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Re: New EC Thread

Post  Panda on Thu 9 Aug - 18:09

Badboy wrote:IT WAS SAYING ON OTHER FORUM THAT GREECE TO DEFAULT/BE EXPELLED ON AUGUST 20,IS THIS TRUE.
ALSO ON OTHER FORUM ,IT WAS SAYING 2BILLION EUROS ARE FLOWING OUT OF SPAIN EVERY DAY INTO GERMAN GOVERNMENT BONDS.

Hi Badboy, I have read it is expected that Greece will default by the end of the Year, but I havn't read of a specific date.

The Troika are meant to be going to Greece in September to confirm the austerity measures are still on course before

lending E9 billion , they have already advanced 3 billion so Greece can pay it's immediate Bills.

I doubt Germany would be buying German Bonds, Spain is waiting for a part bail out from the EFSF (European Fund mainly

financed by Germany).

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Re: New EC Thread

Post  Badboy on Thu 9 Aug - 18:48

Panda wrote:
Badboy wrote:IT WAS SAYING ON OTHER FORUM THAT GREECE TO DEFAULT/BE EXPELLED ON AUGUST 20,IS THIS TRUE.
ALSO ON OTHER FORUM ,IT WAS SAYING 2BILLION EUROS ARE FLOWING OUT OF SPAIN EVERY DAY INTO GERMAN GOVERNMENT BONDS.

Hi Badboy, I have read it is expected that Greece will default by the end of the Year, but I havn't read of a specific date.

The Troika are meant to be going to Greece in September to confirm the austerity measures are still on course before

lending E9 billion , they have already advanced 3 billion so Greece can pay it's immediate Bills.

I doubt Germany would be buying German Bonds, Spain is waiting for a part bail out from the EFSF (European Fund mainly

financed by Germany).
PEOPLE IN SPAIN ARE BUYING GERMAN BONDS,EVEN THOUGH THEY ARE A LOSS BECAUSE PEOPLE RECKON ITS A SAFER BUY THAN LEAVING THEIR MONEY IN SPAIN.

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Re: New EC Thread

Post  Panda on Thu 9 Aug - 19:51

Well i hope these Spaniards have paid their Taxes!!! At the moment Investors are buying German Bonds at a negative

yield because Germany is considered a safe place. The main reason though is that there is a rumour that Germany will

opt out of the Euro with a couple of Northern Countries and revert to the Drachma which will be worth up to 20 times

more than the Euro so the Investors make a lot of money. There is one stumbling block though, the Germans want to keep the Euro cheap because it helps their exports but there are signs the German economy is slowing down, so watch this space.

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Re: New EC Thread

Post  Panda on Fri 10 Aug - 9:42










    • Graeme Wearden
    • guardian.co.uk, Thursday 9 August 2012 08.25 BST









It's five years ago today since the credit crunch began. Photograph: Graham Turner for the Guardian



:



17:11 BST

European markets subdued



European markets have now closed, and marked the fifth anniversary of the credit crisis with very little fuss.

News that Chinese inflation was lower than expected lifted hopes of further action to boost the country's economy, but had little impact on the markets. Nor did poor UK trade figures or the ECB warning of slower growth in the eurozone.

The FTSE 100 finished up just 5.59 points at 5851.51. Germany's Dax dipped 0.02%, France's Cac finished up 0.54% while Italy's FTSE MIB fell 0.08% and Spain's Ibex was down 0.56%. Spanish and Italian bond yields both eased slightly.


Commenting on the FTSE 100, David Jones, chief market strategist at IG Index, said:

With traders around the City glued to their screens, watching Team GB steadily accumulate more medals, the atmosphere in the markets is almost deathly quiet.

We look in vain for something that will provoke a significant move. A rise in the US dollar and something of a sell-off for the euro shows that there are still pockets of unease, but most investors seem happy to let indices tick gradually higher. So long as eurozone politicians remain on their holidays, we might be able to extend this quiet period into next week, markets having been blissfully free of any unfortunate pronouncements of late.

