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Keyword: eurobanking

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  • Visit to Germany: Gov. Walker says world will be better with trade agreement

    05/14/2015 9:03:37 PM PDT · by SoConPubbie · 24 replies
    Fox6Now.com ^ | April 14, 2015
    MADISON (AP) — Wisconsin Gov. Scott Walker tells a German audience that young people around the world will be stronger if a new trade agreement between the United States and the European Union can be reached.Walker made his comments Tuesday at the Hannover Messe trade show.A recording of his comments provided to The Associated Press shows the likely Republican presidential candidate voiced his support for the Transatlantic Trade and Investment Partnership, or TTIP. Negotiations between the U.S. and EU began on it in 2013 but many Europeans remain skeptical over concerns about environmental protections, labor security and other issues.Walker referenced...
  • Alexandre Lamfalussy, helped found euro currency, dies at 86

    05/11/2015 9:08:40 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | May 11, 2015 11:50 AM EDT
    Belgian economist Alexandre Lamfalussy, who headed the institution that became the European Central Bank and was credited as one of the founders of the shared euro currency, has died at age 86. […] Lamfalussy headed the Frankfurt-based European Monetary Institute from 1994-97. The institute laid the groundwork for the creation of a supranational central bank to manage the new currency. The institute became the European Central Bank in July 1998, under its first president, Wim Duisenberg. The euro was introduced on Jan. 1, 1999, with 11 member countries. …
  • Cameron’s triumph may weaken movement for Britain’s EU exit

    05/08/2015 6:18:24 PM PDT · by Olog-hai · 6 replies
    Associated Press ^ | May 8, 2015 12:01 PM ET | Raf Casert
    It might seem logical that triumph for David Cameron’s traditionally Euro-skeptic Tories would boost the likelihood of Britain splitting from the European Union in a referendum the prime minister has promised to call by 2017. But things are rarely so simple in European politics. Victory has given Cameron his best chance yet to push through enough reform within the EU to avoid “Brexit.” And the poor showing of the UK Independence Party—whose iconic leader Nigel Farage resigned after failing to win his seat—greatly frees up the British leader to seek a compromise with his EU counterparts. Cameron’s Conservatives also represent...
  • HSBC looks at moving HQ from Britain as tax and regulations bite (also “Don’t leave EU!”)

    04/25/2015 8:46:51 AM PDT · by Olog-hai · 2 replies
    Reuters ^ | Fri Apr 24, 2015 11:34pm BST | Steve Slater and Sinéad Cruise
    HSBC, Europe’s biggest bank, has ordered a review into whether it should move its headquarters out of Britain and potentially back to its former home in Hong Kong, threatening London’s reputation as a global hub for finance and investment. The announcement from HSBC, founded in Asia but a key part of the British establishment, prompted a warm response from Hong Kong, where it is revered as “The Bank”, and silence from the British government. The commitment to the review comes less than two weeks before British parliamentary elections on May 7 and poses challenges for both Prime Minister David Cameron...
  • E.U. Charges Russian Energy Giant Gazprom With Abusing Its Dominance

    04/22/2015 5:05:38 AM PDT · by McGruff · 4 replies
    NY Times ^ | APRIL 22, 2015 | JAMES KANTER
    European antitrust regulators on Wednesday charged the Russian energy giant Gazprom with abusing its dominance in natural gas markets, a move amounting to a direct challenge to the authorities in Moscow. The European Commission, the European Union’s executive arm, said that unfair pricing might have resulted in higher gas prices in Bulgaria, Estonia, Latvia, Lithuania and Poland, which have long been wholly or substantially dependent on Russian gas. In those countries, the commission said, Gazprom was suspected of charging wholesalers prices that were significantly higher compared with the company’s costs or to benchmark prices.
  • EU-US trade talks prompt German ire

    04/18/2015 12:30:33 PM PDT · by Olog-hai · 10 replies
    TheLocal.de ^ | 18 Apr 2015 13:35 GMT+02:00 | (AFP)
    Say four simple letters, TTIP, to many Europeans and you’re likely to be met with a blank stare. But in Germany, where resistance to the proposed US-EU free trade pact or Transatlantic Trade and Investment Partnership is fiercest, the response is likely to be a volley of angry words. In fact, in the whole of Europe, perhaps only in Austria and Luxembourg is the interest and opposition likely to be of a similar magnitude, as a new round of talks—the ninth since last year—kicks off in New York on Monday. According to a YouGov poll published at the end of...
  • Greeks brim with pride as country totters on the edge

