Chancellor Angela Merkel is under growing domestic pressure to explain her Greece policies, as she prepared to speak in parliament on the crisis later on Wednesday.
She will be the key speaker in an emergency debate, that will also feature German finance minister Wolfgang Schäuble and Ms Merkel’s coalition partner, social democrat leader Sigmar Gabriel
The political experts will be looking to see what differences they can spot between the three, especially signs of tension between Mr Schäuble, who has consistently taken a tough line on Athens, and the more conciliatory Chancellor, who fears the geopolitical effects of a possible Grexit.
However, as the headline below from German newspaper Bild sums up, many Germans simply want Ms Merkel to come clean about the crisis. What does she really want? What will she do next? And, above all, how much more will German taxpayers have to pay for the nightmare that is the Greek crisis?
The headline reads: “When will the government finally give us clean wine?”, which means “When will the government finally tell the truth?”
Over to you Ms Merkel.
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Won’t anyone think of emerging Asian exports? Well, Goldman has. The downside risks are “considerable”, it says.
The bank reiterates that it doesn’t see a Greek exit from the euro as a shoo-in, writes Katie Martin.
Our baseline scenario remains that there will be a default on creditors, including the IMF, although we still expect Greece to remain in the Euro area even after the default.
Still, be prepared, as the scouts say. And the ripple effects of a Grexit could reach unexpected shores.
Asia would not take a knock from direct financial links, the bank says.
The direct financial exposure of Asian EM countries is rather limited, and less than that of Latin American countries.
>> Read More
37% Yes, 17% undecided
- 86% of those surveyed said they planned to vote on Sunday
Latest EFSYN poll shows the No vote being trimmed back from 57% previously when polled after the bank closures
Our friends at Live squawk reporting a Reuters article here
Euro showing some slippage again with support/bids on EURUSD at 1.1130 now giving way to trigger a move to 1.1115 EURGBP down to support lines around 0.7080
Bids into 1.1100 with more at the pivotal 1.1080 area
Europe is imposing capital controls… next up will be border controls.
How do we know? Because they already suggested this before.
Back in March of 2012, when the EU Crisis first began to spin out of control, then Prime Minister of France Nicolas Sarkozy openly called for the renegotiation of the Schengen Treaty: the treaty that established the 26-nation EU as a “borderless” entity in which individuals could move from one country to another with little difficulty and which also made trade among EU members easier.
France was not alone either. A few months later, both France and Germany proposed imposing border controls in June of that same year.
A Vote of No Confidence in Europe
Germany and France’s joint proposal to allow Schengen-zone countries to temporarily reintroduce border controls as a means of last resort might sound harmless. But doing so would damage one of the strongest symbols of European unity and perhaps even contribute to the EU’s demise.
Germany and France are serious this time. During next week’s meeting of European Union interior ministers, the two countries plan to start a discussion about reintroducing national border controls within the Schengen zone. According to the German daily Süddeutsche Zeitung, German Interior Minister Hans-Peter Friedrich and his French counterpart, Claude Guéant, have formulated a letter to their colleagues in which they call for governments to once again be allowed to control their borders as “an ultima ratio” — that is, measure of last resort — “and for a limited period of time.” They reportedly go on to recommend 30-days for the period. >> Read More
A while ago I had the pleasure of hearing Sergey Glazyev—economist, politician, member of the Academy of Sciences, adviser to Pres. Putin—say something that very much confirmed my own thinking. He said that anyone who knows mathematics can see that the United States is on the verge of collapse because its debt has gone exponential. These aren’t words that an American or a European politician can utter in public, and perhaps not even whisper to their significant other while lying in bed, because the American eavesdroppers might overhear them, and then the politician in question would get the Dominique Strauss-Kahn treatment (whose illustrious career ended when on a visit to the US he was falsely accused of rape and arrested). And so no European (never mind American) politician can state the obvious, no matter how obvious it is.
The Russians have that pretty well figured out by now. Yes, maintaining a dialogue and cordial directions with the Europeans is important. But it is well understood that the Europeans are just a bunch of American puppets with no will or decision-making authority of their own, so why not talk to the Americans directly? Alas, the Americans too are puppets. The American officials and politicians are definitely puppets, controlled by corporate lobbyists and shady oligarchs. But here’s a shocker: these are also puppets—controlled by the simple imperatives of profitability and wealth preservation, respectively. In fact, it’s puppets all the way down. And what’s at the bottom is a giant, ever-expanding, financial black hole.
Do you like your black hole? If you aren’t sure you like it, then let me ask you some other questions: Do you like the fact that your credit cards still work, or that you can still keep money in the bank and even get cash out of an ATM machine, or that you are either receiving or hope to eventually receive a pension? Do you like the fact that you can get useful things—food, gas, airline tickets—for mere pieces of paper with pictures of dead white men on them? Do you like the fact that you have internet access, that the lights are on, and that there is water on tap? Well, if you like these things, then you must also like the financial black hole, because that’s what’s making all of these things possible in spite of your country being bankrupt. Perhaps it’s a love-hate relationship: you love being able to pretend that everything is still OK even though you know it isn’t, and you wish to enjoy a bit more of the business-as-usual before it all goes to hell, be it for a few more days or another year or two; but you hate the fact that eventually the black hole will suck you in, after which point things will definitely… suck. >> Read More