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Europolitics: leaders hammer out debt deal, but for how long? (part 2)

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For better or for worse, eurozone leaders have come up with a deal they hope will contain the region's debt crisis. After weeks of heated discussions, Thursday night's summit in Brussels finally yielded an agreement. However there are fears the deal doesn't go far enough and that it fails to address the underlying economic problems in the eurozone.

DEBATE
  • Fabienne KELLER. UMP Senator, Member of the Delegation for the European Union;
  • Harald HAU. Professor of Finance, University of Geneva and Swiss Finance Institute (SFI);
  • Daniela SCHWARZER. Head of Research, EU Integration (from Berlin);
  • Georges UGEUX. Chairman and CEO, Galileo Global Advisors LLC and Former Group Executive Vice President, New York Stock Exchange (from NY).

Watch the first part here.

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Comments (1)

Georges Ugeux gets an F in economics

by Anonyme - 01/11/2011 - 03:33

Georges Ugeux says that since it is the governments' faults, the banks should be spared, or something like that (it's not even clear). It is wrong on a number of counts.

Yes, it's ultimately the governments' faults that public finances are not under control, but not the way he thinks (lack of fiscal discipline). This was debunked time and time again by leading economists. He is just reinforcing a misconception, as does Fabienne KELLER, by the way.

But the EU treaties contain a no bail-out clause. Conveniently, neither does he mention that, nor has he taken the pain to add up all the bailout and guarantees since 2009 provided by the core EZ.

Third, as noted by Haral Hau, it is not as dramatic as he claims to raise capital ratios from 6% to 9%. This notion of "injecting" or "pumping" capital is totally misleading. It's about replacing one source of financing (debt), with another (equity). Is it telling us that banks don't know how to do that?! They dont' want it for a variety of reasons, but not the good ones.

Next time, perhaps you should disclose this person's role in the negotiations : His company is a member of the IIF.

equalbeforethelaw.blogspot.com

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