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They Finally Really Did It: EU Leaders Make Major Banking Announcement

Dec. 13, 2012 1:20pm Becket Adams

ECB on Fast Track to Become EU Central Banking Authority | Greece Approved for Billions in Additional Bailout Aid

Cypriot Finance Minister Vassos Shiarly (L), Spanish Finance Minister Luis De Guindos (C) and Portuguese Finance Minister Vitor Gaspar (R) talk prior an ECOFIN Council on December 12, 2012, at the EU Headquarters in Brussels. (Getty Images)

Eurozone leaders agreed Thursday to begin laying the groundwork for a full-fledged banking union and to give Greece yet another bailout. The measures, approved by European finance ministers, ended weeks of haggling over ways to deal with the three-year financial crisis.

“Europe and the eurozone have proved that they are capable of eliminating the challenges that confront them,” said France’s socialist President Francois Hollande.

A meeting of the 17 finance ministers from the EU countries that use the euro agreed early Thursday that Greece would get a total of €49.1 billion ($64 billion) between now and March, with €34.3 billion due in the coming days.

The approval of funds for Greece opens “the way for a return of confidence of investment, of growth and job creation,” said Olli Rehn, the European commissioner for monetary affairs.

(Getty Images)

The gathering of eurozone ministers came just hours after a pre-dawn meeting of finance ministers from all 27 EU countries, including non-euro countries such as Britain and Poland, agreed to create a single supervisor for the region’s banks.

Yes, a single supervisor for all of the banks.

It was a key component of what many hope will eventually become a full-fledged banking union — a single rulebook for all banks and coordinated plans for helping lenders in trouble. Crucially, the single supervisor paves the way for Europe’s bailout fund to give money directly to struggling banks, without dragging governments into the mess.

“Piece by piece, brick by brick, the banking union will be built on this first fundamental step today,” said Michel Barnier, the EU Commissioner responsible for the monitoring of financial markets.

Providing it is approved by the European Parliament early next year, the European Central Bank will take on the single supervisory role. The ECB will have direct oversight for the largest and most significant banks in the eurozone and any other country in the EU that wants to opt in. It will also direct national authorities in supervising smaller lenders.

“The crisis came by way of the banks and now a tool is in place so that nothing will be like it was before,” declared Hollande on his way into Thursday’s summit.

German Chancellor Angela Merkel said the creation of the supervisor was “a big step toward more reliability and confidence in the eurozone.” After months of haggling, a compromise between France and Germany paved the way for the agreement on the supervisor.

European heads of state line up in Oslo (AP Photo/Yves Logghe)

Greece has been one of the biggest casualties of the European financial crisis which has left it dependent on funds from international rescue loans for the past two and a half years. The country had to commit to further austerity measures, which hasn’t helped keep it out of recession.

Figures released Thursday from the Greece’s statistics office showed unemployment at a record high of 24.8 percent in the third quarter of 2012, compared with 17.7 percent in the same period a year ago.

“It is a big success for Greece; it’s a big success for Europe,” said Greek Prime Minister Antonis Samaras.

Exit Question(s): A single banking authority? Quis custodiet ipsos custodes?

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The Associates Press contributed to this report. Featured image YouTube

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Comments (65)

caleejr
Posted on December 13, 2012 at 3:52pm
this is how the representative form of democracy known as a republic dies….with thunderous applause….
The beginning of the END

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thegoldman
Posted on December 13, 2012 at 3:38pm
Now they all go down together…

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wordsofwisdom
Posted on December 13, 2012 at 3:24pm
Here’s your future America! What a bunch of idiots

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B-Neil
Posted on December 13, 2012 at 3:11pm
Why are we still paying and supporting Europe with Military troops and equipment?? It’s time for Europe to defend themselves or pay all our costs for defending them. I was stationed there, Its time to bring our troups home.

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- HumbleMan
  Posted on December 13, 2012 at 3:44pm
  I agree … let them sink or swim. While we’re at it, kick the UN out of the USA.
  
