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Bigger IMF role added to mix in face of bailout scepticism
EURO zone leaders have met to again look to the International Monetary Fund to help countries in distress as bond yields in Italy and Spain hit new highs and Standard & Poor's downgraded Belgium's credit rating.
Meeting in Berlin on Friday night, the finance ministers of Germany, Finland and the Netherlands hinted at an enhanced role for the European Central Bank if all other steps to save the euro collapsed. But they again ruled it out as an immediate solution.
Their talks, before Tuesday's meeting of the 17-member Eurogroup in Brussels, came amid reports that Spain's new centre-right government might soon apply for aid from both the IMF and the European Union's main bailout fund, the European Financial Stability Facility.
However, Partido Popular sources said reports that Mariano Rajoy's government - not yet installed - would seek external aid were false. ''The party absolutely denies this,'' a spokeswoman said.
Belgium, which has struggled to implement spending cuts after 17 months without a government, was downgraded last night to AA from AA+ after Standard & Poor's said the caretaker government of Yves Leterme lacked a mandate to deal with the crisis.
Clearly playing for time at yesterday's Berlin talks, finance ministers of the euro zone's three most stable economies said the IMF and a boosted financial stability facility could help overcome liquidity - not solvency - problems. The IMF has offered to increase its precautionary credit lines for countries that could end up in trouble.
But there is growing scepticism that the stability facility can fill the funding gap if countries as big as Italy and Spain lose the confidence of markets and hover near bankruptcy. The fund, worth a nominal €440 billion ($602 billion), has about €200 billion left but is due to have its firepower raised closer to €1 trillion - far short of the €2 trillion that markets believe is required.
The Eurogroup is due to approve this increase on Tuesday but has been warned investors have no appetite for boosting its funds. Many believe the stability facility will be able to raise it to €750 billion at most, given the lack of trust on markets.
The Dutch Finance Minister, Jan Kees de Jager, said the IMF's enhanced role would be a separate option, prompted by doubts over whether private investors would bring enough new money for the stability facility. ''There is a lot of pressure about euro bonds or European Central Bank financing, and we said no, we have something else, and that is an increased role for the IMF,'' he said.
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E Roesler, il cane da riporto della Merkel: nessun problema, deve esserci una spiegazione scientifica alla sua cogli0neria.
Germany slams Barroso joint bonds as "irresponsible"
http://uk.reuters.com/article/2011/11/26/uk-eurozone-germany-idUKTRE7AP0DH20111126
Comunque, esistono 2 versioni di monete da 1€, se avrete la bontà di farci caso, una in cui la Scandinavia è rappresentata bene e l'altra in configurazione "pene flaccido" (riportata qui in basso).
Speriamo che non sia per questo che ci danno tanto addosso.
EURO zone leaders have met to again look to the International Monetary Fund to help countries in distress as bond yields in Italy and Spain hit new highs and Standard & Poor's downgraded Belgium's credit rating.
Meeting in Berlin on Friday night, the finance ministers of Germany, Finland and the Netherlands hinted at an enhanced role for the European Central Bank if all other steps to save the euro collapsed. But they again ruled it out as an immediate solution.
Their talks, before Tuesday's meeting of the 17-member Eurogroup in Brussels, came amid reports that Spain's new centre-right government might soon apply for aid from both the IMF and the European Union's main bailout fund, the European Financial Stability Facility.
However, Partido Popular sources said reports that Mariano Rajoy's government - not yet installed - would seek external aid were false. ''The party absolutely denies this,'' a spokeswoman said.
Belgium, which has struggled to implement spending cuts after 17 months without a government, was downgraded last night to AA from AA+ after Standard & Poor's said the caretaker government of Yves Leterme lacked a mandate to deal with the crisis.
Clearly playing for time at yesterday's Berlin talks, finance ministers of the euro zone's three most stable economies said the IMF and a boosted financial stability facility could help overcome liquidity - not solvency - problems. The IMF has offered to increase its precautionary credit lines for countries that could end up in trouble.
But there is growing scepticism that the stability facility can fill the funding gap if countries as big as Italy and Spain lose the confidence of markets and hover near bankruptcy. The fund, worth a nominal €440 billion ($602 billion), has about €200 billion left but is due to have its firepower raised closer to €1 trillion - far short of the €2 trillion that markets believe is required.
The Eurogroup is due to approve this increase on Tuesday but has been warned investors have no appetite for boosting its funds. Many believe the stability facility will be able to raise it to €750 billion at most, given the lack of trust on markets.
The Dutch Finance Minister, Jan Kees de Jager, said the IMF's enhanced role would be a separate option, prompted by doubts over whether private investors would bring enough new money for the stability facility. ''There is a lot of pressure about euro bonds or European Central Bank financing, and we said no, we have something else, and that is an increased role for the IMF,'' he said.
_______________________________________________________
E Roesler, il cane da riporto della Merkel: nessun problema, deve esserci una spiegazione scientifica alla sua cogli0neria.
Germany slams Barroso joint bonds as "irresponsible"
http://uk.reuters.com/article/2011/11/26/uk-eurozone-germany-idUKTRE7AP0DH20111126
Comunque, esistono 2 versioni di monete da 1€, se avrete la bontà di farci caso, una in cui la Scandinavia è rappresentata bene e l'altra in configurazione "pene flaccido" (riportata qui in basso).
Speriamo che non sia per questo che ci danno tanto addosso.
![1322321088pa11968829390x285.jpg](http://www.investireoggi.it/forum/immagini/1322321088pa11968829390x285.jpg)
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