Vers van de pers, een paar aardige tegengestelde geluiden in de pers
vanochtend:

Germany
Ready to Combine ESM, EFSF Funds, WirtschaftsWoche Says — German Chancellor
Angela Merkel’s government is ready to add unused funds from the euro
region’s financial backstop to its permanent successor, WirtschaftsWoche
reported, citing government officials it didn’t name.

versus

Merkel
Stopped by Kauder on ESM, EFSF Merger Plan, BamS Says — Volker Kauder, the
floor leader for German Chancellor Angela Merkel’s Christian Democrats,
blocked a plan to put unused funds from the euro region’s financial backstop
into its permanent successor, Bild am Sonntag reported. Merkel wanted to
endorse combining the lending power of the European Financial Stability
Facility and the 500 billion-euro European Stability Mechanism, the euro
region’s future permanent financial backstop. (Bloomberg)

en

Greek
Coalition Is Said to Back More Austerity -- As European Union leaders
prepared for a summit meeting on Monday in Brussels that will seek ways to
spur economic growth, Greece’s prime minister struck a different tone on
Sunday, suggesting that the three leaders in his fractious coalition were
prepared to back additional austerity measures and reforms needed to receive
a second bailout.

Vs

Greek
fury at plan for EU budget control - Greece’s finance minister angrily
rejected a German plan for the eurozone to impose a budget overseer onto
Athens in return for a new €130bn bail-out, saying it would improperly force
his country to choose between “financial assistance” and “national dignity”.
Evangelos Venizelos said the proposal to create a European Union “budget
commissioner” with the power to veto Greek tax and spending decisions,
revealed by the FT, “ignores some key historical lessons”. He added EU
lenders already had sufficient monitoring safeguards in place in its
bail-out programme Mr Venizelos’s comments came as talks in Athens shifted
from the weeks-long negotiations over restructuring its privately held debt
to the question of which public institutions will have to pay to fill a
widening gap in Greece’s budget figures.

Is niet een zuivere tegenstelling, maar toch. Na het journaal van gisteren
gezien te hebben geloof ik dat het tweede verhaal wel klopt. Zelfs de tweede
wereldoorlog kwam weer voorbij - het oude oude verhaal: “Does
Germany Owe Greece $95 Billion from WW II? - In the debate about the
possible bankruptcy of the Greek state, one largely dormant argument has
resurfaced with increasing frequency: the widespread damage inflicted by the
Nazi regime during World War II means that Germany still owes Greece major
wartime reparations. “

en

Mersch
Sees ‘Again High Demand’ at ECB’s Next 3-Year Operation -- European Central
Bank governing council member Yves Mersch said he expects “again high
demand” at the bank’s next three-year longer-term refinancing operation in
February, Sueddeutsche Zeitung reported, citing an interview. The ECB’s bond
purchases are “limited in time and scope” and have “no future long-term”
even though they have proved themselves as a temporary stop-gap measure,
Mersch said.

Vs

Moody's: Europe Banks Likely To Rely More On ECB Funding, A Credit Negative --
The European Central Bank's continued provision of three-year loans could
lead euro-zone banks to become more reliant on ECB funding, which would be a
credit-negative development, Moody's Investors Service said Monday. Writing
in Moody's Weekly Credit Outlook, Senior Research Analyst Tobias Moerschen
acknowledged that ECB action reduced the risk of defaults due to illiquidity
and supported banks' ability to lend, so avoiding a negative-feedback loop
of increased deleveraging and worsening asset quality. But Moerschen noted
that banks faced serious challenges that central-bank policy was unable to
address. Weakening sovereign creditworthiness hurts banks' standalone credit
profiles, spurring many to gradually reduce their exposure to troubled
countries. Sovereign stress also reduces the ability and willingness of
governments to support banks, he said. (DJ)

Top
Vandaag
wederom een EURO-Top. Het zal wel weer over austerity gaan. Voornemen:
proberen 1 week niet te melden dat austerity now! & inflatie-angst slechte
raadgevers zijn, het is wel zo, maar het wordt zo eentonig – en er zijn
ontwikkelingen in de juiste richting: “E.U. Leaders Set to Admit Austerity
Is Not Enough - Bowing to mounting evidence that austerity alone cannot
solve the debt crisis, European leaders are expected to conclude this week
that what the debt-laden, sclerotic countries of the Continent need are a
dose of economic growth.”

Gelukkig dat de politici goed advies hebben meegekregen: “Davos
Tells EU to Fix Crisis for Good After Two Years of Failure -- European
leaders were told by policy makers, bankers and academics from around the
world that it’s time to end the region’s debt crisis and measures aimed at
simply containing it are no longer enough.” Bekend verhaal – nu
hopen dat ze luisteren.

Jacob Jurg is verbonden aan AFS en
verantwoordelijk voor nieuws en research. De informatie in deze
column bevat geen individueel beleggingsadvies of aanbeveling tot het doen
van bepaalde beleggingen.

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