法国总统萨科齐说，10年前允许希腊加入欧元区是个错误 (转载)# Stock
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发信人: lczlcz (lcz), 信区: USANews
标 题: 法国总统萨科齐说，10年前允许希腊加入欧元区是个错误
发信站: BBS 未名空间站 (Fri Oct 28 12:16:28 2011, 美东)
Nicolas Sarkozy threatened to take the shine off a day of jubilation in
financial markets at a deal to rescue the eurozone when he said it had been
an "error" to allow Greece to join the euro a decade ago.
As further protests took placein Athens the French president appealed for
the public to back reforms intended to maintain Greece's membership of the
single currency. But he acknowledged: "It was an error because Greece
entered with false [economic] figures … it was not ready."
Sarkozy told French TV: "We had to face up to all this. If the euro had
exploded on Wednesday night, all of Europe would have exploded. If Greece
had defaulted there would have been a domino effect carrying everyone away .
.. we took important decisions that avoided catastrophe."
His remarks underlined the eurozone's continuing frailties and illustrated
the task of trying to hold the currency together. But shares soared as the
world's financial markets expressed confidence that the package of measures
that emerged from an all-night summit of Europe's leaders in Brussels
signalled an end to the long-running debt crisis.
In the City shares hit their highest levels in three months, the euro made
strong gains on foreign exchanges and oil prices rose 3% amid relief that
the eurozone's 17 members had come up with a "grand bargain". However
analysts argued that the deal was short on detail and the crisis could re-
emerge next year; there was also concern that borrowing costs for Italy,
perceived as the litmus test for success, were little changed.
But the initial response to the package was positive, with bank shares
leading the way. The FTSE 100 closed up more than 160 points, and the Dow
Jones Industrial Average closed up nearly 340 points. Jane Foley, currency
strategist at Rabobank, said: "While EMU [economic and monetary union] has
moved away from the brink of disaster, clearly there are still a lot of
concerns relating to the outlook for EMU and a lot of holes in last night's
latest EMU rescue plan."
The package included:
• A 50% cut in Greece's private sector debt to reduce its borrowing
burden to 120% of national output by 2020.
• Europe's banks to have a minimum capital buffer of 9%, forcing them
to find an extra 06bn by June 2012.
• A fourfold increase to at least tn in the European Financial
Stability Facility (EFSF), which is designed to prevent the debt crisis
spreading across the single currency, with an effort to persuade countries
like China to provide some cash.
• A pledge by Italy to make structural change to insulate the euro's
third biggest economy from speculative attack.
Sarkozy spoke to Hu Jintao, the Chinese president, at the beginning of what
is likely to be a lengthy charm offensive. The head of the EFSF, Klaus
Regling, was flying to Beijing on Thursday night for talks and further
discussions are likely to take place at next week's G20 summit in Cannes.
China welcomed the progress made at the Brussels summit.
It was reported that China could contribute $100bn from its reserves to the
EFSF. An unnamed Chinese official told the Financial Times: "If conditions
are right then something a bit above $100bn is not inconceivable."
In Britain the chancellor, George Osborne, said the eurozone appeared to be
on the "right road", though he added: "Much detail remains unresolved;
having put pressure on the eurozone to get this far we have to keep up the
pressure to get the details completed. They have started down the right road
and now they have to finish the job."
He insisted Britain would not contribute to the EFSF bailout fund but
conceded that extra money might be given indirectly through the UK's
contributions to the International Monetary Fund.
Amid evidence that consumer confidence in Britain has fallen sharply in
recent weeks, one analyst warned that the crisis in Europe was not over and
would have "major adverse effects" on the UK. Describing the EU measures as
more of a "peashooter" than the promised "bazooka", Jonathan Loynes,
European economist at Capital Economics, said: "We now expect the economy to
stagnate in 2012, with a high chance of a technical recession. But a rapid
escalation of the eurozone crisis could prompt a slump to rival that in 2008
and 2009."
In Greece, nearly two years into the crisis some people said the deal would
doom them to ever greater recession. But George Papandreou, the embattled
prime minister, greeted a new dawn.
"Today we've the chance to close our accounts with the past, once and for
all," he said, within minutes of the deal being signed after 10 hours of
often fractious negotiations. "It's a new beginning for us … a new era of
development … a success for all Greeks."Evangelos Venizelos, the finance
minister, said a long overdue instalment of bn of aid, vital to cover
public sector wages and pensions, would be released. Officials in Athens had
previously said Greece would be forced to declare bankruptcy if the cash
was not received by 10 November. "This historic accord will render the debt
absolutely sustainable," said Venizelos. Had the deal not been struck Greece
's debt was projected to hit an unprecedented 181% of GDP.
The government euphoria was not matched by the mood on the street.
Politicians from both the left and right, trade unions, commentators and
ordinary people rounded on the deal as yet another act of the drama heading
to the tragic climax ahead in what is an economy due to contract for a
fourth straight year due to belt-tightening that is bound to continue.
