Reports emerging on prelimanary Euro break talks

Graham_Devon

Fears that Europe's sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets.

Reports emerging from Brussels said that Germany and France had begun preliminary talks on a break-up of the eurozone, amid fears that Italy would be too big to rescue.

http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup

Meanwhile, the public face is that Angela Merkel wants closer political integration and that the mood has become unpleasant.

Dread to think what closer political integration would consist of. Probably Merkel and Sarkozy telling everyone else to do what they say, not as they do.

Just wondering how long they have got now?

Spains bond yields are now on the increase.

Greece seems to have been all but forgotten

Merkel should just publically hiccup. Might send markets up 3% while they figure out how optimistic the hiccup was.

The_White_Horse

i hope it breaks up - it is what they deserve. because they never asked the people. the whole episode was an undemocratic farce. I hope it is consigned to the bin.

all that was ever needed was a free trade agreement between european countries. nothing else.

wotsthat

Chris Evans, the well known political commentator, on BBC2 radio this morning used an analogy of a dying old dog to describe the Eurozone - at some point you have to put it out of it's misery.

The problem is, as with any problem, that when it comes to resolution you'd always prefer to be at a different starting point.

At least with a dog you can have it put down and, apart from feeling sad and having to tell the kids, get on with life.

Jennifer_Jane

What was interesting to me is that France is apparently next in the firing line! We know about the interest rates Italy are having to pay, but I hadn't realised that France's debt is costing them more than the UK's. Both in the 2.xxx (UK at 2.17% IIRC) and the trend is going higher for France.

The_White_Horse

on Bloomberg they said the contagion was spreading and Spain and France are next. So what is the point????

and where do the ECB get the money from to buy all these Bonds?????

Mallotum_X

Graham_Devon wrote: »

http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup

Meanwhile, the public face is that Angela Merkel wants closer political integration and that the mood has become unpleasant.

Dread to think what closer political integration would consist of. Probably Merkel and Sarkozy telling everyone else to do what they say, not as they do.

Just wondering how long they have got now?

Spains bond yields are now on the increase.

Greece seems to have been all but forgotten

Merkel should just publically hiccup. Might send markets up 3% while they figure out how optimistic the hiccup was.

The only real way a large single currency can work is with political integration. Cant see how we can have one without the other.

So if France and Germany want the Euro to survive then we know the Federal Europe plan cant be that far behind. Although initially im sure it would be some sort of financial regulation bill to take more control centrally.

michaels

I'm sure for most of those who imposed the Euro thing the solution is more Europe not less - I wouldn't be surprised to see at attempt being made to create a superstate to solve the problems.

Fortunately I think that would be a democratic deficit too far but I guess emergency powers could be invoked to put something in place with a it is Europe or default' referendum to follow with only one 'right' answer being accepted...

The_White_Horse

Ah, the Fourth Reich is nearly upon us.

drc

What a farce. And these politicians are responsible for running their countries (and Europe):eek:. I think Europe would have been in a better state if monkeys were in charge.

Conrad

I have a thread in discussion time I did a few days back and my feeling is Italy may have to bail out.

There are 2 key problems with the Euro project, one is that the markets and world consumers are telling us that the European social contract model is too costly and no longer viable and secondly, that the old style borrow and spend method cannot be tollerated.

To add, it utter nonsense that the left are peddling this myth that we are unable to trade effectively by ourselves. Why does no media interviewer ever ask them to explain how it is nations such as Japan trade perfectly well without needing to be part of some buracratic amalgamation with other nations?

Manual_Reversion

What a coincidence to have stumbled on this thread a few minutes after gathering up all the euros we have in the house.

Once I've finished my tea I'm off to the first foreign exchange I can find in town to get rid of them before they become worthless.