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Keyword: euro

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  • Germany's top institutes push 'Grexit' plans as showdown escalates

    01/29/2015 7:54:25 AM PST · by C19fan · 4 replies
    UK Telegraph ^ | January 27, 2015 | Ambrose Evans-Pritchard
    A top German body has called for a clear mechanism to force Greece out of the euro if the left-wing Syriza government repudiates the terms of the country’s €245bn rescue. “Financial support must be cut off if Greece does not comply with its reform commitments,” said the Institute of German Economic Research (IW). "If Greece is going to take a tough line, then Europe will take a tough line as well." IW is the second German institute in two days to issue a blunt warning to the new Greek premier, Alexis Tsipras, who has vowed to halt debt payments and...
  • This Is The Beginning Of The End For The Euro

    01/27/2015 10:23:22 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 01/27/2015 | Michael Snyder
    The long-anticipated collapse of the euro is here. When European Central Bank president Mario Draghi unveiled an open-ended quantitative easing program worth at least 60 billion euros a month on Thursday, stocks soared but the euro plummeted like a rock. It hit an 11 year low of $1.13, and many analysts believe that it is going much, much lower than this. The speed at which the euro has been falling in recent months has been absolutely stunning. Less than a year ago it was hovering near $1.40. But since that time the crippling economic problems in southern Europe have gone...
  • Greek coalition braces for debt showdown as Germany rattles sabre

    01/27/2015 6:51:02 AM PST · by C19fan · 10 replies
    UK Telegraph ^ | January 26, 2015 | Ambrose Evans-Pritchard
    The new Greece of Alexis Tsipras will run out of money by early March. It will then face a series of escalating crunch points that will end in default and a return to the drachma unless it can reach a deal with EU creditors. Greece must repay €3.4bn to the International Monetary Fund in February and March. Tax revenues have collapsed as Greeks preempt what they hope will be a repeal of austerity taxes. “There is only €1.9bn left in the cash kitty, and the government has spending costs of $2.5bn coming up. Somebody needs to lend the country money...
  • Greece’s new anti-austerity government set on collision course with Brussels

    01/26/2015 12:57:20 PM PST · by tcrlaf · 51 replies
    UK Gaurdian ^ | 1-26-2015 | Helena Smith in Athens, Julian Borger in Brussels and Katie Allen in London
    Greek radicals sought on Monday to redraw the political map of Europe, forming a coalition government of left and right, united only by their desire to defy the European financial establishment and shrug off the constraints of austerity. The coalition, led by 40-year-old Alexis Tsipras, was expected to dispatch its new finance minister to Brussels in the next few days to seek a fundamental renegotiation of Greece’s economic bailout package, vowing that “the end of humiliation has come”. Tsipras and his Syriza party have promised to replace the austerity programmes imposed by Greece’s international creditors with policies aimed at helping...
  • 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...
  • Global economy hopes raised after European stimulus

    01/24/2015 10:50:50 PM PST · by Tolerance Sucks Rocks · 18 replies
    12 News ^ | January 25, 2015 | Pan Pylas
    DAVOS, Switzerland (AP) - The global economic outlook just got brighter after this week's big stimulus from the European Central Bank, leading policymakers from around the world said Saturday. In a panel at the World Economic Forum in Davos, they said a perkier Europe, coupled with a prolonged period of low oil prices, could help shore up the global economy following a period of underperformance that has prompted many forecasters to reduce their growth forecasts. "Lower oil prices and the big decision by ECB could further improve world economic outlook," said Haruhiko Kuroda, governor of the Bank of Japan.
  • As Euro Slides, Strategists Cut Forecasts

    01/24/2015 3:51:11 AM PST · by SkyPilot · 14 replies
    The Wall Street Journal ^ | 23 Jan 15 | Tommy Stubbington and James Ramage
    Rip up your euro forecasts. A day after the European Central Bank unveiled its bond-buying program, the single currency still was in free fall, blowing past analysts’ expectations for how low the euro can go. Some investors now say the euro could fall to the point where it is on equal footing with the U.S. dollar for the first time since it climbed above the buck in late 2002. “If you would have asked me a few months ago, I would’ve said that parity could be in the cards in the years ahead. Now, we can’t rule it out anymore...
  • This Is What Gold Does In A Currency Crisis, Euro Edition