    02/15/2015 5:32:22 AM PST · by C19fan · 39 replies
    Reuters ^ | February 15, 2015 | Deepa Babington and Karolina Tagaris
    For over a fortnight, Europe's single warning to Greece has been that the chaos and misery of national bankruptcy await it unless its new left-wing government changes its anti-austerity tune. The message of impending doom appears to have gone largely unnoticed on the streets of Athens, where a mood of hope and optimism bordering on euphoria reigns as Greeks see themselves finally shaking off foreign shackles to shape their own destiny.
  • ‘Europe isn’t working’ says Cameron

    03/17/2015 2:36:55 PM PDT · by Olog-hai · 9 replies
    EurActiv ^ | 17/03/2015 - 15:38 | Mark Briggs
    Speaking to BuzzFeed, Cameron admitted any future negotiations would be “tough”, but maintained his stance that a continuation of the status quo was “not an option”. The EU “isn’t working properly” and too many people are happy to “go on as they are”, Prime Minister David Cameron said yesterday (16 March). “Europe isn’t working properly. You can see that by the fact that Britain, outside the euro, has created more jobs in the last five years than the other 27 put together,” said Cameron. “Rather than burying this under the carpet, let’s work out what needs to change.” […] Yesterday,...
  • Germany joins China development bank

    03/17/2015 10:10:58 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 17 Mar 2015 11:38 GMT+01:00
    Finance Minister Wolfgang Schäuble confirmed on Tuesday that Germany has agreed to join the China-led Asian Infrastructure Investment Bank (AIIB), despite pressure from the US.Germany, France and Italy “want to bring our long experience … to help the bank build a solid reputation,” Schäuble said at a joint press conference in Berlin with Chinese vice-premier Ma Kai. “We want to make a contribution to the positive development of the Asian economy, in which German companies are actively taking part,” he said. France and Italy have also agreed to become members of the $50-billion institution, seen as a rival to the...
  • The E.U. Experiment Has Failed

    03/16/2015 8:23:01 PM PDT · by annalex · 33 replies
    Hoover Institution ^ | March 5, 2015 | Bruce Thornton
    The E.U. Experiment Has Failedby Bruce ThorntonThursday, March 5, 2015 The slow-motion crisis of the European Union is the big story that rarely gets the attention it deserves. Even an event like the recent terrorist attack in France that left 17 dead is often isolated from the larger political, economic, and social problems that have long plagued the project of unifying the countries of Europe in order to harness its collective economic power, and to avoid the bloody internecine strife that stains its history. On the economic front, the E.U.’s dismal economic performance over the last six years was summed...
  • Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’

    03/11/2015 10:10:41 AM PDT · by Olog-hai · 20 replies
    Der Spiegel ^ | March 10, 2015 – 04:06 PM | Julia Amalia Heyer and Christoph Pauly
    In an interview with Spiegel, celebrated French economist Thomas Piketty speaks about Alexis Tsipras’ election victory in Greece, Europe’s inability to fix its financial woes and what EU leaders can learn from the United States. […] “We may have a common currency for 19 countries, but each of these countries has a different tax system, and fiscal policy was never harmonized in Europe. It can’t work. In creating the eurozone, we have created a monster.” […] “We need a fiscal union and a harmonization of budgets. We need a common debt repayment fund for the eurozone, like the one proposed...
  • Varoufakis unsettles Germans with admission Greece won't repay debts

    03/10/2015 8:42:13 AM PDT · by tcrlaf · 19 replies
    Reuters UK ^ | 3-10-2015 | Madeline Chambers
    Greek Finance Minister Yanis Varoufakis has described his country as the most bankrupt in the world and said European leaders knew all along that Athens would never repay its debts, in blunt comments that sparked a backlash in the German media on Tuesday. A documentary about the Greek debt crisis on German public broadcaster ARD was aired on the same day euro zone finance ministers met in Brussels to discuss whether to provide Athens with further funding in exchange for delivering reforms. "Clever people in Brussels, in Frankfurt and in Berlin knew back in May 2010 that Greece would never...
  • Germans happy with being EU top dogs (happy with Berlin ruling the EU)

