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Keyword: eurozone

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  • 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...
  • Switzerland arming in preparation for European meltdown?

    10/14/2012 11:05:39 PM PDT · by JerseyanExile · 20 replies
    Russia Today ^ | October 12, 2012
    The Swiss Army is preparing contingency plans for violent unrest across Europe. A nation mostly famous for its banks, watches and chocolate fears it may face a massive influx of European refugees in the near future. One of the world’s richest nations openly expressed concerns over the possible outcome of Europe’s continuing financial troubles, and is currently conducting army exercises against the possibility of riots along its borders. In September, the Swiss military conducted exercises dubbed ‘Stabilo Due,’ with scenarios involving violent instability across the EU.Switzerland has maintained an avowedly neutral stance for decades, and refused to join the eurozone...
  • Exclusive: Spain ready for bailout, Germany signals "wait" - sources

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

    09/29/2012 11:46:06 AM PDT · by dynachrome · 9 replies
    ekathimerini.com ^ | 9-29-12 | ekathimerini
    In a letter addressed to Greek Prime Minister Antonis Samaras, his fellow coalition leaders -- PASOK’s Evangelos Venizelos and Democratic Left’s Fotis Kouvelis -- Justice Minister Antonis Roupakiotis and Finance Minister Yannis Stournaras, six judges and prosecutors associations have claimed that the proposed cuts in their salaries and pensions devised by the government are unconstitutional. Judges and magistrates have been staging a series of rolling work stoppages in recent weeks, while administrative judges have said they will extend their industrial action until October 5.
  • Greek police block riot police in anti-austerity protest

    09/06/2012 6:00:15 PM PDT · by dynachrome · 6 replies
    Reuters ^ | 9-6-12 | Yannis Behrakis and Tatiana Fragou
    Greek police protesting against austerity cuts blocked the entrance to the riot police headquarters on Thursday, preventing buses carrying riot police from leaving for the site of major demonstrations this weekend. The government plans to slash police pay in a new round of spending cuts worth nearly 12 billion euros over the next two years. The savings plan is expected to provoke new street protests in the coming weeks by austerity-weary Greeks fed up with repeated wage and pension cuts.
  • U.S. Companies Brace for an Exit From the Euro by Greece

    09/06/2012 1:42:48 PM PDT · by JerseyanExile · 1 replies
    New York Times ^ | September 2, 2012 | Nelson D. Sschwartz
    Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. No one knows just how broad the shock waves from a Greek exit would be, but...
  • EU: Brinkmanship as Spain warns over bail-out terms

    09/04/2012 2:55:23 PM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 9/4/2012 | Ambrose Evans-Pritchard
    Spain has issued a veiled warning that it will not accept a full bail-out from Europe if the terms are too harsh, a move that would paralyse the European Central Bank and call the euro’s survival into question. In an escalating game of brinkmanship, Spanish finance minister Luis de Guindos said his country is not yet willing to sign a Memorandum giving up fiscal sovereignty to EU inspectors. “First of all, one must clarify the conditions,” he told German newspaper Handelsblatt. Mr de Guindos said the crisis engulfing the region is larger than any one country and warned north Europe...
  • U.S. Companies Brace for an Exit From the Euro by Greece

    09/02/2012 9:56:19 PM PDT · by Lorianne · 11 replies
    New York Times ^ | 02 September 2012 | Nelson D. Schwartz
    Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. No one knows just how broad the shock waves from a Greek exit would be, but...
  • Italy's public debt hits record

    08/16/2012 7:34:23 PM PDT · by Olog-hai · 1 replies
    EurActiv ^ | 14 August 2012 | (EurActiv.com with Reuters)
    Italy's public debt hit an all-time high in June of almost €2 trillion and the annual budget deficit was also bigger than a year before, due largely to Italy's share of bailouts for other eurozone states, the central bank announced. Public debt at the end of June rose €6.6 billion to €1.973 trillion, the Bank of Italy said yesterday (13 August), as the Treasury's cash reserves increased by €10.3 billion. Italy's benchmark bond yields remain close to 6% despite tough austerity measures introduced by Prime Minister Mario Monti's government. With the country mired in a deep recession, markets are skeptical...
  • Eurozone crisis spooks US election

    08/16/2012 4:12:47 PM PDT · by Olog-hai · 5 replies
    EU Observer ^ | 14.08.12 @ 09:05 | Valentina Pop
    What does Greece have to do with the next US president? Or the current debate about a "political and fiscal union" in Europe? Readers tempted to shrug shoulders and say "not much" would be ill-advised. The main topic in the US campaign ahead of the 6 November presidential elections is the economy. And Europe has become the bogeyman for the Republican camp. "I see our President making us more and more like Europe. I don't want to be like Europe, I want to be like America," Republican candidate Mitt Romney said on Sunday (12 August) during a campaign event in...
  • Greece should pay wages in drachmas: German MP

    07/23/2012 4:20:29 AM PDT · by Olog-hai · 16 replies
    Reuters ^ | Mon Jul 23, 2012 4:10am EDT | (Reporting by Gareth Jones and Alexandra Hudson, writing by Gareth Jones; Editing by Catherine Evans
    Greece should start paying half of its pensions and state salaries in drachmas as part of a gradual exit from the eurozone, a leading German conservative was quoted on Monday as saying. Alexander Dobrindt, general secretary of the Christian Social Union (CSU), the Bavaria-based sister party of Chancellor Angela Merkel's Christian Democrats (CDU), has long argued that Greece would be better off outside the eurozone. "With Greece we have reached the end of the road. There must not be any further aid. A country which does not have the will to fulfil the conditions, or is not able to do...