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Reply #7: EU bailout funds skepticism (so what's new?) [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 07:03 AM
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7. EU bailout funds skepticism (so what's new?) (Barcelona) - A strong EUR/GBP, attempting to breach the 0.8600 level, switched to a bearish pair that is plunging down across the board with no stopping to it, at the moment. From a daily high of 0.8613, the cross broke down on news of a senior German officials skepticism on the possibility of two different rescue funds (EFSF and ESM) running together in the EU.

Previously, the (UK) National Statistics published its Manufacturing and Industrial Production data, indicating below expected results in every chapter. Industrial Production (YoY) fell 1.7%, a worse scenario than expected -0.7%.

German Industrial Production (YoY) was also released during the European morning, stating a growth by 4.7%, above the expected 3.5% rise.


More from senior German official: There are many countries, institutions that will have to change positions for euro crisis deal to be achieved at summit

The official has been speaking on condition of anonymity. Asked on readiness to compromise on financial transaction tax, says Berlin not looking to make "bad deals" Euro bonds would intensify crisis, not resolve it


(so what's new?) :shrug:
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