    03/04/2015 4:31:35 PM PST · by Olog-hai · 6 replies
    TheLocal.de ^ | 03 Mar 2015 11:38 GMT+01:00 | Tom Barfield
    Germans are more supportive of how the EU is run than any other member state, but experts tell The Local that may only last as long as the economic good times. Among Germans, 69 percent told Gallup pollsters that they “approve” of the EU leadership's job performance in 2014. That was well above the average approval rating of 49 percent across all member states, while just three other countries—Ireland, Belgium and Luxembourg—topped 60 percent approval. “[The results] might be an indication that some Germans now start to identify leadership within the European Union with their own government and with the...
  • McDonald’s accused of avoiding €1bn in taxes (by European trade unions)

    03/01/2015 12:46:57 PM PST · by Olog-hai · 9 replies
    EU Observer ^ | 26 Feb 2015, 09:24 | Benjamin Fox
    Fast-food giant McDonald’s has avoided paying €1 billion in tax across the EU, and should be included in the EU’s probe on “sweetheart” tax deals, according to a report published Wednesday (25 February). The report, published by the European Federation of Public Service Unions, its US Counterpart and the charity War on Want, accuses McDonald’s of “aggressive and potentially abusive optimization of its structure which has led to the avoidance of significant amounts of tax across the continent”. It concludes that “it is likely that the company reached a secret tax deal with Luxembourg”. In July 2009, the Happy-Meal maker...
  • EU unveils vast plan to merge 28 energy markets

    02/25/2015 6:15:20 AM PST · by Olog-hai · 3 replies
    Associated Press ^ | Feb 25, 2015 8:18 AM EST | Lorne Cook
    The European Union’s executive has unveiled a vast plan to boost coordination between the EU’s 28 national energy markets to wean Europe off unstable Russian gas supplies and provide cheaper energy for consumers. European Commission Vice President Maroš Šefčovič on Wednesday called it “undoubtedly the most ambitious energy project” since the inception of the EU over half a century ago. He believes that improving links across borders in Europe’s energy grid could save businesses and consumers up to €40 billion ($45.4 billion) a year. A more energy-independent Europe will also increase the EU’s political options in eastern Europe. […] “Our...
  • One fifth of Germans want revolution: report

    02/23/2015 8:26:50 AM PST · by Olog-hai · 20 replies
    TheLocal.de ^ | 23 Feb 2015 14:27 GMT+01:00 | Matty Edwards
    One in five Germans believe that a revolution would be the only way to truly reform society, a study released by the Free University of Berlin on Monday shows. Anti-capitalism, anti-fascism and anti-racism were all are prominent positions according to the study entitled “Against state and capital—for the revolution”, which has revealed a public much further to the left than previously thought. In the report, 20% of the people surveyed agreed with the statement that “Living conditions won’t be improved by reforms—we need a revolution”. A similar percentage of people said they saw the rise of a new fascism in...
  • Charity finds most Germans ever in poverty

    02/19/2015 12:08:50 PM PST · by Olog-hai · 15 replies
    TheLocal.de ^ | 19 Feb 2015 16:53 GMT+01:00 | (DPA/The Local)
    Poverty levels in Germany have reached an all-time high, with 15.5 percent of the population—or 12.5 million people—affected. Single parents and unemployed people were the hardest hit, according to a report from a welfare association. Over 40 percent of single parents and almost 60 percent of the unemployed are poor, according to the Paritätische Gesamtverband, an umbrella organization for associations focusing on social services. Older people and retirees, around 15 percent of whom are considered poor, are the fastest growing demographic group in terms of poverty, according to the report released on Thursday. One of the report authors, Christian Woltering,...
  • New Report Reveals the Depth of German Poverty (Really?! In the Worker's Paradise?!)

