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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Dennis Roth12/6/2011 8:10:43 AM
2 Recommendations  Read Replies (1) of 206085
 
OT: Global Economics View — Will the December 9th Deal Be Enough?
5 December 2011 ¦ 10 pages
ir.citi.com

This piece reflects an exchange between a concerned market observer and Citi
Chief Economist Willem Buiter on the merits of an emerging Franco-German deal
ahead of the EU Summit on December 8/9. The emerging deal implies i) a
reinforced ‘Stability and Growth Pact' and promises of further fiscal integration, ii)
finalising arrangements for leveraging the current version of the EFSF and
hinting at future extensions, and iii) additional fiscal and structural reform in EA
countries at the national level, including constitutional clauses to prevent
excessive deficits in the future. The main purpose of this deal is to ensure that
the ECB will be given the comfort it requires to maintain and, if required, to
increase substantially the financial resources it is willing to put at risk to avoid
disorderly EA sovereign default. ECB support will not be open-ended, nor
unconditional. The Summit deal will not by itself resolve the euro area's current
fiscal issues, or eliminate the risk of future crises. Nor will it restart growth in the
euro area. It should allay concerns about disorderly sovereign defaults by Italy or
Spain and about euro area break-up.
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