press conference of ECB that took place yesterday. At the end of the conference (which was a bit boring this time in my opinion) a journalist asked the following question to the President of the European Central Bank :
"Say the situation in Greece or Spain deteriorate even further and they are forced to step out of the Eurozone, is there a plan in place so that the markets don't collapse ? Is there a structural safety net, especially in the area of derivatives ?"
Here is the answer of Mr Draghi :
"These questions are formulated by people who vastly underestimate what the euro means for Europeans. They vastly underestimate the amount of political capital that has been invested in the euro... It is a very important thing..."
This answer reminds me what happened in the native country of Mr Draghi, Italy, one month ago, when the political party leaded by the former Prime Minister Mario Monti, which supported the most the Eurozone project and the budgetary discipline, has been totally wiped out from the political spectrum.
This answer reminds me that a party called MoVimento 5 Stelle leaded by a comedian called Beppe Grillo and of which mantra is "Vafancullo" received 23,5% of votes in the Senate and 25,5% in the Chamber of Deputies.
This answer reminds me that in Italy, this founding member state of European Union, the populist and anti-euro Silvio Berlusconi received 29,1% of votes in the Chamber of Deputies.
When you refered to the important meaning of the euro for the Europeans and the huge amount of political capital that has been invested in the common currency, didn't you miss something, Mr Draghi ?
Wednesday, April 3, 2013
What is really funny is the last sentence of the advertising :
"This recognition by Euromoney is ever more important in today's macroeconomic environment as it reaffirms the Bank's ability to safely and successfully respond to its client's financial needs and emphasizes its clients' loyalty and trust."
Depositors at Bank of Cyprus are expected to loose up to 60% of their assets.
Private Banks, which paid a lot of money in order to proudly wave their Euromoney awards, should quicly remove any reference to this dodgy achievement.
Thank you Euromoney for this comic moment !
Posted by Investitus at 2:56 PM