The trump said he would make a decision next June whether he would join the presidential race. Desi mumbled uunder his breath: "OhMyGod, heaven forbid! -- he may just declare war on the second largest economy in the world!"
Luckily this real estate giant who is famous for "The Apprentice" reality show which I did enjoy was just once before temporarily into the presidential nominations race but found that he's not that popular to be in the same league as incumbent President Barack Obama, who he also targeted a lot in the interview on Piers Morgan Tonight show which I am glad to say cometh in everytime at 10AM Malaysian time catching Desi in a happy mood, and I gave Trump some leeway and did not yell some four-letter expletives within my living room.
If you wanna know more, please go google Piers Morgan Donald Trump China" and it will lead you to the full programme -- Yes, I prefer the British spelling here, the Americans corrupt the Queen's English by shortening it at the wlong places! And wlong is spelt rightly the Da Desi Code way -- if you don't know what it is, just like you don't know what ABU is after my few tutorials, get the here out of hell!
TRY this link OK! http://www.youtube.com/watch?v=7cz35wElpiQ...IF it works, credit Desi; If it doesn't, lame Donald...
Now let's to to better emplaced reports on the less than talented Eurozone leaders managing their debt crises, centring around German chancellor Merkel and French president Sarcozy trying to hammer out a blue print for a compact to last the EU member-countries till the next crisis. Britain PM Cameron meanwhile continued his country's "more independent" path -- more practical and focused? -- in managing his country's problems in the best interests of his country. In the same vein, the Trump should know that China is managing its own finances the Chinese way, its priorities to its own population of 1.4billion people.
STAY TUNED while Desi hunts down the summaries of the EU situation OK! I won't summarise what I hear on CNN or CCTV -- hey, I might get it wlong in many places, and The TRump may jest give me a earful for talking down to HIM!
CHOW!
which can mean
Seeya later
OR
Let's eat!
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UPDATEd @12.58PM because Desi pampers his ER!:(
From yahoo!news cometh a Reuters report latest I could sight:)
Euro zone fiscal pact fails to restore confidence
By Marius Zaharia and Matthias Blamont | Reuters – 6 hrs agoRelated Content
Euro coins are seen in this photo illustration taken in Rome, December 9, 2011. …
LONDON/PARIS (Reuters) - A European summit deal to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday, forcing the European Central Bank to step in again gingerly.
The euro fell, stocks slid and borrowing costs for Italy and Spain rose as investors weighed the outcome of last week's summit that split the European Union, with Britain blocking treaty change and forcing euro zone countries to negotiate a fiscal accord outside the Union.
Friday's initial market rally quickly petered out due to legal uncertainty surrounding the new pact and the absence of an unlimited financial backstop for the single currency.
French President Nicolas Sarkozy said the legal basis of a new accord to enforce debt and deficit rules in the 17-nation euro area with quasi-automatic sanctions and intrusive powers to reject national budgets would be worked out before Christmas.
"In the next fortnight, we will put together the legal content of our agreement. The aim is to have a treaty by March," Sarkozy told newspaper Le Monde in an interview.
Euro zone crisis graphics http://r.reuters.com/hyb65p
An EU diplomat said the first draft of the new treaty would be ready by early next week. Sarkozy said the aim was to have it ratified by all member states except Britain by June.
"You have to understand this is the birth of a different Europe - the Europe of the euro zone, in which the watchwords will be the convergence of economies, budget rules and fiscal policy," the French leader said.
Traders said the ECB intervened to buy short-term Italian debt after yields on Italian and Spanish debt spiked.
The central bank revealed on Monday it had slashed bond purchases in the week before the EU summit as it raised pressure on the bloc's leaders to act. It bought just 635 million euros in bonds in the week to December 9 compared to 3.66 billion the previous week.
ECB sources told Reuters on Friday purchases would remain limited, with no prospect of a "big bazooka" to shock markets.
Italian 5-year bond yields shot up above 7 percent, widely seen as a danger level while 10-year yields spiked above 6.8 percent and Spanish 10-year yields topped 6 percent.
Investors' appetite for short-term paper drove Italian one-year borrowing costs down just below 6 percent at an auction but yields remain uncomfortably high.
RATINGS AGENCIES
The major ratings agencies could make matters worse.
Sarkozy prepared French voters for a possible downgrade of the country's AAA credit rating but insisted he could cut the deficit without cutting salaries and pensions.
Moody's Investors Service said it intends to review the ratings of all 27 members of the European Union in the first quarter of 2012 after EU leaders offered "few new measures" to resolve the crisis at their summit on Friday.
