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Keyword: eucrisis

Brevity: Headers | « Text »
  • "We Are Heading Into Anarchy": Official Says EU Will "Completely Break Down In 10 Days"

    02/26/2016 8:29:59 AM PST · by Lorianne · 26 replies
    Zero Hedge ^ | 25 February 2016 | Tyler Durden
    Norwegian PM Erna Solberg doesn’t want to have to skirt her country’s responsibilities under the Geneva Convention and she doesn’t want to trample over human rights either, but she will if she has to. "It is a force majeure proposals which we will have in the event that it all breaks down,” Solberg said, in an interview with Berlingske, describing new measures she believes Norway may have to take if Sweden buckles under the weight of the refugee influx which saw some 163,000 asylum seekers inundate the country last year. Solberg is effectively prepared to turn everyone away and go...
  • Brussels shuts borders and calls for refugee camp for 300,000 to be built in Greece

    01/27/2016 1:56:28 PM PST · by Lorianne · 43 replies
    Daily Mail UK ^ | 25 January 2016 | Gianluca Mezzofiore, James Slack, John Stevens, Daniel Martiny
    Belgium has called for vast refugee camps holding up to 300,000 refugees to be built in Greece in a desperate attempt to stem the flow of migrants from Syria and other nations outside Europe. At an emergency summit of European leaders yesterday, Belgian migration minister Theo Francken raised the spectre of setting up 'closed facilities' in Greece to be operated by the EU. He said that the Greeks 'now need to bear the consequences' of being too weak to guard their own borders and called for Athens to face an EU 'sanction mechanism' under which the rising number of refugees...
  • Law of Unintended Consequences: New EU Tax Laws Force Thousands of Businesses to Close

    08/28/2015 11:09:42 AM PDT · by george76 · 23 replies
    Breitbart News Network ^ | 28 Aug 2015 | Donna Rachel Edmunds
    Law of Unintended Consequences: New EU Tax Laws Force Thousands of Businesses to Close in Just Six Months { Full title ]. New European Union tax rules introduced in January have already driven thousands of small companies out of business, with thousands more set to follow as awareness of the change in the VAT law grows. Research has shown that incompetence on the part of collecting agencies has further added misery to the situation. After an eight-year consultation which excluded the voices of micro-businesses, the EU introduced new rules on VAT returns at the beginning of this year, which required...
  • Negative interest rates put world on course for biggest mass default in history

    04/29/2015 5:13:17 AM PDT · by MeneMeneTekelUpharsin · 46 replies
    The Telegraph ^ | 28 April 2015 | Jeremy Warner
    Heres an astonishing statistic; more than 30pc of all government debt in the eurozone around 2 trillion of securities in total is trading on a negative interest rate. With the advent of European Central Bank quantitative easing, what began four months ago when 10-year Swiss yields turned negative for the first time has snowballed into a veritable avalanche of negative rates across European government bond markets. In the hunt for apparently safe assets, investors have thrown caution to the wind, and collectively determined to pay governments for the privilege of lending to them. On a country by country...
  • Greece threatens tilt to Russia and China unless Europe yields

    02/11/2015 3:18:31 PM PST · by NRx · 43 replies
    The Telegraph ^ | 10 Feb 2015 | Ambrose Evans-Pritchard
    It is important for clients to be aware of the total amount they paid for day care, and have the day care provider's tax ID number, Social Security number or employer identification number (EIN). A new requirement in 2015, those filing tax returns must bring proof of health insurance, for example Affordable Health Care Act Forms 1099 A, B, or C. Clients should know birth dates for the members of their family. Health Care Marketplace Navigators will be at each tax site to assist families with enrollment in the health insurance marketplace and to answer questions regarding tax credits and...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a 1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • European Banking Crisis Still in Full Motion