    01/23/2015 1:19:26 PM PST · by blam · 18 replies
    Zero Hedge ^ | 1-23-2015 | Tyler Durden
    Tyler Durden 01/23/2015 Submitted by John Rubino via Dollar Collapse blog Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.(snip)
  • E.C.B. Stimulus Calls for 60 Billion Euros in Monthly Bond-Buying

    01/22/2015 6:38:28 AM PST · by John W · 5 replies
    New York Times ^ | January 22, 2014 | David Jilly & Jack Ewing
    FRANKFURT — The European Central Bank said on Thursday that it would begin buying hundreds of billions of euros worth of government bonds in an ambitious — though some say belated — attempt to prevent the eurozone from becoming trapped in long-term economic stagnation. The bank’s president, Mario Draghi, said the central bank would begin buying bonds worth 60 billion euros, or about $69.7 billion, a month. That is more spending than the €50 billion a month that many analysts had been expecting. The long-awaited program, known as quantitative easing, comes after inflation in the 19 countries of the eurozone...
  • Open-ended European QE set to 'start with a bang'

    01/22/2015 7:12:26 AM PST · by Red Badger · 15 replies
    CNBC ^ | 01/22/2015 | Katy Barnato
    European Central Bank (ECB) President Mario Draghi announced the launch of an open-ended, expanded monthly 60 billion euro ($70 billion) private and public bond-buying program on Thursday. The long-anticipated introduction of euro zone government bond purchases will bring the ECB's buying program into line with the U.S. Federal Reserve's quantitative easing (QE). The program will be open-ended, lasting until at least 2016, Draghi told reporters at his regular media conference on Thursday, and will start in March this year. The hope is that it will boost the region's painfully low inflation rate, which came in at an annual minus 0.2...
  • First Swiss Franc, Now Euro...RBC To Charge Negative Interest On Euro-Denominated Balances

    01/21/2015 5:52:23 PM PST · by alexmark1917 · 9 replies
    First Swiss Franc, now Euro... RBC TO CHARGE NEGATIVE INTEREST ON EURO-DENOMINATED BALANCES — Russian Market (@russian_market) January 21, 2015 Opinion: Think negative interest rates can’t happen here? Think again In the last week, the markets have had to get used to the idea of the negative interest rate, where you actually get charged for keeping money in the bank rather than going out and spending it. So far, that is restricted to two relatively small economies, both of which are struggling with the likely launch of a massive program of quantitative easing this week in the eurozone. But what...
  • The Swiss National Bank is 48% Privately Owne, No Wonder They De-pegged from the Euro

    01/19/2015 8:23:41 AM PST · by SeekAndFind · 10 replies
    Pragmatic Capitalism ^ | 01/19/2015 | BY CULLEN ROCHE
    Here’s something I didn’t know about the Swiss National Bank: “Many economists believe that balance sheet losses are irrelevant for a central bank, so they should play no role in policy. But the SNB is 45 per cent owned by private shareholders, many of whom are individuals, who receive dividends from the SNB. The rest is owned by the cantons, which have been complaining recently about insufficient cash transfers from the SNB.This ownership structure contrasts sharply with most other central banks, which are in effect government departments, wholly owned by the treasury and therefore the taxpayer. The Swiss set-up makes...
  • Warning: Bond rates are going negative

    01/15/2015 6:38:42 PM PST · by MeneMeneTekelUpharsin · 57 replies
    CNN Money ^ | 15 January 2015 | Matt Egan
    Investors are so nervous that they are basically willing to lose money when they buy some government bonds. It's part of the latest fad in finance that's all the rage: "going negative." The yields on government bonds in Europe and Japan have dipped into the uncharted waters of negative territory. That means buyers of those bonds are essentially taking a loss just to hold onto those assets. They think their money is better off losing a few cents than putting it elsewhere. "It's basically a fee for fear," said Nicholas Colas, chief market strategist at ConvergEx. "Fear of deflation, fear...
  • World deflationary forces have swept away Switzerland's defences

