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There is no plan

Azira

By Azira
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robbin

robbin

Posted
Posted

Azira Wrote:

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> I'm having trouble following your logic - are you

> equating the EU with Nazi Germany?



Eh? I'm also finding it difficult to understand that post, but even more so yours... the Somme was the bloodiest battle in history (over a million dead or wounded) and the largest battle of the First World War. In what way do you think a reference to the Somme is something to do with the Nazis?

rupert james

rupert james

Posted
Posted

European SUPERSTATE to be unveiled: EU nations 'to be morphed into one' post-Brexit


EUROPEAN political chiefs are to take advantage of Brexit by unveiling their long-held plan to morph the continent?s countries into one GIANT SUPERSTATE, it has emerged yesterday.


Was this not Adolph Hitler's plan?

robbin

robbin

Posted
Posted

This appearing also in the Telegraph...


Italy eyes ?40bn bank rescue as first Brexit domino falls


Italian premier Matteo Renzi may have to rescue Italy's banks in defiance of EU rules


Italy is preparing a ?40bn rescue of its financial system as bank shares collapse on the Milan bourse and the powerful after-shocks of Brexit shake European markets.


An Italian government task force is watching events hour by hour, pledging all steps necessary to ensure the stability of the banks. ?Italy will do everything necessary to reassure people,? said premier Matteo Renzi.


?This is the moment of truth we have all been waiting for a long time. We just didn?t know it would be Brexit that set the elephant loose,? said a top Italian banker.


The share price of banks crashed for a second trading day, with Intesa Sanpaolo off 12.5pc, and falls of 12pc for Banka MPS, 10.4pc for Mediobana, and 8pc for Unicredit. These lenders have lost a third of their value since Britain?s referendum.


?When Britain sneezes, Italy catches a cold. It is the weakest link in the European chain,? said Lorenzo Codogno, former director-general of the Italian treasury and now at LC Macro Advisors.


The country is the first serious casualty of Brexit contagion and a reminder that the economic destinies of Britain and the rest of Europe are intimately entwined. Morgan Stanley warned in a new report that eurozone GDP would contract by almost as much as British GDP in a "high stress scenario".


Italian officials are studying a direct state recapitalisation of the banks, to be funded by a special bond issue. They also want a moratorium of so-called ?bail-in? rules and bondholder write-downs, but these steps are impossible under EU laws. Mr Renzi raised the subject urgently at a meeting with German Chancellor Angela Merkel and French president Francois Hollande at a Brexit summit in Berlin on Monday.


?There has to be a suspension of the bail-in rules and state aid rules at the highest political level in the EU, otherwise I don?t see how this can work,? said Mr Codogno.


Italy

The share price of Italy's biggest bank Unicredit has collapsed


Italy?s banks are the Achilles Heel of the eurozone financial system. Non-performing loans have ratcheted up to 18pc of total balance sheets as a result the country?s slide into depression after the Lehman crisis.


The new bail-in reform this year has brought matters to a head, catching EU authorities off guard. It was intended to protect taxpayers by ensuring that creditors suffer major losses first if a bank gets into trouble, but was badly designed and has led to a flight from bank shares. The Bank of Italy has called for a complete overhaul of the bail-in rules.


It is now almost impossible for Italian banks to raise capital. They are caught in a pincer as the ECB simultaneously demands compliance with tougher capital adequacy buffers, in some case demanding fresh infusions of capital three or four times. Mr Codogno said the ECB is unwittingly destabilizing the banks in an overzealous attempt to make Europe?s banks safer.


Italy is now paralyzed under the existing eurozone structure. Analysts say it desperately needs a US-style bank rescue along the lines of the ?TARP? in 2008, which used federal funds to mop up bad assets and stabilize the banks. This is forbidden by the eurozone.


The government introduced a ?5bn rescue fund called Atlante earlier this year, but this was funded largely by the banks themselves rather than the state and has been overwhelmed by events.


Mr Codogno said Italy is caught in a low-growth trap that is slowly eroding debt dynamics. ?I don?t think the Italian system is about to blow up. We could muddle through for years, but we need to get out of this loop,? he said.


Hedge fund veteran George Soros warned that Italy faces the risk of a ?full-blown banking crisis? that could bring the rebel Five Star Movement to power as early as next year.


So much for the 'bail-in'. Also, so much for any suggestions the rest of the EU can just ignore the effect of the UK leaving and carry on without engaging with the UK constructively.

JoeLeg

JoeLeg

Posted
Posted

"So much for the 'bail-in'. Also, so much for any suggestions the rest of the EU can just ignore the effect of the UK leaving and carry on without engaging with the UK constructively."


I really, really hope you're right, and I really, really hope that whatever path we go down is one where the UK is able to work alongside the rest of Europe, and Europe is willing to make compromises for the long term good...


...but I'm not that optimistic. I think they'll make it hard for us, just to teach us a lesson.

Loz

Loz

Posted
Posted

JoeLeg Wrote:

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> ...but I'm not that optimistic. I think they'll

> make it hard for us, just to teach us a lesson.


I don't think it so much teaching us a lesson, but dissuading any groups in other countries thinking of agitating for a leave vote.

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