Europe

Webster Tarpley: US-Turkey Alliance Against Syria, ‘Lethal Embrace’ (Video)

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– US-Turkey alliance against Syria, ‘lethal embrace’: Analyst (PressTV, Aug 25, 2012):

An analyst has warned that Turkey’s close alliance with the US and the West against the government of Syria would be “a lethal embrace” for Ankara, Press TV reports.

“They (Turkish authorities) have to understand that the alliance with the US and the British is a lethal embrace, in other words, the Anglo-Americans are going to love them to death,” Dr. Webster Griffin Tarpley, author and historian from Washington, told Press TV on Friday.

Tarpley added that Ankara’s support of the Western-backed insurgents in Syria would also harm the national interests of the country in the future.

“They will play them against Syria, in the full knowledge that the blowback from that conflict is likely to destroy modern Turkey. So they should cease and desist, there is nothing to gain in this and everything to lose and it has a lot to do, I am afraid, with the psychology of Erdogan and Davutoglu, who have been, essentially, conned by Obama,” he said.

Since the onset of the foreign-backed insurgency in Syria, Turkey has actively played the CIA assigned role of arming, funding and supporting the anti-Syrian terrorists.

Turkey, along with Saudi Arabia and Qatar, has also set up a secret base near its border with Syria to send military supplies to the insurgents.

Read moreWebster Tarpley: US-Turkey Alliance Against Syria, ‘Lethal Embrace’ (Video)

Spain: Catalonia Region Demands €5 Billion Bailout, Will Not Tolerate Conditions

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– Spain’s Catalonia Region Demands €5 Billion Bailout, Will Not Tolerate Conditions(ZeroHedge, Aug 28, 2012):

Beggars can once again be choosers. In other news, non-news (the Catalan bailout was announced at least two times before) is news again, and magically drives the amnesiac market all over again.From Cinco Dias, courtesy of the always amusing google translate, which makes any news, no matter how tragic, quite hilarious without fail:

Catalonia 5,023,000 calls but will not accept the State Policies

The Catalan government today applied to join the Spanish Government Autonomous Liquidity Fund, which will borrow EUR 5.023 million, but has warned he will not accept “political conditions” to provide some resources “that are of the Catalans”.

Read moreSpain: Catalonia Region Demands €5 Billion Bailout, Will Not Tolerate Conditions

For Spain, The Real Pain May Be Just Beginning (Chart Of The Day)

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– Chart Of The Day: For Spain, The Real Pain May Be Just Beginning (ZeroHedge, Aug 28, 2012)

Up until now, the title of “Spain’s scariest chart” belonged to one depicting its youth (and general) unemployment, both of which are so off the charts it is not even funny (especially to those millions of Spaniards who are currently unemployed). As of today we have a contender for joint ownership of said title – Spain’s monthly deposit outflows, which in July hit the highest amount ever, and where the YTD deposit outflow is now the highest on record. One look at the chart below confirms that nobody in Spain got the June 29 Euro summit memo that “Europe is fixed”…

And some other ugly charts confirming memo non-receipt:

Read moreFor Spain, The Real Pain May Be Just Beginning (Chart Of The Day)

With Vacation Over, Europe Is Back To Square Minus One: Merkel Backs Weidmann, Demands Federalist State

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– With Vacation Over, Europe Is Back To Square Minus One: Merkel Backs Weidmann, Demands Federalist State (ZeroHedge Aug 25, 2012):

Earlier today we showed for the nth time that with insanity and insolvency ravaging the old continent, at least one person has the temerity to avoid sticking his head in the sand of collectivist stupidity and denial. That person is Bundesbank head Jens Weidmann, who until now may or may not have had the backing of Germany’s elected leader, Angela Merkel. Moments ago it became clear whose side Merkel, who recently came back from vacation and is set to spoil the party that the (insolvent) mice put together in her absence, is on. From Reuters, who quotes Merkel in her just released interview with German ARD: “I think it is good that Jens Weidmann warns the politicians again and again,” Merkel said. “I support Jens Weidmann, and believe it is a good thing that he, as the head of the German Bundesbank, has much influence in the ECB.”

Merkel also has some additional words about the Grexit.