    01/16/2015 5:49:10 PM PST · by Lorianne · 17 replies
    Telegraph (UK) ^ | 15 Junuary 2015 | Ambrose Evans-Pritchard
    The Swiss National Bank has lost control. It is the latest in a list of venerable central banks to be overwhelmed by deflationary forces and global economic disorder. The country is already in deflation. The Swiss franc ended Thursday 13pc higher after the SNB abandoned its three-year efforts to defend a currency floor of 1.20 to the euro. “We have a free exchange rate once again,” said the SNB’s president, Thomas Jordan. Indeed, but nobody is fooled by the SNB’s attempt to spin this as benign. “This is a huge hit to their credibility,” said Deutsche Bank. The official statement...
  • Switzerland brings in negative interest rates to keep Swiss franc weaker as Russia mayhem prompts

    12/18/2014 7:09:33 AM PST · by C19fan · 11 replies
    UK Daily Mail ^ | December 18, 2014 | Tanya Jefferies
    The Swiss central bank plans to charge depositors a 'negative' interest rate of -0.25 per cent to discourage spooked investors from using it to shelter their cash. Money has flooded into Switzerland as market turbulence caused by the Russian rouble collapse and oil price slide has prompted a desperate search for safe havens in recent days. The Swiss National Bank said it would slash its interest rate on balances of over 10million Swiss francs from January 22 - effectively imposing a charge on depositors wanting to hold francs in a bid to keep its currency artificially weak against the euro.
  • Swiss ATM "Unable To Dispense Euros At The Moment"

    01/15/2015 6:42:04 AM PST · by tcrlaf · 14 replies
    Zerohedge ^ | 11-15-2015 | Durden
    Swiss ATMs refuse to deliver Euros...
  • U.S. Equity Futures Flat as Franc Soars on Swiss Move ("Extremely violent and totally unexpected")

    01/15/2015 6:00:23 AM PST · by SkyPilot · 27 replies
    Reuters and Fox News ^ | 15 Jan 15 | Reuters and Fox staff
    Global markets were thrown into turmoil on Thursday as a shock move by Switzerland to abandon its more than three-year-old cap on the franc sent the currency soaring and Europe's shares and bond yields tumbling. The franc jumped by almost 30 percent in a chaotic few minutes after the 1.20 per euro cap in place since late 2011 was lifted, surging past parity to trade as high as 0.8052 francs per euro. It was trading at 1.02600 at just after 1200 GMT. The move reversed an earlier rebound in risk appetite following an overnight recovery in commodity prices. Over 100...
  • It's Carnage-Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor-Macro Hedge Funds Crushed

    01/15/2015 5:13:21 AM PST · by tcrlaf · 15 replies
    Zerohedge ^ | 1-15-2015 | Durden
    "As if millions of macro hedge funds suddenly cried out in terror and were suddenly silenced" Over two decades ago, George Soros took on the Bank of England, and won. Just before lunch local time, the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances even more negative from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, announcing that the 1.20...
  • The 2015 Greek euro drama

    01/05/2015 7:02:09 AM PST · by Tolerance Sucks Rocks · 4 replies
    BBC News ^ | January 5, 2015 | Gavin Hewitt
    It did not take long. The game is very much in play. Greek voters are being bombarded with warnings about what is at stake when they go to the polls on 25 January. There is little that is coded in these messages. When a country has been bailed out to the tune of €240bn (£187bn; $286bn) there is no such thing as non-interference in Greece's internal politics. Most of the European political establishment does not want Greece to elect the radical left party Syriza led by Alexis Tsipras. The party is currently narrowly ahead in the polls. Mr Tsipras is...
  • Greece Heading to Early Elections After Presidential Vote Fails

