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 Post subject: Crisis fatigue
PostPosted: Tue Feb 28, 2012 3:23 pm 
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Constitutional issues relating to the eurozone bailout have again been raised by the German constitutional court in Karlsruhe.

Reuters is reporting that the court has ruled that a nine-member parliamentary panel set up to approve urgent action on the European Financial Stability Facility was "in large part" unconstitutional, demanding that decisions of the type made by the panel should be referred to the 620-strong Bundestag or the 41-member budget committee.

View full article here

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 3:50 pm 

Joined: Wed Mar 14, 2007 11:26 am
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Location: UK
So. The day after the Bundestag overwhelmingly votes for a policy that the people don't want, populist nationalist opinion is thrown a meaningless scrap to give it hope.


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:00 pm 
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ELF wrote:
So. The day after the Bundestag overwhelmingly votes for a policy that the people don't want, populist nationalist opinion is thrown a meaningless scrap to give it hope.


That sounds about right. Merkel could probably get a job in a circus as a juggler ... she is keeping so many balls in the air that you really must admire her skill.

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:28 pm 
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Just been announced in the last few minutes that Ireland is to hold a referendum on the Fiscal Compact Treaty. Fun times ahead.

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:35 pm 

Joined: Wed Mar 14, 2007 11:26 am
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Location: UK
AnIrishMan wrote:
Just been announced in the last few minutes that Ireland is to hold a referendum on the Fiscal Compact Treaty. Fun times ahead.

From wiki it enters into force when at least 12 members of the euro area have ratified it. If this is so, a 'no' by Ireland would simply rule them out of ESM bailouts, and would not block implementation for the other EZ members.


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:37 pm 

Joined: Sat Jul 10, 2010 11:54 am
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Location: Oxfordshire
Completely O/T has this blog been amended to work on mobiles? It's loading much much quicker PDT_Armataz_01_37

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:43 pm 

Joined: Tue Nov 30, 2010 11:42 pm
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Location: Dublin
Link for the Irish Referendum. Let the misinformation begin!

http://www.irishtimes.com/newspaper/breaking/2012/0228/breaking41.html


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 4:49 pm 
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TheBoilingFrog wrote:
Completely O/T has this blog been amended to work on mobiles? It's loading much much quicker PDT_Armataz_01_37


Never laid a finger on it guv, but North Jr acts in mysterious ways.

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 6:03 pm 

Joined: Tue Dec 20, 2011 5:54 pm
Posts: 115
Paddy Power already on the case:
Quote:
Will the referendum on the Eurozone Fiscal Compact be passed?

Applies to the first national official referendum held on Ireland's acceptance of the EU intergovernmental fiscal stability treaty/compact. Must be held by 31st December 2012.
Yes: 4/6
No:11/10

There's one word in that bookmaker's description that tells you everything you need to know about the project: "first".

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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 9:12 pm 

Joined: Tue Nov 30, 2010 3:50 pm
Posts: 906
EU will survive, not the countries
http://thedailybell.com/3650/Big-Brain- ... -Countries


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 10:06 pm 

Joined: Wed Dec 08, 2010 4:25 pm
Posts: 1032
Quote:
Averting catastrophe is the ECB, which is leaning on the national central banks to provide "emergency liquidity assistance" (ELA), until the €35 billion-worth of support from the EFSF can be mobilised.


This does make me laugh.ELA is just another title for EFSF(or ECB funding),just in another guise.Where do they think the Greek Central bank gets part of €35 billion to loan to Greek banks?If they could lend their banks €35 billion just like that why are we(sorry the EZ) loaning them €13 billion in March?

The pretense is of course that the ECB is somehow sacrosanct from touching any Greek bonds PDT_Armataz_01_14 ,this is just a sleight of hand to keep things ticking over till they cobble together some face saving deal.This money is just created out of thin air as an asset(and the loan as a liability...must keep the books balanced) by the ECB and transfered to the Greek central bank and so on.......,

This will last as long as needed till we get an "official loan" from the EFSF,which is in essense the same thing.

Even the FTs alphaville is confused by it saying "ELA’s not easy to spot!",but is really quite simple if one accepts this is merely printed money,...they even show the Greek central bank gaining €13.5 billion magically in one month from June to July last year, so this has been going on for some time already....it is very easy to do too,and has been used by the ECB in Ireland over Anglo Irish and by the BoE to cover the Northern Rock crisis.

http://ftalphaville.ft.com/blog/2011/09 ... liquidity/


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 10:27 pm 

Joined: Tue Nov 30, 2010 3:50 pm
Posts: 906
Unsuccessful Irish Referendum would prevent future Irish ESM funde bailout
http://www.zerohedge.com/news/unsuccess ... ed-bailout


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 Post subject: Re: Crisis fatigue
PostPosted: Tue Feb 28, 2012 10:50 pm 

Joined: Wed Dec 08, 2010 4:25 pm
Posts: 1032
rhaan wrote:
Unsuccessful Irish Referendum would prevent future Irish ESM funde bailout
http://www.zerohedge.com/news/unsuccess ... ed-bailout



Love the comments on ZH, very irreverent.

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Leprechauns, gnomes and fairies all agree.


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