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Keyword: eurozone

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  • 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...
  • Spot On Lady Thatcher

    07/20/2015 12:51:04 PM PDT · by Kaslin · 16 replies
    Townhall.com ^ | July 20, 2015 | Ed Moy
    Nearly 25 years after Margaret Thatcher’s keep-Great-Britain-free-from-one-government-one-currency-one-Europe sentiment helped force her resignation, the Iron Lady has been proved right yet again. Most prime ministers are generally forced out of office over failure, like failure to win an election or failure to effectively lead their government. But Mrs. Thatcher won all three of her elections and effectively led the governments she formed. It was not failure that helped do her in, but the fear of her peers that she might win another election and effectively keep England out of the experiment to unify Europe governments. One of her convictions that got...
  • Germany is feasting on the rest of Europe

    07/19/2015 3:08:56 PM PDT · by BlopAndStop · 35 replies
    Business Insider ^ | July 19, 2015 | Corey Stern
    The situation in Athens seems to have calmed down, but former Federal Reserve Chairman Ben Bernanke thinks Europe has an even bigger issue to worry about: Germany. In a blog post on Friday, Bernanke wrote that the failure of the eurozone as a whole is very much related to the "highly asymmetric outcomes" among member nations. In other words, Bernanke is attributing Europe's woes to the fact that countries like Germany are benefiting at the expense of the monetary union's weaker members, like Greece, Spain, and Italy. Bernanke points to unemployment rates as a clear sign of the disparity in...
  • Under weight of massive welfare state, Greece about to default on IMF loans

    06/29/2015 12:03:00 PM PDT · by Sean_Anthony · 39 replies
    Canada Free Press ^ | 06/29/15 | Dan Calabrese
    And probably leave the Eurozone too. If you want to know what happens when a nation absolutely refuses to reform its insane spending - even when it finds itself at the brink of fiscal collapse - I give you Greece. Not that you want it. The International Monetary Fund doesn’t. The Eurozone doesn’t. The Greek banking system is now shut down, and we’re a day away from Greece defaulting on its IMF bailout loans. When the Europeans presented Greece with an ultimatum - reform the spending now or be cut off - the most the Greek politicians were willing to...
  • Greece's Tsipras summons cabinet as debt deadline nears (Euro zone partners ratchet things up)

    06/26/2015 12:40:01 PM PDT · by NormsRevenge · 2 replies
    Reuters on Yahoo ^ | 6/26/15 | Renee Maltezou and Jan Strupczewski
    BRUSSELS/ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras summoned an urgent meeting of his cabinet on Friday after euro zone partners warned Athens it had until the weekend to accept a cash-for-reform deal or plunge towards default. Despite angry rhetoric and accusations of "blackmail", negotiations were continuing in Brussels to find a last-ditch compromise to keep Greece in the euro zone to avoid a political train-wreck, economic chaos and financial market disruption. ... He said there was no foundation for the increasing speculation in Athens that Tsipras could call snap elections if a deal cannot be reached. ... In a...
  • 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...
  • Hollande and Merkel deliver blow to Cameron (EUSSR in action)

    05/26/2015 11:19:02 AM PDT · by Olog-hai · 1 replies
    TheLocal.de ^ | 26 May 2015 09:34 GMT+02:00 | Ben McPartland
    Germany and France have agreed to forge closer Eurozone ties without reopening the bloc’s treaties, a report in France has claimed. The move is seemingly designed to undermine UK Prime Minister David Cameron’s attempts to renegotiate his country’s ties to the EU. France’s Le Monde newspaper revealed this week that French President François Hollande and German Chancellor Angela Merkel have agreed to forge a tighter political union among those countries in the single currency. […] It comes as the UK Prime Minister is due in Paris and Berlin later this week as part of his charm offensive to convince the...
  • Greek talks stall over 'red lines' as country fights to remain in eurozone

    05/03/2015 12:13:08 PM PDT · by SunkenCiv · 8 replies
    Telegraph UK ^ | Sunday, May 3, 2015 | Szu Ping Chan, and agencies
    Reports claimed the government was prepared to reduce at least three different VAT rates to one, and limit exemptions. Prime minister Alexis Tsipras had opposed the move, claiming that the change would hit poorer people. The country will also press-on with privatisations it had also previously vowed to block, according to reports. However, Syriza has said that demands by creditors to reverse an increase in the minimum wage and cut pensions remain "red lines" that the leftist leadership is unwilling to cross... Mr Sakellaridis said that failure to reach an "honest compromise" with creditors would most likely lead to a...
  • Greece Said To Prepare "Grexit", Drachma, Bank Nationalization Plans

