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Dijsselbloem complete & uncut

FT en Reuters zijn weer aan zet. Nadat Jeroen Dijsselbloem gisteravond ontkende de redding van Cyprus tegenover die media te hebben gepromoveerd tot 'blauwdruk' (template) voor toekomstige reddingen (door onder andere te stellen dat hij de betekenis van het woord 'template' niet eens kende), plaatst de FT het hele interviewtranscript botweg online, zodat iedereen zelf zijn oordeel kan vellen.

Interessant leesvoer, waaruit we een paar dingen kunnen concluderen:

  • Dijsselbloem weet prima waar hij het over heeft. Het idee dat de eurozone minder scheutig met publiek geld gaat worden en banken eventueel ook kan laten ploffen is geen slip of the tongue. Het komt meerdere malen terug.
  • Dijsselbloem is niet erg bang voor de markt. Dat de risicopremies voor banken hierdoor hoger worden is een gegeven waar hij min of meer zijn schouders over ophaalt. "That's a sound economic principle".
  • Als hij het woord 'template' niet kende, dan weet hij dat knap verborgen te houden, want hij geeft keurig (en coherent) antwoord op de vraag waarin dat woord expliciet wordt gebruikt. 

Enfin, lees het zelf:

 


Pieter Kort is hoofdredacteur van IEX Media. De informatie in deze column is niet bedoeld als professioneel beleggingsadvies of als aanbeveling tot het doen van bepaalde beleggingen.

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Auteur: Pieter Kort

Pieter is hoofdredacteur van IEX.nl en de overige financiële titels van IEX Media.

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Reacties

17 Posts
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  1. forum rang 4 efreddy 26 maart 2013 16:26
    quote:

    dumpy schreef op 26 maart 2013 15:31:

    Ik snap al die reacties niet van de mensen die zo boos reageren. Het is toch al jaren duidelijk dat je maar tot 100,000 euro verzekerd bent bij een bank. Als je meer geld hebt moet je dat over meerdere banken verdelen. Het is toch dom om bv 300000 bij één tbank te plaatsen.
    Er zijn altijd wel mensen die nog lagen te slapen,het is immers nog maar vanaf najaar 2008 duidelijk en dus niet eens 5 volledige jaren.
    Voor wie zich dus wat overslapen heeft is het nog niet duidelijk,echter tevoren was het maar tot 20000€ (in nl was er ook nog 90% verzekering op de overige 20000€,in België was dit toen niet nodig en hield men het enkel met de eerste 20000€ ) zodat de boze reacties inderdaad niet zo duidelijk zijn.
    Tenzij het nog na bevingen zijn bij wat verleden week werd duidelijk gemaakt door een aardschok want vertrouwen komt te voet en vertrekt per vliegtuig.
    Wat men verleden week duidelijk heeft gemaakt is dat zonder hevig protest deze verzekering tot 100000€ helemaal geen verzekering is en er gemakkelijk een heffing kan worden op geheven van 6.75%,eens 6.75% een feit is kan men deze heffing dan ofwel optrekken naar een hoger percentage of meerdere keren toepassen tot er helemaal niets meer overblijft en er geen enkel probleem meer is voor wie niet weet wat met zijn spaarcenten aan te vangen omdat onze politici dit zo handig hebben opgelost dat het helemaal weg is.
    Omdat ondank werelds loon is kan men dergelijke hulp van politici niet waarderen.
  2. [verwijderd] 26 maart 2013 21:08
    Copy and Paste van CNBC.

    Jeroen Dijsselbloem: Foot-in-Mouth Disease

    Twice in eight days Dutch finance minister Jeroen Dijsselbloem has made unguarded comments that moved markets. And he's only been on the job since taking over from Jean-Claude "Mr Euro" Juncker as head of the Eurogroup in late January.

    First time: Last Saturday when he refused to rule out that insured deposits below 100,000 euros could be taxed in other euro zone countries.

    In that instance, he asked some very shaken reporters to ask their deposit-related questions all together to save repetition and missed answering several, garnering a stern reprimand from an FT journo, Peter Spiegel.

    Then he shrugged off a question about ruling out deposit levies for the likes of Spain and Italy, saying it hadn't been discussed. Olli Rehn later that night saved the situation to some degree, but the blame game for miscommunication continued the following week.

    Indeed, Dijsselbloem had to backtrack just days later after a massive backlash from Cypriot Parliament and the international community, to whom protection of small deposit holders in banks is a key tenet of modern functioning economies.
    Play Video
    Eurogroup's Dijsselbloem: What He Did and Didn't Say
    Twice in eight days Dutch finance minister Jeroen Dijsselbloem has made unguarded comments that moved markets. Kelly Evans and Julia Chatterley discuss whether he's a scapegoat or a bull in china shop.

    He took full blame for that blunder and one might expect him to be more careful or guarded with his comments going forward. That has hardly proven the case, however. And his remarks on Monday suggesting Cyprus would be a model for future bank resolutions in Europe -- despite a carefully honed Eurogroup message that Cyprus was in fact "unique" -- sent the euro and risk assets spiraling.

    The same can be said of his credibility now that a two-word statement clarifying that Cyprus was not a model or template had to be issued hours later .

    Same blunder as last week. He blatantly has no understanding of risk markets or how to communicate with them.

    He has a point, Europe is way behind the U.K. and the U.S. in the deleveraging process...but still.