    05/25/2009 12:11:12 PM PDT · by AlaskaErik · 32 replies · 1,486+ views
    TIME via Yahoo ^ | May 25, 2009 | TRISTANA MOORE
    To many on the outside, Germany looks like a big, rich country enjoying the benefits of being Europe's largest economy. Inside, Germans know that looks can be deceiving. As in any nation, parts of Germany suffer from poverty, and Germans have always assumed they knew which parts: the west is rich and the east is poor. But a new report reveals the truth isn't that simple. The wealth imbalance in Germany isn't just between east and west; there are also large regional differences between the country's north and south. And across the country there are pockets of poverty more crushing...
  • Greece's leaders stun Europe with escalating defiance

    02/09/2015 10:26:07 PM PST · by NRx · 36 replies
    The Telegraph ^ | 09-02-2015 | Ambrose Evans-Pritchard
    Greece’s finance minister Yanis Varoufakis has spelled out the negotiating strategy of the Syriza government with crystal clarity. “Exit from the euro does not even enter into our plans, quite simply because the euro is fragile. It is like a house of cards. If you pull away the Greek card, they all come down,” he said. “Do we really want Europe to break apart? Anybody who is tempted to think it possible to amputate Greece strategically from Europe should be careful. It is very dangerous. Who would be hit after us? Portugal? What would happen to Italy when it discovers...
  • EU commission hopes global standard will end tax evasion (avoidance; ‘tax havens’ etc.)

    02/09/2015 11:57:20 AM PST · by Olog-hai · 15 replies
    EU Observer ^ | 02/09/2015 19:26 | Nikolaj Nielsen
    The European Commission is hoping that a new global reporting standard will eradicate tax evasion and tax fraud in the wake of the latest revelations in Switzerland. “We are hoping that the coming into force of this new agreement at the very latest by 2018 will put an end to tax evasion and fraud by the use of secret bank accounts,” European Commission spokesperson Vanessa Mock told reporters in Brussels on Monday (9 February). The EU and Switzerland negotiated an agreement on the taxation of savings back in 2014. The plan is to unravel the Swiss tradition of banking secrecy...
  • Cyprus Airways shuts after EU order to repay state aid

    01/30/2015 6:49:21 AM PST · by Olog-hai · 1 replies
    European Voice ^ | 01/09/2015 17:20 CET | Dave Keating
    The national airline of Cyprus has ceased operations after the European Commission ordered that it must repay €65 million in illegal state aid. The Commission ruled that the airline, which has been losing money for some time and is 94% government-owned, must pay back €65 million of the €103 million that it received in state aid in 2012 and 2013. The airline has been receiving money from the government since 2007. …
  • Eurozone deflation hits –0.6%

    01/30/2015 6:32:21 AM PST · by Olog-hai · 13 replies
    European Voice ^ | 01/30/2015 11:42 CET | Dave Keating
    The eurozone experienced negative inflation for the second month in a row, according to a flash estimate published today (30 January) by Eurostat, the European Union’s statistical office. Inflation is expected to be at −0.6%, with consumer prices falling further than economists had forecast. The fall represents the biggest decline in prices in the history of the euro. […] The drop was driven by the fall in energy prices (−8.9%, compared with −6.3% in December). […] The deflationary spiral comes as Mario Draghi, the president of the European Central Bank (ECB), is trying to tackle deflation with a policy of...
  • Austrian Bank On The Edge! Derivatives Is 10 Times The Size Of The Global Economy

    01/28/2015 1:49:24 PM PST · by alexmark1917 · 18 replies
    Last year Austria's largest bank, Erste Bank, sent shudders of Credit Anstalt through the European Banking System. This year it is Austria's 3rd largest bank that is scaring investors senseless. On the heels of the Swiss National Bank's decision to un-peg from the Euro, Raiffeisen Bank's Swiss-Franc-Denominated mortgage worries have resurfaced (along with Russian/Ukraine writedowns) and nowhere is that more evident than the total collapse of the bank's bonds (from over 95c to 65c today). Even after the ECB Q€ (and some apparent intervention to weaken the Swissy) bonds kept free-falling. Perhaps, The Freedom Party's demands for a bailout will...
  • 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...
  • ECB unveils €1.1 trillion stimulus plan (European Central Bank; $1.25 trillion)