Merkel allies, particularly the Bavarian Christian Social Union (CSU), have stepped up criticism of Greece in recent weeks, with senior CSU lawmaker Alexander Dobrindt saying at the weekend that he expected Athens to be out of the euro zone next year.

Read moreWith Vacation Over, Europe Is Back To Square Minus One: Merkel Backs Weidmann, Demands Federalist State

Bundesbank President Jens Weidmann Warns: Debt Monetization Is An Addictive Drug

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– Bundesbank’s Weidmann Warns: Debt Monetization Is An Addictive Drug (ZeroHedge Aug 25, 2012):

It is one thing for various anti-Central Planning (and thus central bank) outlets to warn, over 3 years ago, that easy monetary policy is merely an enabling substance, and is addictive as any drug to a dysfunctional political establishment which is more than happy to avoid fiscal prudence if monetary policy is readily available to delay the inevitable day of reckoning when monetizing the debt will no longer work. It is a different matter entirely when the head of the world’s only solvent central bank –  the German Bundesbank, which happens to be the biggest guarantor of that other mega hedge funds the ECB, and which of all developed economies also happens to have had the closest recent encounter with hyperinflation (unlike all the “other” theoretical experts who enjoy talking extensively about matters they have zero experience with). In an interview with German Spiegel magazine, Buba head Jens Weidmann, once again has loudly warned what as recently as 2009 very few dared to even think: namely that rampant and gratuitous deficit plugging using central bank debt issuance, and thus explicitly monetizing the debt, “can be addictive as a drug.” Obviously, like any drug overdose, the aftereffects are always fatal.

From Spiegel:

Bundesbank President Jens Weidmann has strongly criticized of the plans of the European Central Bank to launch a new program to purchase government bonds. “Such a policy is for me too reminiscent of public funding via printing,” Weidmann warns in an interview with SPIEGEL. “In democracies it is parliaments that should decide on such an extensive pooling of risks, and not central banks.”

If you buy the Euro-banks government bonds of individual countries, “the papers end up in the balance sheet of the Eurosystem,” Weidmann warns: “Ultimately, the taxpayers of all other countries pay.” The basic problems are not solved in this way, the Bundesbank president – on the contrary: “The blessing of the central banks would raise persistent monetization demands,” said Weidmann in SPIEGEL. “We should not underestimate the risk that central bank financing can be addictive like a drug.”

Read moreBundesbank President Jens Weidmann Warns: Debt Monetization Is An Addictive Drug

The Unvarnished Truth About Greece

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– The Unvarnished Truth About Greece (ZeroHedge, Aug 25, 2012):

While Belize is comfortable buggering bondholders, the Greeks (following this morning’s headlines) remain beholden to their euro-zone overlords – having survived a few more months on the back of reach-around ‘bailouts’ and ponzi-financing – all in the effort of providing more time for the ‘rest of Europe’ to figure out how to handle the ‘Athens moment’ that is surely coming. With September and October critical ‘event-rich’ months, Patrick Young, of DV Advisors, provides the clearest and least ‘rose-tinted’ perspective on where Greece has been, where they are now, and where this will all end. From the forged application for euro-zone membership to Oz-like fantasies of growth and austerity targets that remain pipe-dreams (and are constantly being missed), the bold Irishman in this brief clip explains “Greece has not done anything to really help itself, missed every deadline its been given” and the PM’s comments on their ‘spectacular come-back’ clarifies the ‘utter delusion’ among the Greek political class because “Greece is bankrupt; full stop; game over” and Merkel must agree to ‘let’ Greece leave the Euro (post Troika) – as the rise of civil unrest, since whatever new money flows their way exits right out the back door and never ‘helps’ the people, is inevitable. Especially following these mixed headlines (via Bloomberg):

  • *HOLLANDE: PEOPLE SHOULD STOP ASKING IF GREECE WILL STAY IN EURO
  • *HOLLANDE SAYS GREECE HAS TO DEMONSTRATE CREDIBILITY
  • *SAMARAS SAYS GREECE WILL STAY IN THE EURO ZONE
  • Alexander Dobrindt, general secretary of the Christian Social Union, said he sees no way around Greece leaving the euro area, Bild am Sonntag reported, citing an interview.
  • Dobrindt sees Greece out of the euro in 2013
  • Greece should receive EU support when it leaves the currency union and have the option of returning: Dobrindt


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Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

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– IMF Says Bailouts Iceland-Style Hold Lessons in Crisis Times (Bloomberg, Aug 13, 2012):

Iceland holds some key lessons for nations trying to survive bailouts after the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said.

