RSS feedangela merkel
’‘Alles klar, Frau Kommissar’
Maybe not so triumphant, then?
Unfortunately none of our resident German speakers are in the house, but the story seems to be saying that Merkel’s success at securing a fiscal pact between 25 of the 27 EU member states is maybe not so great after all,
Powerfrau
Bild, the German tabloid, covers all the angles. Here is a (slightly odd — we don’t think it’s sarcastic…) debt crisis panegyric to German chancellor Angela Merkel:
(“She’s the German housewife who will see the work gets done before she pays”)
(H/T Raluca3000)
Though we wonder how that squares with Bild’s recent acquisition of holdings in Greece’s €14.5bn March 2012 bond.
Tricky cartisti
There’s a certain Italian elegance to this intraday chart of Iti 10 year sovereign debt, no?
Technical analysts might spot an upside down head with a shoulder-shrug. Maybe.
That twitch higher,
Euro rout
Brutal:
The wires are pinning the drop on this:
RTRS-EURO FALLS AFTER SOURCES SAY MERKEL REJECTS RAISING UPPER LIMITS OF FUNDING FOR ESM BAILOUT MECHANISM
RTRS-EURO FALLS TO WEAKEST LEVEL SINCE MID-JANUARY VERSUS DOLLAR
RTRS-EURO EXTENDS LOSSES VERSUS DOLLAR,
Germany 1 – France 0
Danger, danger: Merkozy tape bombs exploding on Monday afternoon.
They have a deal!
(emphasis ours)
RTRS-FRANCE’S SARKOZY SAYS THE FRANCO-GERMAN AGREEMENT IS COMPLETE, WILL BE SENT TO VAN ROMPUY ON WEDNESDAY
RTRS-SARKOZY SAYS FRANCO-GERMAN PROPOSAL WILL MEAN MODIFIED EU TREATY,
The ‘Last Days’ of the Euro
Alternative title: Why France and Germany are likely to strike a momentous deal on fiscal union sooner than anyone thinks.
Welcome back, Jonathan Wilmot.
It’s some time since we heard from Credit Suisse’s chief global strategist (and occasional FT Alphaville contributor) but he’s made up for that with a short,
The risks of sticking to über harte währung strategy
Germany’s ‘hard money’ principles and opposition to Quantitative Easing by the ECB are, more often than not, framed with reference to the hyperinflation in the Weimar Republic.
Indeed, it’s a widely accepted truth that the horrors of the Third Reich were caused by the three year period of hyperinflation between June 1921 and July 1924.
Caption competition! German EFSF vote edition [updated]
That winning Merkel smile — via our colleagues at The World:
Stick your best work-safe captions below and the winner will get this special FT Alphaville Stein…
Update: We forgot to put a time limit! Entries in by the close of US markets this Friday,
Merkozy on, Merkozy off (updated ad nauseam)
Markets are/were rallying!
EURO EXTENDS GAINS, HITS SESSION VERSUS DOLLAR OF $1.3710
RTRS-EURO HITS SESSION HIGH VS STERLING OF 86.58 PENCE
On news that Germany and France are/were riding to the rescue:
And we cross to Karlsruhe (updated)
Breaking (via Reuters)….
RTRS-GERMAN CONSTITUTIONAL COURT SAYS REJECTS LAWSUITS AIMED AT BLOCKING GERMAN PARTICIPATION IN EURO ZONE BAILOUTS
RTRS-GERMAN CONSTITUTIONAL COURT SAYS RULING ON BAILOUTS WAS “VERY TIGHT”
Bundesverfassungsgericht risk [updated with decision]
Nomura doesn’t want you just to think about the German constitutional court’s decision on the legality of EFSF bailouts (coming later today. Should appear here).
Nomura wants you to think around it:
E-bonds can work
Eurobonds, e-bonds, common sovereign debt issuance or whatever you want to call them are widely regarded as the solution to the Eurozone crisis. No less an authority that George Soros told us so this week.
El-Erian: What to make of the Franco-German Summit
Mohamed El-Erian, chief executive and co-chief investment officer at PIMCO, briefly responds to Tuesday’s news out of Paris.
______
Judging from the press conference, France has now aligned itself with a Germany that is increasingly,
Eurobonds – not now but not never
We’re calling it a victory for Jacques Delors.
Angela Merkel and Nicolas Sarkozy finished their bilateral summit on Tuesday afternoon and announced several new measures, some substantial, some speculative,
Ackerman’s week to forget
It’s not been a good week for Deutsche Bank chairman and CEO Josef Ackermann.
First, he was forced to roll over his Greek debt for the greater good of the eurozone.
From the FT:
Mr Ackermann, speaking at a conference in the German parliament in Berlin on Wednesday,
José Sócrates’ German haircut
We can’t be a fly on the wall at Wednesday’s meeting in Berlin between Chancellor Merkel and José Sócrates so, dear readers, you will have to make do with this desk note from RBS.
(Emphasis ours.)
EFSF 2.0
From Wednesday’s FT:
In parallel, we must ensure that the financial support mechanisms put in place last May are fit for purpose. The effective lending capacity of the current European financial stability facility should be reinforced and the scope of its activity widened.
Roubini vs Issing on next steps for Germany
Oscar Wilde — ironically, an Irishman faced with a history of difficult bail-outs — famously said that a true friend stabs you in the front.
Angela Merkel, then, may be a little wounded on Tuesday by Nouriel Roubini’s interview in Der Spiegel.
Merkel’s nine-point plan
Ahead of that all-important Thursday meeting of eurozone finance ministers in Brussels — German chancellor Angela Merkel has been outlining her nine-point plan for “Wirtschaftsregierung” (literally economy-government) in Europe.
Merkel-mouth
NEIN
– Angela Merkel on expanding the EFSF (paraphrased, via Alea)
Interesting to note that Spanish and Italian government bonds have drifted higher this week (and Belgium just won’t budge or back down).
Competition time! [we have a winner]
Courtesy of Nomura, we have a pair of tickets to give away for this year’s Varsity Match.
So we’re asking for a suitable caption on this:
Tickets go to the best entry submitted in the comment section below.
Fiscal pooling in the eurozone?
European peripheral bonds are little changed on Tuesday morning:
Now that’s somewhat surprising given the news flow of the past 24 hours.
In that time Chancellor Merkel has ruled out the idea of shared bond issuance in the eurozone,
Infected – German bunds
Is nothing immune from the sovereign debt woes of the European periphery?
Apparently not.
Now, throughout the sovereign debt crisis in Europe, the bund has been the beneficiary of safe-haven flows coming out of the periphery — Portugal,
The Merkel crash
So what’s really behind the spike in Spanish government bond yields on Monday?
How about this: because of Angela Merkel’s European Stability Mechanism the market is finally being being forced to price in default risk for eurozone countries.
Introducing the European Stability Mechanism (reaction)
The creation of a permanent crisis mechanism — the European Stability Mechanism (ESM) — to safeguard the financial stability of the euro area, perhaps isn’t the resounding victory German chancellor Angela Merkel might have wished for.
Introducing the European Stability Mechanism
Snip, snip, snip.
Merkel gets her way on burden-sharing.
(emphasis throughout ours)
Statement by the Eurogroup
The recent events have demonstrated that financial distress in one Member State can rapidly threaten macro-financial stability of the EU as a whole through variouscontagion channels.