itself because of the many intra-european problems.

[01:30 pm] Economist: Unless Germany and the ECB move quickly, the single currency’s collapse is looming

New 2011 - 11 - 27:

[09:15 am] Telegraph: Prepare for riots in euro collapse, Foreign Office warns

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

[09:15 am] Mish: Run on the Eurozone has Started

New 2011 - 11 - 25:

[05:15 am] Telegraph: Death of a currency as eurogeddon approaches

Contingency planning is in progress throughout Europe. From the UK Treasury on Whitehall to the architectural monstrosity of the Bundesbank in Frankfurt, everyone is desperately trying to figure out precisely how bad the consequences might be.

What they are preparing for is the biggest mass default in history. There's no orderly way of doing this. European finance and trade is too far integrated to allow for an easy unwinding of contracts. It's going to be anarchy.

[05:15 am] Cartoon: Eurobonds

New 2011 - 11 - 23:

[02:15 pm] Merk Funds: Greece: high flying Drachma

[02:15 pm] America has demanded a "commitment of significant resources" from Europe to stem its debt crisis as the US announced a shock cut to its growth forecast: America insists on speedy end to turmoil in eurozone

New 2011 - 11 - 21:

[12:00 pm] Zerohedge: EURUSD Soars On No News: ECB Now Intervening In FX?

[12:00 pm] Print or Perish: Euro-zone Will Print or Perish

[12:00 pm] The consequences of excess debt are now facing the leaders of Europe head on, and a monumental decision must be made whether explicitly or implicitly: How Monetization Happens: Being at the Helm When the Ship Goes Down

[12:00 pm] Zerohedge: The Complete And Annotated Guide To The European Bank Run (Or The Final Phase Of Goldman's World Domination Plan)

New 2011 - 11 - 20:

[12:00 pm] Businessinsider: Wall Street Analysts Everywhere Are In Agreement: THE WORLD IS ENDING

New 2011 - 11 - 19:

[03:45 pm] A money printer from the city of London: The euro is a macro-economic weapon of mass destruction - it simply must be defused

You can print as much money as you want. There's gonna be a point in the future when you will no longer be able to hold the prices of gold and silver down...and then it's over with you. Have you already read the news that non-western central banks accumulate more and more gold? It was the same in 1979...

New 2011 - 11 - 17:

[05:00 pm] Mish: To Save the Euro we Must Destroy Germany

[04:15 am] AEP: Latin showdown with Germany over ECB

Germany is facing a moment of strategic truth. The sacred union with France that has held together through thick and thin for half a century is in growing danger as contagion spreads North, engulfing the French bond market.

"But this won't save monetary union in the end because it is not a debt crisis. It is a currency crisis. The weaker states are uncompetitive and you cannot force them to deflate their way back to competitiveness by cutting wages 30pc. The EU elites won't admit it, but the euro experiment is over," he said.

New 2011 - 11 - 14:

[04:00 pm] Video: Germany will leave the euro unless the ECB is reformed

[04:00 pm] Video: Nigel Farage discusses falling apart Euro project (12Nov11)

[04:00 pm] Zerohedge: European Ponzi Goes Full Retard As EFSF Found To Monetize... Itself

[04:00 pm] Telegraph: Germany must decide if it wants the eurozone to survive or perish

The unavoidable truth is that Germany, practically the only large Western economy with genuine fiscal strength, is in command of the eurozone. Berlin needs to decide what it wants and make its move. And it needs to do so now.

[04:00 pm] Zerohedge: The Euro Is Dead, Guest Post: Euro Double-Bind: Both Paths Lead to Disintegration

[04:00 pm] Zerohedge: Decision Time For Europe: The Definitive Presentation On The Future (Or Lack Thereof) Of The Eurozone

New 2011 - 11 - 12:

[04:45 pm] Ain't nobody supposed to say that there was no timely warning. This one is from August: 'Euro on edge, will collapse by November if no new crisis plan'

[04:45 pm] Video: Eddie Hobbs - TV3 - The Euro Collapse

Go straight to the 5 minute mark; this is where it gets interesting, it's about gold.

[04:30 pm] Eddie Hobbs Blog: ALERT - Will the Eurozone Rupture?

[06:00 am] Express: DEATH OF THE EURO: SECRET PLOT TO WRECK THE CURRENCY

“PREPARATIONS were under way last night for the break-up of the euro as Europe’s debt crisis spiralled out of control.

As Treasury officials worked through the night to soften the impact on Britain, David Cameron warned that the single European currency was facing its “moment of truth”.