    12/29/2014 1:41:46 PM PST · by C19fan · 4 replies
    NY Times ^ | December 29, 2014 | Niki Kitsantonis and Alan Cowell
    Governments and investors across Europe braced for renewed economic upheaval on Monday after the Parliament in Greece failed to avert an early general election, reviving the toxic debate over austerity as the way to cure the continent’s economic woes. The election, expected on Jan. 25, is likely to be won by Syriza, a leftist party that opposes the deep budget cuts Greece has implemented in recent years. The austerity measures were imposed as a condition of the huge financial bailouts Greece has received.
  • The Clock is Ticking in Switzerland

    11/25/2014 2:01:24 PM PST · by SeekAndFind · 9 replies
    Townhall ^ | 11/25/2014 | Peter Schiff
    For most of my career in international investing, I had always placed a great deal of faith in Switzerland's financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken. But this week (November 30th) a referendum in Switzerland on whether its central bank will be required to hold at least 20% of its reserves in gold, will offer ordinary Swiss citizens a rare opportunity to reclaim their country's strong economic heritage. It's a vote that few outside...
  • Falling inflation a worry for Europe but also the world

    11/23/2014 6:55:14 PM PST · by Tolerance Sucks Rocks · 60 replies
    Reuters ^ | November 23, 2014 | Ross Finley
    (Reuters) - European Central Bank President Mario Draghi has moved closer to launching sovereign debt purchases and data this week will show just how dangerously low inflation has fallen in the $13 trillion euro zone economy. A sickly Europe has held back global economic growth for years, and now it is contributing significantly to powerful forces already dragging down inflation across the globe. A spectacular drop in crude oil prices over the past month will be the center of discussion when ministers from the world's top oil exporters meets in Vienna on Friday.
  • Letter shows ECB threat ahead of Ireland bailout (European Central Bank)

    11/09/2014 10:32:21 PM PST · by Olog-hai · 2 replies
    EU Observer ^ | 11/06/14 @ 16:26 | Honor Mahony
    The European Central Bank on Thursday (6 November) formally made public a letter showing that the eurozone bank threatened to pull emergency bank funding if Ireland did not enter a bailout and undertake austerity measures in 2010. The letter, signed by the then-ECB president Jean-Claude Trichet, speaks of “great concern” about the solvency of Irish lenders—which had loaned heavily to the overheated construction sector—and the extent to which the whole eurosystem was exposed. It then says that the ECB would cut off emergency funding to Irish banks unless Ireland meets four conditions, including getting a bailout and undertaking “fiscal consolidation,...
  • Europe must drop the euro, Germany abandon mercantilism

    10/20/2014 2:25:51 PM PDT · by EBH · 5 replies
    UPI ^ | 10/20/2014 | Peter Moricici
    Europe faces yet another recession, and the prospect is shaking global financial markets. To eliminate the persistent threat of collapse, Europe must drop the euro, and Germany must abandon mercantilism. When the euro was adopted in 1999, domestic prices -- the face values for bonds and loans -- and bank accounts were translated into euros according to prevailing exchange rates for national currencies at the time. Initially, the single currency posed few significant problems. Over time, however, differences in labor market policies and geographic conditions that are difficult for governments to alter caused productivity to grow more rapidly in Germany...
  • Serbia v Albania Abandoned Following Mass Brawl (Euro Soccer Qualifier)

    10/14/2014 2:59:56 PM PDT · by dfwgator · 18 replies
    Guardian ^ | 10/14/2014 | Telegraph Sport
    Serbia's Euro 2016 qualifier against Albania was abandoned on Tuesday evening after a drone flown over the Partizan Stadium pitch carrying the pro-Albanian banner led to a clash between the two sets of players.
  • Europe could have a new problem on its hands: Pro

