Europe officials getting even more real. German Chancellor Andrea Merkel, in a press conference in Brussels, says she is willing to discuss Europe-wide bank recapitalization, and that changing the European Union treaty should not be a taboo.
These are only headlines, but it highlights a sea change in attitude by high ranking European officials (pushed by the IMF) — from Juncker to Merkel, they are all getting more real about addressing the problems.
The signals being sent: there will be major haircuts on European debt, there will be recapitalizations, there will be changes to the EU treaty mechanism (this is where eurobonds come in).
The European Union summit in Brussels on the 17th and 18th is shaping up to be a potentially important meeting — an acceleration of euro-integration the markets have been looking for.
It's time for all in, or not.
One step forward, one step back: EU Commission to call for global transaction tax at G20 meeting. It doesn't work, guys. Drop it.
The Europe Crisis:
- Euro Debt Holders Will Have to Take Losses: El-Erian
- Greek State Workers Ground Flights, Shut Schools
- $266 Billion Needed to Recapitalize Europe Banks: IMF
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