Iceland’s commitment to its program, a decision to push losses on to bondholders instead of taxpayers and the safeguarding of a welfare system that shielded the unemployed from penury helped propel the nation from collapse toward recovery, according to the Washington-based fund.

“Iceland has made significant achievements since the crisis,” Daria V. Zakharova, IMF mission chief to the island, said in an interview. “We have a very positive outlook on growth, especially for this year and next year because it appears to us that the growth is broad based.”

Read moreHere Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

US, UK, French Special Forces On Standby For Seizing Syrian Chemical Weapons

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Brought to you by Mossad’s DEBKAfile:


US special forces kitted up for Syria

– US, UK, French elite units on standby for seizing Syrian chemical weapons (DEBKAfile, Aug 23, 2012):

US C130 transports stand ready at Middle East air bases to fly into Syria US elite units especially trained in combat against chemical and biological weapons and tactics for securing their arsenals. Western intelligence sources reported Thursday, Aug. 23 that those units are on standby at bases in Israel and Jordan. Their assignments are to engage Syrian troops attempting to move those unconventional weapons systems to battle fronts or Hizballah and to prevent them falling into the hands of radical Islamic rebel fighters, especially Al Qaeda.
Those elite units have been issued with special equipment for chemical and biological warfare including anti-contamination suits. The transports are also fitted with purification equipment for operating in polluted terrain.
These plans followed President Barack Obama’s warning Monday, Aug. 20 that “we cannot have a situation where chemical or biological weapons are falling into the hands of the wrong people.” He announced, “We have put together a range of contingency plans.”

Read moreUS, UK, French Special Forces On Standby For Seizing Syrian Chemical Weapons

Greece Ready To Start Selling Its Islands

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– Greece Ready To Start Selling Its Islands (ZeroHedge, Aug 23, 2012):

A year ago the mere mention of Greece selling its real estate, let along its prized islands, was enough to fill Syntagma square with tear gas, laser light pointers and the occasional riot dog. Now – nobody cares, which is why the statement by Greek PM Samaras that he is ready to start selling Greek islands was largely met with a yawn across the investing world.From AP:

Afraid of investing in Greek bonds? Invest in a Greek island instead.

Greece’s prime minister is quoted Thursday in an interview in France’s Le Monde as saying the government could cash in on uninhabited islands.

Read moreGreece Ready To Start Selling Its Islands

Obama Requests Europe Bail Out His Reelection

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– Obama Requests Europe Bail Out His Reelection (ZeroHedge, Aug 24, 2012):

Color us unsurprised; but the UK’s Independent is reporting that American officials are worried that if the Troika decides Greece has not done enough to meet its deficit targets, it will withhold the money – triggering Greece’s exit from the eurozone weeks before the presidential election. British government sources have suggested the Obama administration is urging eurozone Governments to hold off from taking any drastic action before then – fearing the resulting market destabilization could damage President Obama’s re-election prospects. The Troika are expected to report in time for an 8 October meeting of eurozone finance ministers which will decide on whether to disburse Greece’s next EUR31bn aid tranche, promised under the terms of the bailout for the country. European leaders are thought to be sympathetic to the Obama lobbying, fearing that, under pressure from his party in Congress, Mitt Romney would be a more isolationist president than Mr Obama. So once again GRExit is assured economically; but it is an entirely political decision.

