More on the EU "breakthrough": Leaders agree to create a single supervisory body for banks by...

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Mike Maher Comments (1779)
 
Should be good enough for a short covering rally. How much gets done past that will be determined by how well the Europeans can actually do what they are proposing.
28 Jun 2012, 11:45 PM Reply Like

Michael Clark Comments (7800)
 
This is silly. This has nothing to do with the EU crisis which is caused by too much debt and by the structural imbalance caused by a common currency and disconnected economies.

This is just a publicity stunt. This is no breakthrough.

The headilne of the TV: EU agrees on bank supervision, bond support. This means they are going to print more money and find a way to deliver the money faster to the banks in need. Supervision of banks. What does that mean? Supervision is a fun word with all kinds of meanings and all kind of connotations.

This just means MORE DEBT and a short-fix for the markets to chase. It doesn't change anything long term.

The banks should be nationalized, broken down into good parts and bad parts, th good parts sold, the bad parts put in prison for fraud.
29 Jun 2012, 12:00 AM Reply Like

Canary Cash Comments (471)
 
Michael, it's worse than that, there appears to be no printing in the deal, it's the same old esfs/esm mech. except now it can be used up on bonds and now there are more conditions.
29 Jun 2012, 02:21 AM Reply Like

nightfly Comments (1018)
 
Thin markets, quarter end, HFT will result in some sore of rally just like last 4th holiday. Won't hold, but I guess maybe double top in the works...
29 Jun 2012, 12:04 AM Reply Like

sethmcs Comments (2134)
 
How convenient kick the can until 2013. Mr. Soros fire when ready.
29 Jun 2012, 12:09 AM Reply Like

SoldHigh Comments (685)
 
Just kicking the can another few feet until the next bout with reality...

*Yawn*
29 Jun 2012, 12:13 AM Reply Like

WMARKW Comments (8389)
 
"a condition to allow them to be recapitalized directly"

Who's going to re-capitalize them....not me, not investors....just debt issued from some other Central Bank. No solution here.....move on.
29 Jun 2012, 12:15 AM Reply Like

Angel Martin Comments (1202)
 
so is this "compliance with EU budget policies" going to be like how Greece "complied" with their obligations vis a vis the bailouts ?
29 Jun 2012, 12:47 AM Reply Like

Tao Jaxx Comments (904)
 
You all look like you have a conceptual disconnect with all things Europe. Not saying that's the end of it all, far from it, but that's some turnaround.
Short at own risk.
29 Jun 2012, 01:10 AM Reply Like

bob adamson Comments (4492)
 
The UK’s ‘The Guardian’ newspaper has over the past year tended to post rather pessimistic reports at various stages leading up to EU summit meeting conclusions (i.e. the following report shouldn’t be taken as the final word by any means) but as of Friday morning they are reporting that there are significant issues that must be resolved before the reported package will be finalized.

Here is their report:

http://bit.ly/MEGenQ

As has often been the case during previous meetings, expect conflicting reports through the day on Friday (and into the weekend if the meeting is extended) until a final consensus is achieved. That said, the prospect of progress ultimately being made at this meeting seems good.
29 Jun 2012, 01:15 AM Reply Like

rrs2205rrs Comments (24)
 
only took them 19 dinner dates to come up with something!! these guys are good!
29 Jun 2012, 01:53 AM Reply Like

untrusting investor Comments (9879)
 
Good link. If the Guardian article is correct, and the ESFS only has 240 billion euros left, it won't even be enough to fiance anywhere near just the remainder of Spanish & Italian debt rollovers in 2012, much less any new debt, much less any more EU bank bailouts and recapitalizations.

Some breakthrough ..... more like more smoke and mirrors and attempts to kick the EU can down the road for a few more weeks.
29 Jun 2012, 02:03 AM Reply Like

bob adamson Comments (4492)
 
Here is a revealing follow-up on the Guardian report I quoted in my earlier comment:

http://bit.ly/OJr1EV

Here is the Guardian’s ongoing blog covering EU developments:

http://bit.ly/LAiWv0

Here is the assessment by the German news journal Spiegel on the compromise reached and, in particular, the role played and the outcome from the perspective of Chancellor Merkel:

http://bit.ly/LAiTPA

Finally, here is a measured but positive assessment of the outcome from the UK’s The Economist:

http://econ.st/LAiTPD
29 Jun 2012, 12:36 PM Reply Like

dr1best Comments (2)
 
Does anyone know what capital is? Read my lips...YOU CAN'T PRINT CAPITAL. Think of capital as a pizza, you can't print a pizza.
The correct view is remonetize the banks.
And yes, this is all smoke and mirrors.
29 Jun 2012, 10:29 AM Reply Like