    04/04/2015 12:47:25 AM PDT · by Crapolla · 19 replies
    zero hedge ^ | 04/03/2015 | Tyler Durden
    On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point "mark-to-fantasy" becomes mark-to-market and then "mark-to-default" in very short order. Although Greek officials came out midday with a “categorical” denial...
  • 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...
  • Eurozone Officials Reach Accord with Greece to Extend Bailout

    02/20/2015 2:10:23 PM PST · by SteveH · 8 replies
    The New York TImes ^ | feb 20 2015 | Liz Alderman James Kanter
    Brussels- European leaders agreed on Friday to extend Greece's bailout for four months after weeks of terse negotiations.
  • Greek Dependency Has Created Dangerous Illusions

    02/10/2015 9:47:07 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | February 10, 2015 | John Browne
    Once again the crisis in Greece is threatening the unity of the entire euro zone. Many analysts are asking what must be done to restore viability to the Union's weakest link. Lost in this discussion is that modern Greece, formed in 1830, has never really been required to stand on its own. Generations of support from abroad, typically given for strategic reasons, has created a false sense of prosperity in the country and has prevented the Greeks from accepting the realities of their current situation. When Greece fought for its independence against the Ottoman Empire in the 1820s, the struggle...
  • Noose Tightens on Europe

    02/05/2015 12:34:07 PM PST · by Kaslin · 6 replies
    Townhall.com ^ | February 5, 2015 | Mike Shedlock
    <p>Today German Chancellor Angela Merkel proclaimed Greek Diplomatic Offensive Is Failing.</p> <p>Merkel’s Christian Democratic-led bloc in parliament has agreed not to give in to any “bad compromise that “defacto adds up to a debt writedown,” Hans-Peter Friedrich, a deputy leader of the caucus, said in an interview today.</p>
  • The Downward Spiral of the Eurozone

    02/03/2015 9:24:33 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 3, 2015 | Mike Shedlock
    In 2014 there were six eurozone countries whose debt-to-GDP ratio went over the 100% threshold. Two additional countries will pass that barrier in 2015. The Maastricht Treaty on which the euro was founded was designed to keep "sound fiscal policies", with debt limited to 60% of GDP (not 100%), and annual deficits no greater than 3% of GDP." Every country in the eurozone, including Germany, has been in violation of those rules. Let's take a look at the biggest violators as reported by El Economista. Data is from second quarter of 2014 (undoubtedly worse now). 100% Debt-to-GDP List Italy 133%Portugal...
  • 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...
  • 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...
  • The 2015 Greek euro drama

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

    01/01/2015 1:29:48 AM PST · by Berlin_Freeper · 21 replies
    reuters.com ^ | Dec 31, 2014 | Andrius Sytas
    Lithuania joined the euro zone at the stroke of midnight on Thursday, hoping to anchor itself in Europe as its former master Russia flexes its military muscle in the region. The first Soviet republic to declare independence, in 1990, Lithuania is the last of the three Baltic states to join the currency union and will be the last country to do so for the foreseeable future, with remaining European Union members at least two years, and probably much more, away. "Myself, and I think, many of you feel sad that (Lithuania's currency) the litas, which has served us well for...
  • 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. …
  • 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...
  • The Looting of Italy

    06/30/2014 12:05:45 PM PDT · by Enza Ferreri · 10 replies
    Enza Ferreri Blog ^ | 23 June 2014 | Enza Ferreri
    This is an article that was written and sent to me by Alessandra Nucci, an Italian journalist and friend. It describes what the European Union has done to Italy. Since it's a very long article, I've broken it down in 4 parts. Here is the first part. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ How would you feel if for years you had been picking up shipwrecked penniless migrants from Africa, dumped by criminal agents all over the Mediterranean, ferrying them to your shores and taking them in by the thousands, only to see yourself made the butt of sarcasm, reproaches and even pecuniary fines...
  • ECB hurls cash at sluggish EU economy, seeks to force bank lending [Banks charge for deposits]

    06/05/2014 7:11:56 AM PDT · by SeekAndFind · 6 replies
    Reuters ^ | 06/05/2014 | BY JOHN O'DONNELL AND EVA TAYLOR
    The European Central Bank launched a raft of measures on Thursday to fight low inflation and boost the euro zone economy, cutting rates, imposing negative interest rates on its overnight depositors and offering banks new long-term funds. The ECB cut all its main rates to record lows in a drive to fight off the risk of Japan-like deflation and bring down the euro's exchange rate. For the first time, it will charge banks 0.10 percent for parking funds at the central bank overnight. It stopped short of large-scale asset purchases known as quantitative easing for now, but ECB President Mario...
  • Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants

    04/14/2014 6:57:36 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | April 14, 2014 | Mike Shedlock
    In what some call "crunch time" others a worst case scenario, Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants in Seized Buildings. Ukraine's president says a full-scale operation involving the army will be launched in the east after pro-Russian militants seized government buildings. Acting President Oleksandr Turchynov said he would not allow a repetition of what happened in Crimea which was annexed by Russia last month. His live televised address from parliament came after pro-Russian forces targeted half a dozen cities. An urgent meeting of the UN Security Council will be held in New York. The meeting, at 20:00 New...
  • 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...
  • 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....
  • Eurozone is the ‘real’ EU, Sikorski says (Poland’s foreign minister)

    01/22/2014 3:22:22 PM PST · by Olog-hai · 6 replies
    EU Observer ^ | 22.01.14 @ 09:26 | Honor Mahony
    Poland wants to join the eurozone because it is the political heart of the European Union, its foreign minister, Radek Sikorski, has said, with the country looking to enter the single currency by 2020. “In every annual speech to parliament I say that, in my judgment as foreign minister, we should join. I am leader of this process because, politically, we want to be inside,” Sikorski told a group of journalists in Brussels on Monday (20 January). “Our judgment is that in the next decade, the real European Union will be inside the eurozone. And we want to be part...
  • Eurozone bank network getting smaller

    01/21/2014 12:31:45 PM PST · by Olog-hai · 2 replies
    EU Observer ^ | 21.01.14 @ 17:52 | Benjamin Fox
    The number of banks in the eurozone fell by almost 4 percent in 2013, according to data published Tuesday (21 January) by the European Central Bank. There were 6,790 monetary financial institutions (MFIs) based in the euro area at the start of 2014, compared with 7,059 one year ago, a 3.8 percent reduction. Crisis countries Cyprus and Greece saw the largest reductions, losing 26 percent and 17 percent of their financial sector firms over the past year. Greece now has just 62 financial institutions, while Cyprus’ sector has fallen from 409 firms when it joined the EU in 2004 to...
  • Boris Johnson: Outrageous discrimination favors European Union workers over Commonwealth

    08/26/2013 2:27:55 PM PDT · by Olog-hai · 5 replies
    Daily Express (UK) ^ | Mon, August 26, 2013 | Dion Dassanayake
    London Mayor Boris Johnson has blasted European Union (EU) immigration for favoring Eurozone workers instead of those from Commonwealth nations today. The Conservative politician said Britain needs to look beyond the EU and should forge stronger ties with fast growing economies, in particular Australia. Mr. Johnson said the UK and Australia should set up a “free labor mobility zone” where he feels there are “immense opportunities”. … Mr. Johnson launched his attack on the EU after receiving a letter from Australian Sally Roycroft, who had been working in London schools. The London Mayor said the teacher had been “effectively kicked...
  • Eurozone jobless data ‘horrendous’

    07/31/2013 2:21:36 PM PDT · by Olog-hai · 3 replies
    EU Business News ^ | 31 July 2013, 14:06 CET | (AFP)
    Eurozone unemployment continued at record highs in June and while a first fall in the jobless numbers for more than two years offers some hope, officials and analysts were cautious on the outlook. “The figures remain horrendously high,” a European Commission official said, stressing the need to press ahead with economic reforms needed to boost employment. “Let’s be frank. There is no silver lining here … the figures are pretty much the same as the previous month.” The 17-nation eurozone jobless rate came in at 12.1 percent, unchanged from May, the Eurostat data agency said on Wednesday. …
  • Eurozone unemployment falls for first time in more than 2 years

    07/31/2013 12:49:13 PM PDT · by SeekAndFind
    Global Post ^ | 07/31/2013 | Alexander Besant
    Unemployment in the eurozone fell for the first time in over two years, according to new statistics. The new figures show that24,000 fewer Europeans were considered unemployed since May. The jobless rate in the 17-member eurozone is still high at 12.1 percent and a decrease in spending by shoppers in France Germany, and Spain will mar the promising new data. Domestic demand across Europe remains weak due to the downturn and austerity measures being taken by many nations. In the 27-member European Union, the unemployment rate is 10.9 percent, down from 11 percent in May. The jobless rate of young...
  • Why New Troubles in France and Germany Will Affect 2Q U.S. Corporate Earnings

    07/18/2013 8:29:53 PM PDT · by abbyjoseph
    Profit Confidential ^ | Michael Lombardi
    The eurozone is still a mess. Instead of improvements, I just see more troubles. Economic slowdown in the region’s debt-infested nations is already staggering, but even those that were able to fight it are now experiencing huge problems. Around this time last year, the European Central Bank (ECB) was very clear about its plan for the eurozone crisis. It said that it’s “ready to do whatever it takes.” Back then it was the greatest relief to the market—the announcement calmed the rising debt rates in the eurozone and sent a wave of optimism toward the key stock indices. But it...
  • China Declares War on French Wine