    08/04/2014 2:48:02 PM PDT · by VA Voter · 4 replies
    ArmstrongEconomics ^ | 8/4/2014 | Martin Armstrong
    The question as to WHY is the European Banking System so screwed lies in the problem of the design of the Euro. The failure to create a national debt by consolidating all debts of member states from the outset (explained in detail in the special report), left the European banks vulnerable to the mix of their reserves that were bonds of all member states. Now Portugal is moving to rescue to rescue its largest listed bank, testing the Eurozones ability to handle another banking crisis just months after Lisbon exited an international bailout. The total amount of this rescue is...
  • The wheels are coming off the whole of southern Europe

    07/11/2013 1:39:59 PM PDT · by mojito · 53 replies
    The Telegraph ^ | 7/10/2013 | Ambrose Evans-Pritchard
    Europes debt-crisis strategy is near collapse. The long-awaited recovery has failed to take wing. Debt ratios across southern Europe are rising at an accelerating pace. Political consent for extreme austerity is breaking down in almost every EMU crisis state. And now the US Federal Reserve has inflicted a full-blown credit shock for good measure. None of Eurolands key actors seems willing to admit that the current strategy is untenable. They hope to paper over the cracks until the German elections in September, as if that is going to make any difference. A leaked report from the European Commission confirms that...
  • Icelands economic thaw a thorn in EUs side

    05/05/2013 8:55:33 AM PDT · by Leifur · 21 replies
    RT.com ^ | 01.05.2013 | Patrick L Young
    Iceland just elected the parties which plunged them into crisis only five years ago. Is it casino capitalism all over again, or just a slap in the face of the EU? In terms of redemptive electoral stories, the return of the Independence Party in Iceland is quite significant, albeit that they will come back to government with only a few percentage points more votes than they polled at their nadir in the depths of the Icelandic crisis in 2009. However the biggest winner was Sigmundur Gunnlaugsson, the leader of the Progressive Party, who propelled his party to hold 19 seats...
  • EU predicts eurozone recession to continue in 2013

    05/03/2013 7:33:56 AM PDT · by Olog-hai · 1 replies
    Associated Press ^ | May 3, 2013 9:00 AM EDT | Raf Casert
    Europe will take longer to recover from its economic crisis as it tackles a worse-than-expected recession in the eurozone and unemployment at record levels, the European Union warned Friday. In its spring economic forecast, the EU said that gross domestic product in the 17 member countries that use the euro will shrink by 0.4 percent this year; better than the 0.6 percent contraction in 2012, but 0.1 percentage points worse than the EU had forecast back in February. The report also had bad news for the wider 27-country EU: it now expects the regions economy to shrink by 0.1 percent...
  • 20 Signs That The Next Great Economic Depression Has Already Started In Europe

    05/02/2013 3:04:43 PM PDT · by Lorianne · 17 replies
    Economic Collapse Blog ^ | 29 April 2013 | Michael
    The next Great Depression is already happening - it just hasn't reached the United States yet. Things in Europe just continue to get worse and worse, and yet most people in the United States still don't get it. All the time I have people ask me when the "economic collapse" is going to happen. Well, for ages I have been warning that the next major wave of the ongoing economic collapse would begin in Europe, and that is exactly what is happening. In fact, both Greece and Spain already have levels of unemployment that are greater than anything the U.S....
  • 5 Tips to Prepare for a Cyprus-Type Event

    04/08/2013 1:31:19 PM PDT · by Kartographer · 54 replies
    1) Have your Standard Preparedness Supplies in Order. 2) Have Cash. 3) Have Precious Metals. 4) Buy a safe, then buy another one. 5) Off Shore Banking.
  • Austria attacks UK as EU finance talks get ugly

    04/12/2013 6:25:31 PM PDT · by Olog-hai · 12 replies
    EU Observer ^ | 12.04.13 @ 09:28 (April 12) | Andrew Rettman
    Austria has accused the UK of being a haven for money launderers ahead of an EU meeting in Dublin, with Cyprus, Ireland, Portugal and Slovenias (potential) bailout needs also on the agenda. The Austrian finance minister, Maria Fekter, described Britain as the island of the blessed for tax evasion and money laundering in an interview with her countrys Kurier newspaper on Thursday (11 April). Comparing the UK and its protectoratesmicro-states subject to British lawto Cyprus in terms of hosting secretive foundations and trusts, she noted: Just as we urged the abolition of sealed foundations in the Cyprus rescue to drain...
  • EMU plot curdles as creditors seize Cyprus gold reserves

