Show me the money: EU announces *955b* fund to fight ‘wolves’ and ‘speculators’ and ‘defend the Euro’
Update: 9:51am the Euro Tarp is bigger than first announced…waaay bigger:
…They pulled 440 billion euros out of a hat, as a bailout fund for sovereign states. The IMF kicked in another 250 billion, and there’s another 60 billion coming from the EU itself. It’s just under a trillion dollars….
Word is the FED uncapped the swap lines also…rally zombie bull rally like the zombie you are..it’s a zombie world now…
Update: 9:30am EST: DOW opening…soaring on EU bailout and FED opening of swap lines to EMU…DOW up 212, wow NAS up over 100, GOLD down 10 to 1200.20 and holding there…all 30 DOW components open higher…Germany is on the hook for the big dollars…
9:32am: DOW now up 300, FOXBiz notes no curbs to the upside exist, lol…looks like a nice opportunity to SELL into the rally to me, but then I am a bear heh….
Will US markets open up, commodities fall with USDollar and Euro rise? If so, will it last more than a few hours? Only if the EU actually loads their bazooka with serious money. And the Fed better have the sense to stay out of it, the Congress critters will go wild if they try to get involved in the funding mechanism…
Expectations of decisive action buoyed the euro as trading began in Asia. It jumped 1.5 percent to $1.2939 as of 7:59 a.m. in Sydney. EU officials aimed to wrap up the meeting by 2 a.m. Brussels time….
European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.
“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”…
Ahhhoooo the Werewolves of London….it’s the FOXES in the henhouse they should be worrying about…
…“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”..
France is using its intelligence agency to try and stop ‘speculation’ IOW they do not want the Euro to trade ‘freely’?
French financial authorities will work with intelligence services to crack down on speculators seeking to profit from the debt crisis by spreading unfounded rumors, the head of the AMF markets watchdog said on Friday.
“We are in a period when rumors are affecting the security of states, the credibility of the euro zone,” AMF president Jean-Pierre Jouyet told I-Tele television.He said market authorities would use all the means at their disposal and would work with the DCRI, a domestic intelligence service that normally handles cases of counter espionage and cybercrime.
If necessary, investigators would look at “everything which might have been exchanged in the form of emails, text messages, anything which might have been put up on internal bulletin boards at banks or funds,” he said.
“If it turns out that certain baseless rumors…are not backed up by…any rigorous analysis, I do not doubt that there will be sanctions against the operators,” he said.
The comments, which follow similar remarks on Thursday by Economy Minister Christine Lagarde, add to a growing chorus of condemnation in Europe of what many politicians have described as speculative attacks against the euro on financial markets….
G20 Notes: Continental Europe is So Tired: Socialist Shoe on The Other Left Foot: French Parliament to Sarkozy: Be More like Obama..Germany’s Merkel, Just Says No to Global Stimulus..
Global Karma Baby, I truly hated watching Sarkozy schmoozing all over nominee Obama during Obamapalooza…now he is fighting off Hopenchange fevah in the form of ‘tax the rich’ legislation at home…
And Angela Merkel, (who had to inform Team Obama is isn’t okay to do a campaign event at the Brandenburg gate) in the land of the thousands of media hyped Obama adoring Berliners, and schmoozy Sarkozy are teaming up to send Timmeh home emptyhanded from the G20...Sounds as though Old Continental Europe is not interested in HopenChange…they are so tired…
Here’s to Old Europe, they are tired of socialism..ironic no?
Background on the G20 failure by Team Obama:
However, Eurozone officials continued to put off a U.S. push for more coordinated government spending to stimulate economies.
Key players in the Eurozone, especially France and Germany, have rejected U.S. demands for spending increases to solve the recession, and said that recovery plans should focus on tighter regulation.
Last weekend’s meeting was intended to set the agenda for the group’s April 2 summit in London, which is being viewed as the acid test to determine whether the world’s leaders can find enough common ground for a solution to the global economic crisis…
Britain, led by Prime Minister Gordon Brown, attempted to bridge divisions between the United States and Europe on the stimulus issue, but was thwarted by Germany, whose officials maintain that fixing the financial system must remain priority one.
“It makes no sense to pump more and more money in our economy when we haven’t restored the confidence on the financial market,” German Finance Minister Peer Steinbrueck told the Associated Press.