    09/05/2014 5:49:01 PM PDT · by Lorianne · 6 replies
    CNBC ^ | 04 September 2014 | Europe could have a new problem on its hands: Pro
    On Thursday morning, the European Central Bank surprised markets with a raft of stimulative measures including cuts in interest rates and the commencement of asset purchases. The news sent the euro currency much lower, but currency expert Boris Schlossberg of BK Asset Management identifies another reason why the euro could call even further: fresh concerns over a European Union breakup. ECB president Mario Draghi, in announcing the measures, mentioned that the vote was not unanimous. The strongest economy in the eurozone, Germany, is widely expected to have dissented. "It's a very, very tenuous union in many ways, and we see...
  • Euro, Technocrats and Media Role in the Undoing of Italy

    07/04/2014 12:23:18 PM PDT · by Enza Ferreri · 1 replies
    Enza Ferreri Blog ^ | 27 June 2014 | Enza Ferreri
    This is the fourth and final part of the article by Italian journalist Alessandra Nucci. Here are the first three parts: The Looting of ItalyHow the EU and the Left Ruined ItalyEU-Imposed Immigration Is Destroying Italy's EconomyAlso read Italy Invented Banks by Enza Ferreri ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The Attack Begins In Earnest2011 is when they began in earnest to train their guns on us, with the military aggression that started with the Nato attack on Libya culminating in half-truths calculated to stampede investors away from Italy in the direction of presumably safe bonds. And what bonds can be safer than Germany’s?...
  • The Euro Just Dived On News That Germany's Bundesbank Might Support More Easing

    05/13/2014 3:34:28 AM PDT · by PoloSec · 2 replies
    Business Insider ^ | May 13 2014 | Joe Weisenthal
    This is a shocker. According to reports, the Bundesbank — Germany's famously hard-money loving central bank — might be willing to engage in more stimulus if inflation forecasts decline. The WSJ says the Bundesbank is open to "significant" stimulus, including possibly negative rates. The euro is diving
  • Weapon of Last Resort: ECB Considers Possible Deflation Measures (European Central Bank)

    04/23/2014 7:01:40 PM PDT · by Olog-hai · 1 replies
    Der Spiegel ^ | April 23, 2014 – 06:18 PM | Christian Reiermann and Anne Seith
    One of European Central Bank President Mario Draghi’s most important duties is watching his mouth. One ill-considered utterance is enough to sow panic on the financial markets. But during a press conference earlier this month, Draghi allowed himself a telling slip. Speaking to gathered journalists at the Spring Meetings of the International Monetary Fund and the World Bank, Draghi twice almost uttered a word he has been at pains to avoid. “Defla…”, Draghi began, before stopping himself and continuing with the term “low inflation.”Yet despite Draghi’s efforts, the specter of deflation was omnipresent in Washington during the meetings. And it...
  • The Euro Is Not Overvalued (Nor Is Any Other Currency)

    03/22/2014 4:24:25 PM PDT · by BfloGuy · 5 replies
    The Mises Institute ^ | 3/22/2014 | Frank Hollenbeck
    A common argument for dumping the Euro is that it is overvalued, and that the ECB (European Central Bank) is unwilling to correct this so-called “problem.” This overvaluation is regularly cited as being over 10 percent against the dollar. The Swiss central bank surrendered control of its money supply by fixing its currency at 1.2 against the Euro essentially on the notion that its currency was “overvalued.” Advocates of a Euro breakup consider that a country with its own currency can then follow an independent monetary policy ensuring a competitive exchange rate. Never mind that neither the USA nor Great...
  • France Becoming Increasingly Euroskeptic: Poll Shows 52% of Workers Want to Leave the Euro...,

    03/02/2014 11:25:15 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | March 2, 2014 | Mike Shedlock
    The following bullet points are from the French Ipos Poll: New French fractures, results and analysis of the Ipsos/Steria. Although a huge majority of French want to stay on the Euro, a majority of "workers" don't. Poll Conclusions 79% distrust the outside world72% have no confidence in the French National Assembly74% think journalists do not write about the real problems66% think there are too many foreigners in France63% say Islam is not compatible with values of French society84% think politicians act for personal reasons70% Want strengthening of national power away from EU (up 5 percentage points from last poll)33% want...
  • Europe or Democracy? What German Court Ruling Means for the Euro

