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Sunday, May 09, 2010

EU Press Briefing at Noon ET

by Calculated Risk on 5/09/2010 08:53:00 AM

Not much information this morning. The European Union finance ministers are meeting in Brussels and a press briefing is scheduled for noon ET (6 PM Brussels).

Some finance minister comments via Reuters: EU finance ministers' meeting on crisis mechanism (ht Counterpointer) From Finnish Finance Minister Jyrki Katainen speaking in Helsinki:

"The situation in the financial markets has gone in a very bad direction, even though the Greek situation was brought under control."

"Now we have to do everything we can to bring stability in time."

"The alternative is still the same as when we talked about Greece: the threat of a serious bank crisis."

Should a banking crisis occur: "We know what would happen. The bank crisis would not be one of a few countries, rather it would lead to a full recession in Europe."