Business Secretary Vince Cable went further and spoke about “Armageddon” while Brussels officials warned that the chaos threatened to plunge us all into a new recession.

Ministers are understood to be deeply concerned that French President Nicolas Sarkozy and Germany’s Chancellor Angela Merkel are secretly plotting to build a new, slimmed down eurozone without Greece, Italy and other debt-ridden southern European nations.

Well-placed Brussels sources say Germany and France have already held private discussions on preparing for the disintegration of the eurozone.

France's Sarkozy and Germany's Merkel have been in secret talks over debt-ridden Berlusconi's Italy.

At the same time, City insiders yesterday speculated that the “death warrant” for the euro had already been written, with a new economic bloc dominated by Germany and France almost certain to emerge in its place.”

New 2011 - 11 - 11:

[09:30 am] That’s the message we’re hearing from every media outlet and talking head this morning: It’s The End Of The Eurozone As We Know It

[07:15 am] The only thing that's missing is the medical death certificate: DEATH OF THE EURO

[04:30 am] AEP: Sorry, there is no euro break-up plan – yet

Let me be clear, this is not my preference. It would better for greater Germany to leave EMU. But given the evidence so far that Germania has no intention of taking such a course, it must instead drop its opposition to the sort of radical reflation stimulus so obviously needed to save monetary union and avoid a savage slump.

What Germany cannot continue to do is to refuse to leave EMU, and refuse to reflate. This is not a policy. The rest of the world is entirely entitled to make its irritation known.

Now he wants this "foreign body" Germany being removed from the euro.

[04:30 am] It's only the fear of the politicians that holds the euro together: The euro is being held together only by fear

However, things have changed over the last few weeks, since it's now possible to leave the euro or being kicked out, something which was absolutely unthinkable some weeks ago.

New 2011 - 11 - 10:

[06:15 am] Euro crash - already this week? Deutsche Bank on Europe: 'It's Not Inconceivable That We Could Be In Full Crisis Mode By The End Of This Week'

[06:15 am] Guardian: Eurozone crisis: is Angela Merkel playing chicken or doing the crabwalk

President Obama told Germany's Chancellor Merkel to pay up for the wider ills of the eurozone, reminding her that the US transferred huge amounts of money to Europe after the war through the Marshall Plan. Greece was bitterly angry with the rigidity of the German position over the last fortnight. Greek newspapers pointed out that Germany had not yet finished paying off reparations to Greece.

Germany herself is so reluctant to turn on the taps of the European Central Bank because it is popularly regarded to be the kind of inflationary activity that led to the rise of the Weimar republic and Hitler. Angela Merkel, an east German, is said by veteran west German politicians to be sanguine about the break up of the eurozone. The postwar world economy is on the couch.

This week, David Cameron was emotionally brutal, telling Merkel to get up off the couch. In the Commons, the prime minister rounded on the bank which is so close to the German psyche – the ECB, and implicitly Merkel. With what must be faux-incredulity, he said he didn't understand "why some in Europe are so opposed to being more of a monetary activist … it's for the eurozone and the ECB to support the euro". Cameron apparently believes the ECB will get involved eventually and so is impatient with the wait.

New 2011 - 11 - 09:

[02:00 pm] New York Times: This is the way the euro ends

[02:00 pm] Reuters: Exclusive: French, Germans explore idea of core euro zone

German and French officials have discussed plans for a radical overhaul of the European Union that would involve establishing a more integrated and potentially smaller euro zone, EU sources say.

[02:00 pm] Telegraph: Once Greece goes, the whole euro project will unravel

Obey or leave the club was their message. But, as Mr Jenkins explains, the consequences, not just for Greece but everyone else in the eurozone, would be potentially catastrophic. Once Greece goes, the other PIGS would sit there like ducks in a row, waiting to be picked off one by one, or perhaps all in one go.

By suggesting that there will be no support for Italian bond markets until Italy reforms itself, the European Central Bank is playing god in a way which is almost certain to end badly.

Whatever Silvio Berlusconi's faults, which are undoubtedly many, since when was it thought acceptable for the central bank to effectively decide on what the government in Italy should be?

