Multi-trillion plan to save the eurozone being prepared

[Bosonic]

Source: Telegraph

German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control.

Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”.

According to sources, progress has been made at the G20 meeting in Washington, where global leaders piled pressure on the eurozone to fix its problems before plunging the world back into recession. In a G20 communique issued on Friday, the world’s leading economies set themselves a six-week deadline to resolve the crisis – to unveil a solution by the G20 summit in Cannes on November 4.

Sources said the plan would have to be released as a whole, as the elements would not work in isolation.

Read more: http://www.telegraph.co.uk/finance/financialcrisis/8786665/Multi-trillion-plan-to-save-the-eurozone-being-prepared.html

[Poll_Blind]

1. Wow. I'm gonna need a bigger bag of popcorn.

PB

[bemildred]

2. Buy now!

:popcorn: indeed.

[Gin]

3. wonder how much we will put in the pot to save the euro zone.

Geithner wasn't there for a vacation....we will do another bailout.

[customerserviceguy]

16. Will we really save Europe three times in one century?

Four, if you count the Cold War?

[Yo_Mama]

7. Or be forever locked out? n/t

[Turbineguy]

4. Geithner made an interesting comment

about "cascading defaults" and not letting the markets sort this out. If the markets sort it out, guys like Peter Schiff and John Paulsen will pour everybody's bank accounts and retirements into their pockets.

http://www.youtube.com/user/MontyPython#p/u/30/YUhb0XII93I

[bluestateguy]

5. Got to appease the markets by Monday morning I see

All those screaming yo yo's on the stock exchange have to do is throw a shit fit and policies are adjusted accordingly.

[bossy22]

9. its a tad bit more complicated than that

[jwirr]

6. And if Geithner was advising them I have little hope for recovery for

anyone except the disaster capitalists. Pleas EU ignore that idiot. He has done nothing to help the situation here in the USA.

[bossy22]

8. What would you like him to do?

Geithner is one of the reasons we are in a recession and not a depression

[Citizen Worker]

10. And the difference between a recession and a depression would be...? I'm certain that whatever

definition you come up with will soothe those who have run out of unemployment.

[greiner3]

15. Recession-Massive unemployment;

Depression-No unemployment insurance, no money to loan, NO new building permits, Wallymart's sales flatten and marches on Washington.

[Odin2005]

11. Were NOT in a depression? ROFL! I have a bridge to sell ya.

[DLnyc]

13. Massive jobs programs worldwide.

All this deficit cutting is just to protect the value of the loans of the big banksters.

The choice is:

massive government investment directly into immediate jobs, allowing some inflation and defaults

OR

banksters continuing to try to force austerity and prop up their shitty loans, eventually leading to massive unemployment and eventual collapse of the current financial system.

[jwirr]

14. That is debatable. Recession or depression - I think it really depends

on what income level you are at. He is the reason the banksters and corporations have been rescued but that does not include most of us. It is not trickling down, it never has trickled down and it never will.

[Hydra]

18. Uh...no

The general consensus among the non Wall St., non beltway experts is that Lil Timmy and Hank helped facilitate the biggest bank robbery in history(or welfare check). All of their incredible genius led them to stuffing money into people who destroyed our economy in the hopes that it would help things.

So sacrificing to Mammon and his servants will save us? News to me.

[Odin2005]

12. The Euro is doomed.

[jberryhill]

17. Didn't banning CFC's fix this problem?

[unblock]

19. bah dum CHA!

:rofl:

[DCBob]

20. here's the sticky part..

"As quid pro quo for an enhanced bail-out, the Germans are understood to be demanding a managed default by Greece but for the country to remain within the eurozone. Under the plan, private sector creditors would bear a loss of as much as 50pc – more than double the 21pc proposal currently on the table. A new bail-out programme would then be devised for Greece."

But I suspect someething like this will happen eventually.. there really dont appear to be any other credible alternatives.