Tommy all'epoca mi chiedeva un parere su chi doveva gestire le inevitabili aggressioni bastarde degli anglosassoni in situazioni color marrone ...
default ordinato ... proporrei una caramella a speculatori, tante caramelle ad istituzionali, 100% a risparmiatori ...
è inutile salvarne uno con duri sacrifici se non rendi chiaro che è il primo e l'ultimo
Bloomberg
Merkel’s Coalition Calls for EU ‘Orderly’ Defaults (Update1)
May 04, 2010, 12:12 PM EDT
By Tony Czuczka
May 4 (Bloomberg) -- German Chancellor Angela Merkel’s coalition stepped up calls for allowing the “orderly” default of euro-region member states burdened with debt to avoid a repeat of the Greek fiscal crisis.
Floor leaders of the three coalition parties agreed in Berlin today to put a resolution to parliament alongside the bill on Greek aid calling for the European Union to revise rules for the euro to put pressure on countries that run deficits.
Merkel, who faces elections in Germany’s most populous state on May 9, is seeking to shift focus from the Greek bailout to drawing lessons from the euro’s biggest crisis. An “orderly insolvency” process would ensure that creditors participate in any future rescue, she said on ARD television yesterday.
“We want to move from crisis management to crisis prevention,” Birgit Homburger, the parliamentary head of Merkel’s Free Democratic coalition partner, told reporters after the coalition leaders’ meeting. “We have to do everything we can to ensure we never get into such a situation again.”
Merkel is seeking to have both houses of parliament approve Germany’s share of the 110 billion-euro ($143 billion) Greek bailout on May 7, the same day she heads to Brussels for a meeting of government leaders of the 16 euro nations to assess “lessons to be learned” from the crisis.
‘Looming Insolvency’
“We quite urgently need something for the members of European Monetary Union that we also didn’t have during the banking crisis two years ago,” German Finance Minister Wolfgang Schaeuble told reporters yesterday. “Namely the possibility of a restructuring procedure in the event of looming insolvency that helps prevent systemic contagion risks.”
European stocks erased their gains for the year today and the euro slid to a one-year low against the dollar amid concern the government debt crisis is spreading.
Spanish Prime Minister Jose Luis Rodriguez Zapatero told reporters in Brussels that speculation of a bailout for Spain is “complete madness.” Standard & Poor’s last week cut Spain’s credit rating by one level to AA, lowered Portugal by two steps to A- and cut Greece’s to the junk level of BB+.
The resolution being drafted by German lawmakers will call for stronger EU rights to inspect member countries’ budgets and sanctions such as a suspension of EU voting rights for countries that breach deficit rules, Volker Kauder, the floor leader of Merkel’s Christian Democrats, told reporters today.
French Backing
French Finance Minister Christine Lagarde has signaled support for some rule changes floated by Germany, including closer monitoring of deficits and Merkel’s call to consider setting up a European rating agency.
“For all preventive measures, we need our partners in Europe and on the international level, such as the G-20,” said Hans-Peter Friedrich, a Christian Democratic deputy leader in parliament.
Finance ministers of the euro-area countries approved a three-year bailout for debt-laden Greece on May 2, and Merkel’s Cabinet yesterday backed loans of as much as 22.4 billion euros as Germany’s contribution.
With her Christian Democratic Union’s hold on North Rhine- Westphalia state at stake on May 9, Merkel is campaigning on her refusal to rush aid to Greece, saying her firmness forced the Greek government to commit to bigger savings. Greece’s deficit was 13.6 percent of gross domestic product last year, the region’s second-biggest after Ireland, compared with 3.3 percent for Germany. Merkel’s government estimates the deficit will climb to 5.5 percent this year.
“It’s a fairy tale” that quicker action would have made the bailout cheaper, Homburger said an e-mailed statement.