New 2011 - 11 - 08:

[02:00 pm] It's over: Eurozone ministers fail to create €1 trillion bail-out fund

New 2011 - 11 - 07:

[11:15 am] Reuters: Insight: Euro has new politburo but no solution yet

New 2011 - 11 - 06:

[07:00 am] Mish: Eurozone's Waterloo; Papandreou Forced to Cancel Referendum; Democracy Dies to Protect Banks; Germany's Dilemma: The Eurocratic Nanny Zone Vote

[07:00 am] What 'God' is thinking about the euro: Goldman: euro could split apart

The chairman of Goldman Sachs Asset Management has said that the need for a German-led fiscal integration in the eurozone would make it increasingly unattractive for all the countries who joined to stay in the single currency.

New 2011 - 11 - 03:

[12:45 pm] This is long overdue: Gold Has Had Enough With Europe's Stupidity; Surges

[12:45 pm] Mish: EU Deal Unravels from Many Sides; Italy, France Bond Spreads Hit Record High vs. Germany; Bund Yield Drops Most on Record; All Out Bond Crisis

[12:45 pm] Sarko has some very clear words for Greece, wants them to get out if they don't adopt the austerity measures: Nicolas Sarkozy tells Greece: If you don't stick to the rules, leave the eurozone

[12:45 pm] The results of last week's summit are already obsolete: Ambrose Evans-Pritchard: Why the Greek decision means a complete unravelling of last week's deal

New 2011 - 11 - 02:

[04:30 pm] The Sarkozy-Merkel - result: France, Germany demand quick Greek decision on euro

Germany and France pressed Greece on Wednesday to make up its mind fast whether it wants to stay in the euro zone after a shock decision to call a referendum on an EU/IMF bailout stirred panic on global markets.

Europe's patience with Greece is about to run out. But the real sensation is this: they allow countries to leave the euro on a voluntary basis, something that was completely unthinkable up until now.

New 2011 - 10 - 31:

[02:30 pm] The new ECB head is already on the ejection seat: Draghi in Battle Mode on Day One as Debt Crisis Torments ECB

At least Mr. Trichet managed to keep the euro alive throughout his term. Draghi will probably not be that lucky, he'll have to burry the euro.

[04:00 am] The only thing that would help is a divorce - AEP: The two halves of the eurozone are locked in a broken marriage

One by one, the democracies of Southern Europe are being broken on the wheel of monetary union.

Greek ministers are now cruelly depicted in cartoons knuckling to German orders or delivering the Nazi salute.

The euro itself has become an engine of destruction and cross-border rancour. Europe will not be happy again until this misguided experiment is shut down.

The euro-experiment will come to an end - sooner or later.

New 2011 - 10 - 30:

[02:15 pm] Withering assessment on Bloomberg: Post-Summit Scrutiny Deepens for EU

[02:15 pm] The new Brussels "deal" to solve the debt crisis will only last between "one day and three months: George Soros attacks Brussels rescue deal

New 2011 - 10 - 29:

[06:30 am] AEP: Europe’s Punishment Union

"Deeper economic integration" is for one purpose only, to "police" budgets and punish sinners.

It is about "rigorous surveillance" (point 24 of the statement) and "discipline" (25), laws enforcing "balanced budgets" (26), and prior vetting of budgets by EU police before elected parliaments have voted (26).

So this "solution" leads ineluctably to an authoritarian regime. Bad situation.

The alternative is to break monetary union into viable parts, preferably with the withdrawal of greater Germania from the euro. This is off the table.

So, EMU break-up is Verboten, fiscal union is Verboten, full mobilization of the ECB – either to lift the South off the reefs through reflation, or to back-stop the system as a lender-of-last resort – is Verboten. Germany will have none of it.

Instead we have the summit conclusions – EUCO 116/11 of October 27 2011 – and a great deal of coercion.

Please tell me what exactly has been solved.

New 2011 - 10 - 28:

[10:45 am] The new ECB boss Draghi is going to do it: Only Unlimited Money Printing Will 'Help' the EU Now

Conclusion: In any event, Evans Pritchard explains to us the source of the problem. Without unconstrained money printing, no "bailout" is ever going to be enough. Only fiat-money printing by the ECB can salvage the EU. So here's the real question(s) for all you EU believers and investors (or non-investors): Is the ECB apt to get the power to print unlimited amounts of money any time soon? Think so? Will that really happen? And if it doesn't, what then ...

...if he prevails against the inner oppositions in the ECB.

Market info: several billion euros per day are flowing out of Italy - the flight of capital intensifies.

[04:00 am] Sarko admits that the euro almost collapsed this week: French President Nicolas Sarkozy: 'It was an error to let Greece into the eurozone'

"We had to face up to all this. If the euro had exploded on Wednesday night, all of Europe would have exploded," Mr Sarkozy said. "If Greece had defaulted, there would have been a domino effect carrying everyone away."

