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President Nicolas Sarkozy 'threatened to pull France out of euro'

American

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By a Reuters reporter in Madrid
Published: 12:12PM BST 14 May 2010

The newspaper cited comments by Spanish Prime Minister Jose Luis Rodriguez Zapatero to members of his party on Wednesday as relayed by people present at that meeting.
A spokesman for the Spanish Prime Minister's office confirmed the meeting between Zapatero and other socialist party members on Wednesday, but could not immediately confirm what was said at the meeting.
Sarkozy demanded a "commitment from everyone to suppport Greece...or France would reconsider its position in the euro," according to one source cited by El Pais.
Another source present at the meeting between Zapatero and his party members and cited by the paper said: "Sarkozy ended up banging his fist on the table and threatening to leave the euro...This forced Angela Merkel to give in and reach an agreement."
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It's getting interesting now. I say to Euro investors, BUY BUY BUY!!
 
France always does have option B and C; its Mediterranean Alliance thing and Francophone. I truly do not think this is all hot air.

I think France would've proposed some narcissistic Franco-centric currency (or, alternatively, a French backed bond issued by and for the explicit purpose of Francophone/MedAl integration) like the "France is the Uber Dollar/Bond" a long time ago if it wasn't for the current crisis. I mean, it's always annoying sharing the pilotseat with Germany, whatever small country Euroskeptic (cough, Czech Republic, cough) happens to have the EU Premiership or whatever small dysfunctional Europhile country (Belgium ;) ) happens along.
 
I'm just laughing at all those who tried to stomp all over the US and it's dollar and it's economic domination, when the EU and its Euro came along as the answer to US domination. They hated the US so much that their mouths foamed at the prospect of some new and superior empire in Europe. They thought, "Hey anyone can build an empire...I mean the US did it, right?" It didn't matter that they build their house on sand instead of a real foundation of principals. I hope they get everything that's coming to them.
 
American said:
I'm just laughing at all those who tried to stomp all over the US and it's dollar and it's economic domination, when the EU and its Euro came along as the answer to US domination. They hated the US so much that their mouths foamed at the prospect of some new and superior empire in Europe. They thought, "Hey anyone can build an empire...I mean the US did it, right?" It didn't matter that they build their house on sand instead of a real foundation of principals. I hope they get everything that's coming to them.
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And we are still laughing at the US because your problems are so much bigger than ours.. :2wave:
 
PeteEU said:
And we are still laughing at the US because your problems are so much bigger than ours.. :2wave:
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Uh-huh (I'm skeptical). I would have definitely agreed with you, even, last month. Perhaps, even, three weeks ago. But after Greece and looking at the upside down rates on Spanish, Portuguese (+other selection of European countries) bonds I'll say that for the short-run, at least, you're problems are bigger.

When (not if) California goes bankrupt, or if some other state follows; I'll be happy to admit that the United States is having more troubles then Europe. Yet, for now, one can't be honest and say the EU is having a gigantic daisy-chain circle compared to the US.
 
Sarkozy speaks a lot, but his acts rarely follow what he says. So I am not sure that Merkel should be afraid.

But now that EU and IMF decided to help the euro by helping the Greeks, are the speculators going to attack the British pound?
 
IMO, there should be no 'joy' in the U.S. that the EU is suffering a significant debt-related crisis (the U.S. has major fiscal imbalances of its own that are currently being neglected by its political leaders). Likewise, there should be no 'joy' in Europe that the U.S. has major long-term fiscal imbalances (a 'misery loves company' rationale does no good). The economic, political, financial, and cultural linkages between the U.S. and EU nations are so numerous and deep that significant harm to one will lead to significant harm to the other. A strong and healthy Europe is in the interest of the U.S. and a strong and healthy U.S. is in the interest of Europe.
 
"Sarkozy ended up banging his fist on the table and threatening to leave the euro...This forced Angela Merkel to give in and reach an agreement."
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This part, right here...

France shouted down Germany...

I mean... DAMN, that's just EMBARRASSING.
 
This just sent a chill down my spine. Sounds way to familiar...

"Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais."
 
PeteEU said:
And we are still laughing at the US because your problems are so much bigger than ours.. :2wave:
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You are joking right? The toxic loan portfolios of Europe's banking system dwarf the US in almost a 2:1 fashion.
 
