http://www.zerohedge.com/news/lagarde-t ... nt-1608211A lire....c'est l'Allemagne qui va être contente...
this year's biggest winner from the botched DSK affair has been France's Christine Lagarde, who despite the dropping of all charges against the former head, is now in charge of the IMF.
We admit that the ascension of Lagarde to the throne of the world's most irrelevant global bailout organization (what the IMF "does" is of not importance: the only thing that matters is who Beijing, and Chinabot, feels like rescuing today)
happened even though we previously predicted that Germany would be very much against it. Well, Germany let it slide, and endorsed Lagarde.
That may soon change though, after the former finance minister essentially threw the entire European (read French, Swiss and German whose assets as a % of host GDP are ridiculous... yes, a technical term) financial system under the bus at Jackson Hole, a day after Bernanke said to wait until September 20 for QE3 clarity. Per Bloomberg: "
Bolstering banks’ balance sheets “is key to cutting the chains of contagion,” Lagarde said today in the text of remarks at the Federal Reserve’s annual forum in Jackson Hole, Wyoming. Without an “urgent” recapitalization, “we could easily see the further spread of economic weakness to core countries, or even a debilitating liquidity crisis." Lagarde, a former French finance minister who took the helm at the Washington-based IMF in July,
said recapitalization should be “substantial.” 
Banks should look for funds in the markets first and seek public funds if necessary. One way to provide capital could be through the European bailout fund, she said. 
"
And now, one can see why Germany is fuming: 
not only will Germany soon have no choice but to fund the EFSF's sovereign bailout ration all on its own, which as we, and other have speculated, could be as large as €3.5 trillion (or about $5 trillion), but it will be Germany's duty to also fund the rescue of all banks on a parallel track. What is the additional tally? Why at least $230 billion in Europe alone in the next several months. Then again, when you get to $5 trillion, what's a few hundred billions between friends? suite de l'article sur le site
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) Lagarce évoque l'urgence de procéder à ces recapitulisations avant que les piliers de la zone Euro soient touchés, on dirait qu'elle fait du gros chantage aux Boches....
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