    Juncker is quietly loving it no doubt.
  3. [verwijderd] 2 april 2013 16:45
    Copy and paste Bloomberg ( Top stuk)

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    7 COMMENTS
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    QUEUE
    Q
    How is it that a man like Jeroen Dijsselbloem, with no knowledge of or experience in financial markets, can get appointed to lead the euro-area group of finance ministers, one of the most influential and sensitive jobs in Europe?
    Dijsselbloem may be the Netherlands’ finance minister, but his background is as an agricultural economist and right-hand man to the head of the Dutch Labor Party. Neither his training nor his experience gives him insight into the workings of currencies or global financial markets.
    Mark it up to the way business is done in Europe. It’s an important source of the missteps that the euro area has made in trying to resolve its debt crisis.
    Luxembourg’s Jean-Claude Juncker left the leadership post in January. The Germans didn’t want a Frenchman to replace him, and the French didn’t want a German in the job. Nothing new there. So the two largest euro-area countries compromised. They picked a Dutchman because Holland is a small country (Luxembourg is even smaller) and hasn’t had a senior European Union appointment in a long time. Merit didn’t enter the equation.
    Sowing Doubt
    Dijsselbloem’s contributions to the contentious Cyprus bailout negotiations last week bear out his lack of experience and may yet do real damage to the euro area by sowing ever more doubt in the minds of investors and depositors about the intentions of the currency zone’s top policy makers.
    This is an endemic problem for the EU, where political horse-trading can leave underqualified, second-rank candidates in top positions, from the European Commission to the high representative for the bloc’s common foreign policy. Perhaps the large countries such as Germany prefer it this way, to keep power centered in their national capitals -- but this comes at a severe cost.
    Imagine for a moment what situation the U.S. economy would be in if Treasury secretaries were picked in the same way -- on the basis of what part of the country they hailed from and which state was next in line for a big job.
    You might not like their policies or connections to Wall Street, but Timothy Geithner and Henry Paulson are experienced professionals. Dijsselbloem is by comparison an inexperienced amateur in finance, who talks bluntly and has a strong streak of Dutch morality. Other top European officials, who do know what they are doing, were seething with anger after he told reporters last week that the latest Cyprus deal, which includes closing a bank and bailing-in depositors, should serve as a template for the entire euro area.
    Did Dijsselbloem think for an instant about what impact his so-called template surprise would have on financial markets? Did he consider, for example, that small banks in Italy, Portugal and Spain would face increased stress due to an exodus of funds now searching for safer harbors? Or that large depositors all over the euro area would now have a strong incentive to get out of European banks and the euro, causing damage to both?
    Europe’s banks are fragile as it is. The last thing they needed was for a Dutch moralist to freelance his personal views as the euro area’s bailout policy.
    Dijsselbloem already showed a penchant for making investors in ailing banks pay, when only a few weeks ago he nationalized SNS Reaal (SR), a Dutch lender, wiping out bondholders in the process. But EU officials were stunned when the novice used the Cyprus crisis to publicly campaign for his stern approach for the entire euro area, at a time when EU officials were trying to convince investors that Cyprus was a special case, precisely so that they wouldn’t take flight. This rookie needs be taken out to the woodshed.
    Perceptions Matter
    Damage control is under way, starting with Dijsselbloem’s rapidly recanting his template comments. Yet the cat is out of the bag -- large depositors in euro-area banks will adjust to what they now see as the coming policy in Europe. In cases like this, perceptions matter.
    Dijsselbloem’s message -- that investors must pay more and taxpayers less in bailing out distressed banks -- plays well in Calvinist Holland. But he was appointed the leader of the group of euro-area finance ministers to represent the collective views of the 17 member countries, not to be an avatar of Dutch moral principles.
    Dijsselbloem’s template surprise was his second major blunder during the Cyprus bailout negotiations. The first was his willingness to sign off on Cyprus President Nicos Anastasiades’s proposal to impose a deposit tax on government insured deposits of less than 100,000 euros ($129,000).
    Faced with the need to raise almost 6 billion euros to get 10 billion euros of help for bailing out the nation’s two biggest banks, the president of Cyprus insisted that government- insured small depositors should be taxed, so as to reduce the burden on the uninsured big depositors, most of them Russians. Not for nothing are the Germans calling Cyprus a “gangster economy.” French Finance Minister Pierre Moscovici called it a “casino economy.”
    Anastasiades claimed the Cypriot parliament would rubber- stamp the agreement, and Dijsselbloem signed off on it, together with representatives from the European Central Bank and the International Monetary Fund, who must also shoulder part of the blame.
    What a blunder. By signing off on a deal that would enable Anastasiades to keep doing business with Russian depositors, Dijsselbloem and his counterpart in the ECB risked serious bank runs throughout the euro area. These are the kinds of unpardonable mistakes that raise questions about whether the European leadership knows what it is doing.
    The euro has its faults, it is true, but they are solvable. What makes exiting the crisis so difficult for Europe is the poor quality of its political leadership. Europe was asking for trouble when it put a newcomer like Dijsselbloem into such a senior and sensitive financial job without giving it a second thought -- and it got that trouble in spades with Cyprus.
    The final agreement reached with the Cypriot government turned out to be constructive, but the route there was made unnecessarily circuitous and expensive by officials who don’t understand how markets operate.
    (Melvyn Krauss is an emeritus economics professor at New York University and a senior fellow at the Hoover Institution at Stanford University. He writes regularly for several European newspapers, including Handelsblatt in Germany and NRC Handelsblad in the Netherlands. The opinions expressed are his own.)
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