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Keyword: eurobanking

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  • France targets carbon tax in energy transition law (quadruples rate in five years)

    07/27/2015 12:44:52 PM PDT · by Olog-hai · 7 replies
    EurActiv ^ | 27 Jul 2015 08:03 | (Journal de l’Environnement | translated by Samuel White)
    The debate is finally over. After more than a year of national consultations, draft bills and parliamentary discussions, French MPs finally adopted the bill for an Energy Transition for Green Growth on Wednesday 22 July. The substance of this far-reaching bill was subject to significant re-shaping by both houses of the French parliament, as well as the government. […] The adopted bill contains several last minute additions, including a Senate amendment to increase the carbon tax on fossil fuel use to €56 per ton in 2020, a four-fold increase, and €100 in 2030. “The trajectory of the carbon tax increase...
  • Should Germany exit the euro?

    07/24/2015 8:50:40 PM PDT · by Olog-hai · 27 replies
    Deutsche Welle ^ | 24.07.2015 | Maya E. Shwayder
    Through all the haggling and hair-pulling in the past months over more austerity, fewer creditors getting their money, and a dreaded “Grexit”—a scenario in which Greece would leave Europe’s currency union—at least four prominent economists in three major American publications have casually and quietly suggested there may be a third way: A German exit. That is, Germany should exit the euro, and clear the way for countries in the south of Europe—notably, Greece, Italy, Spain, and probably Portugal—to reconcile their debt with a greatly depreciated currency and maybe finally get a handle on their economies. The latest thinker to suggest...
  • UN Security Council unanimously approves Iran deal; EU Ministers Approve Pact Ahead of UN Vote

    07/20/2015 7:55:05 AM PDT · by SeekAndFind · 15 replies
    Times of Israel ^ | 07/20/2015 | BY MARISSA NEWMAN AND AP
    The UN Security Council on Monday unanimously adopted a resolution endorsing the Iran nuclear deal and paving the way to lifting longstanding sanctions on the Islamic Republic. The 15-0 approval of the Iran nuclear deal clears one of the largest hurdles for the landmark pact, which will now go before the US Congress where it may face an uphill battle for confirmation. The UN vote came shortly after the European Union approved the nuclear deal, okaying the pact between the five permanent members of the Security Council plus Germany and Iran that lifts punishing economic sanctions on Tehran in exchange...
  • Spiegel Interview with Wolfgang Schäuble: ‘There Is No German Dominance’

    07/20/2015 11:02:09 AM PDT · by Olog-hai · 6 replies
    Der Spiegel ^ | July 17, 2015 – 07:29 PM | Klaus Brinkbäumer, Michael Sauga and Christian Reiermann
    Criticism of Germany’s role in the recent negotiations over Greece’s future has been fierce. Spiegel speaks with Finance Minister Wolfgang Schäuble about the government in Athens, his own feelings about a Grexit and his relationship with Chancellor Merkel. […] Spiegel: Germany took on a leadership role in the negotiations with Greece—and adopted a “very patronizing tone,” as European Parliament President Martin Schulz lamented. Does it worry you that people across Europe are talking about a “new German dominance?” Schäuble: There is no German dominance. Germany is in a good position economically, that is undeniable. But in contrast to France and...
  • [Germany’s Economy] Minister: Iran must rethink stance on Israel

    07/20/2015 10:00:18 AM PDT · by Olog-hai · 8 replies
    TheLocal.de ^ | 20 Jul 2015 14:21 GMT+02:00 | (AFP)
    Germany believes Iran should rethink its stance on Israel as last week’s nuclear deal means it must “bear new responsibilities, at home and abroad”, Economy Minister Sigmar Gabriel said on Monday during his visit to the Islamic republic. […] “With the nuclear agreement and the economic recovery that will surely come after it, Iran will also bear new responsibilities, at home and abroad,” he told delegates at a conference in the capital. “You must understand that for us Germans, the security of the state of Israel is also of great importance. I understand how difficult the debate is, and we...
  • Germans are richer than ever before: study

    07/20/2015 9:39:08 AM PDT · by Olog-hai · 20 replies
    TheLocal.de ^ | 20 Jul 2015 16:51 GMT+02:00 | (DPA/The Local)
    German private households collectively hold more wealth than ever before, according to a report released by the German Federal Bank on Monday. A strong labor market and comfortable incomes have helped German households’ financial assets to rise by €140 billion in the first quarter of the year, according to the report, climbing to €5.212 trillion—a record high. […] Germans still showed an “ongoing high level of risk aversion” and did not take advantage of low interest rates by taking out significant loans. […] But such wealth is not necessarily shared equally across the country. A study last year revealed that...
  • GREECE PLEDGES TO GET RID OF TAX EVASION AS A WAY OF LiIFE

    07/14/2015 4:37:12 PM PDT · by grumpygresh · 13 replies
    ABC news ^ | 7/14/15 | Alan Cledenning
    ... Bokas also does installation and repair jobs — and half of those involve cash deals with no receipts for his labor. The result is that a job costing 250 euros ($275) goes for 125 euros because he doesn’t charge the client sales tax and Bokas doesn’t report the income for taxation. “I’ve got a receipt for everything I sell in my shop,” Bokas said. But tax officials “don’t know what my hands do.”
  • Greeks Face 'Humiliating' Demands As Twitter Says #ThisIsACoup (EU Demands "Banker Dictatorship"?)

