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Keyword: euro

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  • 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?
  • What’s the matter with Cyprus?

    03/26/2013 6:00:11 PM PDT · by moneyrunner · 13 replies
    Korving & Company ^ | 3/25/2013 | Moneyrunner
    Cyprus has gotten a great deal of attention recently because it has run into very severe problems with its banks. As a result, it has come looking for a bail-out from the European Union. How did this come about? It turns out that Cyprus is something of a banking haven for Russian plutocrats who were looking for a “safe” place to stash cash. As we all know, banks accept deposits but they don’t simply keep those deposits in the vault. They lend the money out to make a profit. The problem the Cypriot banks faced is that they received so...
  • Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

    03/26/2013 5:09:41 AM PDT · by MeneMeneTekelUpharsin · 41 replies
    The Telegraph - UK ^ | 26 March 2013 | Bruno Waterfield
    Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced. The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy. The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises...
  • SOCGEN: 'Depression For Cyprus'

    03/25/2013 7:40:24 AM PDT · by blam · 26 replies
    TBI ^ | 3-25-2013 | Sam Ro
    SOCGEN: 'Depression For Cyprus' Sam RoMarch 25, 2013, 6:50 AMEuro zone leaders have finally structured a deal to bail out Cyprus' financial system. But the terms come with harsh austerity and a massive deleveraging requirement. "As part of the agreement, the Cypriot financial sector will be downsized to match that of the EU average by 2018," writes Societe General economist Michala Marcussen. So, Cyprus' financial system may have been saved (for now). But it doesn't mean all will be well in the economy. Here's Marcussen: Depression for Cyprus: Our Cypriot GDP forecast entails a drop of just over 20% in...
  • Europe Has A Crisis — And It's Much Bigger Than Cyprus

    03/23/2013 11:49:39 AM PDT · by blam · 14 replies
    Tbi ^ | 3-23-2013 | Joe Weisenthal
    Europe Has A Crisis — And It's Much Bigger Than Cyprus Joe WeisenthalMarch 23, 2013REUTERS/Christian Hartmann In a way, Europe should be thrilled by the week that was because financial markets barely batted an eye at the crisis in Cyprus. But Europe has a problem on its hands that's bigger than Cyprus: The economy stinks. This week we got fresh proof that things are bad or getting worse. In France, the Flash PMI report (which is a mid-month look at the combined services and manufacturing sectors of the economy) came in dismal, with the output index falling to a four...
  • The Euro may be doomed whether Cyprus stays or goes

    03/22/2013 7:09:37 AM PDT · by SeekAndFind · 36 replies
    Marketwatch ^ | 03/22/2013 | Darrell Delamaide
    However the crisis in Cyprus is resolved, there will be lasting effects on the European Union that may well have sealed the fate of the euro. After a brief respite with the markets focused on the U.S. Federal Reserve’s monetary policy meeting, the crisis returned to the forefront when the European Central Bank set a deadline of Monday to agree on a rescue for Cypriot banks or it would withdraw its liquidity support for them. The rejection of a bailout requiring a tax on deposits by the Cyprus Parliament and failure to reach a new agreement forced the government to...
  • 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 nation’s 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 parliament rejects haircut bill

    03/19/2013 11:40:40 AM PDT · by abb · 80 replies
    ekathimerini.com ^ | March 19, 2013 | Staff
    Cyprus parliament rejects haircut bill The Cypriot House of Representatives rejected overwhelmingly on Tuesday the bill that would have inflicted a haircut on bank accounts. There were 36 No votes and not a single Yes vote, as the 19 deputies of ruling Democratic Rally (DISY) who were present abstained, while another one of them was absent. Cyprus speaker Yiannakis Omirou urged MPs to say «no to blackmail» as angry crowds also called for a «No» vote outside Parliament and held up signs warning that other financially crippled European nations like Italy and Spain could be next in line. "There can...
  • 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
  • After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

    03/18/2013 12:20:36 PM PDT · by SeekAndFind · 38 replies
    TEC ^ | 03/18/2013 | Michael Snyder
    Cyprus is a beta test. The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it. Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there. The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that. Instead, they decided that this would be a great time to test...
  • The Second Horseman of the Apocalypse...