    04/11/2013 9:02:50 AM PDT · by bruinbirdman · 24 replies
    The Telegraph ^ | 4/11/2013 | Ambrose Evans-Pritchard
    First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips. Then they seize three quarters of the countrys gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date. The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday. It is tucked away in clause 29. "Sale of excess gold reserves: The Cypriot authorities have committed to sell...
  • US keen for Germany to lead EU out of crisis

    04/09/2013 9:17:46 PM PDT · by Olog-hai · 2 replies
    EU Observer ^ | 09.04.13 @ 17:51 (April 9) | Valentina Pop
    US treasury secretary Jack Lew on Tuesday (9 April) hinted that Germany should boost its internal demand to help Europe get out of the crisis. But German finance minister Wolfgang Schuble said Berlin has no need for US tutelage. We need to balance policies of growth and fiscal consolidation. The driving force behind any recovery is consumer demand, so any policies to help encourage consumer demand in countries that have the capacity would be helpful, Lew said during a joint press conference with Schuble in Berlin.
  • EUs kleptocratic intentions to result in confidence crisis

    04/09/2013 12:15:12 PM PDT · by Olog-hai · 2 replies
    RT ^ | March 29, 2013 14:29 | Patrick L. Young
    Right now there is no trust binding together the original ideas of the European free trade zone. Without that commercial backbone, there can be no confidence in the future of Europe. The truth is that as confidence has drained from the EU, now trust too is evaporating. The recent actswhether enacted or notin Cyprus has delivered a hammer blow to the credibility of Brussels as a trustworthy steward of anybodys finances. Beneath a thin tissue of brazen statements of confidence there lie festering sores of economic mismanagement going septic as a result of previous poultices and treatments which are...
  • Treasury Secretary Lew Advises Europe To Increase Government Spending (Preview of Obamas Budget)

    04/09/2013 9:02:13 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/09/2013 | Anthony B. Sanders
    President Obamas budget will be released tomorrow and Treasury Secretary Jacob Lew is visiting Europe to preview President Obamas budget: increase in debt of $7.3 trillion and removal of spending controls. Lew is advising Europe to borrow and spend more. Washington Posts Zach Goldfarb reports Treasury Secretary Jack Lew, quickly embracing his role as the leading US diplomat on the economy, pushed his counterparts in Europe on Monday to do more to drive economic growth and enact stronger and more unified defenses against financial panics. In Brussels on Monday morning, Lew met with a series of officials that included European...
  • Netherlands, Portugal, the Next EU Chips to Fall?

    04/08/2013 9:10:06 AM PDT · by SeekAndFind · 6 replies
    Townhall ^ | 04/08/2013 | Michael Shedlock
    Most attention lately has been on Cyprus, Spain, and Italy. Long-time troubles have been brewing in Portugal and I have an update coming up shortly. First consider Underwater: The Netherlands Falls Prey to Economic Crisis.The Netherlands, Berlin's most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs. "Underwater" is a good description of the crisis in a country where large parts of the territory are below sea level. Ironically, the...
  • US Treasury chief urges EU to ease off austerity

    04/08/2013 4:08:03 AM PDT · by John W · 20 replies
    AP via Yahoo news ^ | April 8, 2013 | Juergen Baetz
    BRUSSELS (AP) European countries should ease off their austerity and adopt more growth-friendly policies, U.S. Treasury Secretary Jacob Lew said Monday as he kicked off a series of meetings with the region's top leaders. America's biggest trading partner and the world's largest economic bloc has entered the fourth year of its debt crisis, which has plunged many of the 27 EU governments into recession. The U.S. administration hopes Europe will relent in its focus on debt reduction, which has been hurting growth through spending cuts and tax increases. Lew, who became treasury secretary in February, started his first official...
  • Russia's Putin says "yes, we trust the euro"

