I want to deepen my knowledge in technologyWe distribute in 55 of our profit dividend net or 1The leaders in a segment can afford a hypeWe rely on an operational early 2011 startupThe operation should enable him to rise between 1And Facebook proved that his model was strongThere will be no social turn as JeanLouis Borloo wishedAnd 2 of GDP according to the 6 institutesThese figures will appear clearly in the budgetNor let speculation grow without any riskWill the financial assistance that will be given to the Ireland stem Europe debt crisis
Not really. It dammed the Greek crisis, it will contain the Irish crisis, but there is still a wide perimeter to cover: the Portugal, of course, and the Spain.
Therefore, to expect that the European Union and the IMF also help these countries
I think that should stop the process and say to the Ireland: your finances are not in an untenable situation, but if your banks. And it asked the Irish Bank bondholders a financial contribution. The question will arise again for the Spain. If it is guaranteed all bank obligations, all banks and all of the deposits, the implicit public debt did not limit and the situation can become unmanageable.
It is yet calling for involvement of the holders of bonds that the German Chancellor has caused panic in the markets...
It is mainly the European Central Bank (ECB) that triggered the Irish crisis. The risk premium on Irish debt increased prior to the agreement of Deauville, claiming a participation of the private sector in sovereign debt. The ECB has loaned the equivalent of 100 of Irish GDP to banks in this country for two years. And then, in September, it was suggested that it could not continue forever.
It considered that this was not a mandate
This is true. Two things were held in July and August. It was discovered that the Irish banking system losses were higher than planned. Up to the announcement in September that the Anglo Irish Bank lost 30 billion euros. It is as if, in France, it learned of the overnight that a Bank had lost 600 billion euros. Then, there was a discreet pressure from the Central Bank to ask the Irish Government to intervene.
So, the idea of a contribution of the private sector in sovereign debt is more than urgent
There is a question of justice and morality. But there are also economic efficiency. The debate on the involvement of the private sector is on the table. But instead of discussing, it is high time to implement. Because as long as it does not reduce the debt, the problems remain and tension. It must restructure emergency debt in Europe. The ideal would be a strong growth in the euro area, which would facilitate the resorption of the debt. But growth is low among the most indebted countries.
What are the alternatives
If Governments restructured debt today, they would have the 750 billion from the European Fund and could be used to support indebted governments and calm the markets. If we continue to bail out other Governments as was done for the Ireland, are available more financial means when the time comes. The last possibility is the monetization of debt.
This is not the path that takes the ECB...
It acquired sovereign debt in the spring. Euro area Governments will he rest soon the question. The role of the President of the ECB will be particularly important. It will be in the following dilemma: the Central Bank buys back debt or the markets plummet...
