Merkel, Sarkozy reach pact on EU bank sector

[UrbScotty]

Source: CBC

The leaders of Germany and France, the eurozone's two biggest economies, say they have reached agreement on strengthening Europe's shaky banking sector.

German Chancellor Angela Merkel said she and French President Nicolas Sarkozy "are determined to do the necessary to ensure the recapitalization of Europe's banks."

Merkel spoke after talks with Sarkozy at Berlin's chancellery Sunday aimed at forging an agreement ahead of a summit of the European Union's 27 leaders later this month.

Read more: http://www.cbc.ca/news/world/story/2011/10/09/eu-bank-bailout-dexia.html

[OHdem10]

1. Thanks. In this Globalized System, if Europe sneezes we get a

cold.

[DallasNE]

2. "Determined To Do The Necessary"

Sure tells us a lot ----- not.

What is necessary is to tell us what exactly is necessary so we can make a judgement. Both Merkel and Sarkozy are in trouble politically so I wouldn't expect either of them to do any thing very substansive and they look to be headed in that direction. Yawn.

[DFW]

4. What is necessary

Probably to raise the Value Added Tax to 75% and income taxes to 125%

That should get the European banks out of trouble.

If the USA had German income tax rates, we'd probably be so rolling in it, we could actually fix our bridges,
have universal paid-for medical care and free education. Horrors, can't have that can we?

[Demeter]

3. A Wasted Effort

They would be much better off constructing a national, not for profit banking system to take over, and let the banksters collapse into the poverty they've been forcing everyone else into.

[tama]

6. National does not matter

Local, national, EU, global, what ever - as long as it is not for profit central banking and money creation system.

[dipsydoodle]

7. That is the way to go

but you may not ultimately like it. In the UK it would provide a means of controlling credit and repayment of debt. There is already a precedent here for deducting money, which is neither tax or NH payments, at source by employers from gross pay which wouldn't take long for the US to latch onto.

I would happily see the demise of Visa, Mastercard et al.

[DFW]

5. I wish they had postponed their meeting a day

I was staying right next door, and getting in and out of the area was a total mess.

[Javaman]

8. They are doing this to save Greece, but I heard Greece is so broke

that even if they are "bailed out" they still don't have any money or any level of income to ever pay anything back.

The debt can be restructured 7 times till sunday but if there is no revenue there is no revenue.

I read the article but it just seems like boiler plate reporting, no real details.