[D66] Merkel, Sarkozy want to give the banks more capital

[Henk Vreekamp]

Hmm, Ernst en de andere democs,

Zou het niet interessant zijn als parlementen eerst even dat neoliberale 
dogma afzweren en een nieuwe wet aannemen die alvast een scheiding tussen 
publieksbanken, zakenbanken en verzekeringen brengt. De rottigheid zit'em in 
de risicovolle zakenbank-gedeelte van de bank- en verzekeringsconcerns. Dus 
weg met de conglomeraten die tegelijk spaarders, zakenlui en verzekerden 
willen bedienen. Alle drie functies tegelijk willen uitoefenen door *een* 
bestuur is marktisme, d.w.z. op termijn dodelijk voor marktwerking en fair 
play, ondermijnt dus een goede markt. Al die door het neoliberalisme 
verzonnen toezichtorganen als NMA etc. werken achteraf en laten de foute 
structuur in stand, iets wat onze oosterburen noemen: Kurieren am Symptom.

Je gemengde-economie-systeem aanhanger, hv,u

"De beste marktpartij is een waakzame burger" (Henk Vreekamp, 2011)

---

----- Original Message ----- 
From: "Ernst Debets" <edebets1 at euronet.nl>
To: "'informele D66 discussielijst'" <d66 at tuxtown.net>
Sent: Wednesday, October 12, 2011 10:30 PM
Subject: Re: [D66] Merkel, Sarkozy want to give the banks more capital