    01/22/2015 2:15:52 PM PST · by Olog-hai · 10 replies
    EU Observer ^ | 01/22/2015 18:09 | Benjamin Fox
    The European Central Bank will plough €1.1 trillion into the eurozone economy in a last-ditch attempt to breathe life into the European economy. At its monthly governing council on Thursday (January 22), the bank’s governing council agreed to start buying up to €60 billion of government bonds from March in an unprecedented quantitative easing program. The program is open-ended, and will run until September 2016 at the earliest. Speaking at a press conference following the governing council meeting, ECB president Mario Draghi said that the bond-buying program would remain in place “until we see a sustained adjustment in the path...
  • Germany repatriates more gold: Bundesbank

    01/20/2015 12:01:25 AM PST · by Olog-hai · 8 replies
    The German central bank, or Bundesbank, said Monday that it stepped up the repatriation of its gold reserves from overseas storage last year. “The Bundesbank successfully continued and further stepped up its transfers of gold,” the central bank said in a statement. “In 2014, 120 tonnes of gold were transferred to Frankfurt from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York.” Germany’s gold reserves are the second-biggest in the world after those of the United States and totaled 3,384.2 tonnes this month, according to the latest data compiled by the World Gold Council. …
  • Operation Helicopter: Could Free Money Help the Euro Zone?

    01/09/2015 1:19:20 AM PST · by Olog-hai · 8 replies
    Der Spiegel ^ | January 06, 2015 – 12:22 PM | Anne Seith
    It sounds at first like a crazy thought experiment: One morning, every resident of the eurozone comes home to find a check in their mailbox worth over €500 ($597) and possibly as much as €3,000. A gift, just like that, sent by the European Central Bank (ECB) in Frankfurt. The scenario is less absurd than it may sound. Indeed, many serious academics and financial experts are demanding exactly that. They want ECB chief Mario Draghi to fire up the printing presses and hand out money directly to the people. The logic behind the idea is that recipients of the money...
  • German inflation lowest since October 2009

    01/05/2015 3:13:02 PM PST · by Olog-hai · 1 replies
    TheLocal.de ^ | 05 Jan 2015 14:53 GMT+01:00 | (AFP)
    Inflation in Germany, Europe’s biggest economy, slowed to just 0.2 percent in December, its lowest level in more than five years, and averaged 0.9 percent for the whole of 2014, according to new figures released on Monday. […] Using the Harmonized Index of Consumer Prices (HICP)—the yardstick used by the European Central Bank—inflation in Germany was even lower at 0.1 percent in December, way under the ECB’s annual inflation target of just below 2.0 percent. The chronically low level of inflation across the single currency bloc has fueled concern the region could slip into deflation—a sustained and widespread drop in...
  • EU calls euro membership ‘irrevocable’ but renegotiable

    01/05/2015 7:28:29 AM PST · by Olog-hai · 14 replies
    Associated Press ^ | Jan 5, 2015 10:25 AM EST | Raf Casert
    The European Union’s executive Commission said Monday that membership in the euro bloc is “irrevocable” but left it open to what extent Greece could renegotiate the terms after elections on Jan. 25. Greece’s left-wing Syriza party leads the polls ahead of the elections and is in favor of changing the conditions of the country’s international bailout deal. That would likely anger the rest of the eurozone, which has given Athens the bulk of the rescue loans. […] EU spokeswoman Annika Breidthardt said Monday that if the Greek elections call for a need to reconsider the conditions of Athens’ membership within...
  • Merkel ready to let Greece exit eurozone: report

    01/05/2015 12:33:17 AM PST · by Olog-hai · 26 replies
    TheLocal.de ^ | 04 Jan 2015 10:16 GMT+01:00 | (AFP)
    German Chancellor Angela Merkel is prepared to let Greece leave the eurozone if Greeks elect a government that jettisons the country’s current austerity course, according to German media reports. The report in the Der Spiegel daily, which cited sources close to the German government, comes as polls show a radical leftist party leading the field three weeks ahead of a snap election in Greece. The Syriza party of Alexis Tsipras has pledged to reverse reforms imposed by Greece’s international creditors and renegotiate its bailout deal. …
  • Development NGOs warn EU ministers against their ‘fixation’ with the private sector