Fitch Ratings said the summit failed to provide a "comprehensive" solution to the crisis, thus increasing short-term pressure on euro zone sovereign ratings.
Standard & Poor's, which warned last week of a possible downgrade of 15 euro zone countries shortly after the summit, still has to announce its decision.
But its chief European economist, Jean-Michel Six, told a business conference in Tel Aviv: "Time is running out and action is needed on both sides of the equation, on the fiscal and monetary side.
If some of the euro zone's AAA-rated members are downgraded, it would call into question the solidity of the euro zone's rescue fund, which would likely suffer a similar fate. Its permanent successor will not come on stream until mid-2012 at the earliest.
"We have a nice agreement: a fiscal compact, commitments to keep fiscal deficits down. But, actually, does any of this solve the euro crisis? No it doesn't," said Victoria Cadman, economist at Investec in London. "We still sit here searching for the big bazooka solution."
The euro area faces the next potential crunch point in mid-January when Italy, which has a debt mountain of 1.9 billion euros or 120 percent of its annual output, has to start issuing tens of billions of euros in bonds towards a 2012 total of 340 billion euros needed to roll over maturing debt.
POLITICAL FALLOUT
Political aftershocks from Friday's historic rift between Britain and the rest of the 27-nation bloc continued to shake Europe, with Prime Minister David Cameron facing tension in his coalition and doubts in the business community.
Cameron was given a hero's welcome by Eurosceptics in his Conservative party but faced a backlash from his Liberal Democrat coalition allies after he wielded a veto that has cast Britain adrift from its continental partners.
"Britain remains a full member of the EU and the events of the last week do nothing to change that," he told parliament.
In a defiant statement, he told lawmakers he made no apology for having demanded safeguards for the City of London financial centre in any new EU treaty.
LibDem Deputy Prime Minister Nick Clegg said on Sunday he was "bitterly disappointed" with an outcome that would diminish Britain's global influence and was bad for jobs and business. Clegg was conspicuously absent during Cameron's address.
In Brussels, officials were groping for a strong legal basis for the planned fiscal compact, with Britain arguing that the euro zone cannot use the EU treaty institutions - the European Commission and the European Court of Justice.
European Economic and Monetary Affairs Commissioner Olli Rehn said most of the measures to strengthen budget enforcement could be implemented immediately under a set of rules known as the "six-pack" agreed in October.
He said he regretted Britain's decision and warned London: "If this move was intended to prevent bankers and financial corporations of the City from being regulated, that's not going to happen. We must all draw the lessons from the ongoing crisis and help to solve it and this goes for the financial sector as well."
The crucible of the crisis, Greece, could yet cause havoc if negotiations over a second bailout fall apart, leading to a rapid default.
Greek Finance Minister Evangelos Venizelos said he wanted to move fast in talks with the EU, IMF and bankers, reaffirming the aim of clinching a voluntary debt restructuring deal by end-January before the country heads to elections.
"We will proceed smoothly and with the maximum possible speed," Venizelos said after separate meetings with the head of bank lobby IIF and with EU, IMF and ECB inspectors, on key aspects of a 130 billion euro bailout plan.
EU leaders have now said banks may not take a hit in any future sovereign rescues after they were roped into the Greek bailout, a move which proved a final straw for many investors.
Commerzbank and the German government have been in talks for several days over possible state aid, five people familiar with the matter told Reuters. The lender, 25 percent-owned by the government, wants to avoid forced recapitalisation but needs to find 5.3 billion euros in capital by mid-2012 to meet new European capital rules.
(Additional reporting by Alexandra Za in Milan, Keith Weir and Sudip Kar-Gupta in London, George Georgiopoulos in Athens and Walter Brandimarte in New York; Writing by Paul Taylor/Mike Peacock; Editing by Alistair Lyon)
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Reporting on the same event, China's perspectives from its news agency: -- I presume my ER have plenty of time to read, so digest and comapre OK! Then adjourn to the K ra OK to unwind, R n R n R!!! Yes, first two Rs for Rest and Recreation, the third R is anything you wanna define -- See how democratic Desi is!?
EU leaders agree on fiscal pact at crucial summit
12-09-2011 18:23 BJT
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BRUSSELS, Dec. 9 (Xinhua) -- European Union (EU) leaders agreed early Friday morning on establishing a new "fiscal compact" based on inter-governmental treaties rather than the expected EU treaty changes.
The progress, achieved at a make-or-break EU summit, offered a glimpse of hope for the embattled eurozone.