"If there had not been an agreement on Wednesday night, it was not just Europe that would have sunk into catastrophe, it was the whole world," he said.

"We took important decisions that avoided catastrophe."

The situation must have been pretty tough for them, but they did reach their minimal goal, which was to avoid a total euro sell-off. Looking at the facts, however, nothing has really changed regarding the fundamentals of this sick system, so we'll be in the same desperate situation again in a couple of weeks.

New 2011 - 10 - 27:

[10:00 am] The summit criticizers are appearing on the scene: EU summit deal on eurozone debt crisis: reaction

In a note, Barclays Capital said the summit "has not yet produced measurable results or at least notable progress on various issues of key importance.

Therefore, in sum, financial market participants are left with a number of important open questions and satisfactory answers have yet to be provided by the authorities.

[10:00 am] The next thumb down: "Springtime For The Euro, Then Reality" - Citi Summarizes What Happened In Europe, And What Are The Next Steps

New 2011 - 10 - 26:

[01:45 pm] Sir Alan: Greenspan: Why European Union Is Doomed to Fail

New 2011 - 10 - 25:

[11:00 am] "Tomorrow and the day after tomorrow: a vision for Europe": Trichet Repeats Call For European Finance Ministry, Abdication Of National Sovereignty

[11:00 am] Telegraph: Angela Merkel pleads for Germany to approve plans to increase European bail-out fund

New 2011 - 10 - 24:

[01:45 pm] Telegraph: Banks and Europe clash over Greek debt deal

New 2011 - 10 - 23:

[03:45 pm] Sarko seems to be stressed out a little: Nicolas Sarkozy tells David Cameron: 'We’re sick of you telling us what to do'

[03:45 pm] Zerohedge: Summarizing The Sheer Chaos In Europe: 9 Meetings In 5 Days, They Can't Even Coordinate Press Conferences

[09:30 am] There's no money left: Eurozone leaders seek foreign money to boost bail-out fund

Eurozone leaders are hoping to tap the world's largest sovereign wealth funds for hundreds of billions of pounds under revised plans to boost the single currency area's bail-out scheme.

[03:15 am] The battle between the euro-chickens gets nastier: Eurozone summit - despair and backbiting in the corridors of power

The ever-worsening eurozone crisis has sent relations between its leaders to an all-time low, reports Bruno Waterfield in Brussels

"It was grim. The worst mood I have ever seen, a complete mess," said one eurozone finance minister.

"Schaeuble is a man who does not mince his words, whose reputation for harshness and arrogance is well earned. He was, frankly, unbearable," said one diplomat.

A row between the pair in Frankfurt on Wednesday overshadowed leaving-do celebrations to mark the end of Jean-Claude Trichet's nine years as the head of the ECB.

"Their shouting could be heard down the corridor in the concert hall where an orchestra was about to play the EU's anthem, Ode to Joy," said an incredulous EU official.

As well as the breakdown of the Franco-German motor, the EU is facing a rebellion from Italy, Spain and others over "imperious diktats" issuing from Paris or Berlin.

It's literally everybody against everybody, an eye for an eye and a tooth for a tooth. Good bye, Euro.

New 2011 - 10 - 21:

[05:00 pm] Loss of confidence: Eurozone on the Edge of Chaos: Illusion of Hope & Misaligned Expectations

[05:00 pm] Mish: EU Given Rope, Hangs Itself

[05:00 pm] Mish: Blatant Arrogance of France

[05:00 pm] AEP: Sedan again as Germany imposes terms

[05:00 pm] AEP: S&P sees downgrade blitz in EMU recession, threatening crisis strategy

Standard & Poor's (S&P) is to warn that a double-dip recession in Europe would imperil France's AAA rating and set off a string of downgrades across Southern Europe, undermining the EU's debt crisis strategy.

Saving the euro - Mission impossible.

New 2011 - 10 - 20:

[01:30 pm] Telegraph: Euro summit statement: the leaked draft

[01:30 pm] Why throw good money after bad? The IMF should pull the plug on the euro

[01:30 pm] Prudent Investor: 20.10.2011: Unofficial Death Date of the Euro

New 2011 - 10 - 19:

[05:15 pm] Zerohedge: Latest Barrage Of Headlines From Europe

MERKEL SAYS EURO IS STABLE, HAS PROVED ITSELF IN TURBULENT TIME
MERKEL SAYS IF THE EURO FAILS, EUROPE FAILS
MERKEL SAYS EUROPE STANDS BEFORE SIGNIFICANT CHALLENGES

And most importantly...