The Prof said:
FT.com / Columnists / Clive Crook - America has good reason to worry about Greece
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It should be noted that unless one subscribes to the Financial Times or is registered, one's access is very limited.

For those who are interested, the following are some excerpts from Mr. Crook's piece (consistent, of course, to DP's guidelines concerning "fair use."):

A country whose government borrows beyond its capacity must eventually pay the price. Greece does teach that lesson, in case anybody had forgotten it - and in the US, some have. But the greater worry for the US at the moment is not that Europe shows where it is heading but that secondary effects from Greece and any widening emergency will squash its fledgling recovery...

Financial contagion is the other big risk. Suppose Greece defaults. That will spread losses across the European banking system. Pressure to default could mount on other European countries, starting with Portugal and Spain but maybe spreading further. Just how badly US banks and non-banks are exposed to to these risks - directly, or through credit default swaps and other derivatives - may be unclear until it happens. Any new financial waves would crash over a US government whose fiscal capacity is all but maxed out and a country whose willingness to rescue banks is exhausted.

In short, Mr. Crook argues that Greece is not a strictly European problem. What happens there would have an impact on the U.S. He also notes that he expects Greece to default in the end and that Greece's departure from the Euro is a possible scenario. Those outcomes, he warns, would affect the U.S.
 
donsutherland1 said:
IMO, there should be no 'joy' in the U.S. that the EU is suffering a significant debt-related crisis (the U.S. has major fiscal imbalances of its own that are currently being neglected by its political leaders). Likewise, there should be no 'joy' in Europe that the U.S. has major long-term fiscal imbalances (a 'misery loves company' rationale does no good). The economic, political, financial, and cultural linkages between the U.S. and EU nations are so numerous and deep that significant harm to one will lead to significant harm to the other. A strong and healthy Europe is in the interest of the U.S. and a strong and healthy U.S. is in the interest of Europe.
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You're right, but PeteEU is a long time US hater. Maybe a mindmeld by you would help.
 
US faces one of biggest budget crunches in world – IMF – Telegraph Blogs

mervyn king is tragically confirmed

united states debt will exceed 100% of gdp by 2010, says imf

steepest incline of obligation in the developed world

health care costs and pensions, ie, the trajectory of the cost curve, are climbing 5.2%

only russia in the g20 owes worse

we are also exposed to a "far shorter" maturity of govt debt than anyone but japan

these are the reasons "why the us, according to the imf’s projections, has more to do than any other country in the developed world (apart from japan) when it comes to bringing its debt back towards sustainable levels"

a couple "advantages" holds uncle sam, tho:

1. he's no part of any union, thus has the ability to devalue his currency (no kidding)

2. he has a better growth rate than the states of southern europe, whom the imf has been all over for their anemic expansions
 
American said:
I'm just laughing at all those who tried to stomp all over the US and it's dollar and it's economic domination, when the EU and its Euro came along as the answer to US domination. They hated the US so much that their mouths foamed at the prospect of some new and superior empire in Europe. They thought, "Hey anyone can build an empire...I mean the US did it, right?" It didn't matter that they build their house on sand instead of a real foundation of principals. I hope they get everything that's coming to them.
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Finally, something that I can agree with that you said. Screw the French. And, the Euro.
 
donsutherland1 said:
I agree with Mr. Conway's analysis. The IMF report does a good job in highlighting the magnitude of the fiscal challenges facing the developed world, including the United States. The U.S. needs to embark on a credible fiscal consolidation course next year.
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i know

you've been there (unlike the coast guard in the gulf) from day one, consistent, courageous, correct

it's just not gonna occur, is all

Democrats Unlikely to Pass Budget in Face of Spiraling Deficits - BusinessWeek

kudos, my hi class correspondent

cliff
 
With respect to the IMF's Fiscal Monitor, the following chart from that paper puts the U.S. fiscal challenges into perspective. The U.S. faces both an above average fiscal adjustment and above average age-related spending (health and pension spending):

IMF05142010.jpg
 
Blackdog said:
This just sent a chill down my spine. Sounds way to familiar...

"Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais."
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Ha..oh that is funny.
 
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