Draghi: It’s a very good outcome for euro-area members

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ASusilovic

In an accord hailed by ECB President Mario Draghi, the leaders outlined a “fiscal compact” to prevent future debt runups, accelerated the start of a planned 500 billion-euro rescue fund and watered down bondholder loss-sharing provisions.

“It’s a very good outcome for euro-area members and it’s going to be the basis for a good fiscal compact and more disciplined economic policy in euro-area countries,” Draghi told reporters after overnight negotiations in Brussels.

http://www.bloomberg.com/news/2011-...n-to-imf-as-focus-shifts-to-deficit-deal.html

Will financial markets belive him?
 
a lying italian ex goldman slag.

yesterday said more bond purchases were not possible.

today intervening several times in the periphery bond markets.

the euro is dead.
 
At this point this is closing the stable door after the horse has bolted. In the long term I think this agreement will cause problems as soon as events mean that it starts to work strongly against national interests. The problems will keep emerging no matter how hard they try to paper over the cracks.
 
Quote from clightmarathon:

With a well timed intervention, it seems, it will.
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the market went in your direction for a couple of minutes ? the market has a retracement?
 
They have thrown the last of their credibility at the Eurozone problem. The Merkel/Sarkozy faction just don't seem to realize that the little countries can't keep up. They are shackled togethor by Treaties and therefore have to move at the same pace economically. Well it's a bit like a chain gang - they all have to go at the pace of the slowest member or fall over in a heap.

The Germans think they can set the pace at a speed that suits themselves. I don't think so. So they create penalties for the laggards. And just how they expect to squeeze extra taxes out of the Greeks etc. who are on their knees already remains to be seen. The old Gestapo methods are completely unacceptable. The whole disaster is getting worse it seems.

Congress may seem pretty poor in output but the Brussels lot are raving crackers by comparison. They even got two , yes 2 Parliaments !! Barmy or what ! Alors et Mon Dieu !!
 
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