  Report this comment
- kruzer_mike
  Posted on December 13, 2012 at 4:51pm
  I agree. In two world wars, they have proven that socialism is more important to them than providing for their defense. I was stationed in England and I can tell you, the Brits(not all) exhibited their disdain for us in spite of the millions of dollars we pumped into their economy. social programs are more important to them than their own defense. We are headed down that same path. How long before China says that they are going to lease some of our closed military bases to protect us from the Koreans and Islamics?
  
  Report this comment
mapgirl10
Posted on December 13, 2012 at 3:02pm
First the church, then government and financial! All signs of the Revelation! Watch for the mark of the beast next EU!

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- Clownzilla
  Posted on December 13, 2012 at 4:08pm
  The interesting part is that over the years I kept asking myself “How in the world can people let this one world government form without heavy resistance”. Well, call me floored because it’s absolutely being done! Honestly, it’s actually happening in front of our faces with little to no resistance! This is UNREAL but then again was foreseen. We have to be careful not to predict the “time” but understand that the puzzle pieces are falling into place.
  
  Report this comment
- SGT Rock
  Posted on December 14, 2012 at 1:30am
  If you truly believe in the Bible then you know all of this must come to pass before the return of our Lord unto this Earth. All we little people can do is prepare, educate, pray and weather this storm, we know what comes in the end. We must endure the pain of times to come still. We were chosen to be here at this time. I for one am not just standing around and waiting for it to happen. Prepare now for only God knows what is coming, it aint going to be pretty. You must stay alive as you will be needed in the future. To steal a great movie line, “You are the resistance”- John Conner.
  
  Report this comment
progressiveslayer
Posted on December 13, 2012 at 2:44pm
It’s just delicious to watch socialists slowly dying on the vine,they continue to pour good money after bad in the vain attempt to hold off the inevitable depression. Gentlemen,socialism and communism has been tried all over the world and it’s always consistent it always fails and you’re living through it,unfortunately you’re going to drag us down with you. The UN,IMF world bank and the fed be damned to hell for what you’re going to cause.

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- Mil-Dot
  Posted on December 13, 2012 at 3:23pm
  Slayer,
  I can only hope that the politician vermin that caused it and their families are chased through the streets and grabbed the ****. Then……well, you know what’s next.
  
  Report this comment
- michaelmoron
  Posted on December 13, 2012 at 3:25pm
  Absolutely.
  
  In 1871 The U.S. Gov’t formed a Corporation to carry on the business needs of the gov’t during martial law and under emergency powers.
  
  In 1913 the Corporation was insolvent and needed financial assistance.
  The Federal Reserve (a PRIVATE BANK) act was passed.
  INCOME TAX begins in America. The IRS and FBI are established.
  
  In 1933 we declared bankruptcy and had to surrender collateral to the Private Bank.
  
  Gold, Land, Gov’t agencies and PEOPLE were pledged !!!!
  http://www.youtube.com/watch?v=IlCs7u1ihws
  
  That year Birth certificates became law in all states and the infamous
  “Annuit Coeptis” = The celebration of a birth
  “Novus Ordo Seclorum” = A secular New Order
  came onto our dollar.
  
  In 1936, The Bank gave it’s livestock Numbers (Social Security)
  It is a Bond that your owners make you carry for them.
  
  The Private Bank was the Creditor of the Bankrupt U.S. until 1944.
  At the Bretton Woods Treaty, the Quit Claim deed was transfered to the IMF and WORLD BANK.
  
  In 1945, those financial institutions created the UN.
  
  They are the “founders” that this Lunatic speaks of:
  http://www.youtube.com/watch?v=Rc7i0wCFf8g
  He tells you the plans of this UN.
  A one-world Government.
  
  In 1992 that same lunatic signed Executive order #12803 – Infrastructure Privatization.
  AMERICA FOR SALE !!!!!!
  (this is a backdoor way for the creditors of the U.S. to foreclose and liqudate “toxic assets”)
  http://rense.com/general86/nomis.htm
  
  Report this comment
- michaelmoron
  Posted on December 13, 2012 at 3:36pm
  I believe your Avatar is Theodore Roosevelt.
  
  Are you familiar with this quote from him?
  
  “Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to befoul the unholy alliance between corrupt business and corrupt politics is the first task of the statesmanship of today.”
  