17 PLUS 6 INTER-GOVERNMENTAL TREATIES
Under the agreement, reached after 10 hours of tough negotiations, 17 eurozone members plus six non-eurozone EU states would join the compact based on "inter-governmental treaties," said European Council President Herman Van Rompuy.
Britain and Hungary said they would not join the fiscal compact while the Czech Republic and Sweden "have not yet a mandate to participate," according to Van Rompuy.
Strengthening fiscal discipline through such a fiscal compact would be "much more rapidly and easier to approve and ratify," Van Rompuy told reporters after the first day of talks at the two-day EU summit.
"We all commit to a new European strong fiscal rule," which means member states will translate it into their constitutions or equivalents, reinforcing the rules on excessive deficit procedures by making them more automatic, Van Rompuy said.
The president also said that, under the fiscal compact, member states will have to submit their draft budgetary plans to the European Commission, the EU's executive arm.
However, the European Council did not reveal the details of the deal and Van Rompuy refused to answer a question about what are the concrete measures to punish rule offenders.
BRITAIN BLOCKS TREATY CHANGES
"The inter-governmental treaties are handicapped somehow, but a full-fledged treaty change is not possible," Van Rompuy admitted.
French President Nicolas Sarkozy blamed Britain for failure to achieve full-fledged treaty changes among all EU member states.
Sarkozy said the British side was trying to be exempted from certain financial regulation in the name of EU treaty changes.
"We could not accept this" because a lack of sufficient regulation caused the current problems, Sarkozy told reporters at a separate press conference after the summit.
For his part, British Prime Minister David Cameron said after the summit that rejecting the treaty changes was the "right thing" for Britain.
Ensuring stability in the eurozone was "good for European countries, good for Britain as well, but also we need to protect Britain's interests," Cameron said on arrival at the summit on Thursday evening.
WIN BACK CREDIBILITY
German Chancellor Angela Merkel, whose country boasts the solidest economy within the 17-country bloc, said the decisions made at the summit will increase the credibility for the eurozone.
"I have always said the 17 states of the eurozone need to win back credibility. And I think that this can happen, will happen, with today's decisions," she said after the meeting.
Prior to the summit, Merkel said the utmost aim of the talks was to restore "credibility." "The euro has lost credibility and this must be won back. We will make clear that we will accept more binding rules," she said.
Before the summit, the European Central Bank (ECB) on Thursday lowered its benchmark interest rate to its historic low of 1 percent, and announced several measures to shore up the continent's economy and financial system.
Meanwhile, the European Banking Authority, the EU's banking regulator, said in a statement that European banks must raise an extra 114.7 billion euros (152.5 billion dollars) in new capital to rebuild markets' stability and confidence.
It said that its final recapitalization plans were part of "coordinated measures to restore confidence in the banking sector."
FRANCO-GERMAN PROPOSALS ACCEPTED
Although very few details have been unveiled, Sarkozy said at the conference that "We (the 23 countries) accepted the entire contents of the Franco-German letter."
In a joint letter to Van Rompuy on Wednesday, German and French leaders called on "eurozone countries to have a rule in their constitutions (or equivalent laws) that budgets have to be balanced in structural terms."
They also proposed that if a eurozone country allowed its budget deficit to rise above 3 percent of its GDP, it should face automatic sanctions, which could be stopped only if three quarters of euro zone ministers are against them.
Merkel and Sarkozy also suggested that a country with too high deficit should agree with the Commission and eurozone finance ministers on a series of fiscal and structural reforms to get back in line.
"If the country with excessive deficit does not mend its ways, it should face increasingly unpleasant consequences," said the letter.
The Franco-German letter also proposed that the European Court of Justice, the highest EU court, should determine if the balanced budget rule is adopted into national laws.
SHORT-TERM BOOST
On the short-term measures to solve the debt crisis, EU leaders have agreed to channel up to 200 billion euros (about 267 billion U.S. dollars) to the International Monetary Fund, and rapidly deploy the leveraging of the European Financial Stability Facility (EFSF), the eurozone's temporary rescue fund.
The details concerning expanding the EFSF capacity are to be further discussed at the second session of the summit Friday afternoon, Van Rompuy said.
Meanwhile, the entry into force of the European Stability Mechanism (ESM), the eurozone's permanent rescue fund, will be accelerated to further help address the crisis, as EU leaders have agreed on its launch in July 2012, about one year earlier than originally planned.
However, there was no agreement on giving the ESM a banking license, which had been mentioned in a draft document for discussion, Van Rompuy told reporters.
Editor:Zheng Limin
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