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Ear to the Ground

EU Leaders Hold Emergency Huddle

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Posted on Oct 26, 2011
bbc.co.uk

EU-mergency: Germany’s Angela Merkel takes stock of the situation in Brussels on Wednesday.

Greece is hanging by a thread, and its European neighbors scrambled to avoid a similar fate, and stave off even harder times for the Greeks, by holding a summit in Brussels on Wednesday. Here’s a look at a couple of action items on the busy agenda for German Chancellor Angela Merkel, French Prime Minister Francois Fillon, Italian Prime Minister Silvio Berlusconi and other leaders from the eurozone.  —KA

BBC:

The summit has been discussing a number of proposals reportedly agreed on by EU officials at the weekend, including:

European banks must raise 106bn euros (£92bn; $147bn) in new capital to shield them against possible losses to indebted countries
The European Financial Stability Facility (EFSF) - the single currency’s 440bn-euro bailout fund - is to be given more firepower, although it is not clear how this will be achieved]
Lenders to Greece will be asked to agree to much deeper losses than the 21% write-off currently on the table.

BBC economics correspondent Andrew Walker says tackling the weakness of banks is the area where most progress has been made.

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By Dawn R., October 26, 2011 at 11:41 pm Link to this comment
(Unregistered commenter)

Hope France, Italy and England are pushed over the edge of economic collapse by their colonialist invasion of Libya. Such colonialists deserve to suffer from war.

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prisnersdilema's avatar

By prisnersdilema, October 26, 2011 at 8:21 pm Link to this comment

Still Merkel pointed out ominously that if the Euro Union fails peace might go with it..

And I wondered about the details of how and why war would come to Europe again after
so long….Becuase it’s countries that make war not banks?

She also stated that like a spoiled teenage busted for underage drinking Greece would
have to be under supervision for a long long time..

And I wondered just who would do the supervising, the Banks? Or would it be
Germany?  I wonder how Greece and the rest of the Euro union feel about Greece
being supervised by Germany? And it they would consider it to be a virtual occupation?

And I wondered how the Greek people would feel abbot that, but I think I already know.

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Blueokie's avatar

By Blueokie, October 26, 2011 at 6:19 pm Link to this comment

The Europeans know they don’t have to address this because it is just chapter 2 of
the massive Wall Street fraud and President Wall Street Puppet has already shown
that he will do whatever it takes to shield them from any losses or consequences
from their actions.

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