Total Economic Collapse: In Thessaloniki (The Second Largest Greek City) An Unprecedented 1250 Companies Have Shut Down In 2012

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– The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 (ZeroHedge, Aug 22, 2012):

European viceroy of various neo-colonial territories Jean-Claude Juncker, best known for being a self-professed pathological liar, just concluded a press conference in which he did what he does best: lie. Here is a sampling of the soundbites along with our commentary:

  • EU’S JUNCKER SAYS TRUTH IS GREECE SUFFERS CREDIBILITY CRISIS – coming from a pathological liar, this one is our favorite
  • EU’S JUNCKER SAYS CONVINCED GOVERNMENT WILL TAKE ALL MEASURES. “all measures” = “all gold”
  • EU’S JUNCKER: FULLY CONFIDENT GOVERNMENT TO TAKE ALL EFFORTS “all efforts” = “all gold”
  • EU’S JUNCKER SAYS GREECE MUST OPEN UP CLOSED PROFESSIONS.  Chimneysweep? Bootblack? Telegraph Operator? Tax Collector? Prosecutor? Uncorrupted muppet?
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; IS LAST CHANCE. The ball will be repoed to the ECB shortly
  • EU’S JUNCKER SAYS NOT SAYING THERE WON’T EVER BE A 3RD PROGRAM or 33rd program
  • EU’S JUNCKER SAYS GREEK EURO EXIT WOULD BE RISK TO EURO AREA and Obama’s reelection
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; not for long: ball will soon be repoed to the ECB

And much more propaganda. Here is the truth. According to Greek Thema, in Thessaloniki, the second-largest city in Greece, so far in 2012, an unprecedented 1,250 companies have shut down. This means no jobs, no tax revenues, no money in circulation. A complete and total economic collapse.

So let us explain: while Greece and Europe may engage in endless check kiting Ponzi schemes: such as the most recent one, whereby Greece promises to pay Germany by issuing bills, bought by its banks, which in turn are repoed to the ECB via the ELA, with the cash used by the country to pay Germany and the ECB, even as Germany’s contingent liabilities get more massive by funding the ECB’s capital, the reality is that unless someone does some work, and creates real wealth, real money, instead of merely shuffling electronic cash from Point A to Point B, while the only thing increasing are German contingent liabilities, aka systemic debt, absolutely nothing will change.

What Happened After Europe’s Last Three Currency ‘Unions’ Collapsed

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– What Happened After Europe’s Last Three Currency “Unions” Collapsed (Zerohedge, Aug 21, 2012):

It may come as a surprise to some of our younger readers, that the Eurozone, and its associated currency, is merely the latest in a long series of failed attempts to create a European currency union and a common currency. Three of the most notable predecessors to the EUR include the Hapsburg Empire, the Soviet Union, and Yugoslavia. Obviously, these no longer exist. Just as obvious, all of these unions, having spent time, energy, money, and effort to change the culture and traditions of member countries and to perpetuate said unions, had no desire, just like Brussels nowadays, to see these unions implode. The question then is: what happened after these multi-nation currency unions fails. VOX kindly answers: “they all ended with disastrous hyperinflation.” Just in case anyone missed it, here it is again from VOX:

In the last century, Europe saw the collapse of three multi-nation currency zones, the Habsburg Empire, the Soviet Union, and Yugoslavia. They all ended in major disasters with hyperinflation. In the Habsburg Empire, Austria and Hungary faced hyperinflation. Yugoslavia experienced hyperinflation twice. In the former Soviet Union, ten out of 15 republics had hyperinflation (e.g. Pasvolsky 1928, Dornbusch 1992, Pleskovic and Sachs 1994, and Åslund 1995).

So… trying to pull infinite demand from the future to the present once the ability to fund said present deferred demand ends, has consequences? Oh yes, Virginia. It does indeed:

Read moreWhat Happened After Europe’s Last Three Currency ‘Unions’ Collapsed

Naomi Wolf Interview: ‘US Instigating Violent Crackdown On Whistleblowers, Dissent’

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– ‘US instigating violent crackdown on whistleblowers, dissent’ (RT, Aug 19, 2012):

With the world closely watching the rapidly developing case of Julian Assange, RT sat down with American author Naomi Wolf to discuss why journalists are finding it increasingly difficult to publish data the US government doesn’t want them to.

Last month, US Defense Secretary Leon Panetta ordered Pentagon officials to keep a close eye on major US media outlets in an effort to prevent them from publishing government secrets. The order came after whistle-blowing website WikiLeaks made public thousands of classified documents belonging to the US and other countries.

