sera a tutti
sorry se mi intrometto
da Zero Hedge : i kANI in quanto a obiettività (in questo caso) non scherzano alla faccia di tutte le pompate mediatiche nostrane...
per chi volesse chi volesse legere tutto l'articolo ed altre lucide analisi
Submitted by
Phoenix Capital Research on 06/29/2012 08:06
The EU Summit: Europe Needs Capital, NOT Political Posturing
...the deal is that ESM/ EFSF loans to troubled countries will not subordinate private bondholders holdings....
While this does serve the purpose of allowing private bondholders to feel that should a country default, they might get their money back sooner (as opposed to what happened in Greece)… it doesn’t change the more critical issue of
stopping defaults from happening.
.......
Moreover, none of the measures address the most critical issue pertaining to Europe:
where is the money going to come from? .....
As I have noted before,
the European Stability Mechanism, which everyone sees as the ultimate savior for the EU,
does NOT exist yet.
Only four out of the required 17 countries have ratified its legislation.
And the due date for ratification? July 9th.
So we have less than two weeks for 14 EU members to ratify the ESM.
Another interesting fact about the ESM…
Spain and Italy will contribute 30% of its funding. So… the mega-bailout fund which is going to save Spain and Italy is receiving nearly
one third of its funds from the very same countries it’s going to bail out!?!
You couldn’t make this stuff up if you tried.
Another topic worth discussing is the fact that
EU leaders didn’t agree to increase the EFSF or the ESM. The simple and obvious reason for this is no one has the funds to do this.
Europe is out of buyers. End of story.
There simply isn’t €500 billion lying around to be put to use.
That’s why the ESM and EFSF aren’t being increased in size.
They couldn’t be.
No one in the EU actually has the money to make these measures work (again,
Spain and
Italy will provide 30% of the ESM’s funding).
