Breaking News

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Morning Call, 2/12/2011

 

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SAN FRANCISCO (MarketWatch) -- European officials are discussing the possibility of significantly boosting the region's ability to fight the debt crisis by operating two bailout funds, the Financial Times reported Tuesday on its website. The talks are focusing on the possibility of allowing the euro-zone's 440 billion euros ($590 billion) bailout fund to remain in operation when a new 500 billion facility comes into force in 2012, the newspaper said. The idea of a bulked up rescue fund will be introduced along with the proposal on revising existing treaties to strengthen budget rules when leaders from 27 European Union countries meet later this week, according to the FT.

 

http://www.google.com.au/url?sa=t&rct=...D65_JH8prWWF3yw

 

London's "pinkun" aka the Financial Times is usually spot on. Have seen the FT article but cannot reproduce it---but what the FT said ammounts to even bigger Euroland support measures being invoked than contemplated by most--so we just have to wait and see what unolds on Friday.

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A German-French push for closer economic ties in Europe won the backing of U.S. Treasury Secretary Timothy F. Geithner, who urged governments to work with central banks to erect a "stronger firewall" to end the debt crisis.

 

Geithner, speaking in Berlin yesterday after talks with German Finance Minister Wolfgang Schaeuble, praised the commitment to fiscal programs put in place by new governments in Spain, Italy and Greece, and said he was "very encouraged" by recent efforts to buttress the euro area. He welcomed "progress toward a fiscal compact for the euro zone," echoing language used last week by European Central Bank President Mario Draghi

 

http://www.bloomberg.com/news/2011-12-06/f...er-backing.html

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LONDON (MarketWatch) -- European Central Bank President Mario Draghi said on Thursday that a "new fiscal compact ... is the most important precondition for restoring the normal functioning of financial markets" in Europe. He said this compact has three pillars -- first, national economic policies geared to fiscal stability, growth and job creation; second, fiscal rules at the European Union level; and third, a stabilization mechanism such as the euro zone's bailout fund.

 

http://www.marketwatch.com/story/draghi-hi...=MW_latest_news

 

You begin to wonder what planet this lot inhabit, Draghi obviously believes it's not his (ECB) job to print money, basically leaving it to somebody else, trouble is who else?

 

How long will it take to create his "new fiscal comact"?

So, we move on to tonights gabfest---will it just be that, once again?

Last possible saviour cab off the rank will be the FOMC next Tuesday, what happens if they do nothing?

 

Cannot believe the Europeans are choosing suicide as their preferred method, but boy, time seems to be running out.

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K Rudd has resigned as our Foreign Minister

Question time next week will surely be a "must watch"--what a horrific shambles.

[Dave_vic_ozz]

Julia Gillard set to take on Kevin Rudd in party room ballot and sack him if she wins

 

 

JULIA Gillard is prepared to sack Kevin Rudd as Foreign Minister and reshuffle her cabinet next week after calling a leadership spill in the party room on Tuesday.

 

...

 

 

An outraged Rudd supporter predicted that "shafting" Mr Rudd a second time would actually win him more support with the Australian public.

 

"Knifing a prime minister and then knifing him again as Foreign Minister is too much," the MP said.

 

"This is an act of bastardry, thuggery and downright hijacking of the Labor Party for personal gain. They don't care about the ramifications for the party or the Australian public."

 

http://www.theaustralian.com.au/national-a...m-1226278167364

 

This all happened about 45 minutes before the emergency news conference.

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Julia Gillard set to take on Kevin Rudd in party room ballot and sack him if she wins

 

Only one solution: Call a General Election and ensure the Labour Prarty is annihalated!

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OMG and I thought Labor were leaving the room if Rudd gets the sympathy vote and we have another 4 years of labor then I am definitely selling up....not waiting for the grim reaper.

 

I only hope it has a reverse effect and everyone realises what a shambles the labor party have made of everything and LNP get the vote, then we can start to repay the debts that labor have left us in once again.

 

What a frace. Just my opinions guys you dont have to agree so dont bother to bent your anger towards this poor voter.

[sirob]

Only one solution: Call a General Election and ensure the Labour Prarty is annihalated!

 

What a state this country is in,a despicable liar as a prime minister supported by incompetents and an opposition no better. What / who are we to vote for at the next election, Australia looses whichever way it goes, THATS NO SOLUTION ITS A NATIONAL DISGRACE.