MERKEL SAYS NO 'MAGIC WAND' TO SOLVE EURO DEBT CRISIS
MERKEL SAYS PAST ERRORS WILL NOT BE SOLVED IN ONE STROKE

You can call it "pure desperation".

New 2011 - 10 - 18:

[09:00 am] AEP: A leveraged EFSF is pure poison

Professor Ansgar Belke, from Berlin's DIW Institute, said any leveraging of the EFSF would be "poisonous" for France’s AAA rating and would set off an uncontrollable chain of events.

France is already vulnerable. It has the worst budget deficit and primary deficit of the AAA states in Euroland.

The new "first loss" idea inverts the order. The EFSF would take the first hit. That changes everything.

Surely the EFSF deserves no more that BBB rating, or perhaps just CCC, if EU leaders really embark on this course.

The whole discussion has become surreal.

[09:00 am] AEP: Berlin experts fear euro break-up from bail-out escalation

New 2011 - 10 - 17:

[08:30 am] Zerohedge: Yet Another Reason Why the Euro Is Doomed

The answer is that it will be impossible for political leaders to impose hardships in the real world (higher taxes, austerity, etc.) for "gains" (saving the euro) which are invisible and abstract.

New 2011 - 10 - 16:

[05:15 am] Telegraph: Europe in €2 trillion rescue bid

Germany and France are spearheading a multi-trillion dollar “shock and awe” programme expected to be agreed next weekend and presented the following week at the G20 summit in Cannes.

Germany and France have now agreed the principles of a €2 trillion to €3 trillion rescue plan. Mr Osborne said they had just seven days to come up with “something quite impressive”.

Details will be thrashed out this week but there now appears to be consensus around the core measures – to increase the firepower of the eurozone bail-out fund (EFSF) from €440bn to around €2 trillion, to recapitalise the banks with €100bn-€200bn, and to devise a credible programme for Greece, including losses for private sector creditors of as much as 50pc.

[05:15 am] Goldsilver.com: ECB Tells Belgium Not To Backstop Dexia Interbank Deposits, Says Bailout Plan May Be Against The Euro Charter

Reading between the lines here, it means that the ECB is effectively telling national governments to not try and become their own central banks under the ECB's umbrella, which would likely result in not only in various sovereign downgrades (that is guaranteed) but in loss of conviction in the European Central Bank, something which the insolvent European continent and the insolvent hedge fund in its core, aka Jean-Claude Trichet Capital et Cie. which holdings hundreds of billions of Greek bonds at par, can certainly not avoid.

[05:15 am] CNBC: US to Play 'Very Major Role' In Helping Europe: Geithner

[05:15 am] Telegraph: G20 has three weeks to solve eurozone debt crisis

Germany and France were under pressure on Friday night to step up their efforts to resolve the eurozone debt crisis as finance ministers from across the world met in Paris.

Previous meetings didn't bring any noteworthy results either - opinions are too different.

[05:15 am] Video: Preparing for Euro Breakup - conference with MEPs Farage

New 2011 - 10 - 14:

[05:15 am] Who pays for this wacky, wonderful, rumor mill, which is the only thing that drives markets these days? Van Rompuy And Barroso Announce €440 Billion EFSF Fully Functional; Now, How Do They Expand It To €3 Trillion?

New 2011 - 10 - 13:

[01:45 pm] Telegraph: Will Finland be the mouse that roars and be the first to leave the euro?

Greece can't survive outside the eurozone and Germany, an obvious candidate, knows the economic devastation of its exit would be too much.

But if you were small enough and economically strong enough to stand alone, and therefore escape the escalating costs of saving the euro, then why not?

[01:45 pm] AEP: Even a Slovak 'Yes' will make no difference

What the Slovak debate has shown us yet again – as if the political storm in Germany over the last two months has not been enough – is that escalating bail-outs are nearing their political limits.

The traumatic affair almost brought down the German government. It has in fact brought down the Slovak government. You can’t keep doing this. Democracies are not to be toyed with.

This political revolt matters a great deal because Europe will soon have to come back for more money and bigger bail-outs. The revamped EFSF was overtaken by events two months ago.

New 2011 - 10 - 11:

[01:30 pm] The next 'rescue operation' does not seem to be to far away: EUROZONE UPDATE - Think Tank Says Bailout Fund Will Need $6 Trillion And France Will Lose AAA Rating

Are there any chances that things can get even bigger or more absurd?

