Euro Stabilizes but ECB Must Act Quickly and Decisively Now
The Euro has stabilized overnight. We are still looking at
very low prices, but not seeing the hard selling pressure like we have seen.
Just because the Euro is taking a breather doesnâ€™t mean that the problems are
going away at this time. The Euro is expected to continue to face tremendous
selling pressure as the sovereign debt problems move from country to region to
globe. Restructure, cheap loans.
One of the most serious issues facing the Euro is the lack
of clarity and support from the European Central Bank. As stated several times
before, the Euro Zone is a unique organization and the Euro a unique currency.
The EZ is a made up of countries using one currency but keeping separate
balance sheets. Although it is a union of countries, the current problems have
exposed the fact that there is not much unity. It is currently made up of a
combination of wealthy countries and not so wealthy countries. With the
European Central Bank calling the shots on interest rates, the individual
countries are expected to take care of its own balance sheets.
The current problems in the Euro Zone are showing the
worldâ€™s financial markets what can happen when contaminated loans on the
country level can spread to an economic region then eventually to the globe. It
seems the only way to deal with this situation is to find a central
organization that is at the pulse of the problem and has the means to attempt
to fix it. This organization is the European Central Bank.
The ECB in my opinion has to act quickly and decisively at
this time to stem the spread of the sovereign debt issues in its own backyard,
the Euro Zone. The past two weeks demonstrate that just throwing money at the
problem is not going to help this time. The ECB has to first restructure Greeceâ€™s loans,
and secondly it has to make cheap loans available. This means it has to lend
money at zero percent interest. Finally, the central bank has to start showing
its support for Greece
by purchasing its sovereign debt.
On Thursday, Jean Claude Trichet said that Greece will not
default on its debt. Based on the trading action, it became clear throughout
the day that no one believed him. For several weeks, traders have been asking
for clarity. Yesterdayâ€™s plunge clearly demonstrated that mere words were not
going to be enough to instill confidence into the Euro. Investors want to see
aggressive action. They want to see that the ECB has a grasp of the situation
and is willing to make aggressive moves to ensure that stability of the
If the ECB doesnâ€™t act fast, then look for the fear to move
from the Euro Zone to the U.K.
banks no doubt have exposure to Euro Zone contaminated debt at this time, the
ramifications are expected to worsen if something isnâ€™t done right now to calm
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