    04/06/2013 6:57:51 PM PDT · by Tailgunner Joe · 5 replies
    reuters.com ^ | April 5, 2013 | Lidia Kelly and Steve Gutterman
    President Vladimir Putin said Russia had confidence in the euro and had made the right decision to keep much of its reserves in the European currency. "I would like to say it outright: yes, we trust the euro," Putin said, according to a Kremlin transcript of an interview with German public broadcaster ARD before a trip to Germany and the Netherlands. Putin said Moscow and the European Union have disagreements, but that the leading euro zone countries were moving in the right direction in handling the current crisis. "That gives us confidence that we have made the right move to...
  • The Truth About Taxes and Spending in Europe (What the countries in crisis have in common)

    04/05/2013 7:24:41 AM PDT · by SeekAndFind · 4 replies
    RCP ^ | 04/05/2013 | Alan Reynolds
    Several European countries, including Cyprus, have been mired in economic stagnation or decline for five years or more. Yet other countries in Asia and Latin America have flourished. What are the weakest economies doing wrong? What are the strongest doing right? Economist Jim ONeill coined the acronym BRIC in 2001 to refer to four economies which showed great potential then and now Brazil, Russia, India and China. More recently, he added four more promising MIST economies Mexico, Indonesia, South Korea and Turkey. In mid-2008, The Economist magazine drew a sharp contrast between the booming BRIC economies and four...
  • This is What Societal Collapse Looks Like

    04/03/2013 1:13:20 PM PDT · by Kartographer · 4 replies
    ZeroHedge ^ | 4/3/13 | Phoenix Capital Research
    So in the last few months weve discovered EU political leaders were on the dole during the boom times often receiving bribes and then hiding the money via tax evasion schemes. EU political leaders feel its acceptable to throw out issues like personal property rights and Democracy during the bust times. EU political leaders are so corrupt they dont even deny their crimes. When push comes to shove, EU leaders wont hesitate to STEAL citizens money to bail out their banker friends.
  • Eurozone unemployment hits 12%

    04/03/2013 12:01:20 PM PDT · by Olog-hai · 6 replies
    European Voice ^ | 02.04.2013 / 12:18 CET (April 2) | Ian Wishart
    Amid signs that recession in the single currency area may be deeper than expected, Eurostat, the European Union's statistical agency, announced than the jobless rate in February was 12%. Unemployment has now hit 58.4% in Greece, 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy. Joblessness is lowest in Austria (4.8%), Germany (5.4%), Luxembourg (5.5%) and the Netherlands (6.2%).
  • Europe's leaders paralysed as EMU jobless rate hits record high

    04/03/2013 12:46:10 AM PDT · by bruinbirdman · 12 replies
    The Telegraph ^ | 4/2/2013 | Ambrose Evans-Pritchard
    Eurozone unemployment reached a record 12pc in February and looks certain to ratchet higher as fiscal cuts deepen and manufacturing continues to struggle, raising the spectre of social explosion across southern Europe. A total of 19m people were out of work in the 17-member bloc in February, the European Unions statistics office said on Tuesday, a rise of 1.77m on the same month last year. Greece was the worst affected, with unemployment at 26.4pc, but Spain remains the hardest hit of the large economies with a jobless rate of 26.3pc. Youth unemployment is above 60pc across large parts of the...
  • Holland: "An Economy On The Brink" (Germany's most important ally in fiscal discipline in crisis)

    04/02/2013 11:29:59 AM PDT · by SeekAndFind · 12 replies
    Zero Hedge ^ | 04/02/2013 | Tyler Durden
    Infamous for little boys plugging holes with their fingers and grown-ups plugging their mouth with their foot (D-Boom), it seems Holland, Berlin's most important ally in the goal of greater fiscal discipline in Europe, has fallen into an economic crisis itself. As Spiegel reports, the once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.The statistics make for some worrisome reading: no nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about 650 billion in mortgage loans on...
  • EU: Cyprus has finally killed myth that EMU is benign