    03/14/2013 7:22:55 AM PDT · by Thurifer the Censer · 19 replies
    The Final Comnflict ^ | 3/14/2013 | Thurifer the Censer
    Apparently people have short memories. In the decade following the collapse of the Soviet Bloc the possibility of war on the European continent was considered so remote as to be laughable. Then came the horrors of the Bosnian war as cultural and ethnic divisions splashed blood over such pretensions. Quickly however most slipped back into complacency, this time is different they said, it can't happen again, this isn't the Europe of the 90s. They are right, the situation in Europe isn't the same....it's worse. Unemployment in Greece and Spain now rivals that of the Great Depression. In France "youths" (or...
  • 40% Of Germans Age 40-49 Just Say "Nein" To Euro

    03/11/2013 10:16:27 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 03/11/2013 | Tyler Durden
    In news that is hardly welcome to Chancellor Merkel and her September reelection hopes, German Focus magazine revealed that a substantial 26% of all Germans would back a party that wants to quit the euro. Even more disturbing is that a whopping 40% of all Germans in the prime 40-49 age group are tired of supporting a failed monetary regime and will just say "nein" to the European globalist experiment at preserving the status quo if just given the opportunity. The Italian virus is spreading: the question is which "clown" will show up on the cover of the Economist...
  • Dangerous Times: How Euro-socialism Set off a Fascist Bomb

    03/02/2013 7:14:19 AM PST · by Hotlanta Mike · 16 replies
    American Thinker ^ | March 2, 2013 | James Lewis
    In the terrible economic crisis of 1922 Benito Mussolini got 25% of the vote in Italy. Two years later he had more than a majority. You know the rest. In the economic crisis of 2013, Beppe Grillo received 24% of the vote (see last week's analysis of Grillo's political beliefs). This week he blocked a government from forming. Grillo now controls the Senate, but he is going for a majority in both houses in the upcoming vote in June. That's in Italy, but in Greece the Golden Dawn party is following the same path. So is the new Hungarian fascist...
  • A strong euro is the last thing Europe needs if currency war dawns

    01/16/2013 11:04:46 AM PST · by DeaconBenjamin · 3 replies
    Yahoo News ^ | 1 hour 14 minutes ago | By Simone Foxman
    Yesterday Jean-Claude Juncker, who presides over meetings of European finance ministers, complained that the euro’s value has become “dangerously high.” The comments took many by surprise; it’s when the currency has been strongest that investors have shown the most faith in the euro’s continued survival. The euro hit $1.34 on Monday—its highest value since February 2011. But ironically, this renewed faith in the euro currency comes at the worst possible time for the euro-zone economy. Although policymakers finally appear to be making a concerted slog towards union, the years of political turmoil have severely stunted investment in the euro zone,...
  • 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 defection—a bit dramatic. But according to recent economic figures, there is some cause for concern. The French economy—Europe's second largest—grew at just 0.1 percent in...
  • Greek journalists bombed over economic crisis reports

    01/11/2013 10:30:39 AM PST · by ScaniaBoy · 15 replies
    Daily Telegraph ^ | 11 January, 2013 | Denis Roland and agencies
    Five Greek journalists working for major media outlets have had their homes targeted by small makeshift bombs. The attacks, made in the early hours of Friday by unknown assailants, are believed to be fuelled by discontent over the reporters' portrayal of the country's financial crisis. Greece - in its sixth year of recession - has so far received international bailouts from its troika of lenders - the IMF, EU and European Central Bank - totalling €240bn (£198bn). The bombings were the first such coordinated offensives against mainstream journalists since the Greek debt crisis erupted in 2009. Among those targeted by...
  • Silvio Berlusconi: "Italy May Be Forced To Leave The Eurozone And Return To The Lira"