发信人: lczlcz (lcz), 信区: USANews
标 题: 法国总统萨科齐说，10年前允许希腊加入欧元区是个错误
发信站: BBS 未名空间站 (Fri Oct 28 12:16:28 2011, 美东)
Nicolas Sarkozy threatened to take the shine off a day of jubilation in
financial markets at a deal to rescue the eurozone when he said it had been
an "error" to allow Greece to join the euro a decade ago.
As further protests took placein Athens the French president appealed for
the public to back reforms intended to maintain Greece's membership of the
single currency. But he acknowledged: "It was an error because Greece
entered with false [economic] figures … it was not ready."
Sarkozy told French TV: "We had to face up to all this. If the euro had
exploded on Wednesday night, all of Europe would have exploded. If Greece
had defaulted there would have been a domino effect carrying everyone away .
.. we took important decisions that avoided catastrophe."
His remarks underlined the eurozone's continuing frailties and illustrated
the task of trying to hold the currency together. But shares soared as the
world's financial markets expressed confidence that the package of measures
that emerged from an all-night summit of Europe's leaders in Brussels
signalled an end to the long-running debt crisis.
In the City shares hit their highest levels in three months, the euro made
strong gains on foreign exchanges and oil prices rose 3% amid relief that
the eurozone's 17 members had come up with a "grand bargain". However
analysts argued that the deal was short on detail and the crisis could re-
emerge next year; there was also concern that borrowing costs for Italy,
perceived as the litmus test for success, were little changed.
But the initial response to the package was positive, with bank shares
leading the way. The FTSE 100 closed up more than 160 points, and the Dow
Jones Industrial Average closed up nearly 340 points. Jane Foley, currency
strategist at Rabobank, said: "While EMU [economic and monetary union] has
moved away from the brink of disaster, clearly there are still a lot of
concerns relating to the outlook for EMU and a lot of holes in last night's
latest EMU rescue plan."
The package included:
• A 50% cut in Greece's private sector debt to reduce its borrowing
burden to 120% of national output by 2020.
• Europe's banks to have a minimum capital buffer of 9%, forcing them
to find an extra 06bn by June 2012.
• A fourfold increase to at least tn in the European Financial
Stability Facility (EFSF), which is designed to prevent the debt crisis
spreading across the single currency, with an effort to persuade countries
like China to provide some cash.
• A pledge by Italy to make structural change to insulate the euro's
third biggest economy from speculative attack.
Sarkozy spoke to Hu Jintao, the Chinese president, at the beginning of what
is likely to be a lengthy charm offensive. The head of the EFSF, Klaus
Regling, was flying to Beijing on Thursday night for talks and further
discussions are likely to take place at next week's G20 summit in Cannes.
China welcomed the progress made at the Brussels summit.
It was reported that China could contribute $100bn from its reserves to the
EFSF. An unnamed Chinese official told the Financial Times: "If conditions
are right then something a bit above $100bn is not inconceivable."
In Britain the chancellor, George Osborne, said the eurozone appeared to be
on the "right road", though he added: "Much detail remains unresolved;
having put pressure on the eurozone to get this far we have to keep up the
pressure to get the details completed. They have started down the right road
and now they have to finish the job."
He insisted Britain would not contribute to the EFSF bailout fund but
conceded that extra money might be given indirectly through the UK's
contributions to the International Monetary Fund.
Amid evidence that consumer confidence in Britain has fallen sharply in
recent weeks, one analyst warned that the crisis in Europe was not over and
would have "major adverse effects" on the UK. Describing the EU measures as
more of a "peashooter" than the promised "bazooka", Jonathan Loynes,
European economist at Capital Economics, said: "We now expect the economy to
stagnate in 2012, with a high chance of a technical recession. But a rapid
escalation of the eurozone crisis could prompt a slump to rival that in 2008
and 2009."
In Greece, nearly two years into the crisis some people said the deal would
doom them to ever greater recession. But George Papandreou, the embattled
prime minister, greeted a new dawn.
"Today we've the chance to close our accounts with the past, once and for
all," he said, within minutes of the deal being signed after 10 hours of
often fractious negotiations. "It's a new beginning for us … a new era of
development … a success for all Greeks."Evangelos Venizelos, the finance
minister, said a long overdue instalment of bn of aid, vital to cover
public sector wages and pensions, would be released. Officials in Athens had
previously said Greece would be forced to declare bankruptcy if the cash
was not received by 10 November. "This historic accord will render the debt
absolutely sustainable," said Venizelos. Had the deal not been struck Greece
's debt was projected to hit an unprecedented 181% of GDP.
The government euphoria was not matched by the mood on the street.
Politicians from both the left and right, trade unions, commentators and
ordinary people rounded on the deal as yet another act of the drama heading
to the tragic climax ahead in what is an economy due to contract for a
fourth straight year due to belt-tightening that is bound to continue.