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Posts Tagged ‘European Stability Mechanism’

Spiegel: Investors Prepare For Euro Collapse | ZeroHedge

Posted by satyrikon στο 13 Αυγούστου, 2012

BERLIN, GERMANY - JUNE 27:  (From L to R) Effi...

BERLIN, GERMANY – JUNE 27: (From L to R) Effigies in the likeness of German Vice Chancellor and Economy Minister Philipp Roesler, German Chancellor Angela Merkel and German Social Democrats (SPD) Chairman Sigmar Gabriel stand on a truck near the Chancellery on June 27, 2012 in Berlin, Germany. The effigies were part of a publicity campaign by the Initiative Neue Sociale Markwirtschaft critical of German spending policy, especially regarding senior care, parent child care support and proposed Eurobonds. Germany’s upper house of parliament, the Bundestag, is scheduled to vote on Friday whether to ratify the European Stability Mechanism (ESM), the permanent bailout scheme for the euro zone, which many analysts see as crucial to reigning in the current Eurozone debt spiral. (Image credit: Getty Images via @daylife)

Euro ECB

Euro ECB (Photo credit: Wikipedia)

Two years in and they are only starting now? What took them so long. Also, absolutely nothing new here, but merely the latest attempt to shift public opinion and EUR viability perceptions ever so slightly by one of Germany’s most respect magazines. Those whose agenda it is to spook Germany with images of fire, brimstone, and 3-page mutual assured destruction termsheets if the Euro implodes, are now free to take the podium. One wonders: if it wasn’t for the inevitable collapse of the EUR…. the inevitable collapse of the EUR…. the inevitable collapse of the EUR…. the inevitable collapse of the EUR, and of course Paul Ryan, would there be absolutely no news today?

From Spiegel:

Investors Prepare for Euro Collapse

Banks, investors and companies are bracing themselves for the possibility that the euro will break up — and are thus increasing the likelihood that precisely this will happen.

There is increasing anxiety, particularly because politicians have not managed to solve the problems. Despite all their efforts, the situation in Greece appears hopeless. Spain is in trouble and, to make matters worse, Germany’s Constitutional Court will decide in September whether the European Stability Mechanism (ESM) is even compatible with the German constitution.

There’s a growing sense of resentment in both lending and borrowing countries — and in the nations that could soon join their ranks. German politicians such as Bavarian Finance Minister Markus Söder of the conservative Christian Social Union (CSU) are openly calling for Greece to be thrown out of the euro zone. Meanwhile the the leader of Germany’s opposition center-left Social Democrats (SPD), Sigmar Gabriel, is urging the euro countries to share liability for the debts.

On the financial markets, the political wrangling over the right way to resolve the crisis has accomplished primarily one thing: it has fueled fears of a collapse of the euro.

. . .

Banks are particularly worried. «Banks and companies are starting to finance their operations locally,» says Thomas Mayer who until recently was the chief economist at Deutsche Bank, which, along with other financial institutions, has been reducing its risks in crisis-ridden countries for months now. The flow of money across borders has dried up because the banks are afraid of suffering losses.

According to the ECB, cross-border lending among euro-zone banks is steadily declining, especially since the summer of 2011. In June, these interbank transactions reached their lowest level since the outbreak of the financial crisis in 2007.

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