Posted on 12/08/2011 10:56:08 PM PST by tcrlaf
The 17 eurozone states and six other EU countries agreed early Friday to create a new treaty that will allow them to introduce stricter fiscal rules in the hope of containing a worsening debt crisis, but Britain's prime minister immediately threatened to block the new accord.
The failure to get agreement among all 27 members of the European Union at a summit meeting in Brussels reflected in large part a deep split between France and Germany on the one hand and Britain on the other. France and Germany are the two largest economies in the eurozone; Britain does not use the euro as its currency.
Britain's Conservative Prime Minister David Cameron said Friday "the institutions of the European Union belong to the European Union, belong to the 27" member states.
Cameron wished the eurozone nations luck in finding a solution to the crisis, which he conceded was in the interst of Britain, too, but said it was not in the U.K.'s interest to join the new treaty because he could not get special safeguards for the country's financial center.
(Excerpt) Read more at cbsnews.com ...
That would mean YOU are funding a Europe Bailout, since 70% of IMF funding comes from the US.
I'm still playing catch-up on this, I'll post more as it comes.
MORE:
UK, and Hungary =are OUT of the Euro.
Only 23 of 27 nations will agree to new treaty.
New euro accord to include only 23 countries.
The president of the European Council said Friday that a new intergovernmental treaty meant to save the euro currency will include the 17 eurozone states plus six other European Union countries — but not all 27 EU members.
Still don’t know who the other two who are deciding to stay out are.
Good for them.
BLOOMBERG BREAKING:
IMF’s Zhu says foriegn investors fleeing European Bond Markets.
DUH....
The UK government got a lot of criticism for the decision not to join the euro currency a few years back, not least from the rabid europhile element in the UK political process itself. Certainly a decision thats coming up trumps now!
“Basicly, the unelected banking technocrats are now running Europe.”
http://market-ticker.org/akcs-www?post=198650
This will be a loo-flush of epic proportions. And it will happen quicker than the vast majority imagine.
What we in the US do not quite fathom (partially because our magnificent media MM©) will not clue us into it, is that most Euros *hate* the Germans with a passion. Therefore, this idea that the Germans, possibly with the Frenchies, will be able to dictate tax policy and entitlement policy to these smaller (and not all that smaller when you consider Italy had its president shoved out the door) nations is so far beyond abhorrent that they will poo-poo in their pantalons. This is viewed as the French or worse, the Germans, conquering these nations just a surely as if there had been a military victory. So these smaller countries are going to go bats**t.
tcrlaf: “...the unelected banking technocrats are now running Europe.”
We live in interesting times. Thank you for keeping us informed.
You could make a good argument that the unelected money men have been running things behind the scene for years, in Europe AND America. They’ve just gotten a lot more brazen about it recently.
The four countries “Opting Out” are the U.K., Hungary, Czech Republic, and Sweden!!
This is gonna get real interesting, REAL FAST, I think.
If that link you posted is true, then the unelected banking technocrats are running the USA, too.
The Czech Republic and UK don’t surprise me, but Sweden? That’s unexpected.
If memory serves, Thatcher had a hand in stopping the complete surrender of sovereignty and currency to the Eurozone.
The markets are currently being propped up by blatant government manipulation. Today, the Fed sold gold to keep the dollar from SOARING against the Euro.
The Plunge Protection Team is intervening to prop up stocks, and the FED are printing dollars so fast the presses are melting down.
And to top it ALL off, we are about to hit that National Debt ceiling that Obama demanded last past the 2012 elections.
Today, it came out that US household Incomes FELL 4%, in the last quarter ALONE, the worst since 2008. Household incomes have fallen 7% since 2008.
The new is all bad, and HAS been bad for quite a while, but you won’t be seeing it on the Big NEtwork Evening news, because it could harm King Obama’s reelection chances.
More Updates:
Hungary and the UK Opting Out.
Cz and Sweden taking opting out to their parliments.
Only UK and Hungary are ‘opting out’. Sweden and the Czech Republic have merely stipulated that they need to consult their parliaments before agreeing.
“The countries that have remained outside are Hungary and Britain, and the countries that have to consult with their parliaments are the Czechs and the Swedes.”
http://www.bbc.co.uk/news/uk-16104275
This is the big news this week ! Everybody knows this is the big news, come on.
Things are getting ready to blow.
Large banks around the world are candidates for bankruptcy as sovereign nations default.
Everyone says “liquidity” is needed. This means short term loans, but the entity is solvent in a long-term picture. Truth be told, a lot of governments and other entities are holding a lot of assets that are debt instruments (someone owes them money) that will be defaulting. So a lot of entities have a lot more assets on their books than they have in reality.
Economic hardship is coming to Europe on a large scale. And quite probably a lot of political turmoil, as their governments find no outside entity willing to continue the “lend and spend” fantasy.
Exactly...
All of this just addressing the liquidity problem, the debt bombs still remain, with no mention of paying them off.
The nations that have acted responsibly are being punished in this EU scenario, and GERMANY is taking the drivers seat, by treaty.
I thought the euro was a bad idea 20 years ago, and I still think it’s a bad idea. You can’t have a common currency without common policy.
“This is viewed as the French or worse, the Germans, conquering these nations just a surely as if there had been a military victory. So these smaller countries are going to go bats**t.”
Ha! The Germans saving Europe does have a certain ring of irony to it.
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