Saturday, December 17, 2011

EU €200 Billion Bilateral IMF Loan agreed 9th Dec in Tatters

EurActiv has a thorough report on the complete shambles one week on linked here. To fully understand the level of incompetence now on open display at the highest levels of the EU, it is probably best to read the report in full, but the following selected quotes will provide the flavour and proably impart sufficient despair for what should be a festive weekend:

Germany said it had secured its €45 billion share, but made it clear that it would transfer the amount to the IMF only if countries outside the eurozone join the operation and if the Bundestag approves the operation.

The eurosceptic Czech President Václav Klaus said the country shouldn't contribute. Czech Prime Minister Petr Nečas said he opposed the €3.5 billion contribution....

In Slovakia, Jozef Kollár - a leader of the centre-right Freedom and Solidarity in the government - said he had an "overall negative" opinion of the plan....

Hungary reportedly won't contribute because it is still repaying the IMF for past bailouts....

One must wonder how it was, that while the world watched the supposedly crucial EU meeting at the end of last week, no preparation appears to have been made and the only concrete measure aimed to solve the immediate liquidity crisis now, only eight days later, lies in tatters. The longer term "fiscal compact" for the moment seems to have been equally badly prepared. There will be much more on that, both here and on Orphans of Liberty, from me over this weekend.

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Anonymous Anonymous said...

I am going to France in February. If the Euro collapses what is the best money to take just in case they no longer accept credit cards?

This is a serious question. I do not want to be stuck in France with no means of getting back to blighty.

9:12 AM  
Blogger Martin said...

USDollars usually are good everywhere, Swiss Francs less easily exchanged but good; German euros Serial numbers starting with an X will avoid double exchange commission and French euros for spending in France serial numbers starting with U

5:20 PM  
Anonymous Anonymous said...

Thanks for your suggestions.


6:53 PM  

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