    07/12/2015 8:41:53 PM PDT · by tcrlaf · 64 replies
    TeleSur ^ | 6-12-2015 | Telesur
    As European Union leaders push Greece for more austerity reforms, Athens enters political crisis and social media erupts in response. A two-day emergency meeting on Greece’s economic future ended Sunday with strict conditions from the European Union, including contentious austerity reforms, if it wants a new bailout and keep the euro. To meet the conditions for fresh aid packages and a third bailout that Greece needs to avoid bankruptcy, European finance ministers want Greece to pass a series of austerity measures--including tax and pension reforms-- through Parliament and put them into law by Wednesday. Greece will also have to lose...
  • Report: Britain Gets Back Less Than Half the Money It Pays Into the EU

    07/12/2015 8:42:04 AM PDT · by E. Pluribus Unum · 8 replies
    Breitbart ^ | 07/12/2015 | Donna Rachel Edmunds
    Britain receives less than half the money it puts into the EU back as subsidies thanks to the ongoing Eurozone crisis, a new report has found. The report also found that British households could be as much as £933 a year better off if Britain left the EU. The think tank which compiled the report advised that staying within the EU poses “serious risks”.The comprehensive new report from Business for Britain, runs to a mammoth 1,032 pages, has found that, between 1976 and 2003 the average return from Britain’s financial input into the EU was 68 per cent, meaning that,...
  • Fears major bank is 'hours from collapse' as millions vote on Greece’s financial future

    07/05/2015 5:44:45 AM PDT · by RKBA Democrat · 61 replies
    Daily Mail UK ^ | 7-5-15 | Lydia Willgress
    (Title edited due to lemgth) Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future. [snip] Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported. [snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.
  • Enough of this charade: Greece must be told to leave the euro

    07/03/2015 10:28:53 PM PDT · by aquila48 · 29 replies
    UK Telegraph ^ | 03 Jul 2015 | Jeremy Warner
    As the Greek debt standoff approaches its final denouement – oh please let it be so – judgments are becoming easier to make. The most obvious (obvious all along, it might be said) is that the sooner Greece leaves the euro, the better. If a legal way of forcing the Greeks out can be found, it should be used. In any case, this debilitating charade has carried on quite long enough. For once, the German high command is correct; even if some sort of a compromise could be cobbled together, Greece’s hard-Left Syriza-led government couldn’t be trusted to implement the...
  • The Queen hints at desire for Britain to remain in European Union

    06/25/2015 1:13:36 PM PDT · by Berlin_Freeper · 26 replies
    theguardian.com ^ | 24 June 2015 | Kate Connolly
    Her speech, weaving historical events with present crises, was replete with some subtle and other not so subtle hints that she believed Britain belonged in the European Union – her most public stance yet that she wished to avoid Britain voting to leave in a referendum.
  • German and French ministers call for radical integration of eurozone

    06/03/2015 3:57:23 PM PDT · by Olog-hai · 14 replies
    Manchester Guardian ^ | Wednesday 3 June 2015 16.00 EDT | Ian Traynor
    German and French politicians are calling for a quantum leap in how the EU’s single currency is run, proposing an embryo eurozone treasury equipped with a eurozone finance chief, single budget, tax-raising powers, pooled debt liabilities, a common monetary fund, and separate organization and representation within the European parliament. They also propose that all teenagers in the EU be given the chance to spend a subsidized six months in another European country. In an article published in the Guardian and other European newspapers, Sigmar Gabriel, Germany’s social democratic leader and vice-chancellor in Angela Merkel’s coalition government, and Emmanuel Macron, France’s...
  • SPD Euro MPs reject compromise with Britain

    06/01/2015 10:55:06 AM PDT · by Olog-hai · 1 replies
    TheLocal.de ^ | 01 Jun 2015 15:54 GMT+02:00 | Tom Barfield
    German Social Democratic Party (SPD) MEP Jo Leinen told The Local on Monday he was unhappy with comments from European Parliament (EP) President Martin Schulz, who suggested that Britain should be allowed to opt out of the call to work towards “ever closer union” among EU countries. “The only country that has opted out of European integration with special rules in the past decades has been Great Britain,” Schulz told the Frankfurter Allgemeine Sonntagszeitung. “We would only be recognizing what has been true for London for a long time.” But Social Democratic MEP Jo Leinen told The Local that Schulz’s...
  • 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,...