    07/05/2013 6:26:30 AM PDT · by Kaslin · 25 replies
    Townhall.com ^ | July 5, 2013 | Mike Shedlock
    In retaliation for ridiculous EU tariffs on solar panels (sponsored mainly by France over the objections of Germany) China Declares War On Wine. Via Mish-modified Google translate from El Economista ... The Chinese government has decided to launch an investigation into the European wine sector with the later intention to apply a punitive tax if necessary, as China authorities accuse wine producers in the European Union (EU) of unfair trade tactics such as dumping and subsidies. The temporary imposition of a tariff on Chinese solar panels by the EU started a trade war whose greatest victim is wine. "This...
  • Moody’s considers Cyprus to have defaulted after bond swap

    07/03/2013 6:58:09 PM PDT · by dynachrome
    ekathimerini.com ^ | 7-4-13 | ekathimerin
    Moody’s Investors Service late on Monday said that it considers Cyprus to have defaulted after the debt-stricken island country swapped some local bonds for longer-term bonds. The ratings agency, which does not use a “default” or “selective default” rating, said it will revisit Cyprus’s rating to assess the impact of the exchange on the sustainability of the nation’s debt burden. Other factors, including the likelihood that Cyprus will comply with the rest of the measures spelled out in its bailout agreement with the International Monetary Fund, the European Central Bank and the European Union, will be taken into consideration as...
  • Spying Out of Control: NSA Bugs EU Offices, Gathers Routine Info On US Citizens

    07/01/2013 7:42:44 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | July 1, 2013 | Mike Shedlock
    Bill Gross Discusses the "Tipping Point" For Bonds; Does He Miss the Boat? Bill Gross did not see this major selloff in bonds coming. He discusses the setup in his recent Investment Outlook called The Tipping Point. Much of the article is about how he almost tipped a ship while in the Navy. He uses the tipped ship metaphor to talk about the position in bonds. Gross says "Markets just had too much risk, and in PIMCO’s opinion, too much hope for a constant QE and for the growth that it would produce. In effect, the ship was top heavy...
  • Ex-Communist Spy Chief Says Europeans Have a “Dependency Mentality”

    06/17/2013 7:07:09 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | June 17, 2013 | Daniel J. Mitchell
    Although he implemented a flat tax in Russia, I don’t think of Vladimir Putin as a supporter of free markets. Heck, he was head of the KGB during the communist era, and he presides over a country that is more known for cronyism rather than competitive markets. So if he criticizes European nations for having excessive welfare states, it’s like being called ugly by a frog. Here are some of the amusing details from Euractiv.com. He’s no Milton Friedman, but he’s right about the welfare state Russian President Vladimir Putin, speaking ahead of the G8 Summit in Northern Ireland on...
  • The "French Way of Life" on Collision Course with Germany

    06/09/2013 5:23:55 AM PDT · by Kaslin · 17 replies
    Townhall.com ^ | June 9, 2013 | Mike Shedlock
    I received still more emails from French and Canadian readers on preserving culture. Since it's a slow news day, let's take a look at them. Olivier writes "Wouldn't a true conservative pay at least some respect to local cultural norms instead of trying to impose some economic diktat from on down?" Talk about getting things ass backwards. It is the social police attempting to impose cultural and economic diktats to preserve the local bookstore and the local farm to the point of absolute absurdity. Email From Canada Reader Mike from Canada writes ... Hi Mish, I totally agree with the...
  • Repetitive Stupidity

    06/07/2013 6:49:23 AM PDT · by Kaslin · 14 replies
    Townhall.com ^ | June 7, 2013 | Mike Shedlock
    No one wins a trade war. Ever. Not countries, not companies, and certainly not consumers. Yet, here we go again. People's Daily says China has more cards to play in EU trade dispute. China still has plenty more cards to play in an increasingly ugly trade dispute with the European Union, the official People's Daily newspaper said on Thursday, accusing Europe of not realizing that its global power was waning. The EU will impose duties on imports of Chinese solar panels from this week, a move that infuriated Beijing despite European attempts to soften the blow with a reduced rate....
  • Hollande, Merkel call for full-time eurozone boss