Read moreNaomi Wolf Interview: ‘US Instigating Violent Crackdown On Whistleblowers, Dissent’

Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming

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– Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming (Economic Collapse, Aug 20, 2012):

Are you willing to bet against three of the wealthiest men in the entire world?  Jacob Rothschild recently bet approximately 200 million dollars that the euro will go down.  Billionaire hedge fund manager John Paulson made somewhere around 20 billion dollars betting against the U.S. housing market during the last financial crisis, and now he has made huge bets that the euro will go down and that the price of gold will go up.  And as I wrote about in my last article, George Soros put approximately 130 million more dollars into gold last quarter.  So will the euro plummet like a rock?  Will the price of gold absolutely soar?  Well, if a massive financial disaster does occur both of those two things are likely to happen.  The European economy is becoming more unstable with each passing day, and investors all over the globe are looking for safe places to put their money.  The mainstream media keeps telling us that everything is going to be okay, but the global elite are sending us a much, much different message by their actions.  Certainly Rothschild, Paulson and Soros know about things happening in the financial world that the rest of us don’t.  The fact that they are all behaving in a consistent manner right now should be alarming for all of us.

Read moreJacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming

Goodbye Civilization: So Simple A Greekman Can Do It

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– Goodbye Civilization: So Simple A Greekman Can Do It (ZeroHedge, Aug 20, 2012):

Around 1000 people per day are still losing their jobs in Greece with the percentage of the population not working now uncomfortably larger than those who are employed. This is creating drastic – or perhaps more aptly philosophical – reflections by its people. As the BBC reports, the feeling in Greece is that a “whole generation is on hold” and there is a growing trend towards the creation self-sustaining eco-communities – free of the ties of money and modern civilization. “What others saw as a global economic crisis, [Greeks] saw as a crisis of civilization” and so they are trying something different, growing their own food, bartering with one another, and exchanging surpluses with other villages. The community calls itself “Free and Real” – an acronym for Freedom of Resources for Everyone, Respect, Equality, Awareness and Learning – and it is growing as a stunning 76% of Greeks would like to emigrate. The positivist angle notes that the Greek crisis is not all bad as it shows the lives we are leading are not working and Greeks can “begin to look for alternatives.” Everyone is stressed; but “Being able to work is a basic human right in a civilized society, if the government won’t provide us with it then we will have to fight for it.”

Reggie Middleton Interview: Collapse In Europe Is Absolutely Inevitable (Video)

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– Interview: Collapse in Europe is Absolutely Inevitable (ZeroHedge, Aug 20, 2012):

http://usawatchdog.com – The stock market rallied on news the European debt crisis is on its way to being fixed, but is it really? Not a chance, says today’s guest. Reggie Middleton of BoomBustblog.com says, “Europe is insolvent,” and nothing is fixed. Middleton contends, “Collapse in Europe is absolutely unavoidable. It’s a foregone conclusion.” Why should you listen to this entrepreneurial investor? He has made many stunning calls. He said Bear Stearns was insolvent when its stock was trading for well over $100 per share. He warned about Lehman Brothers and predicted the financial crisis of 2008 long before they happened. Now, he says, “Europe is coming to the end of the road very soon,” and a “system crash is the only way to fix the problem.” Greg Hunter of USAWatchdog.com goes “One-on-One” with Reggie Middleton.


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Lord Rothschild Takes £130 Million Bet Against The Euro

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Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up.


Lord Rothschild has led RIT since 1988 Photo: AP

– Lord Rothschild takes £130m bet against the euro (Telegraph, Aug 18, 2012):

The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman.

The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency.

The latest omen follows news in The Daily Telegraph late last week that the government of Finland is already preparing for the euro’s break-up.

RIT, which Lord Rothschild has led since 1988, had a -7pc net short position in terms of principal currency exposures on the euro at the end of July, up from -3pc at the end of January. Given a net asset value of £1.836bn at the end of July, the position is worth £128m.