New 2011 - 10 - 09:

[12:15 pm] Baltimoresun: Barroso says Greek default would spread crisis: paper

New 2011 - 10 - 08:

[05:30 am] The decay of the euro is now visible to anybody: Euro Rumormill Disintegration Begins As Reality Returns: France, Germany Fail To Reach Agreement On EFSF

Unfortunately, it also means that any rumor, innuendo and speculation that Europe has finally reached a coherent union over its own bailout can be promptly discarded. As if there was ever any doubt in the first place.

Cue the FT, Liesman, and/or some IMF guy we have never heard of with attempts to deny what is painfully obvious: Europe will never reach a consensus because the ultimate price of a European bailout is the absolutely certain suicide of the currently ruling political class. Alas, none of those bureaucrats wants to (or can) do anything else but "rule"...

The bank-bailouts, which the countries can not afford anymore, caused the beef which is now to be found in entire Europe. Every single euro-chicken is starting to fight for its own life - as predicted. The former pan-European thinking has turned back into a national-thinking. There is no coherence anymore, only the fight for one's own survival.

[05:30 am] This will soon turn into reality: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor

Good Bye, Euro, your time has come.

New 2011 - 10 - 05:

[12:45 pm] How to get out of the euro: Quitting the Euro

New 2011 - 10 - 03:

[12:30 pm] Markets did not create the euro, politicians did: Financial markets hold politicians to account over the euro crisis

[05:45 am] The Wall Street Journal doesn't like the european chicken coop either: Euro-Zone Mosaic Isn't a Pretty Picture

[05:45 am] The WSJ analyzes the different EFSF plans: EFSF Leverage: A Rundown

[05:45 am] WSJ: Greek Crisis Reveals EU's Tragic Flaw

New 2011 - 09 - 30:

[08:30 am] Investors' loss of confidence has already spread alarmingly and threatens Spain and Italy: Ms Merkel delivers, but the threat to the euro remains

New 2011 - 09 - 27:

[10:15 am] Who the hell is capable of keeping track with all the different rescue operations? Presenting The Mother Of All European Bailout Flowcharts, "We're Going To Need A Bigger Flowchart": Presenting The Schematic Of Part 1 Of The European Endgame, Europe's Latest Rescue Deux Ex Machina: A CDO... SQUARED

[10:15 am] Right: EU Goes From Monetary Union To Suicide Pact

[10:15 am] Zerohedge: UBS' Euro Doom And Gloom Team Releases Sequel: "The Eurozone Sovereign Crisis Has Entered A More Dangerous Phase"

New 2011 - 09 - 26:

[10:45 am] What AEP says: Geithner Plan for Europe is last chance to avoid global catastrophe

The threat of cascading default, bank runs, and catastrophic risk must be taken off the table," said US Treasury Secretary Tim Geithner over the weekend.

Once again, the US has had to take charge. The multi-trillion package now taking shape for Euroland was largely concocted in Washington, in cahoots with the European Commission, and is being imposed on Germany by the full force of American diplomacy.

It is an ugly and twisted set of proposals, devised to accommodate Berlin's refusal to accept fiscal union, Eurobonds, and an EU treasury. But at least it is big.

Sorry Deutschland. History has conspired against you, again. You must sign away €2 trillion, and debauch your central bank, and accept 5pc inflation, or be blamed for Götterdämmerung. It is not fair but that is what monetary union always meant. Didn't they tell you?

[10:45 am] The next rescue idea - a "euro firewall": £1.75 trillion deal to save the euro

New 2011 - 09 - 25:

[04:15 pm] Telegraph: Eurozone leaders' comedy of errors brings monetary union to the brink

George Osborne’s diagnosis of the eurozone crisis is that “bad politics” is leading to “bad economics” – a political stand-off fuelling an economic disaster. He does not go far enough. The entire euro project is bad politics (anti-democracy) built upon bad economics (monetary union without fiscal union).

[04:15 pm] Mish: Multi-Trillion Euro Bailout Plan Allegedly in the Works; Plan Has Failed Already

New 2011 - 09 - 24:

[01:00 pm] Zerohedge: Germany Demands "Managed" Greek Default And 50% Bond Haircuts In Exchange For Expanding EFSF, Peripheral "Firewall"

New 2011 - 09 - 23:

[09:30 am] The remaining lifespan of the Euro and the European experiment could nonetheless be measured in weeks by the time you read this: Potential Euro Collapse & Rapid Redistribution Of Personal Wealth

New 2011 - 09 - 22:

[10:45 am] The ECB is now buying every piece of crap that's available, also Berlusconis' Bunga Bunga underwear: ECB Eases Collateral Requirements

In an effort to enable every insolvent, illiquid, and in-default institution in Europe to gain access to the seemingly bottomless pit of Trichet's despair, the ECB just dropped a series of eligibility requirements on collateral needs. Somewhat interestingly they dropped the requirement that the collateral be 'traded on a regulated market' - does that mean they will accept defaulted GGBs?