    05/30/2013 12:56:24 PM PDT · by Olog-hai · 9 replies
    Associated Press ^ | May 30, 2013 2:46 PM EDT
    France and Germany are pushing to have a full-time official lead the economic and financial policies of the 17-country euro currency bloc. … French President François Hollande and German Chancellor Angela Merkel said after a meeting in Paris that there needs to be a central figure to lead the Eurogroup. Speaking Thursday at a joint press conference, Hollande said he and Merkel “are in agreement that there should be more eurozone summits, with a full-time Eurogroup president with strengthened powers.” “We need more economic policy coordination, especially in the Eurogroup,” Merkel said. …
  • Nigel Farage: Europe Has Been Hijacked

    05/12/2013 8:03:21 AM PDT · by Lorianne · 21 replies
    You Tube ^ | 11 May 2013 | Nigel Farage
    Video 5:27
  • Iceland’s economic thaw a thorn in EU’s side

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

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

    04/15/2013 2:43:35 AM PDT · by Sir Napsalot · 21 replies
    Telegragh (UK) ^ | 4-14-2013 | Ambrose Evans-Pritchard
    Wealthy households would face new taxes on property and other assets under German plans to prop up the struggling eurozone. Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency. The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out. The council, known as the “Five Wise Men”, is often used to test new policies that are later adopted...
  • Portugal Considers Paying Public Workers In Treasury Bills Instead Of Cash

    04/07/2013 11:26:05 AM PDT · by dynachrome · 12 replies
    zerohedge.com ^ | 4-7-13 | tyler durden
    However, of more immediate concern is how will the government now plug a hole of up to €1.3 billion in its €5.3 billion 2013 budget. A solution has, luckily, presented itself: bypass the unconstitutional provisions by paying government workers not in cash, but in government bills! From the WSJ: The Portuguese government is considering a plan to pay public workers and pensioners one month of their salary in treasury bills rather than cash after a high court ruled out wage cuts, a person familiar with the situation said Sunday. "This is one of the ideas being considered," the person said....
  • Dijsselbloem (Europe FM) shocker is U.S.’s template, too (Cyprus)

    03/25/2013 12:34:21 PM PDT · by Ernest_at_the_Beach · 4 replies
    Marketwatch ^ | March 25, 2013, 1:26 p.m. EDT | MarketWatch First Take
    Commentary: U.S. uninsured depositors can and do take losse True, it was news that Dutch Finance Minister Jeroen Dijsselbloem was making that acknowledgment. The European finance ministers had been stressing as recently as last week that the opposite was the case, that Cyprus was a special situation. Dutch Finance Minister Jeroen Dijsselbloem is president of the Eurogroup council. The market genuinely was shocked.
  • France 'totally bankrupt', says labour minister Michel Sapin

    01/28/2013 3:35:29 PM PST · by dynachrome · 12 replies
    The Telegraph ^ | 1-28-13 | Graham Ruddick
    Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage. “There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.” The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn.
  • We’re heading for economic dictatorship

    11/19/2012 1:57:09 PM PST · by mojito · 24 replies
    The Telegraph ^ | 11/17/2012 | Janet Daley
    Forget about that dead parrot of a question – should we join the eurozone? The eurozone has officially joined us in a newly emerging international organisation: we are all now members of the Permanent No-growth Club. And the United States has just re-elected a president who seems determined to sign up too. No government in what used to be called “the free world” seems prepared to take the steps that can stop this inexorable decline. They are all busily telling their electorates that austerity is for other people (France), or that the piddling attempts they have made at it will...
  • Euro zone falls into second recession since 2009

    11/15/2012 7:45:56 AM PST · by Qbert · 7 replies
    Reuters ^ | Nov 15, 2012 | Robin Emmott and Michelle Martin
    (Reuters) - The euro zone debt crisis dragged the bloc into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday. The French and German economies both managed 0.2 percent growth in the July-to-September period but their resilience could not save the 17-nation bloc from contraction as the likes of The Netherlands, Spain, Italy and Austria shrank. Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2 percent drop in the second quarter. Those two quarters of contraction put the euro zone's 9.4 trillion euro...
  • Greeks angered by "princes of parliament" pay fight

    11/11/2012 3:27:58 PM PST · by dynachrome · 6 replies
    Reuters ^ | 11-11-12 | Michael Winfrey and Lefteris Papadimas
    When Greece's government pushed through a law last week aimed at slashing public wages and raising taxes, its biggest threat was not the firebrand opposition or the 100,000 protesters thronged at the gates of parliament. It was the assembly's workers themselves, a well-connected group that has long evoked disdain for enjoying the kind of lavish pay and benefits that have become emblematic of the public sector excess at the heart of Greece's debt crisis. The staff dispute that image. But, having discovered that a 500-odd page draft law of cost cuts and tax hikes included a last minute amendment giving...