    02/11/2014 9:44:05 PM PST · by managusta · 8 replies
    Der Spiegel ^ | February 10, 2014 | SPIEGEL Staff
    Germany's Constitutional Court ruling last Friday marks a significant escalation in efforts to rein in the European Central Bank. The ruling's message? Either the European Court of Justice has to stop bond purchases or German justices will. It is also a clear indication that Germany's highest court is extremely skeptical of the ECB. Draghi's 2012 announcement that the ECB would embark on unlimited sovereign bond purchases from ailing euro-zone member states, the court found, is incompatible with European law. The ruling notes that OMT "exceeds the mandate" of the ECB and "encroaches on the responsibility of the member states for...
  • Central Planning & U

    02/06/2014 12:31:11 PM PST · by Academiadotorg · 5 replies
    February 6, 2014 | Spencer Irvine
    As the U. S. lurches towards a planned economy, it might be interesting to look at the experiences of countries which have already adopted this approach. Unfortunately, few professors will discuss central planning in anything but rhapsodic terms. One of the notable naysayers is Alex Tabarrok, an economist at George Mason University. In an appearance at the Cato Institute last month, he pointed out that: In Spain, the laws require 45 days severance pay for each year of service of a fired employee. As a result of this distorted incentive, businesses never want to hire or fire people, which contributed...
  • Germany’s Schäuble signals support for eurozone parliament

    01/28/2014 11:30:29 AM PST · by Olog-hai · 9 replies
    Reuters ^ | Mon Jan 27, 2014 9:19pm GMT | John O’Donnell
    Germany’s finance minister said on Monday he was open to the creation of a separate European parliament for countries using the euro, a step that could deepen divisions within the European Union. Wolfgang Schäuble’s comments, made during a visit to Brussels, challenge the very foundations of the European Union, where lawmaking for all 28 nations is by the bloc’s current parliament. Splitting that body, critics believe, would represent a dismantling of one of Europe’s biggest symbols of unity. But Schäuble said a separate parliament for the 18 countries in the eurozone would allow the smaller group to integrate more closely....
  • Euro bounces after unexpectedly strong German data

    11/22/2013 1:11:07 PM PST · by Berlin_Freeper
    reuters.com ^ | Nov 22, 2013 | Julie Haviv
    The euro rose to a four-year peak against the yen and gained for a second straight day versus the dollar on Friday after much-stronger-than-expected German business sentiment pointed to a continued rebound in Europe's largest economy. Comments from Federal Reserve officials saying a reduction in stimulus would be discussed at next month's monetary policy meeting failed to boost the dollar. Analysts said the market has already priced in Fed tapering talk in December, limiting its impact on the greenback.
  • Analysis: Convalescent euro zone seeks to escape debt overhang

    10/28/2013 7:30:32 AM PDT · by Oldeconomybuyer · 2 replies
    Reuters ^ | October 28, 2013 | By Paul Taylor
    As the euro zone's weakest members crawl out of their longest recession in modern history, their prospects of recovery are weighed down by a crushing mountain of debt far heavier than before four years of financial crisis. Italy, Greece, Ireland and Portugal all have public debt well in excess of annual economic output and risk a Japanese-style "lost decade" of grindingly low growth and high unemployment as they slowly repay their way out of trouble. "As Margaret Thatcher used to say: TINA - There Is No Alternative," said Graham Bishop, an economic consultant. Fiscal discipline and pro-market reforms to liberalize...
  • Time to take bets on Frexit and the French franc?