Read moreLord Rothschild Takes £130 Million Bet Against The Euro

Vladimir Putin: Russia Prepared For Possible ECONOMIC MELTDOWN

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Russia Prepared for Possible Economic Meltdown – Putin

– Russia Prepared for Possible Economic Meltdown – Putin (RIA Novosti, Aug 16, 2012):

The Russian economy is prepared for a possible economic meltdown as a result of the slowing of global growth and the escalating eurozone debt crisis, President Vladimir Putin said on Thursday.

At a meeting with regional ombudsmen, Putin said the situation was complex both in the European and global economies.

“In the United States, the engine of the world economy, the situation looks better but macroeconomic indices that are vital for the economy’s sustainability are no better than in Europe. Their debt state [in the United States] is 104 percent [of U.S. GDP],” he said.

Aside from this, the U.S. financial system is burdened with mortgage loans issued against state guarantees, he said.

“All these factors cause certain alarm. Now news is coming that China’s economic development rates have slightly slowed and declined and China is one of the world’s largest consumers. These are, no doubt, alarming signals. Let us hope that these concerns do not transform into a full-blown crisis,” Putin said. “Let us hope for the better but prepare for the worse,” Putin added.

Read moreVladimir Putin: Russia Prepared For Possible ECONOMIC MELTDOWN

Tales Of The Unexpected: Who Really Benefited From The Euro (Hint: NOT Germany)

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– Tales Of The Unexpected: Who Really Benefited From The Euro (Hint: NOT Germany) (ZeroHedge, Aug 18, 2012):

With austerity supposedly destroying standards of living (that no real austerity has actually been implemented is a different matter entirely) across Europe’s insolvent periphery, the only recourse said broke countries (here’s looking at you Mario Monti and Mariano Rajoy) have is to desperately attempt to shame those countries who have money such as Germany, Austria, Finland and the Netherlands, aka Europe’s AAA club, into shoveling more and more and more cash into the bottomless pit that are the PIIGS. After all, precisely this was the basis for the “hostage and extortion” strategy that Monti employed at the June 29 summit, and which has resulted in a surge in European stocks on hopes Germany will indeed bail everyone out. The reason for this is that, at least according to conventional wisdom, it was these countries that benefited the most from a decade of EUR-facilitated mercantilism, and exported inflation to their spendthrfit (and ‘debt-thrift’) southern neighbors. So it is only “fair” that these countries now give back a little (or a whole lot) back (just as it is only “fair” that Germany give a helping hand in Obama’s reelection chances, which as everyone knows would be negligible if the global capital markets were to tumble just before November if reality in Europe were to come back with a vengeance). Well, as virtually always happens, conventional wisdom is wrong, and as the following chart from UBS demonstrates, when one analyzes the only relevant metric that compares changes in standards of living across various income deciles- namely changes in real disposable household income – it is precisely the PIIGS that benefited, while countries such as Germany and Austria were left in the dust.

From UBS:

If we look across the larger and longer established Euro membership we can see these two patterns being replicated according to country type. Each country shows the cumulative real disposable household income growth for each of its income deciles. The lowest income decile is to the left of each country’s selection, and the highest to the right.

Austria looks to be alarmingly weak – what this actually represents is very little change in nominal disposable income growth, coupled with inflation. Germany, Ireland, most of Italy and the French middle class all experience a decline in their standards of living. In most of these countries, the highest income groups do relatively well.

Read moreTales Of The Unexpected: Who Really Benefited From The Euro (Hint: NOT Germany)

The European Headlines Are Back: ‘The Euro Crisis May Last 20 Years’

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– “The Euro Crisis May Last 20 Years” – The European Headlines Are Back (ZeroHedge, Aug 18, 2012):

In Europe, the “no news” vacation for the past month was great news. The news is back… As is Merkel.

  • “The Euro Crisis May Last 20 Years” – Welt

The first five years of the global crisis are over, investors flee from complex financial products and into gold, silver and commodities. Experts warn against a false sense of security. “We should not give us the illusion that the crisis will soon be over,” says Patrick Artus of the French bank Natixis. Years of negative developments such as the growing debt, or the de-industrialization of specific sectors should now be reversed. “Such a process takes time.” Arthur looks to get politically and economically unstable savers years. “Investors have to live with depressed markets and considerable fluctuations learn.” In his view, it must not remain in a lost decade. “The euro crisis may also last 20 years,” says Arthur.