Yes, the ECB is now giving away free euros. Got Gold and Silver?

New 2011 - 09 - 21:

[02:30 pm] On Bloomberg: Lloyd’s of London Pulls Euro Bank Deposits

Lloyd’s of London, concerned European governments may be unable to support lenders in a worsening debt crisis, has pulled deposits in some peripheral economies as the European Central Bank provided dollars to one euro-area institution.

So Lloyds also withdrew its money. A lot of corporations are likely to follow. This is a very life-threatening situation to the banks and the entire banking system. Things continue to be critical.

New 2011 - 09 - 20:

[01:45 pm] Video: Barclays's Robinson Expects Euro to Fall in `Short Run'

New 2011 - 09 - 17:

[05:15 pm] The economist apparently still has hope: How to save the euro

[05:00 am] Tim seems to be pretty mad about the current situation Europe: Geithner Warns Europeans

The U.S. Treasury secretary warned his European counterparts of the "catastrophic risk" of the Continent's swirling sovereign-debt crisis, pointing out divisions among the 17 nations who use the euro, and between those countries and their central banks.

He must accept that it is not just him to issue commands, while the rest is totally submissive to him. Geithners commads were rejected, that's it.

New 2011 - 09 - 16:

[02:15 pm] Nigel Farage Video: Admit you've failed, Barroso, says Nigel

[02:15 pm] Zerohedge: Europe Tells Geithner To Take His Advice And Shove It

Well done Europeans. Why doesn't Tim mind his own business? There are enough problems in the States which want to be attacked.

New 2011 - 09 - 15:

[01:00 pm] Certainly for the French banks: ECB to Lend Dollars to Euro-Area Banks

[01:00 pm] PrudentInvestor: Euro Until The Endsieg

[01:00 pm] Either Germany Leaves - Or Greece Exits First: Guest Post: First Anti-Euro Protest In Front Of The ECB

[01:00 pm] Cartoon: Euro Grenade

New 2011 - 09 - 14:

[10:30 am] One of the worst currencies on the planet: It's The Euro, Stupid

New 2011 - 09 - 13:

[04:00 pm] That's what the bankers in London read: ‘Endgame’ for eurozone approaching fast, warn analysts

[01:00 pm] A real good description of the situation from the Taiwanese point of view: Will the Euro crack under Greek pressure?

New 2011 - 09 - 12:

[12:00 pm] Everything gets purchased - everything! In The Meantime, ECB QE Is On In Full Force With About $100 Billion In Open Market Bond

[12:00 pm] Does AEP know what the politicians are planning to do? Germany and Greece flirt with mutual assured destruction

[12:00 pm] The Euro is now in free fall: EURUSD Opens Gap Down To 1.3598

Perhaps because some countries will get out of it in the coming week? It's time to kiss the euro goodbye.

[12:00 pm] The Greeks ain't the reason why this is happening: Euro Drops to Decade-Low Versus Yen, Falls Against Dollar on Greek Concern

Trichet can soon shut down his ECB tower and give it back to the landlord. A new chief economist and ECB president will not be necessary.

New 2011 - 09 - 09:

[01:45 pm] If Greece defaults, that would mean that the bailouts have failed.  That would also mean that several other nations in Europe would be in danger of defaulting soon as well: Is The End Of The Euro In Sight?

[05:45 am] Mish: Greece out of money by October 17

[05:45 am] Zerohedge: "The Euro Is Finished"

[05:45 am] Mish: Europe Out of Time; Differences Impossible to Untangle; Merkel's Mind is Fried; Eurozone Breakup Inevitable; "Let the Euro Die"

Marine Le Pen, leader of the anti-immigration National Front (FN), is projected to win enough votes to knock out President Nicolas Sarkozy from the second round of next year’s all important 2012 presidential election, the French daily Le Parisien's revealed on Thursday.

Euro rescue programs are very unpopular. Has Sarkozy still a chance to win the presidential election next year?

New 2011 - 09 - 07:

[11:45 am] Yes: Is the euro doomed?