    12/18/2012 5:35:49 PM PST · by SeekAndFind · 8 replies
    Zero Hedge ^ | 12/18/2012 | Tyler Durden
    Reminding the world of just the kind of truthiness that got him sacked originally by that other Italian, the Ex-Goldmanite Mario Draghi, back in November 2011, and which the world has to look forward to when Silvio Berlusconi returns to power some time in 2013, even if not as PM (a position he currently has a snowball's chance in hell of regaining based on current political polls), Reuters informs us that the Italian, who certainly has not read the Goldman book on status quo perpetuation, just said the unimaginable: the truth. To wit: "If Germany doesn't accept that the...
  • KYLE BASS: Germany Could Exit The Euro In '3-4 Years'

    11/16/2012 1:58:53 PM PST · by ExxonPatrolUs · 8 replies
    Business Insider ^ | Nov. 16, 2012 | Lucas Kawa
    Hedge fund manager Kyle Bass was on Bloomberg’s Market Makers with Stephanie Ruhle talking about his bearish views on the E.U. and the status of the currency union as a whole. He said that the E.U. is “three times more levered” than the U.S. and that the entire system is “on life support.” He believes that the there's a small window of short-term investment opportunities in the E.U. that are akin to "picking up a dime before a bulldozer." Bass also echoed the popular opinion that Greece needs to leave the E.U. if it is ever going to be competitive....
  • The time-bomb at the heart of Europe. Why France could become the biggest danger to the Euro.

    11/16/2012 1:47:52 PM PST · by SeekAndFind · 3 replies
    Economist ^ | 11/16/2012
    THE threat of the euro’s collapse has abated for the moment, but putting the single currency right will involve years of pain. The pressure for reform and budget cuts is fiercest in Greece, Portugal, Spain and Italy, which all saw mass strikes and clashes with police this week (see article). But ahead looms a bigger problem that could dwarf any of these: France. The country has always been at the heart of the euro, as of the European Union. President François Mitterrand argued for the single currency because he hoped to bolster French influence in an EU that would otherwise...
  • 1930s medicine pushes Europe back into double-dip recession

    11/15/2012 3:27:26 PM PST · by Oldeconomybuyer · 6 replies
    UK Telegraph ^ | November 15, 2012 | By Ambrose Evans-Pritchard
    The Dutch economy shrank by 1.1pc in the third quarter amid a deep housing slump, and even Austria has begun to succumb. Finland’s economy has shrunk by 1pc over the last year. “Recession comes as no surprise and it is going to get worse next year,” said Desmond Supple from Nomura. “Europe has imposed dusted-off policies from the 1930s and they are driving peripheral countries towards depression,” he said. “We are seeing a mix of pro-cyclical fiscal austerity, overly-tight monetary policy, and regulatory overkill under the Basel III bank rules that are forcing lenders to tighten credit. Europe is stuck...
  • Massive anti-austerity protest floods Madrid

    11/14/2012 3:27:04 PM PST · by Oldeconomybuyer · 15 replies
    Expatica Spain ^ | November 15, 2012
    Protesters on Wednesday flooded Madrid in a massive show of force against biting austerity policies, capping a Europe-wide day of strikes and protests. Many of the demonstrators, who also turned out in large numbers in other parts of Spain including in northeastern Barcelona, wore T-shirts declaring their allegiance to education and public health. "Public health for all," said some shirts. "We have the solution, send the bankers to prison!" protesters chanted in a sea of flags of the main CCOO and UGT unions, who organized Spain's second general strike in just eight months. Many tens of thousands of people joined...
  • Anti-austerity protests: violence continues into the night