    12/14/2014 10:40:00 AM PST · by Olog-hai · 6 replies
    EurActiv ^ | 12/12/2014 - 16:57 | Georgi Gotev
    EU development ministers met today (12 December) in Brussels and adopted a “perspective” to boost the role of the private sector in the field of development cooperation. But leading NGOs warned that placing the private sector at the center of EU development policy “shows ministers have failed to acknowledge its limitations”. EU ministers adopted Council Conclusions, which contain strong language in favor of engaging more with the private sector. Ministers state that the private sector “is emerging as an increasingly active player in the development field”, and describe its role as “key” for implementing the future sustainable development goals. Ministers...
  • Juncker seeks to bypass vetoes on tax reform (European Union breaking its own rules again)

    12/10/2014 9:38:31 PM PST · by Olog-hai · 1 replies
    EU Observer ^ | 12/10/14 @ 18:39 | Honor Mahony
    European Commission president Jean-Claude Juncker has indicated he will try and get around member states’ veto powers over fiscal issues when he proposes new laws to clamp down on tax avoidance. In an interview with the Frankfurter Allgemeine Zeitung, he said he may use a majority vote to get a forthcoming law on the automatic exchange of tax rulings (letters that give companies favorable tax conditions) passed. “I have not excluded that we change the rules using a qualified majority (of member states). I will leave the technical and legal aspects aside now, but it would affect aspects of administrative...
  • Economists urge reform for Germany, France

    11/29/2014 5:01:05 PM PST · by Olog-hai · 13 replies
    The Local ^ | Published: 28 Nov 2014 08:19 GMT+01:00 | (AFP)
    A top level economic report on Thursday urged European heavyweights France and Germany to implement urgent economic reforms, warning that Europe risked falling into a “stagnation trap”. “In France, we fear lack of boldness for decisive reforms. In Germany, we fear complacency,” said the report, drawn up by two leading economists for the French and German governments. In a hotly-awaited set of proposals to jumpstart the traditional Franco-German motor that drives the European economy, Henrik Enderlein and Jean Pisani-Ferry concluded: “France and Germany spend a lot of time on joint declarations and initiatives. We miss action.” […] “We think the...
  • China unexpectedly cuts rates to support economy

    11/21/2014 11:07:52 AM PST · by Olog-hai · 6 replies
    Associated Press ^ | Nov 21, 2014 12:24 PM EST | Joe McDonald
    China’s central bank unexpectedly slashed interest rates on Friday to re-energize the world’s No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown. On top of the rate cut, Chinese authorities promised to inject credit into the financial system if needed. Meanwhile, the president of the European Central Bank said Friday he was ready to step up stimulus for the 18-country eurozone economy, whose performance continues to disappoint. And Japan’s government this week delayed a tax increase after the country slipped back into recession. News of China’s...
  • Dutch admit prepping for eurozone breakup in 2012

    11/18/2014 9:47:34 AM PST · by Olog-hai · 6 replies
    Associated Press ^ | Nov 18, 2014 11:53 AM EST
    Dutch Finance Minister Jeroen Dijsselbloem has acknowledged that the Dutch government drew up plans for what to do if the single European currency had collapsed during the summer of 2012. In an interview with RTL television on Tuesday, Dijsselbloem said there was a plan to return to the Dutch guilder in a worst-case scenario. …
  • 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,...
  • ECB ready to pump €1 trillion into euro zone economy

    11/07/2014 3:51:45 PM PST · by TigerLikesRooster · 16 replies
    Irish Times ^ | Fri, Nov 7, 2014
    ECB ready to pump €1 trillion into euro zone economy Central bank ramps up efforts to rescue single currency bloc from deflation risk The European Central Bank is ready to inject up to €1 trillion of new liquidity into the euro zone economy as it ramps up efforts to rescue the single currency bloc from the risk of Japanese-style deflation, Mario Draghi confirmed yesterday. The ECB president also said the central bank’s governing council was unanimous in its commitment to use further unconventional tools, including quantitative easing, should economic conditions deteriorate. He added that the central bank had stepped up...
  • EU auditors refuse to sign off more than Ł100 billion of its own spending

    11/05/2014 1:37:34 AM PST · by Olog-hai · 4 replies
    Daily Telegraph (UK) ^ | 10:00PM GMT 04 Nov 2014 | Bruno Waterfield and Peter Dominiczak
    The European Union is accused of “breathtaking hypocrisy” for continuing to demand that David Cameron pays a Ł1.7 billion bill despite its own auditors failing to give a clean bill of health to more than Ł100 billion of spending by Brussels. According to the annual report of the European Court of Auditors, seen by The Telegraph, Ł5.5 billion of the EU budget last year was misspent because of controls on spending that were deemed to be only “partially effective” by experts. The audit, published this morning, found that Ł109 billion out of a total of Ł117 billion spent by the...
  • Eurozone ‘a problem’ for the world economy