New 2011 - 09 - 05:

[10:00 am] What next? Debt Crisis: Lagarde and Barroso clash over economy

New 2011 - 09 - 04:

[11:30 am] Video: Handelsblatt 4.9.2011: The Titanic Scenario. The euro is directly heading towards an iceberg must see!

Nearer, my God, to Thee, nearer to Thee! E'en though it be a cross that raiseth me; Still all my song shall be nearer, my God, to Thee, Chorus: Nearer, my God, to Thee, nearer to Thee! Though like the wanderer, the sun gone down, Darkness be over me, my rest a stone; Yet in my dreams I'd be nearer, my God, to Thee, Chorus There let the way appear steps unto heav'n; All that Thou sendest me in mercy giv'n; Angels to beckon me nearer, my God, to Thee, Chorus Then with my waking thoughts bright with Thy praise, Out of my stony griefs Bethel I'll raise; So by my woes to be nearer, my God, to Thee, Chorus Or if on joyful wing, cleaving the sky, Sun, moon, and stars forgot, upwards I fly, Still all my song shall be, nearer, my God, to Thee,

Will they also sing this song when the euro collapses?

And another version: titanic - nearer my god to thee

New 2011 - 09 - 01:

[06:15 am] Portugal's prime minister Wednesday urged eurozone nations to quickly approve changes to the region's rescue fund to boost market confidence in Europe's ability to tackle its debt crisis: Portuguese PM urges quick passage of rescue fund changes

New 2011 - 08 - 31:

[11:00 am] Nothing new in Europe: August 30 2011: Europe squanders its last shred of credibility

New 2011 - 08 - 29:

[07:45 am] Euro doubts continue: Polish FinMin warns of euro collapse

New 2011 - 08 - 28:

[04:30 pm] AEP - the PIGS will soon be left to their fate: The Bernanke Rally?

Europe may indeed blow up. The German constitutional court will rule on Sept 7 on the legality of the EU bail-outs, and that might be a moment to fasten your seatbelts.

What is ever clearer to me after spending a few days in Germany again is that the Bundestag is in no mood to increase the EFSF rescue fund by one pfennig beyond €440bn, let alone contemplate the €2 trillion figure deemed necessary by City banks. Which means Italy and Spain will be left to their fate once the ECB’s bond buying hits the limit (October?).

As soon as the oppositions within the ECB against further bailouts of Italy or Spain become too big or when the ECB has to defend the euro against gold, it will be over. Then all the European countries will really be left to their fate, whatever this exactely means. It will be horrible for the PIGS.

New 2011 - 08 - 27:

[02:00 pm] Bob Chapman - the Eurozone can't be rescued: International Forecaster August 2011 (#7) - Gold, Silver, Economy + More

We still believe the euro zone doesn’t fully understand their problem. It was 1-1/2 years ago we predicted that the bill would total $4 trillion. A few months ago we raised that to $4 to $6 trillion, as Germany raided their estimate from $1 to $3.5 trillion and the EU support mechanism raided their estimate to $2.8 trillion. The bottom line is none of the estimates are payable, but the desire for world government is so great that the Illuminists are wiling to destroy the system to accomplish that. Finance ministers call for greater commitments, but where will the funds come from? Sooner or later these one-worlders are going to discover that if they keep pushing, the system it will crash and burn.

In addition to the sovereign problems European banks are exposed for $700 billion in just the debt of Greece, Ireland and Portugal. If Spain, Italy and Belgium are included the exposure grows to $2.8 trillion and that is just the bank exposure. Thus sovereign and bank exposure is $7 to $8 trillion. These kinds of numbers make you realize that all of Europe is broke and all the banks are going to go bankrupt as well as the countries, including Germany. We often wonder whether the European condition wasn’t a Anglo-American trap. We will see in time. Perhaps the one interest rate fits all was the trap, as we believed it was from the beginning. This one interest rate supposedly eliminated risk, when in fact as you can see it heightened risk. The euro could not eliminate that risk, because the six nations over lent and over expanded. No one cared about debt repayment because supposedly the euro protected everyone from that, and as we have found out the euro and sovereign commitment was not adequate protection. Quite frankly Germany was with its AAA rating, and financial success was supposed to carry everyone. It has now been proven they cannot and the German people are shouting we have had enough of this. It has to be stopped now. We will take our losses, dump the euro and return to our beloved Deutsche Mark.

The only possibility for Germany is to get out of the euro and then compensate the losses with a currency reform. The savers will have to pay the bill, their assets will have to be written off.

Previous posts: Sep 11 (2010) until Aug 26 (2011)