If you don’t answered this question, - I’m RIGHT and you are wrong.

If you don’t answered this question, - I’m RIGHT and you are wrong. And question is quite simple. Why the red Ford Transit van with Bundeswehr’s plates (something XX..300) wasn’t yesterday at my porch? Who was yesterday is the skinny Pandit (i.e. the CEO of the Bank of America) – running at me in ‘bolina serrada’. Wasn’t that folks from ECB’s Ladbrokes? To moving further on, I noted that the “critiques” of my last note fall into liked by me, fertile soil. Even the private, confidential ‘level classified’ and that utterly intimae Extension Leads – was in strategic ‘disposition’ to take hot headed words round. Maybe, because this moment in the life when the veil between the present and the future grows flimsy. Maybe it’s because the Markets (not my porch markets), - keep showing my sad personality? From ‘Du point de vue technique’ (please carefully read the small part of document dated 1970 a.c., after article signed by Reuters from Madrid), - come to me and speak, putting your cards on the table, with mirror in one hand, - and do the “simplest in the World” problem solving. Deal? Also seems that the very fat Editorial from Bloomberg put me in the mood to make concrete people the legitimate and direct questions. Which they seems to avoid and evade yet. The more I push (i.e. Portland 450 cement), - than faster they flee… Especially lately, it’s true that this peole are slippery and almost impossible to get a straight answer. Whatever the Estonian hospital warden I try.

Issued by the ECB under Eurosystem: Withdrawal and expulsion from the EU and EMU. Legal Working Paper Series. No 10 / december 2009. “… 1 Unilateral withdrawal from the EU or EMU. The reference to ‘unilateral’ withdrawal is hardly unintentional. The distinction between unilateral and negotiated withdrawal is significant, since any inquiry into the existence of a legal right of withdrawal can only concern a non-negotiated withdrawal (negotiated withdrawals are, in principle, always possible). The purpose of this part is to ascertain whether a right of unilateral withdrawal is compatible with the Community legal order and to examine the main features of and concerns raised by an ‘exit clause’ recently enacted now that the Lisbon Treaty has been ratified.”

President Nicolas Sarkozy 'threatened to pull France out of euro'. President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece's aid package last Friday, according to Spain's El Pais newspaper.By a Reuters reporter in Madrid. Published: 12:12PM BST 14 May 2010. The newspaper cited comments by Spanish Prime Minister Jose Luis Rodriguez Zapatero to members of his party on Wednesday as relayed by people present at that meeting. A spokesman for the Spanish Prime Minister's office confirmed the meeting between Zapatero and other socialist party members on Wednesday, but could not immediately confirm what was said at the meeting. Sarkozy demanded a "commitment from everyone to suppport Greece...or France would reconsider its position in the euro," according to one source cited by El Pais. Another source present at the meeting between Zapatero and his party members and cited by the paper said: "Sarkozy ended up banging his fist on the table and threatening to leave the euro...This forced Angela Merkel to give in and reach an agreement." The European Union and International Monetary Fund agreed a 110 billion euro rescue plan for Greece last week. But Germany, which must shoulder a good deal of the burden, had proven reluctant to commit itself to a plan. Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais. The Elysee had no comment on the El Pais article.

Une union monétaire implique à l'intérieur la convertibilité totale et irreversible des monnaies, l'élimination des marges de- fluctuation des cours de change, la fixation irrévocable des rapports de parité et la libération totale des mouvements de capitaux. Elle peut s'accompagner du maintien de signes monétaires nationaux ou consacrer l'établissement d'une monnaie communautaire unique. Du point de vue technique, le choix entre ces deux solutions pourrait paraître indifférent, mais des considérations d'ordre psychologique et politique militent en faveur de l'adoption d'une monnaie unique qui affirmerait l'irréversibilité de l'entreprise. Des objectifs quantitatifs à moyen terme, établis sous forme de projections, compatibles entre eux et avec les finalités du marché commun, seront fixés au niveau communautaire pour la croissance, l'emploi, les prix et l'équilibre extérieur. Ces projections seront mises à jour périodiquement. La politique conjoncturelle sera décidée dans ses grandes lignes au niveau communautaire. A cette fin, pour apprécier et fixer les conditions de l'action 10 S. 11 – 1970. sur l'offre et la demande globale, notamment à travers les politiques monétaires et budgétaires, il conviendra d'établir chaque année des budgets économiques normatifs et compatibles et d'en contrôler la réalisation.

