{"id":35940,"date":"2018-07-13T06:12:47","date_gmt":"2018-07-13T11:12:47","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35940"},"modified":"2018-07-13T06:12:47","modified_gmt":"2018-07-13T11:12:47","slug":"eurointelligence-displays-stunning-ignorance-regarding-target2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35940","title":{"rendered":"Eurointelligence Displays Stunning Ignorance Regarding Target2"},"content":{"rendered":"
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Eurointelligence Displays Stunning Ignorance Regarding Target2<\/a><\/h3>\n<\/div>\n
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On two recent days, Eurointellence made stunningly bad comments about the escalating capital flight from Italy.<\/p>\n<\/section>\n<\/div>\n<\/header>\n
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The latest Target2 Chart<\/a> from the ECB is from May. Newer totals are available in some individual countries.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Debtors, primarily Italy and Spain, now owe Germany close to \u20ac1 trillion. Realistically, this money cannot and will not be paid back except by a central bank bailout.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Yet, Eurointelligence whitewashed this as no big deal.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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July 9 – German Panic About Target2<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The German debate on the balances of the Target2 payment clearing system continues to rage. There are two reasons for this. On the one hand, the Bundesbank’s Target2 credit with the Eurosystem was over \u20ac976bn at the end of June, and is within weeks of exceeding the symbolic figure of one trillion. On the other hand, Germans have taken notice of Paolo Savona’s plan B for Italy to exit the euro, which involved defaulting on Italy’s external debt including its Target2 balance which is under \u20ac481bn and growing. In this context Peter Boehringer, the AfD MP and chair of the Bundestag’s budget committee, has criticised Olaf Scholz in a budget debate for making no risk provisions for the possibility of default on Target2 claims. Frankfurter Allgemeine has also spoken to Christian D\u00fcrr, the deputy leader of the FDP group in the Bundestag, who says it’s about time the finance minister put on the political agenda the threat of a default on the German taxpayer. The position of the CDU group is that the situation will correct itself because of the coming end of the ECB’s asset purchase programme, and trust in the eurozone’s southern states returning as a result of the ongoing economic recovery.<\/p><\/blockquote>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

Eurointelligence Displays Stunning Ignorance Regarding Target2 On two recent days, Eurointellence made stunningly bad comments about the escalating capital flight from Italy. The latest Target2 Chart from the ECB is from May. Newer totals are available in some individual countries. Debtors, primarily Italy and Spain, now owe Germany close to \u20ac1 trillion. Realistically, this money […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[7976,233,20884,282,1464,14648,13390,16902],"class_list":["post-35940","post","type-post","status-publish","format-standard","hentry","category-economics","tag-capital-flight","tag-ecb","tag-eurointelligence","tag-european-central-bank","tag-italy","tag-michael-shedlock","tag-mishtalk","tag-target2"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35940"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35940\/revisions"}],"predecessor-version":[{"id":35941,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35940\/revisions\/35941"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}