  Report this comment
- Small World
  Posted on December 13, 2012 at 3:39pm
  @ Michaelmoron …..Looks like we really can blame Bush for this.
  
  Report this comment
- progressiveslayer
  Posted on December 13, 2012 at 5:39pm
  Michael,
  Thanks for the information it explains the genesis of the problem. My avatar is none other than Grover Cleveland,he was a democrat when democrats had some common sense and he vetoed many bills to keep government from expanding.
  
  Report this comment
taintso
Posted on December 13, 2012 at 2:35pm
We can’t have the Euro printing press competing with the fed. Hey, Bindinky put the presses on overdrive print Frauds for everyone, Obama ain’t the only one who wants blow fraudulent wealth.

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navykurt
Posted on December 13, 2012 at 2:30pm
I can’t wait to see what Nigel Farage has to say about this. My own criticism of Farage is that he isn’t American. God knows we could use him here.

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coyote1hell
Posted on December 13, 2012 at 2:24pm
Buh’rack said…uhhh…ummmm…dat’s what I’s takin’ abouts…yepppp…

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Shasta
Posted on December 13, 2012 at 2:23pm
Shiarly, Guindos and Gaspar do not look happy, as if they just gave an early Christmas present to the Europeans. No, indeed, they look like they just pounded the final nail into the what will be the end of EU.

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SciPro
Posted on December 13, 2012 at 2:23pm
Well .. this is what I see ..”The New World order” getting it’s base together, and soon the American continent will be expected to join in, one monetary system and control … boy didn’t John ever get it right in The Bible – Revelations .. dang, keep hoping for stand-up freedom and common sense .. lol
I suppose many people don’t see the danger coming …

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- jcldwl
  Posted on December 13, 2012 at 2:51pm
  You are right.
  
  Report this comment
Mil-Dot
Posted on December 13, 2012 at 2:12pm
“Europe and the eurozone have proved that they are capable of eliminating the challenges that confront them,” said France’s socialist President Francois Hollande.”
Yeah right. They are capable of keeping the ponzi scheme going for a little while longer. I hope they crash and burn. They are screwing people out of their money with all these printed money bailouts.

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- doomytram
  Posted on December 13, 2012 at 2:28pm
  The joke around the EU is look on the bright side. At least we aren’t as bad off Obozo’s USSA.
  
  Report this comment
- OhioRifleman
  Posted on December 13, 2012 at 5:50pm
  When they crash and burn, they will take the US with them, and shortly thereafter the other major first and second-world powers.
  
  It will be messy.
  
  Report this comment
Ragnars Repos
Posted on December 13, 2012 at 2:09pm
Governments don’t EARN anything. Blood is to vampire as wealth creation is to politician. So, when they can’t bleed productive humans enough, they counterfeit.

Just so you know, this doesn’t end well for anyone. When counterfeiting stops working the politicians bare their fangs and the corpses will start to pile up.

Capitalism is the ONLY economic system compatible with human freedom. The alternative is slavery.

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- doomytram
  Posted on December 13, 2012 at 2:18pm
  That said, Obozo’s Federal Gov’t has created 73% of the new jobs over the last 4 months. Obozo couldn’t run a whore house in the District of Corruption, much less a Weimer Ba-frucking-na-na Republic that was formerly known as USA.
  
  Report this comment
- drs1969
  Posted on December 14, 2012 at 12:00am
  This means Depression must occur, to reset the economy, or the whole Ponzi gov. will collapse like the USSR 20 years ago.
  
  Report this comment
Mike Austin
Posted on December 13, 2012 at 2:06pm
Just listen for the flushing sound. It will be the Euro.
These guys believe their own hype.

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term limits for congress
Posted on December 13, 2012 at 2:01pm
5.., 4…, 3…, 2…, 1. Obamabank! Affordable Banking Act. Bank of Obama. Americans for Shared Social Welfare and Institutionalized Private Equity (sorry – going for the acronym).

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- travlman77
  Posted on December 13, 2012 at 2:10pm
  LOL
  You made me spit out perfectly good coffee!!
  Thanks for the laugh!
  
