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  • pingus_pancakes pingus_pancakes Dec 9, 2011 2:56 AM Flag

    97%of EU countries agree to potential plan...270 billion imF money tonite 2 am


    i'm entering the giggle zone. The situation is so close to becoming seriously ridiculous, very monty python. At some point it all just sounds like blah blah blah, convoluted, pretentious obfuscations and stall tactics. Endless bureaucracy-speak.

    Overall it's actually more of a "confuse the cat" strategy, and it's been working well for europe so far, buying them time.

    from the article-- and I hope this is solid progress:

    In putting the extra 200 billion euros on the line, European governments for the first time extracted a contribution from the euro region’s national central banks, getting them to lend 150 billion euros to the International Monetary Fund’s general resources. Central banks from non-euro EU states will chip in around 50 billion euros more.
    European governments are counting on that downpayment to attract reserve-rich emerging markets such as China to join in the rescue, a month after Europe’s efforts to solicit outside aid ran into obstacles at a Group of 20 meeting.
    “I appreciate this demonstration of leadership from Europe and I’m hopeful that others will also do their part,” IMF Managing Director Christine Lagarde said after attending the Brussels summit.
    ECB Focus
    The focus now shifts to the Frankfurt-based central bank after Draghi said last week that a commitment to greater fiscal discipline might put “other elements” in play. Draghi yesterday damped expectations that a Brussels deal would prompt the ECB to supplement its bond-buying operations, which it has spent 207 billion euros.
    Draghi’s reticence triggered declines in high-yielding bond markets yesterday and sent investors into the relative safety of German debt. Italian 10-year bonds slid the most in almost a month, pushing up yields by 44 basis points to 6.43 percent.
    After packages in July and October provided a brief lift to markets and then fizzled, European leaders are now under pressure to quickly deliver on today’s promises -- with the response of the politically independent ECB out of their hands.
    The ECB provided breathing space yesterday, trimming its main interest rate by a quarter-point to 1 percent and pledging to offer commercial banks unlimited cash for three years.

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