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War between France and Germany.
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War between France and Germany.
Duff Man on Thu Nov 17, 2011 2:49 pm
Of words thats is. 
Frances economy is starting to suffer from contagion brought on by the pressure on Italy and is starting to see ECB intervention in the form of bond purchase as the only solution.
Fears that the euro zone's second largest economy is getting sucked into the maelstrom have taken the two-year debt crisis to a new level this week.
"The euro zone has got to deliver something which is going to calm markets down and at the moment markets feel like they are being given no comfort whatsoever," said Marc Ostwald, strategist at Monument Securities.
Italian prime minister Mario Monti outlined a broad raft of policies including pension and labour market reform, a crackdown on tax evasion and changes to the tax system in his maiden speech to parliament ahead a confidence vote to confirm backing for his technocrat government.
With Italy's borrowing costs now at untenable levels, Mr Monti will have to work fast to calm financial markets given Italy needs to refinance some €200 billion of bonds by the end of April.
But no amount of austerity in Greece, Italy, Spain, Ireland and France is likely to convince the markets without some dramatic action in the shorter-term, probably involving the European Central Bank.
Many analysts believe the only way to stem the contagion for now is for the ECB to buy up large quantities of bonds, effectively the sort of 'quantitative easing' undertaken by the US and British central banks.
France and Germany have stepped up their war of words over whether the ECB should intervene more forcefully to halt the euro zone's debt crisis after modest bond purchases have failed to calm markets.
Facing rising borrowing costs as its 'AAA' credit rating comes under threat, France has urged stronger ECB action but Berlin continues to resist, saying European Union rules prohibit such action.
"If politicians think the ECB can solve the euro crisis, then they are mistaken," German chancellor Angela Merkel said, adding that even if the ECB assumed a role as a lender of last resort, it would not solve the crisis.
http://www.irishtimes.com/newspaper/breaking/2011/1117/breaking29.html
Frances economy is starting to suffer from contagion brought on by the pressure on Italy and is starting to see ECB intervention in the form of bond purchase as the only solution.
Fears that the euro zone's second largest economy is getting sucked into the maelstrom have taken the two-year debt crisis to a new level this week.
"The euro zone has got to deliver something which is going to calm markets down and at the moment markets feel like they are being given no comfort whatsoever," said Marc Ostwald, strategist at Monument Securities.
Italian prime minister Mario Monti outlined a broad raft of policies including pension and labour market reform, a crackdown on tax evasion and changes to the tax system in his maiden speech to parliament ahead a confidence vote to confirm backing for his technocrat government.
With Italy's borrowing costs now at untenable levels, Mr Monti will have to work fast to calm financial markets given Italy needs to refinance some €200 billion of bonds by the end of April.
But no amount of austerity in Greece, Italy, Spain, Ireland and France is likely to convince the markets without some dramatic action in the shorter-term, probably involving the European Central Bank.
Many analysts believe the only way to stem the contagion for now is for the ECB to buy up large quantities of bonds, effectively the sort of 'quantitative easing' undertaken by the US and British central banks.
France and Germany have stepped up their war of words over whether the ECB should intervene more forcefully to halt the euro zone's debt crisis after modest bond purchases have failed to calm markets.
Facing rising borrowing costs as its 'AAA' credit rating comes under threat, France has urged stronger ECB action but Berlin continues to resist, saying European Union rules prohibit such action.
"If politicians think the ECB can solve the euro crisis, then they are mistaken," German chancellor Angela Merkel said, adding that even if the ECB assumed a role as a lender of last resort, it would not solve the crisis.
http://www.irishtimes.com/newspaper/breaking/2011/1117/breaking29.html
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