  Report this comment
- girlnurse
  Posted on December 13, 2012 at 2:11pm
  100 years from now (If God taries) will they even know they are slaves? I doubt it…nobody notices whats happening now right in front of their faces…
  
  Report this comment
- chips1
  Posted on December 13, 2012 at 2:24pm
  GIRL:
  It’s not being done to your face. Their motto is “Lean Forward”.
  
  Report this comment
- OutOfTheAether
  Posted on December 13, 2012 at 2:51pm
  TERM
  
  LOL that was choice!
  
  Report this comment
- VRW Conspirator
  Posted on December 13, 2012 at 3:13pm
  @Terms…
  kind of a stretch but funny ….LOL…
  
  this is horrid…I hope that Britain wises up and doesn’t participate…nor Ireland or Poland…Germany just got snowed and I believe Merkel received something to ensure that Germany would not have to give too much to the bank…or maybe they got control over the bank…
  
  it would appear that the Nazis finally learned the lesson of Japan…if you can’t win through fighting…win through the economics…China is picking up on that as well…because the USA is open to competition and capitalism, these countries are going to use our openness against us…once they control the world currency markets, they can force the USA to bow to whatever regulations they wish….
  
  Glenn has been saying it for years…we have to spit ourselves out of the system…before the EU Bank joins the asian countries and the former USSR to make a Euro-asian bank, switch off the dollar as the reserve currency and switch to the euro or the yuan…
  
  Report this comment
- Small World
  Posted on December 13, 2012 at 3:36pm
  Just read that the US backs UN measure for universal health coverage…this will not end well. We need the us to secede from Washington.
  
  Report this comment
michaelmoron
Posted on December 13, 2012 at 2:01pm
“If the American people (or the europeans) ever allow the banks to control the issuance of their currency (instead of Congress), first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the banks and restored to Congress and the people to whom it belongs.”
-Thomas Jefferson

~~~~~~

If the nation can issue a dollar bond, it can also issue a dollar bill. The element that makes the bond good, makes the bill good, also. The difference, between the bond and the bill, is that the bond lets the money-broker collect twice the amount of the bond, and an additional 20%. Whereas the currency, the honest sort, provided by the Constitution, pays nobody, but those, who contribute in some useful way. It is absurd, to say that our country can issue bonds, and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the people.”
– Thomas Edison

~~~~~~~

“This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Wilson signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill. From now on, depressions will be scientifically created.”
– Charles A. Lindbergh, Sr

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- huey6367
  Posted on December 13, 2012 at 2:10pm
  great quotes
  
  Report this comment
- michaelmoron
  Posted on December 13, 2012 at 3:01pm
  @Huey6367
  
  Here are some more:
  
  “History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it’s issuance“
  – President James Madison
  
  ~~~~~
  
  “Permit me to issue and control the money of a nation, and I care not who makes its laws!“
  – Mayer Amschel Rothschild
  
  ~~~~~
  
  “All the perplexities, confusion and distress in America arise not from defects in our Constitution; not from want of honour or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.”
  – President John Adams
  
  ~~~~~
  
  “Whoever controls the volume of money in any country is absolute master of all industry and commerce.”
  – President James A. Garfield, assassinated 1881
  
  ~~~~~
  
  “The Federal Reserve is one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this Nation is run by the international bankers.”
  – Congressman Louis T. McFadden
  
  ~~~~~
  
  “The real truth of the matter is that a financial element in the large centers has owned the government since the days of Andrew Jackson.”
  – Franklin D. Roosevelt
  
  ~~~~~
  