Euro Breakup Talk Increases as Germany Loses Currency Proxy. By James G. Neuger - May 14, 2010. Romano Prodi recalls how he persuaded Germany to allow debt-swamped Italy into the euro: support our membership and we’ll buy your milk, he said. When Prodi toured Germany’s agricultural heartland after becoming Italian leader in 1996, he pitched “a big milk pipeline from Bavaria,” pointing to a three-year, 40 percent plunge in the Italian lira that was hurting dairy sales. “To have Italy outside the euro, a huge quantity of exports from Germany would have been endangered,” Prodi, now 70, said. Germany got the message, allowing entry rules to be bent to create a 16-nation market for its exporters. Now, German taxpayers are footing the bill for that permissiveness as Europe bails out divergent economies lashed to a single currency with little control over national taxes and spending. “You have the great problem of a potential disintegration of the euro,” former Federal Reserve Chairman Paul Volcker, 82, said yesterday in London. “The essential element of discipline in economic policy and in fiscal policy that was hoped for” has “so far not been rewarded in some countries.” German-led northern Europe, with its zeal for budget discipline, is attempting to fix the mistakes made by the euro’s founding fathers in the 1990s. It is squaring off against the governments of the south over who will control the euro and the ECB; whether the currency will be used to promote growth or squelch inflation, and ultimately, whether some countries should be disbarred from the monetary union. European Club: What was conceived as a club for Europe’s strongest economies was expanded for political reasons, leaving the currency union with minimal powers to police deficit spending and no safety net for dealing with countries, like Greece, that veer toward default. “There was no discussion of that at all, of a crisis mechanism,” said Niels Thygesen, a retired Copenhagen University economics professor who served on the 1989 group led by European Commission President Jacques Delors that mapped out the path to the euro. “It was believed that if countries adhered more or less to prudent budgetary policies, that would not or could not happen.”
Kohl’s Role: (where’s my Portland 450 cement) Former German Chancellor Helmut Kohl, seeing the euro as the capstone of Europe’s economic integration and Germany’s return to the European family after two world wars, opened the door to the deficit-prone southern European countries that the Bundesbank, haunted by the memory of hyper-inflation, wanted to keep out. Returning from the December 1991 summit in Maastricht, the Netherlands, that kicked off the euro project, Kohl told the German parliament that he wanted “the greatest possible number of countries” in the euro. That gave Italy, Spain and Portugal the encouragement to meet the economic targets to join in 1999 and Greece to follow two years later. Defenders of the German economic model knew the threat posed by countries such as Italy, whose budget deficit was 10.2 percent of gross domestic product in 1991, when they forced European leaders to set 3 percent as the limit for euro members. “A well-known German financial leader told me: Fortunately for Germany, Austria is between Italy and Germany,” said Alfons Verplaetse, who oversaw the Belgian central bank from 1989 to 1999. The reckoning was that only Germany and its immediate neighbors would pass the economic tests, limiting the euro to a handful of countries, Verplaetse, 80, said. Nobel Laureate: Today’s euro is far from what economists like Nobel laureate Robert Mundell call an “optimum currency area.” Gross domestic product per person ranges from 69,300 euros in Luxembourg to 18,100 euros in Slovakia, debt from 14.5 percent of GDP in Luxembourg to 115.8 percent in Italy, and unemployment from 4.1 percent in the Netherlands to 19.1 percent in Spain. “A currency without a state is difficult to manage,” said former Italian Prime Minister Lamberto Dini, 79, who also served as the nation’s finance and foreign minister. “The decision to create a single currency in Europe was an eminently political decision. It was supposed to bring about greater European integration not only at an economic level, but at a political one.” France transferred pension funds from France Telecom SA to graze the 3 percent limit. Bundesbank Bid: Even Waigel made an ill-fated bid to get the Bundesbank to boost the paper value of its currency reserves to reduce Germany’s debt. Germany’s tight-money faction dictated the rules for the euro, yet it lost out when Waigel’s call for automatic sanctions on countries with deficit overruns was rejected by other governments in talks that culminated in Dublin in December 1996. (Where exactly lie “O meu cimentinho…”, - i.e. Jorge Samaio and PSD). ‘Fractious Mobilization’: Bickering over Greece, exacerbated by Germany overruling French opposition to making the International Monetary Fund part of a rescue, contributed to the euro’s slide this year against the dollar. Moody’s Investors Service cited the “fractious mobilization” of EU support as a reason why it cut Greece’s credit rating on April 22. Euro Rejection? German officials are already debating what was unthinkable to the euro’s architects: that a currency union designed in its founding treaty to be “irrevocable” might not be. Finance Minister Wolfgang Schaeuble said March 12 that expulsion from the euro may be the ultimate penalty for serial violators of debt rules. Under current EU law, ejection is “legally next to impossible,” the ECB said in December. Changing the treaty requires unanimity among the EU’s 27 governments, so the euro’s current lineup -- likely to be joined by Estonia next year -- will have to find a way of making do.