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Thread: ‘Worst Still to Come’ for Europe: Citi Economist

  1. #1
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    Default ‘Worst Still to Come’ for Europe: Citi Economist

    ‘Worst Still to Come’ for Europe: Citi Economist


    Published: Thursday, 22 Mar 2012 | 3:38 AM ET

    By: Catherine Boyle
    Staff Writer, CNBC.com

    Despite high-profile measures such as the Greek debt deal and mass pumping of liquidity into the banking system, Europe’s problems have merely been delayed for another day, Willem Buiter, chief economist at Citi [C Loading... () ] , told CNBC.





    “We have really just paused for breath,” he said. “It (the long-term refinancing operation) really hasn’t solved the problem, and for Europe the worst is still to come.”
    He also predicted a further “large-scale ECB intervention” later this year or in early 2013. The European Central Bank injected close to 1 trillion euros ($1.3 trillion) through three-year loans at a very low interest rate into the European banking system in two operations in December and February.
    While markets' focus for much of the year has been on attempts to secure a Greek debt restructuring deal, which were finally successful earlier this month, there are now renewed concerns about other so-called "peripheral " European economies.

    “There will be a further restructuring of Greece and Portugal, Ireland is at risk, and Spain has been deteriorating spectacularly in the recent past in terms of its public finances,” Buiter warned. “There’s still far too little sense of urgency, and the facilities that are available at the moment are not really adequate if Spain becomes a troika program country. We have still only seen meaningful work (in terms of restructuring) in Greece, and even that is not enough to restore the country to a sound fiscal footing.”

    More:
    http://www.cnbc.com/id/46818385
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    I doubt that TPTB in the Eurozone monetary stuff really believe that you get out of debt by borrowing more money, although that's the way they're acting. They're just kicking the can down the road, hoping to get away with it during their lifetimes, I guess.

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    I'm not sure what I think or believe regarding the mess in Europe. So many deadlines, deals and dates have passed by almost without notice. The much bally-hooed 'financial download' was a nothingburger, one pundit after another has called for the inevitable failure or collapse, yet, still NOTHING. The can gets another wobbly kick down the road and the story continues.

    I wonder if any rational thinker truly has a handle on the situation.
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    I do.
    Europe is on the Verge of collapse, total collapse into jihad fueled anarchy
    They swore, if we gave them our weapons, that the wars of the tribes would cease.
    “As a general rule, the earlier you recognize someone is trying to kill you, the better off you’ll be.”

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    Thank you Lord. Every time I have doubts about prepping and preparing, He sends but another person across my path, and relights that fire. Today, I went over to the range to pick up brass, and there was only one guy there shooting. I asked him if saved his brass or not, so I didn't step on anyone's toes, but he said he didn't. While talking, he said he was, or use to be a chief investment financial adviser, but the game is over. He went on for quite awhile, with facts after facts, on the collapse that it ongoing. I don't not what my purpose is, in the future, but this is the second person like this, that the Lord has sent, to redirect me to keep keeping on. Pray and prep, as time is very short.

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    Now this is a weird article.

    On the one hand, you have Citi saying look over here at Europe...What a mess!

    On the other hand, this is the chief economist for Citi who just got big fat bank fail (One of 4 banks who failed the banking stress tests.)

    Me thinks he needs to concentrate on their own problems at Citi instead of pointing fingers at others.

    MM

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    Quote Originally Posted by Lenno View Post
    I do.
    Europe is on the Verge of collapse, total collapse into jihad fueled anarchy

    Jihad has little to nothing to do with it. They have the same problem we do, rats running the governments. It appears that all politicians aspire to be royalty and that transcends the borders or all countries.

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    Not really weird, MM, just revealing of the degree of Citi's exposure to the problem. A kernel of truth, a little wishful thinking, a pinch of blame game, a set-up, some minimal whining/ excuse making, and a diversionary pitch.

    I don't like the pitch, because people who act like there is time for BAU are being set up, but he's certainly correct about the inevitability.

    Tras
    "They who have put out the people's eyes reproach them of their blindness."
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