    10/31/2014 10:50:42 AM PDT · by Olog-hai · 8 replies
    EurActiv ^ | 31/10/2014 — 08:50 | Anne-Claude Martin (translated from French by Samuel White)
    The eurozone is struggling to revive itself, and may slip into recession in the next two years, slowing down the global economic recovery, according to the French Economic Observatory (OFCE). The director of the OFCE’s analysis and forecast department, Xavier Timbeau, presented his economic predictions for 2014-2015 on 29 October, saying “the eurozone is a problem for the global economy”. The expert believes that the eurozone is acting as a brake on the world economy, and will enter into “a phase of low inflation or even deflation in certain countries,” leading to a eurozone recession within two years. The Observatory’s...
  • UK rejects ‘appalling’ EU demand for more money

    10/24/2014 9:08:38 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Oct 24, 2014 12:01 PM EDT | Raf Casert and Mike Corder
    British Prime Minister David Cameron insisted Friday he would not pay a European Union bill for an additional €2.1 billion ($2.65 billion) contribution to the EU coffers at a time of increasing pressure at home for the country to leave the bloc. Thumping his fist in frustration, Cameron said “people should be in no doubt: as an important contributor to this organization, we are not suddenly going to get out our checkbook and write a check for €2 billion. It is not happening.” Cameron said asking Britain for a top-up of some 20 percent in its contributions on short notice...
  • Germany gets €780m EU rebate for poor growth

    10/24/2014 7:46:44 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 24 Oct 2014 11:19 GMT+02:00
    Germany will get an early Christmas present of around €779 million from the EU, thanks to weaker than expected GDP growth. It will receive the rebate on its contributions to the European Union on December 1st, while Britain will have to pay €2.1 billion on the same day. “The British economy is growing much faster than the others, and the logic is the same as with tax: if someone earns more, they pay more tax,” EC spokesman Patrizio Fiorilli told AFP. …
  • European authorities aim to purge weak banks

    10/23/2014 4:29:52 AM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Oct 23, 2014 6:22 AM EDT | David McHugh
    Europe’s biggest banks are facing a day of judgment as the European Central Bank prepares to unveil the results of a yearlong search through the dark corners of their finances. It’s a step that comes none too soon for the struggling economy of the 18-country eurozone. The ECB review to be unveiled Sunday seeks to identify banks that are too weak to lend to businesses or make it through another recession and force them to strengthen their finances. It includes a detailed look at 130 banks’ loans, holdings and investments, as well as a so-called stress test that simulates how...
  • EU's triple whammy: Recession, deflation, and debt

    10/16/2014 7:34:02 AM PDT · by SeekAndFind · 5 replies
    American Thinker ^ | 10/16/2014 | Rick Moran
    Here we go again. Another sovereign debt crisis on the periphery of the EU is underway and many of the same factors that led to previous debt meltdowns are present. Germany is headed for a triple dip recession. Continent-wide deflation is nearly a reality. And many EU nations are smashing the debt limits demanded by treaty, thus threatening the Euro itself. All of this is impacting the percentage of debt in relation to GDP in several countries, making government bonds more expensive and debt servicing a nightmare. The Hill: Among Europe's most recent economic tremors has been the growing evidence...
  • Eurozone in danger of repeating Japanese stagnation, IMF chief warns

    10/10/2014 6:07:07 AM PDT · by TigerLikesRooster · 10 replies
    euobserver ^ | 2014/10/10 | Benjamin Fox
    Eurozone in danger of repeating Japanese stagnation, IMF chief warns By Benjamin Fox BRUSSELS - International Monetary Fund boss Christine Lagarde has warned that the eurozone risks following Japan and falling into a prolonged cycle of recession and stagnation. Speaking on Thursday (9 October) ahead of the IMF's annual meeting in Washington DC, Lagarde said: “We have also alerted to the risk of recession in the eurozone", putting the likelihood of a drop in output at "between 35-40%, which is not insignificant". “We are not saying that the eurozone is heading towards recession, but we are saying that there is...
  • Ireland economy grows 7.7 percent, leads eurozone

