Paul Jorion's Blog

Tag: Angela Merkel

  • DO YOU KNOW WHAT SCHMILBLICK IS ?, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell We recently touched on the quartet engaged in drawing up a composite motion, in order to faire avancer le schmilblick (= to move the schmilblick forward, or in other words to make a limited contribution to solve a complex problem). Before describing their efforts it may…

  • A HUNDRED BILLION EUROS FOR SPANISH BANKS, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell. It was no longer possible to carry on. Two and a half hours of videoconference between the Eurozone’s finance ministers (joined by Christine Lagarde on behalf of the IMF) were needed to finalize the scheme, allowing the German and Spanish governments to save face. Germany made…

  • KEEP KICKING THE CAN DOWN THE ROAD…, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell. The case has been heard: Barack Obama and David Cameron demanded immediate action from the Euro zone leaders, frightened by the prospect of the Spanish and Greek crises occurring at the same time, and Angela Merkel responded by announcing that no miracles should be expected from…

  • DIFFERING DELUSIONS, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell. Worried by the sight of the Europeans entrenched in their respective positions, Barack Obama reached for his telephone. The day after the G7 videoconference between the Finance ministers and the central bankers, of which nothing came, he successively called David Cameron, Angela Merkel and Mario Monti.…

  • A WAIT DESTINED TO LAST, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell. The European Commission in Brussels is getting ready to unveil a project aiming to prevent and cure the banking crises, destined to enter into service in 2014, certain procedures being foreseen for 2018. There is a certain sense of timing, but certainly not a sense of…

  • THE TOWERING MOUNTAIN, SWAYING FROM SIDE TO SIDE, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell. “There is a first assessment, then a second, a third, a fourth…..It’s the worst possible way of doing things because everybody ends up doing the right thing but at the highest possible cost and price”. Who was it speaking so harshly yesterday of banking losses and…