  • German finmin: no new aid programme for Greece – Reuters

German Finance Minister Wolfgang Schaeuble said on Saturday that there were limits to the aid that could be granted to Greece and said the crisis-stricken country should not expect to be granted another programme.”It is not responsible to throw money into a bottomless pit,” Schaeuble said at a government open day in Berlin. “We cannot create yet another new programme.”

  • Euro Countries Plan Strategies to Prevent Break-Up: Sueddeutsche (via Bloomberg)

Euro-currency area countries are evaluating a multitude of reform options, Sueddeutsche Zeitung reports, citing unidentified people with knowledge of the plans.

These are to be whittled down into a coherent strategy in the “coming weeks”. If Greece exits, members will boost plans to support other vulnerable countries. Options include increasing aid to Ireland and Portugal. ECB would consider supporting Italy and Spain through bond purchases. Greece’s new start would be supported by EU funding. These questions will be discussed “in the autumn”.

  • Deutsche Bank Among Four Said to Be in U.S. Laundering Probe – Bloomberg

Deutsche Bank AG (DBK) is among four European banks being investigated by U.S. regulators for alleged money-laundering violations, according to an attorney with knowledge of the matter. Federal regulators, including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the New York District Attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.

  • German Industry Group Head says No Place for Greece in Eurozone: WiWo (via Bloomberg)

If Greece doesn’t meet IMF and EU requirements, it must leave the euro, Hans-Peter Keitel, president of Germany’s BDI industry federation, says in an interview with Wirtschaftswoche magazine. Keitel previously said Greece must stay in the euro at all costs: WiWo

Keitel says clear progress is being made in combating the euro crisis. The German federal government is not ambitious enough in its savings program, Keitel says.

  • German Taxpayer Association Head Criticises ESM: Euro am Sonntag (via Bloomberg)

Rainer Holznagel, head of German taxpayer association, says payment of Spanish bank debt would require 3% VAT increase in Germany, Euro am Sonntag reports, citing interview.

ESM reduces the rights of the German parliament and the independence of nation states, Holznagel says: Euro am Sonntag

  • Bundesbank Vice-Head Opposes Schaeuble’s Banking Proposal: WiWo (via Bloomberg)

German Finance Minister Wolfgang Schaeuble’s proposal to separate traditional banks from their investment banking units isn’t possible, Bundesbank Vice- President Sabine Lautenschlaeger tells Wirtschaftswoche magazine.

Both types of banks would still be dependent on market confidence, Lautenschlaeger says. Lautenschlaeger favors an investigation into the relationship between lenders and those banks which trade in unregulated financial products.

  • Westerwelle Opposes Relaxing Greek Aid Terms: Tagesspiegel

Relaxation of the agreed on terms for Greek assistance would be misunderstood by countries such as Spain, German Foreign Minister and FDP member Guido Westerwelle told Tagesspiegel am Sonntag in interview.

Spanish prime minister would have difficulty passing reforms in parliament if terms were eased for Greece, Westerwelle says. Westerwelle gives his “solidarity” to the people of Greece. Greek Prime Minister Antonis Samaras to visit Berlin on Friday

And just to prove that Europe’s beggars continue to refuse to get the memo…

  • Spain says there must be no limit set on ECB bond buying – RTRS

The European Central Bank must take forceful and unlimited steps to buy sovereign debt to help Spain reduce its refinancing costs and eliminate doubts over the euro zone’s future, Spain’s economy minister said in comments published on Saturday. “There can be no limit set or at least (the ECB) can’t say how much they will use or for how long,” when it buys bonds in the secondary markets, Luis de Guindos told Spanish news agency EFE.

and:

  • France Favors Greece Rescue Package, Opposing Germany: Welt (via Bloomberg)

France and southern European nations are in favor of a third rescue package for Greece should it prove necessary, Welt reports, without saying where it got the information. Germany rejects a new rescue package. Germany opposes giving Greece more time to enact cost cuts. Preparations underway for Greece possibly leaving the euro. Main consideration is how to protect other euro crisis countries from the fallout.