    03/28/2013 2:24:01 AM PDT · by bruinbirdman · 16 replies
    The Telegraph ^ | 3/27/2013 | Ambrose Evans-Pritchard, in Tokyo
    <p>The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.</p>
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/26/2013 1:01:30 PM PDT · by EBH · 42 replies
    Reuters ^ | 3/26/13 | Luke Baker
    A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro...
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/25/2013 3:17:42 PM PDT · by mdittmar · 10 replies
    Yahoo! ^ | 3/25/13 | Luke Baker Reuters
    BRUSSELS (Reuters) - A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the...
  • Russia says thanks, but no thanks; Cyprus goes into panic mode

    03/22/2013 8:48:49 AM PDT · by Ernest_at_the_Beach · 10 replies
    Hot Air ^ | 10:41 am on March 22, 2013 | by Erika Johnsen
    In the wake of declining to raid the countrys private bank accounts as part of the terms of a proffered bailout package from the EU and IMF, Cyprus was hoping they might be able to entice Russia to work out an alternative rescue plan for them, partially in exchange for some kind of claim on Cypruss gas reserves.So much for that plan. Russian gas giant Gazprom and oil company Rosneft did not display any interest in Cyprus hydrocarbons deposit offer to Russia, an Energy Ministry source told journalists. Another problem is Cyprus territorial disputes with Turkey, he added.Asked to assess...
  • Cyprus likely to go ahead with deposit tax

    03/21/2013 9:45:07 PM PDT · by Kartographer · 13 replies
    Market Watch ^ | 3/21/13 | Sarah Turner
    That provoked a threat from the ECB that it would cut off emergency lending to banks in Cyprus, with effect from next Monday night. The government of Cyprus is now trying to come up with an alternative plan, more palatable to parliament, before the ECBs deadline. On Thursday, reports emerged that Cyprus Popular Bank PCL also known as Laiki Bank will be split into a good bank and bad bank to avoid bankruptcy. Bank deposits totaling 100,000 or less, would also be protected, according to Cyprus central-bank Gov. Panicos Demetriades. Still, that implies that deposits of more than...
  • Cyprus receives Monday deadline to reach bailout deal

    03/21/2013 6:56:41 PM PDT · by Kartographer · 8 replies
    Washington Post ^ | 3/21/13 | Michael Birnbaum and Howard Schneider
    The euro currency union, a centerpiece of Europes efforts to knit its far-flung nations into a coherent whole, edged toward a rupture Thursday when the regions central bank said it was ready to pull the plug on Cyprus. The stark ultimatum came in a terse statement Thursday from the European Central Banks governing board, which said that on Monday it would cut off the flow of euros to Cypruss struggling banks unless the countrys leaders reach agreement with the International Monetary Fund and other European nations on the terms of a $20.5 billion bailout to save their country from financial...
  • Markets Turn South As Euro Train Wreck Continues At Full Speed

    03/21/2013 7:05:55 AM PDT · by blam · 5 replies
    TBI ^ | 3-21-2013 | Joe Weisenthal
    Markets Turn South As Euro Train Wreck Continues At Full Speed Joe WeisenthalMarch 21, 2013, 4:58 AM The Euro train wreck continues. Just this morning we've got: * A horrible German Flash PMI number. * A horrible French Flash PMI number. * An announcement from the ECB that it will shut off emergency funding for Cypriot banks by Monday. And the day's really just started. Markets are red. Italy is down 0.6%. Germany is down 0.8%. France is off 1%. For more on the Cypriot drop dead date, see here
  • Euro Area in Deep Trouble: Eurogroup Discussed Cypriot Euro Exit, Threatens to Cut Funding

