http://www.scribd.com/doc/24251265/Thunder-Road-Report-18-17th-December-2009
4. Sentiment improves towards the bearish end
5. May be the EU plays a game if they were really smart to lower the EURO but I am afraid they are not smart enough for that as local interests are overbearing. French banks have much more exposure to Greece than German banks alomst double the amout - if Ireland would be in trouble which they are but its not acute Germany would be much more willing to assist. Inay any case the brief bull ran ended quickly and is not in strong hands it seems but we will see more zigzag til early April for reasons explained in earlier posts. One reason can be found in the above post which gives some dates - you should read it.
Euro Plunging As Trichet Says Greek Bailout Blows And Is "Evidently Very, Very Bad"
Dollar surging, euro plunging as Trichet says Greek bailout involving IMF is a very bad idea. Next up: Merkel-Trichet at ten paces. So much for a unified Europe backing Greece. And now with China also a net importer, a surging dollar will do miracles for US manufacturing.
From Reuters:
The International Monetary Fund or any other body must not assume the responsibilities of euro zone governments in dealing with economic problems, European Central Bank President Jean-Claude Trichet said on Thursday.
Speaking to French Public Senat television, Trichet said that members of the 16-nation euro zone needed to remain faithful to responsibilities laid out in the Maastricht Treaty, which incorporates stability and growth goals.
"Everything going in the direction of euro zone members shying away from responsibilities is bad in our eyes," he said.
"If the IMF or some other body exercises the responsibility in lieu of the Eurogroup or instead of governments, it is evidently very, very bad," he said.
Trichet pointed to Greece as an example of a country that had shown negligence on budget issues.
"We see the result of past negligence. This said, it was negligence on the part of surveillance and also negligence on the part of the Greeks," he said.
"The Greeks provided wrong figures, something that is absolutely unforgivable and must never be repeated," he added
No comments:
Post a Comment