    09/18/2014 7:54:42 AM PDT · by Olog-hai · 9 replies
    Associated Press ^ | Sep 18, 2014 9:28 AM EDT | Shawn Pogatchnik
    Ireland’s economy is growing at a rapid pace last experienced at the tail-end of the Celtic Tiger boom, government statisticians reported Thursday as economists declared an end to the country’s financial doldrums. The report from the Central Statistics Office said gross domestic product grew 7.7 percent from July 2013 to June 2014, the biggest annual rate of growth since early 2007. It said quarterly GDP rose 1.5 percent versus the January-March quarter. Finance Minister Michael Noonan said the figures suggested that Ireland would record around 4.5 percent GDP growth this year, accelerating the country’s escape from debt woes that forced...
  • Investors buy German debt at negative rates

    09/17/2014 12:06:48 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Sep 17, 2014 1:15 PM EDT | David McHugh
    Investors have bought billions of euros in German treasury notes that pay negative interest—meaning the purchasers agreed to pay a small fee for the privilege of lending the German government their money. […] Germany auctioned €3.34 billion ($4.3 billion) Wednesday in two-year notes at an average yield of minus 0.07 percent. Rates are very low all over, and German debt is considered ultra-safe, so security-minded investors are paying for safety. Expectation the European Central Bank will buy bonds has also driven down yields, which move opposite to prices. And the small negative yield on the notes is still a better...
  • For Europe’s vast unemployed, hopes remain dim

    09/06/2014 6:19:31 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Sep 6, 2014 9:02 AM EDT | Paul Wiseman
    For the struggling Spanish shopkeeper or the Portuguese restaurant owner, the European Central Bank’s latest economic stimulus plans won’t likely provide much relief anytime soon. If ever. Confronting a stalled economy and painful unemployment across Europe, the ECB is doing what it can. It surprised economists and investors Thursday by cutting its benchmark interest rate to a record-low 0.05 percent. And it announced plans to pump money into the financial system by buying bonds backed by assets such as auto and credit-card loans. But Europe faces a crushing array of problems—from burdensome regulations to growth-killing budget policies—that analysts say remain...
  • France and Friends: Merkel Increasingly Isolated on Austerity

    09/06/2014 4:20:58 AM PDT · by Olog-hai · 13 replies
    Der Spiegel ^ | September 03, 2014 – 04:41 PM | Nikolaus Blome, Ralf Neukirch, Christian Reiermann, Mathieu von Rohr and Christoph Schult
    The debate over Germany’s insistence on eurozone austerity has flared anew as an ailing France continues to demand economic stimulus. The European Central Bank may now be siding with Paris, leaving Merkel looking increasingly alone. […] Berlin is particularly alarmed by the stance taken by ECB head Mario Draghi. At the annual conference of top central bankers from around the world at Jackson Hole, Wyoming in August, Draghi surprised those present by saying “there is leeway to achieve a more growth-friendly composition of fiscal policies.” It was a comment that came close to the kind of debt-fueled growth stimulus measures...
  • EU exit could force Wall Street banks to desert Britain

    08/22/2014 1:51:28 PM PDT · by Berlin_Freeper · 11 replies
    telegraph.co.uk ^ | 18 Aug 2014 | Bill Gardner
    Wall Street banks could desert Britain if the country decides to leave the European Union, senior figures in the industry have reportedly said. Some major institutions are believed to be already drawing up plans to move activities abroad amid concerns that the UK is drifting further away from the EU. Most US and Asian banks currently run their main European operations from the UK, which gives them a passport to provide services across the EU. But if the UK left the European Union, it is believed to be unlikely foreign banks based in London would carry on receiving the same...
  • Canada-EU free trade deal may pave way for US agreement

    08/06/2014 10:38:43 PM PDT · by Berlin_Freeper · 1 replies
    bbc.com ^ | 6 August 2014 | BBC
    Canada and the European Union have agreed the final text for a free trade agreement that could provide a blueprint for a US-EU trade deal. Tuesday's deal will cut tariffs between Canada and the EU by 98% and could boost trade by 20%, or about $20bn.