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DAILY MORNING NEWSBRIEFING: "I was told to say there was no meeting... We had certain necessities to consider" (Eurointelligence, 10.05.2011)
Juncker's spokesman Guy Schuller admits to lying about the secret meeting; Juncker himself is quoted as saying :"when it becomes serious, you have to lie", thereby undermining the credibility of the EU's policy response; Lucas Zeise says lies are a hallmark of an economic policy end game, with the eurozone now very likely to break up; Jean Claude Trichet has proposed another €50bn loan for Greece; Greek tax revenues fall way short of the plan; there are reports that Angela Merkel will travel to Brussels for emergency consultations; euro falls further, and bond spreads rise; an FDP politician has tabled a motion to end all eurozone rescue packages; there are huge recriminations in Brussels against the Germans for leaking the meeting, and for undermining the Greek stabilisation efforts; S&P downgrades Greece, and says that even a voluntary debt restructuring constitutes default; Finnish parties start difficult negotiations about Portugal's bailout package today; Portuguese banks borrowed €48bn from ECB in May; new FDP chief Philipp Rösler becomes economics minister, asserting his power in the party; German exports and imports reach new records, with net exports rising; the euro, meanwhile, is far more popular in France than it is in Germany.

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Tue May 10th, 2011 at 02:17:56 AM EST

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