    10/14/2013 8:29:13 AM PDT · by ScaniaBoy · 12 replies
    Daily Telegraph ^ | 14 October, 2013 | Ambrose Evans-Pritchard
    We have a minor earthquake in France. A party committed to withdrawal from the euro, the restoration of French franc, and the complete destruction of monetary union has just defeated the establishment in the Brignoles run-off election. It is threatening Frexit as well, which rather alters the political chemistry of Britain's EU referendum. Marine Le Pen's Front National won 54pc of the vote. It was a bad defeat for the Gaulliste UMP, a party at risk of disintegration unless it can find a leader in short order. President Hollande's Socialists were knocked out in the first round, due to mass...
  • 84-year-old pro-lifer fined 10,000 euro for seeking to counsel women at abortion clinic: France

    09/19/2013 7:51:41 AM PDT · by Mrs. Don-o · 17 replies
    Lifesitenews ^ | Sep 17, 2013 | Jeanne Smits
    Dr. Xavier Dor An octogenarian and veteran pro-life activist in France was fined 10,000 euro ($13,360 US) on Monday for having twice visited a Paris abortion clinic where he met with staff and attempted to counsel abortion-bound women. The conviction is one of the first cases pleaded under a French law that prohibits putting “moral and psychological pressure” designed to obstruct abortion. The hefty fine is 2,000 euro more than had been demanded by the public prosecution. Since 2001, when the offense of “obstruction to abortion” was given a wider definition in law, the maximum fine for violating the statute...
  • The Fourth Reich

    08/21/2013 2:49:23 AM PDT · by ABrit · 4 replies
    Economics Observations ^ | August 21st, 2013 | Mark
    The Fourth Reich When the Second World War ended in 1945, imagine the conversation amongst the leading lights of West Germany's leaders. After several attempts, military domination of Europe was shown to be impossible, doomed by Germany's central position to always fight wars on two fronts against collectively superior forces. What should be the methods to achieve the Germans' long standing objectives of prosperity for their own people. If military domination and plunder were no longer possible, then perhaps peaceful economic domination could be achieved. But how?
  • A 47-story Spanish skyscraper forgets the elevator

    08/09/2013 12:40:53 PM PDT · by Red Badger · 60 replies
    www.smartplanet.com ^ | August 8, 2013, 1:28 PM PDT | By Tyler Falk
    In China they’re building the second-tallest skyscraper in the world with the world’s fastest elevators, stark contrast with Spain where, apparently, elevators in skyscrapers can’t be taken for granted. At least not in The Intempo skyscraper in Benidorm, Spain, according to Gizmodo’s Jamie Condliffe: Initially designed to be a mere 20 storeys tall, the developers got over-excited and pushed the height way up: now it boasts 47 storeys, and will include 269 homes. But that push for more accommodation came at a cost. The original design obviously included specifications for an elevator big enough for a 20-storey building. In the...
  • Defend Europe, if you still dare

    08/08/2013 11:44:56 AM PDT · by ScaniaBoy · 7 replies
    Daily Telegraph ^ | 8 August, 2013 | Ambrose Evans-Pritchard
    This from the ECB's monthly bulletin today: The youth jobless rate in Greece has just reached 64.9pc. Little to add. This is pure policy error. Europe has needlessly pushed the whole EMU bloc into a deep double-dip recession, and the longest unbroken contraction since World War Two.
  • Markets Overcome With Dollar Delirium

    05/21/2013 2:03:04 PM PDT · by KMR · 4 replies
    Forbes ^ | May 21, 2013 | Kenneth Rapoza
    Sharing this for those Freepers concerned about the dollar. It's actually strong compared to the euro and yen, but that's only cuz the Central Bankers there have opted to use more fire power against the weak dollar and make their currencies even WEAKER. What does this mean for those of us with real skin in the game, as in money in the markets?
  • Despite costly bailouts, Germany still benefits from the euro: Study

