Skip to comments.Euro-saving operations due within 'days,' says Juncker
Posted on 07/30/2012 2:12:34 PM PDT by Olog-hai
Eurogroup chief Jean-Claude Juncker has said there is "no time to lose," as the world talks about a eurozone breakup, with joint action by the European Central Bank and the eurozone bailout funds expected in the coming days.
"We have come to a crucial point. There is no more time to lose," Juncker said in an interview published both in Le Figaro and Süddeutsche Zeitung on Monday (30 July).
ECB chief Mario Draghi last week said the bank was ready to do "whatever it takes to preserve the euro" and hinted at more government bonds being bought up, a move which would help Italy and Spain bring down their record-high borrowing costs.
Juncker said the eurozone bailout fund, the European Financial Stability Facility (EFSF)which has roughly 200 billion left to spendwill also contribute to the rescue operation.
There is no voluntary way to save it. It’s an interesting exercise to watch them try to stave off the inevitable another month, week or day. I’m dead serious. It’s very interesting when you know, to the core of your being, that nothing they propose will do any good whatsoever.
It gives one an odd perspective on the events and an amazing clarity about the future. Especially when you watch it unfold just as it must.
This is kinda related:
The information about those that did predict the crap that happened years later is amazing.
I think that's rather a profound observation.
When Obama was elected, I resigned myself to watching as things unfolded, knowing how they must play out.
It sort of give you inner peace. There's nothing you can do about it. It's just going to happen, and so you sit back and watch the slow motion fulfillment of what you knew must come.
It's quite similar to a religious experience. I'm not sure everyone has moments like that.
It’s ironic that the “Euro-saving” operations will only hasten its collapse. Pity.
Well, the member states haven’t obeyed and submitted to the “surrender of sovereignty” yet, so the crisis has to grind on.
“I’m not sure everyone has moments like that...There’s nothing you can do about it. It’s just going to happen, and so you sit back and watch the slow motion fulfillment of what you knew must come.”
Your description of the process is a good one. The French term denouement, when the final outcome of events becomes clear, comes to mind.
Didn’t the Italian PM make the same statement about three weeks ago? Suppposedly, that was the crucial week. I agree. If there was a solution, we would have seen it by now. But then, what leader would ever say, “we passed the point of no return years ago.”
I’m afraid we’re in the same position.
The whole issue is a transfer of wealth from Germany, Denmark, Holland and Finland to the Club Med. I somehow don’t think the hard working people of the North are going to buy it in the end. German’s just aren’t going to work until 67 to see their others retire at 57.
—Im afraid were in the same position.—
When, for every dollar we spend we borrow another 40 cents, and the economy is contracting, you can bet your sweet bippy that this can’t go on much longer.
Hyperinflation is the only way this can end. Period.