Tuesday, October 4, 2011

Here is the Financial Times Story that Caused the Meltup

If you are a FT subscriber, go here.

I'm not, but Zerohedge is, so some snippets

Although the details of the plan are still under discussion, officials said EU ministers meeting in Luxembourg had concluded that they had not done enough to convince financial markets that Europe’s banks could withstand the current debt crisis...

“There is an increasingly shared view that we need a concerted, co-ordinated approach in Europe while many of the elements are done in the member states,” Olli Rehn, European commissioner for economic affairs, told the Financial Times. “There is a sense of urgency among ministers and we need to move on.”

Mr Rehn cautioned that while there was “no formal decision” to begin a Europe-wide effort, co-ordination among EU’s institutions – including the European Central Bank, European Banking Authority and the European Commission – on necessary measures had intensified."


Not much to it other than (translated): people are starting to get freaked out, and when they freak out they break all the old rules.  (See USA 2008)  Frankly they could float this type of story out every 2 weeks ... not much different (and even more vague) than some rumors a few weeks ago about levered ESFS.

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