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What happened to the Euro/EU armageddon?

2

Comments

  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    wellused wrote: »
    What happens to French banks etc who hold so much Greek debt as I read that the Greeks just aren't getting on with even the very basic austerity measures that the Germans prescribed for them?
    http://www.spiegel.de/international/europe/0,1518,805975,00.html

    Shocker! :rotfl:
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • Road_Hog
    Road_Hog Posts: 2,749 Forumite
    1,000 Posts Combo Breaker
    sabretoothtigger wrote: »
    Italy has a ton of debt at auction at this month end I think.

    They did pretty well and shifted quite a bit at not too bad a price.
  • sabretoothtigger
    sabretoothtigger Posts: 10,036 Forumite
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    edited 29 December 2011 at 10:07AM
    Yes but EURO is especially weaker in exchange rates, not sure they care about that bit. Apparently Sterling is even more unpopular right this moment
    EUR/JPY Falls to 10-Year Low in Risk Rout, Italian Auctions in Focus http://ashraflaidi.com/t/?h3010
    Results from Italian bond auction helped to improve sentiment as Italy sold EUR 9 bln (9 bln target) worth of 6 month bills with average yield considerably lower at 3.251% from previous 6.504%. Bid to cover also improved to 1.62 from 1.47. The Italian treasury also sold EUR 1.73 bln (1.5 2.5 bln target) of 2013 CTZ bonds with 4.853% yield compared to previous 7.814%. Bid to cover also improved to 2.236 from previous 1.59. Lower yield and good demand could imply that ECB's LTRO is being received well and at least temporarily calmed investors. EURUSD trades little changed around 1.3070.
  • Darthvader
    Darthvader Posts: 95 Forumite
    drc wrote: »
    Not heard or read anything in the news for a week or so now about the cliffhanger situation of the Euro/EU. Can I assume that the powers that be (Merkel/Sarkozy/EU overlords) have put the armageddon on hold whilst they celebrate Christmas/New Year? Will the SHTF in earnest come January?


    The can was Kicked down the road, yet again.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    drc wrote: »
    What happened to the Euro/EU armageddon?

    Common sense prevailed.

    The ECB has pumped liquidity into the banking system, which is now covering short term (sub 3 year) sovereign debt issuance and driving down yields.

    It's bought a good deal of time for the wider problems to be fixed.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • ILW
    ILW Posts: 18,333 Forumite
    HAMISH_MCTAVISH wrote: »
    Common sense prevailed.

    The ECB has pumped liquidity into the banking system, which is now covering short term (sub 3 year) sovereign debt issuance and driving down yields.

    It's bought a good deal of time for the wider problems to be fixed.

    Will they address the wider problems though?
    Could just keep bumping along going nowhere for years.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    but how can be wider problems be addressed within a single currency with such diverse economies and cultures?
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HAMISH_MCTAVISH wrote: »

    It's bought a good deal of time for the wider problems to be fixed.

    Many believe they cannot be fixed.

    So it's highly likely it's just bought time and not much else.
  • sabretoothtigger
    sabretoothtigger Posts: 10,036 Forumite
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    edited 29 December 2011 at 10:03PM
    Its common something. They are printing money I think now so this was always a problem of their own creation by doing silly things like raising rates. Also they owe thanks to FED who have effectively loaned them money bypassing Congress approval by calling it a currency swap. Didnt Greece do that

    ECB jumps back after lukewarm Italian sale

    Dec. 29 - The euro sinks to a fifteen-month low and the ECB is forced to step back into the market after a poorly received Italian debt auction.


    http://www.youtube.com/watch?v=bmqTpRCFTFA

  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    michaels wrote: »
    IT should be clearly understood that this is NOT the ECB supporting govt bonds and given the scheme last for 3 years in no way could it be thought of as 'kicking the can down the road'...

    Oddly enough, I was, only the other day, citing that expression as the most irritating new cliche of 2011.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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