    05/04/2013 1:01:38 AM PDT · by Olog-hai · 8 replies
    EurActiv ^ | 03 May 2013
    Even if Germany had to write off the loans it extended to Southern European countries as part of the eurozone’s emergency rescue measures, the economic advantages of its membership would still be overwhelming, according to a recent study by the Bertelsmann Stiftung. … “Without the euro, growth of the real gross domestic product [GDP] in Germany would be lower by about 0.5 percentage points per year,” the study says, warning that without that euro, Europe “would fall apart politically” and become “a losing player in international competition.” And projections for the future are looking bright, the study adds. “Adding up...
  • Farage Warns: “It Will Be Wholesale, Violent Revolution” *Video*

    05/02/2013 3:48:21 PM PDT · by Kartographer · 5 replies
    SHTF Plan ^ | 5/2/13 | Mac Slavo
    Nigel Farage, well known for his anti-centralized government diatribes in which he has repeatedly targeted European leadership and finance ministers for the destruction of the Eurozone economy, warns yet again that the consequences for the actions of elite politicians and bankers will soon pour into the streets. You won’t see straight forward candidness like this from mainstream politicians, because most are terrified of speaking the truth and accepting blame. They know it’s coming and the fallout won’t be limited to just Europe. My fear is that, in the end, what will break up the Euro isn’t the economics of it....
  • Greece to push claim for German war reparations: foreign minister

    04/24/2013 1:05:14 PM PDT · by C19fan · 40 replies
    Reuters ^ | April 24, 2013 | Harry Papachristou
    Greece is planning to pursue a long-dormant claim for reparations from Germany over World War Two, a further strain on relations with Berlin, which foots most of the bill for its 240-billion euro rescue. The Finance Ministry has compiled a report that takes stock of all relating available documents spanning more than six decades, Greek Foreign Minister Dimitris Avramopoulos told parliament on Wednesday. It will be submitted to Greece's legal advisers and then Athens will decide how to officially press its claim, he said.
  • Analysis: Don't underestimate Germany's new anti-euro party(Yes to Mark, No to Euro)

    04/15/2013 9:52:42 PM PDT · by TigerLikesRooster · 5 replies
    Reuters ^ | Apr 14, 2013 | Noah Barkin
    Analysis: Don't underestimate Germany's new anti-euro party By Noah Barkin BERLIN | Sun Apr 14, 2013 5:22pm BST (Reuters) - The political establishment has dismissed Germany's new anti-euro party as a fear-mongering populist aberration that could implode even before a looming federal election. But the first congress of the "Alternative for Germany" (AfD) showed that the movement, launched only a few months ago by a group of renegade academics, journalists and businessmen, is striking a chord with voters and may prove an influential force come September.
  • Watch Margaret Thatcher Explain Why the Euro Is a Terrible Idea in 1990

    04/08/2013 9:13:19 AM PDT · by SeekAndFind · 28 replies
    The Atlantic ^ | 04/08/2013 | JORDAN WEISSMANN
    Say what you will about the rest of her legacy, but when it comes to the economic disaster today known as the euro, Margaret Thatcher was downright prophetic. In a delightfully acidic speech delivered before Britain's House of Commons in 1990, and posted below, she summed up her feelings about European integration: "No. No. No." Specifically, Thatcher opposed to the idea of handing political power to a European parliament, giving up the pound for a single European currency, or handing over its monetary policy to a European central bank. As she put it (in the blunt way only British politicians...
  • Thatcher: "No! No! No!"

    04/08/2013 8:56:43 AM PDT · by Nachum · 7 replies
    Youtube ^ | 9/21/2007 | ninthwave
    A heavily edited version of Margaret Thatcher's statement of 30 October 1990 to the House of Commons on the European Council meeting at Rome held on 27/28 October. The Council was meant to discuss the Uruguay Round on General Agreement on Tariffs and Trade which was due to end in a few months but for which the EC had not developed a policy (alone out of the trading blocs). However the Italian Prime Minister, Giulio Andreotti, decided that the Council would refuse to discuss the GATT and instead push for the final stage in European Economic and Monetary Union in...
  • 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...
  • Video: Brussels' Naked Ambition Revealed?

    03/28/2013 11:12:05 AM PDT · by jwsea55 · 6 replies
    Brussels' Naked Ambition Revealed?