Sunday, May 20, 2012

A Romp with Rompuy

President of the European Council Herman Van Rompuy released the below remarks on Friday ahead of the G8 summit at Camp David (my bold)
This G8 summit comes at a time of significant challenges to the world economy, and for Europe in particular. As far as Europe is concerned, my message is straightforward: we are determined to stay the course. We will pursue our comprehensive strategy to decrease deficit and debts, and to return to growth and job creation, based on structural reforms, investments and trade. The European Council will discuss a pro-active growth agenda on [sic] the dinner on May 23 and we will finalize it on the European Council on 28-29 of June. In that respect it should not be forgotten that in aggregate terms growth in the Euro area is positive and picking up, while our external balances with the rest of the global economy are in equilibrium.
Recently, we have raised our firewalls and increased our contribution to the International Monetary Fund; we have also strengthened economic governance, recapitalised banks and provided ample bank liquidity through the European Central Bank. This week, finance ministers of the EU also made further significant progress in putting into European law the international Basel 3 agreements. We will do whatever is needed to guarantee the financial stability of the euro zone....

As regards Greece, I do not hide my concern about the current political uncertainty. Greece is a member of the EU and the Euro zone and this membership implies solidarity and responsibility. The Euro zone has shown considerable solidarity, supplying nearly € 150bn in loans to Greece so far. Alongside this support the EU is developing a huge effort to help reviving the Greek economic potential. We do not question Greece's sense of responsibility and are hopeful that the next Greek government will act in accordance with the country's engagement and its European future. Continued reform is the best guarantee for the Greek economy and for a future of the Greek people in the euro area.
Sounds like they are preparing a huge ECB money blast.


  1. "Reviving the Greek economic potential" -- doesn't the Greek economy consist mostly of borrowing money and giving it to Greek citizens? Period? How else are you going to "revive" that?

  2. This wanker does not speak for the Greek people or indeed the millions of people of Europe. He speaks to his own idea of grandeur. Unelected, unrepresentative.

  3. Sometimes I see a great post which I copy and put in a special folder. This is one of those posts and may have a huge impact in the short to intermediate term on the market.