    03/21/2013 7:45:46 AM PDT · by alexmark · 4 replies
    zerohedge‏@zerohedge2 min So this is what "Positive Contagion" means... zerohedge‏@zerohedge3 min LSE’s de Grauwe Says Euro Area in ‘Deep Trouble’ zerohedge‏@zerohedge11 min Russia's Klepach says Cypriot situation unlikely to be resolved soon. So... March 25 deadline ixnay? erohedge‏@zerohedge23 min Euro Official On Cyprus: "Markets Believe We Will Find A Solution, This Might Not Be The Case" http://www.zerohedge.com/news/2013-03-21/euro-official-cyprus-markets-believe-we-will-find-solution-might-not-be-case-we-have zerohedge‏@zerohedge11 min Russia's Klepach says Cypriot situation unlikely to be resolved soon. So... March 25 deadline ixnay? Gregor Peter‏@L0gg0l1 min RT @NickMalkoutzis: #Tsipras: #Greece is not behaving like the motherland for Cypriots but the step mother
  • Bernanke: Cyprus poses 'no major risk' to U.S. banks, economy

    03/21/2013 4:56:05 AM PDT · by John W · 26 replies
    nbcnews.com ^ | March 20, 2013 | John Schoen
    You dont need to worry about the financial crisis in Cyprus sparking trouble for the U.S., according to Federal Reserve Chairman Ben Bernanke. European officials marathon efforts this week to head off a collapse of the tiny island nations banking system have raised fears that the renewed turmoil in the euro zone could threaten the gathering momentum in the U.S. housing and job markets. But Bernanke said thats not likely. We are monitoring very carefully but at this point were not seeing major risk to the U.S. financial system or the U.S. economy, he told reporters Wednesday.
  • First Cyprus, Next the US

    03/20/2013 11:53:55 AM PDT · by quesney · 12 replies
    Slowly but surely we have seen the walls that once limited what government could do pulled down. Retroactive tax increases are now permitted. U.S. residents can be taxed as punishment for private services they choose not to purchase. Can confiscation of assets with due process, in the name of the greater national good be far behindeven though such a move would violate the constitutional protections we all currently enjoy? The welfare state is out of control and cannot pay its bills. It is writing checks it literally cannot cash, having to take out IOU after IOU to get the markets...
  • Everything is moving fast

    Cypriot parliament rejects ruling party request to postpone vote!!! PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy!!! zerohedge‏@zerohedge Cypriot parliament rejects ruling party request to postpone vote zerohedge‏@zerohedge PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy – PM https://twitter.com/zerohedge Juergen Baetz‏@jbaetz NICOSIA (@AP) #Cyprus’ Parliament’s speaker says vote on bank levy will go ahead today, despite delay request by the governing party. #sigh Cyprus parliament rejects deposit levy: reports http://www.marketwatch.com/story/cyprus-parliament-rejects-deposit-levy-reports-2013-03-19-14912938?link=MW_home_latest_news Former Cyprus Central Banker Goes Off On The EU And Says The European Project Is Dying “We are witnessing historic times. What...
  • Merkel to Cyprus: 'Talk to Troika not Russia'

    03/19/2013 9:13:58 PM PDT · by cunning_fish · 22 replies
    APF via The Local ^ | March 19, 2013
    German Chancellor Angela Merkel stressed in a phone call with the president of Cyprus that his country hold talks only with international creditors on its bailout deal and not third parties like Russia, a government spokeswoman said on Tuesday. "A telephone call between Mrs Merkel and the Cypriot president took place yesterday evening," the spokeswoman told news agency AFP. " The chancellor once again emphasised that the negotiations are to be conducted only with the Troika," she added, referring to the term used for the European Union, the European Central Bank and the International Monetary Fund. The comment was made...
  • Cyprus, Nigel Farage and Mother Green And Her Printing Machine

    03/19/2013 6:28:56 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 03/19/2013 | Anthony B. Sanders
    Well, Cyprus rejected the bank deposit levy that rattled financial markets around the world. After all, if the EU/IMF can call for such an extreme tax on a nations depositors, where will they stop? March 20 (Bloomberg) European policy makers must weigh how far to push Cyprus after lawmakers in the Mediterranean nation rejected an unprecedented levy on bank deposits, throwing into limbo a rescue package designed to keep it in the euro. Neil Farage, the leader of the UK Independence Party (UKIP) has an interesting take on the Cyprus problem: let Cyprus declare bankruptcy and leave the banks...
  • Cyprus bailout - Live