    11/14/2012 3:20:52 PM PST · by Oldeconomybuyer · 7 replies
    Guardian UK ^ | November 14, 2012
    Workers angry over austerity cuts and tax rises launched a Europe-wide string of rallies and strikes on Wednesday, shutting transport, grounding flights and closing schools. In Lisbon, protesters tore down the barricades surrounding the Portuguese parliament, as a day of peaceful protests turned violent as night fell. Riot police stepped in to make a human barrier outside the parliament as they faced off against the advancing demonstrators. Allegedly pelted with rocks and bottles by some of the protesters the police later charged forward from the parliament steps lashing out with their batons.
  • Euro-Zone Unemployment Strikes Record

    10/31/2012 6:50:35 AM PDT · by Oldeconomybuyer · 3 replies
    Wall Street Journal ^ | October 31, 2012 | BY ALEX BRITTAIN
    The number of people out of work in the euro zone climbed to another record high in September, the latest evidence of the damage the region's long-running fiscal crisis is doing to the real economy as governments cut spending to try to control their debts. Eurostat, the European Union's official statistics agency, said Wednesday that 18.49 million people were unemployed in the euro zone in September, after 146,000 more people lost their jobs during the month. The total is the highest on record for the 17 nations that now use the euro, based on data going back to 1995.
  • The Problem With Centralisation

    10/18/2012 10:36:14 AM PDT · by arthurus · 4 replies
    Arizonomics ^ | October 13, 2012 | Nassim Taleb
    The European Union is a horrible, stupid project. The idea that unification would create an economy that could compete with China and be more like the United States is pure garbage. What ruined China, throughout history, is the top-down state. What made Europe great was the diversity: political and economic. Having the same currency, the euro, was a terrible idea. It encouraged everyone to borrow to the hilt. The most stable country in the history of mankind, and probably the most boring, by the way, is Switzerland. It’s not even a city-state environment; it’s a municipal state. Most decisions are...
  • A Fascist party in full cry. Black-shirts smashing migrants' homes. Swastikas on the streets

    10/18/2012 6:29:45 AM PDT · by C19fan · 27 replies
    UK Daily Mail ^ | October 18, 2012 | Sue Reid
    Dressed in black shirts with faces hidden by helmets, ten men on motorbikes came to find him on a Saturday, after darkness fell. Finding the door bolted at his home in a pot-holed Athens side street, they smashed the windows, broke in and trashed the place. Then, their dirty work done, the neo-Nazi gang roared away into the hot evening. It had taken less than a minute for them to sound an ugly warning that foreigners were not welcome in Greece. Their target was Imam Shahbaz Siddiqi, a 42-year-old spiritual leader of the Greek capital’s 500,000 Muslims. ‘I was at...
  • New Powers for Brussels: Germany's Schäuble Presents Master Plan for Euro

    10/16/2012 4:56:04 PM PDT · by Olog-hai · 12 replies
    Der Spiegel ^ | 10/16/2012
    German Finance Minister Wolfgang Schäuble is determined to end the euro crisis once and for all. On Sunday he effectively ruled out a Greek bankruptcy, and is now proposing far-reaching reforms to stabilize the currency union. Under his plan, Brussels would be granted far greater powers over national budgets. … The European commissioner for economic and currency affairs is to become equally powerful as the commissioner for competition. The competition commissioner is entitled to make decisions independently and does not require the agreement of the other commissioners in making those decisions. If the currency affairs commissioner were truly independent when...
  • Exclusive: Spain ready for bailout, Germany signals "wait" - sources

    10/02/2012 10:16:01 AM PDT · by mojito · 5 replies
    Reuters ^ | 10/2/2012 | Julien Toyer
    Spain is ready to request a euro zone bailout for its public finances as early as next weekend but Germany has signalled that it should hold off, European officials said on Monday. The latest twist in the euro zone's three-year-old sovereign debt crisis comes as financial markets and some other European partners are pressuring Madrid to seek a rescue programme that would trigger European Central Bank buying of its bonds. "The Spanish were a bit hesitant but now they are ready to request aid," a senior European source said. Three other euro zone senior euro zone sources confirmed the shift...