> Ik wordt een beetje kotsmisselijk van Sarkozy die koste wat het kost de 
> grote Franse banken een geldinfuus door de strot wil duwen. We hebben 
> gezien bij de vorige crisis (die met de rommelhypotheken) waartoe het 
> financieren van redelijk gezonde Nederlandse banken toe geleid heeft:
>
> ING krijgt enige miljarden als lening toegeschoven die ze kennelijk 
> gebruikt hebben om een dusdanige winst te maken dat ze het van de staat 
> ontvangen geld voortijdig met rente en forse boete (!) aan Jan-Kees kunnen 
> terugbetalen.
> AEGON van hetzelfde laken een pak.
> ABNAMRO is al staatsbank dus dat is een ander verhaal.
> SNS heeft nog een "vriendenclub"(Stichting SNS) die bulkt van het geld en 
> bij mijn weten is SNS nog niet failliet.
> De kleinere banken (van Lanschot, Kas Bank, Triodos) houden grotendeels op 
> eigen kracht hun hoofd boven water.
>
> Met andere woorden: laat de overheid die per sé van haar geld afwil eerst 
> eens even een goede analyse maken voordat ze een "gezonde"bank aan het 
> infuus leggen.
>
> Hoorde overigens vandaag dat mijn baas (BNP Paribas) zich meer zorgen moet 
> maken over Italië (als eigenaar van BNL) dan over de exposure op 
> Griekenland. Ik vraag mij af of sarko daar ook aan gedacht heeft toen hij 
> over een geldinfuus begon te blaten....
>
> Ernst Debets/
> Zaanstad
>
> -----Oorspronkelijk bericht-----
> Van: d66-bounces at tuxtown.net [mailto:d66-bounces at tuxtown.net] Namens Antid 
> Oto
> Verzonden: dinsdag 11 oktober 2011 11:36
> Aan: informele D66 discussielijst
> Onderwerp: [D66] Merkel, Sarkozy want to give the banks more capital
>
> Merkel, Sarkozy want to give the banks more capital
> By Peter Schwarz
> 11 October 2011
>
> French President Nicolas Sarkozy and German Chancellor Angela Merkel met 
> in
> Berlin on Sunday against a background of sombre warnings of new bank 
> failures,
> an impending bankruptcy of Greece and an imminent collapse of the euro.
>
> After the meeting they both declared their willingness to aid banks in the 
> euro
> area with fresh infusions of public funds. They also promised to present a
> convincing and comprehensive package to resolve the crisis by the end of 
> the month.
>
> Merkel declared that Germany and France were aware of their shared
> responsibility for the euro zone, the European Union (EU) and the world 
> economy.
> They would work together and do whatever necessary to ensure a 
> recapitalization
> of the banks in Europe.
>
> Sarkozy expressed his “complete agreement” with Merkel: “Sustainable, 
> global and
> fast solutions” for the euro crisis must be found for the G20 summit on 
> November
> 3-4 in Cannes. Germany and France wanted to propose “significant changes” 
> to EU
> treaties, to allow for “binding co-operation on financial and economic 
> policies
> for the euro member states.”
>
> Merkel and Sarkozy, however, refused to give any specific details. Their
> ostentatious display of unity was principally directed at calming panicky 
> stock
> exchanges and financial markets.
>
> On Monday, EU Council President Herman Van Rompuy announced that the EU 
> summit
> scheduled for October 17-18 would be postponed for one week. Suspicions 
> emerged
> that fundamental differences between Merkel and Sarkozy were behind the 
> decision
> to shift this complex event involving 27 heads of government. Merkel and 
> Sarkozy
> both denied this was the case.
>
> The agreement between Merkel and Sarkozy to recapitalize European banks 
> came
> following massive international pressure.
>
> In the columns of the Financial Times, the prime minister of Britain, 
> which does
> not belong to the euro zone, called on Germany and France to resolve their
> differences and tackle the euro crisis with the use of a “bazooka.”
>
> “Time is short, the situation is precarious,” David Cameron warned, 
> writing that
> the very existence of the monetary union was threatened.
>
> Cameron demanded an action plan to recapitalize the banks, a massive 
> expansion
> of the Euro-bailout European Financial Stability Facility (EFSF), a clear 
> future
> strategy for highly indebted Greece and more involvement by the 
> International
> Monetary Fund.
>
> Earlier, US President Barack Obama had urged the EU to take more 
> far-reaching
> measures to tackle the debt crisis. “They’ve got to act fast,” he told a 
> press
> conference, demanding a “very clear, concrete plan of action that is 
> sufficient
> to the task.”
>
> Over the weekend, the Belgian-French bank Dexia collapsed—the latest 
> victim of
> the crisis. After a joint meeting on Monday night, the governments of 
> Belgium,
> France and Luxembourg announced the break-up of the ailing bank. The 
> Belgian
> government is to take over the Belgian part of the bank for €4 billion. 
> Dexia’s
> risky securities are to be swapped into a “bad bank,” with the three 
> states
> providing guarantees totalling €90 billion.
>
> Dexia was rescued in 2008 with €150 billion in public funds. At that time, 
> the
> bank had invested heavily in US real estate. Now, the collapse of European
> government bonds, in particular Italian and Greek bonds, under the impact 
> of the
> European sovereign debt crisis has once again created problems for the 
> bank.
>
> The increase in equity for European banks, agreed in principle by Merkel 
> and
> Sarkozy, sets the stage for the bankruptcy of Greece. European banks are 
> to be
> provided with sufficient capital to cope with large losses on the value of 
> Greek
> bonds.
>
> There are, however, profound disagreements over how to finance the
> recapitalization of the banks. French banks are especially heavily exposed 
> in
> Greece, and Sarkozy wants to use the EFSF to bail them out. The German
> government, which contributes the largest share to the EFSF, rejects such 
> a
> course and wants to encourage banks to obtain the necessary capital before
> national governments intervene—with the EFSF coming into play only in an 
> extreme
> emergency.
>
> The German and French administrations also have conflicting views 
> regarding
> future dealings with Greece. According to media reports, the German 
> Finance
> Ministry is working on plans to provide for a debt haircut of up to 60 
> percent,
> which would technically amount to a bankruptcy. The Greek government would 
> be
> insolvent and would have to dramatically slash its public expenditure. 
> Creditors
> would be required to write off a large portion of their bonds, an event 
> that
> would hit French banks particularly hard. Paris, therefore, wants to 
> postpone a
> bankruptcy as long as possible and gain time.
>
> Both governments also know that a policy involving donating further 
> billions of
> public money to the banks is highly unpopular, at a time when public 
> spending is
> being massively cut and Greece will be driven into bankruptcy. Media and
> politicians fear that hostility to the banks will continue to grow and 
> develop
> into a broad, uncontrollable social movement.
>
> German Social Democratic Party (SPD) chairman Sigmar Gabriel warned the 
> Merkel
> government not to give the banks any more money without imposing stricter 
> rules
> or temporarily nationalizing them. “We cannot save the banks for the 
> second time
> without pruning them back,” he told the FAZ newspaper. “The motto must be: 
> ‘not
> a cent from the state to bail out the banks without fundamental changes’.”
>
> Die Zeit said it was a mistake to focus on recapitalizing the banks in 
> order to
> rescue the euro: “The message this sends is that when we have secured the 
> banks
> we can let the states go.”
>
> A commentary in the Sueddeutsche Zeitung even called for “civil protest in 
> the
> streets” against the power of the financial industry. “Whoever wants to 
> protest
> against this naked redistribution in favour of finance capital will find 
> no
> place inside the German parties, the paper wrote. “The major parties seem 
> like
> playthings of the markets.”
>
> This newspaper, which is notoriously conservative in economic issues, is
> obviously not about to launch a movement against capitalism. Rather, it is
> seeking to establish a pressure valve before popular anger gets out of 
> control
> and really threatens capitalism. “It’s time for people to take to the 
> streets in
> Germany and force the parties to rethink,” the newspaper stated, declaring 
> at
> the end of its comment: “Not to abolish capitalism but to reform it.”
>
> http://wsws.org/articles/2011/oct2011/merk-o11.shtml
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