    03/19/2013 9:35:54 AM PDT · by Thurifer the Censer · 16 replies
    The Daily Telegraph ^ | 3/19/2013 | Daily Telegraph
    Cyrpus police outside of the parliament
  • Everything you need to know about banking, bailouts, and Cyprus

    03/18/2013 4:34:29 PM PDT · by Ernest_at_the_Beach · 15 replies
    blogs.marketwatch.com/cody ^ | March 18, 2013, 2:04 PM | Commentary By Cody Willard
    Good morning and welcome back to the land of anarchy where contracts and guarantees dont mean anything anymore. Over the weekend, as Im sure youve already heard, Cyprus and the EU and the IMF (and the U.S. Treasury which is part of the official decision-making body at the IMF) all decided that it was in societys best interests to confiscate the money in peoples checking and savings accounts. Not all of it, at least not yet.But as theres a ton of confusion and misdirection about what this latest round of theft of private capital and descent into anarchy really is,...
  • Europe is risking a bank run (Cyprian haircut)

    03/18/2013 11:19:50 AM PDT · by RoosterRedux · 14 replies
    ft.com ^ | 3/17/2013 | Wolfgang Mnchau
    Sir Mervyn King once said it was not rational to start a bank run but rational to participate in one once it has started. The governor of the Bank of England was right, of course. On Saturday morning, the finance ministers of the eurozone may well have started a bank run. With the agreement on a depositor haircut for Cyprus in all but name the eurozone has effectively defaulted on a deposit insurance guarantee for bank deposits. That guarantee was given in 2008 after the collapse of Lehman Brothers. It consisted of a series of nationally co-ordinated guarantees....
  • 'Merkel stole our life savings': Furious savers blame Germany for 10% tax to fund bank bailout....

    03/18/2013 6:46:57 AM PDT · by Kartographer · 55 replies
    Daily Mail ^ | 3/18/13 | HUGO GYE and MARIO LEDWITH
    Stock markets across Europe and Asia tumbled today as investors reacted to an unprecedented raid on bank accounts in Cyprus prompted by a 8.6billion bailout by the European Union. As the Cypriot parliament delayed a crucial vote on the measure for the second time, angry scenes erupted on the streets of the capital Nicosia. Protesters who stand to lose ten per cent of their savings stood outside the Parliament building holding anti-German banners which left doubt where they believe the blame lies for the latest crisis to envelope the eurozone. Meanwhile, many Britons who have moved to the Mediterranean island...
  • Now Cyprus: Has the Next Phase of the Global Crisis Arrived?

    03/18/2013 6:58:56 AM PDT · by SeekAndFind · 11 replies
    Minyanville ^ | 03/18/2013 | By Todd Harrison
    Cyprus --- officially the Republic of Cyprus --- is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria, Lebanon, northwest of Israel and north of Egypt.  I had to search Wikipedia for that information as I, like most of you, wasn't quite sure exactly where this island was.   This eurozone country, with population just north of one million, three-quarters of whom are Greek and most of the others Turkish, dominated the weekend financial news for those of us who were paying attention.  In a stunning shift from previous aid packages, EU...
  • Cyprus: banks shut till Thursday as government scrambles to amend savings levy - live

    03/18/2013 9:11:59 AM PDT · by E. Pluribus Unum · 22 replies
    The Guardian ^ | 18 March 2013 | Graeme Wearden
    Photos: protests in Nicosia Crucial parliamentary vote delayed until Tuesday Reports of a rethink on bank savings levy Vladimir Putin: savings levy is unfair and dangerous Midday: Markets claw back some losses
  • The next wave of the economic collapse would start in Europe and that is exactly what is happening