  “I killed the bank.”
  – Written on the grave of Andrew Jackson
  
  Report this comment
universalphilos
Posted on December 13, 2012 at 1:59pm
A prophecy, September 2, 1974: “Your earth should travel forth into economical disaster. All nations now stand and tremble….
Chaos shall come upon the earth. Yet the worst chaos of all is fear. And fear should breed fear, so we say unto you, fear of this not, for as we have said before, we shall provide that that is needed. And for those who should walk in the righteous light of our Lord, bread shall be placed upon their table, and their needs shall be taken care of.
Around you, you have those who should worship of false images. And they should call of themselves, Christians. And they should say unto you, “This is the way to go.” And they shall say unto you, “This is the Messiah.” And we should say unto you, nay. Wear not the mark of the Beast.
We say unto you, this of your Common Market, of the world commodities, shall grow in strength. Europe, as you know it, shall become that of a United Europe. And none should trade nor barter lest they seek this passageway. But we say unto you, this harlot shall fall. And all nations shall look, yet they shall not find. And they shall be saddened at the fall of this. And we shall say unto you, this one shall set himself up into the throne of Rome….”
Please see whole prophecy at beginning of http://www.angelfire.com/in4/aup_messiah/1974September02.audio.html

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FISH_BONE
Posted on December 13, 2012 at 1:53pm
Consequences teach. When the consequence of destructive behavior is yet another bailout, the destrutive behavior continues. There is no hope for Greece or any other similarly positioned country until the bailouts stop and the Greeks fully realize and experience the true and natural consequence of their actions.

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Xiccarph
Posted on December 13, 2012 at 1:51pm
Who will bail-out the bail-outers when its time to pay the piper?? These idiots are all playing:
Ring Around the Rosie (debt)
Pocket full of posies (bailouts)
Ashes, ashes (debt rises)
We all fall down (total economic collapse)

Where Europe goes, we will follow…

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TRILO
Posted on December 13, 2012 at 1:50pm
Pumping more debt to solve a debt problem is pure genius. Turning over one’s state sovereignty is another sign of masterful minds at work.

How the people in the EU stand for their politicians destroying their economies and sovereignty is beyond me. Same with the sheeple in our country.

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- progressiveslayer
  Posted on December 13, 2012 at 1:58pm
  Yes indeed,idiocy seems to be spreading like wildfire and the EU thinks getting deeper in the hole will somehow get them out of it? That’s the same mentality that’s going to cause our next depression as well.
  
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progressiveslayer
Posted on December 13, 2012 at 1:42pm
Ah yes postpone the inevitable just like we’re doing,seems to be all the rage to avoid what needs to be done to fix the situation.

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NoMoMrNiceGuy
Posted on December 13, 2012 at 1:37pm
Lord help us all

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- GENEPAGLIARI
  Posted on December 13, 2012 at 2:06pm
  Truer words were never spoken. This “supervisor” will gain the confidence of many more before they are through.
  Have heard it said that this is the BEAST or the minion of the same. Beware, be very wary. Things are happening in an unmistakable way. The groanings and pangs began a couple of years ago. We will not know the exact time but there are and will be signs… and so it goes.
  
  Report this comment
huey6367
Posted on December 13, 2012 at 1:35pm
So they are giving Greece another bailout. Whoever thought of that is a frickin’ genius. Eventually Greece will fall and Europe will follow.

Hey libs, take note. This is the end result of socialism.

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hauschild
Posted on December 13, 2012 at 1:30pm
“They Finally Really Did It: EU Okays Central Banking Authority, Approves Greece for Another Bailout”

Surely, you didn’t expect anything different, did you?

Hilarious.

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Snowleopard {gallery of cat folks}
Posted on December 13, 2012 at 1:30pm
So how fast will this accelerated the destruction of the EU? How long until Obama ties us directly to this mess more than he has now?

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- gyro
  Posted on December 13, 2012 at 1:39pm
  Sooner than you think
  
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- Cavallo
  Posted on December 13, 2012 at 1:46pm
  They’re going to try and diversify the collapse in hopes that people will sacrifice themselves and their lives to save their failed system. They hope that if they can steal money from the more productive and shuffle it off to various Greek-like rat holes, that the people will work harder and bail them out. It might work, being that since there is no other place to go, you might just have to stay put, accept the Fascist way of life and make the best of it. Just like the USA.
  
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- Cavallo
  Posted on December 13, 2012 at 1:47pm
  In other words… “Where are you gonna go? Where are you gonna hide? When there is no one like you left?” (Invasion of the Body Snatchers)
  
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- progressiveslayer
  Posted on December 13, 2012 at 2:06pm
  CAVALLO There will be no place to hide when the next depression hits because it’ll be global,we’re all toast.
  
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