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Stephen Pope, Spotlight Ideas managing partner, weighs in on the latest in the eurozone summit, and why the crisis needs to be taken more seriously.
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Last word that should come to mind joining me now from London Stephen Pope managing partner of spotlight ID is Stephen.
You know as is kinda comical in a sad way that actually and barricading about the next meeting in the next time.
We send him off the Brussels or Perez so our Frankfurt.
We what do you make of this particular gathering and how does it differ from any other that was -- that we've seen over the last six months.
Well once -- in this was meant to be the gathering that was going to save the Europe.
We were told that there would be a definitive agreement.
That has not being because.
Rather ludicrously.
-- for Europeans wants to press ahead with a financial transactions tax across the European Union.
That's just a recipe for disaster and I think that Philip Cameron is right to stand up for the UK -- -- it would do.
I've been a disproportionate impact upon the UK as against any other nation in the European Union.
But of course.
What are they -- that made an agreement about if you spend too much in your debts.
Is too high to GDP they'll be a fine.
I think they -- that with the stability and growth -- back in 1999.
And you had France and Germany breaking the rules but they will not find -- to cool during the rules funds were imposed in the collective why is he can't be any different this time it would not be any different amongst regain your who shot him.
That they're quick to pat themselves on the back and with trial was in say was done a deal but it will hold -- -- -- you know we were just we actually show.
How long ECB's lawyers -- there's no credit crunch in France this of course coming literally a day after -- had Moody's cutting ratings on soc gen.
Credit Agricole.
A French banks in general two days after S and people -- on negative watch and what are your thoughts on that -- -- kind of getting two different stories here.
What I think if you look back across the whole some Christian -- letters -- governor of the bank of France.
Has been telling us as you sit there is no problem with the French banks well finally they look.
Driven to the point to take a 50% rifle for had a couple -- Greek debt you know -- And now we're saying that there's no problem but through each concede that soc -- have to take states -- eight.
And remorse they take they require them -- -- -- Agricole one off for some as well.
He start raising questions about the triple -- status of frauds I think they'll lose that next year he's just a question of -- they -- back before the first round the presidential coaching in April.
All right so loss -- yet you know Merkel says today the breakthrough to a stability union has been achieved.
I know from the top of our conversation you don't necessarily think so what has to happen here then.
To achieve that stability once and -- -- stop having these -- kicking the can down the road meetings.
What you need is a sense of reality pretty large across the eurozone and that is the question saying.
Greece is bust.
It cannot grow lost -- stationed in the shackles -- the single currency it needs to go away sorts itself out in the same way that Argentina did few years ago.
I think that'll say you have to try and build a massive ring -- -- explain because you know -- -- -- to launch.
Climb in supporting be the only country that took call eight and is -- she being no resolution its fiscal discipline and is improving ahead of time.
But until there is reality until people crossed how serious this.
Debt situation is in the solvency nations has become -- el -- DC beats acts like a proper Central Bank in the way that the Fed does what the Bank of England does.
That this is just going to carry on then -- I'm running for Hmong crisis to another.
How is it that -- he said yesterday.
Don't think we've got spend more money on bonds and then suddenly he's hailing this fiscal compact they greet this mixed messages every which way you -- In the European Union and -- -- -- -- and we see the markets reacting to those mixed messages every day as well Stephen Pope thank you so much there.
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