    The Dominos Are Falling: Europe Announces Stunning Bailout For Cyprus Bank Depositors To Get Instant 10% Haircut Before Banks Reopen This Week! Biggest Bank Run In History Starts Monday!! Europe Does It Again: Cyprus Depositor Haircut Bailout Turns Into Saver Panic, Frozen Assets, Bank Runs, Broken ATMs http://www.zerohedge.com/news/2013-03-16/europe-does-it-again-cyprus-depositor-haircut-bailout-turns-saver-panic-bank-runs-br Cyprus bailout comes at a cost to bank depositors http://www.marketwatch.com/story/cyprus-bailout-comes-at-a-cost-to-bank-depositors-2013-03-16?link=MW_home_latest_news CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout In the early hours of Saturday, Cyprus agreed to a bailout with the EU and IMF that is very controversial because it imposes an immediate one-time tax on everyone...
  • Two Of The Biggest Problems In The Financial System Will Hit In 2013

    01/14/2013 10:55:48 AM PST · by blam · 14 replies
    TMO ^ | 1-14-2013 | Graham Summers
    Two Of The Biggest Problems In The Financial System Will Hit In 2013 Stock-Markets / Financial Markets 2013Jan 14, 2013 - 03:11 AM By: Graham Summers This week is options expiration week: the week in which various call and put positions will expire. Wall Street is notorious for using these weeks to gun the markets this way and that in order to insure that the greatest number of puts and calls expire worthless. So expect the market to be even more volatile than usual this week. Outside of this, the investment world is slowly emerging from its Central Bank policy...
  • France Could Be Next European Economic Disaster

    01/12/2013 7:26:39 PM PST · by SeekAndFind · 7 replies
    US News ^ | 01/13/2013
    A failed plan to tax the rich at 75 percent. A glaring lack of global competitiveness. Famous actors trading in their French citizenship for Russian to avoid paying high tax rates. The news from Paris as of late has been a bit sensational, but also dire. Could France be the first northern country in the European Union to confront potential economic demise in 2013? Perhaps that assessment is not unlike Gerard Depardieu's highly publicized Moscow defectiona bit dramatic. But according to recent economic figures, there is some cause for concern. The French economyEurope's second largestgrew at just 0.1 percent in...
  • Southern Europeans flee to London to find work

    01/07/2013 8:57:09 PM PST · by Olog-hai · 12 replies
    EurActiv ^ | 07 January 2013
    Britain, and especially London, has become a popular place for tens of thousands of southern Europeans in search of work as the governments of Spain, Portugal and Italy continue to impose austerity measures. 5,350 Spaniards and 5,370 Italians were allocated national insurance numbers in London in the first quarter of 2012, according to The Times newspaper. The number of national insurance registrations for Spaniards across Britain has soared by 25% year on year. The unemployment rate is more than 25% in Spain.
  • EU leaders back Monti against Berlusconi

    12/15/2012 5:53:58 PM PST · by Olog-hai · 6 replies
    EU Observer ^ | 13.12.12 @ 18:35 (Dec. 13) | Honor Mahony and Valentina Pop
    Germanys Angela Merkel and other center-right leaders have indicated they would like to see Mario Monti to keep on running Italy instead of Silvio Berlusconi. The center-right leadersas well as the two Italian political adversariesmet in Brussels ahead of an EU summit on Thursday (13 December) in an event designed to prevent Italys political turmoil from stirring up the euro crisis once again. The center-right European Peoples Party (EPP) chief Hans Martens admitted to journalists he stage-managed the whole thing so that neither Monti nor Berlusconi knew the other would be there until the last minute to make sure that...
  • Hollandes World: French in Denial as Crisis Deepens

    12/13/2012 6:23:25 PM PST · by Olog-hai · 15 replies
    Der Spiegel ^ | 12/13/2012 | Romain Leick
    In the midst of the economic crisis, Frances Socialists are denying reality. The minister of industrial renewal is calling for nationalization of some industries, while the president shies away from necessary structural reforms. Business leaders fear the clock has been turned back 30 years. Frances business leaders felt as if they had been set back 30 years, to a time when the first Socialist president of the Fifth Republic, Franois Mitterrand, began his term with a wave of nationalizations and, after two years, was forced to reverse his policy. Some even drew a comparison with 1945, when the government...