Tomorrow sees more Chinese data, plus German CPI and a monthly budget statement from the US, but it seems that the week will end very much as it began, in a fairly dormant frame.
We'll be back tomorrow to cover all that and any other developments, but for now it's time to shut up shop for the evening. Thanks for all your comments and see you soon.


16:33 BST


Following its downgrade on Wednesday of Slovenia's credit rating to A- with a negative outlook, Fitch has now cut the six of the country's banks. The agency said the move on the banks reflected the weakening of the country's ability to provide support if necessary.

Updated at 16:33 BST


16:27 BST

Say hello to BREXIT



Japanese bank Nomura has caused quite a stir today with a research note arguing that a UK exit from the European Union looks increasingly likely.

It is written by Geopolitics analyst Alastair Newton, a former UK diplomatic who helped plan the first Gulf War and who now works for Nomura via Lehman Brothers. After romping through Britain's sometimes troubled relationship with the EU, Newton concludes that there are several reasons why Britain could go it alone.

In short, David Cameron's falling popularity could persuade him to call an in-out referendum, at a time when the eurozone crisis is fuelling euroscepticism. Europe's efforts to fix the crisis also risk triggering a Brexit, with issues such as banking union and financial regulation looming.

Newton writes:


One thing which is clear is that (assuming the eurozone does not collapse completely) it is only a matter of time, in our view, before crisis-related steps are agreed which necessitate treaty changes. In those circumstances, the British government will almost certainly demand ‘treaty change for treaty change’ in an effort to repatriate powers, ie belooking to win repatriation of powers to London for every concession on treaty reform sought by the eurozone on a one-for-one basis. However, in so doing the UK would likely be looking to repatriate powers which EU partners may be unwilling to concede within the context of the single market.

...finally, we do not rule out the possibility of a serious schism between the EU and the UK developing over non-crisis-related issues, with the 2014-20 EU budget an obvious potential bone of contention.
Political blogger Guido Fawkes has helpfully uploaded the whole document, here.



16:00 BST


Over to Greece again, where our correspondent Helena Smith says the finance ministry has rebutted claims that the near-bankrupt country will have to wait until October to receive its next tranche of aid.

Helena writes;


Athens’ conservative-led coalition has clearly been thrown off guard by reports of further delays in the release of rescue loans from international creditors. Addressing the issue, the deputy finance minister Christos Staikouras told Greek TV that as far as he was aware inspectors from the country’s “troika” of creditors would return to the capital in early September and complete their assessment of the Greek economy by the middle of the month. “If that happens and the process is completed by September 14 – this is the framework we’re working with, that’s what we’ve agreed to – then obviously the tranche, if the review is positive as we expect it to be, will come immediately after,” he said.

EU officials – backed by well-placed sources in Greece – had earlier [see this morning's report] spoken of a delay in the disbursement of the next installment which at €31.5bn is vital to paying public sector pensions and pensions and recapitalizing Greek banks.


Meanwhile, the state-run news channel ERT reported this afternoon that for the first time the Greek prime minister would not be giving a speech on the state of the economy – a landmark event that traditionally kicks off the financial year – nor address reporters when he attends the international Thessaloniki trade fair on September 8th.

Helena explains:


The channel said prime minister Antonis Samaras would instead make a lightning visit to Greece’s second city, attributing the change to the fact that “a few days later on September 14 the Eurogroup group [of finance ministers representing the 17-nation bloc] will convene to assess the troika’s review of Greece.” There is widespread speculation that Greece’s fragile coalition may also still be deliberating over spending cuts worth €11.5 then – on which further rescue loans depend – which would make add to the awkwardness of Samaras making a speech.

15:37 BST


City economists are more optimistic that the eurozone will hold itself together over the next 12 months.

A poll published by Reuters this afternoon found that 45 out of 64 economists reckon Greece will still be in the euro in a year's time, up from 35 out of 64 in June.

That, I think, reflects the results of June's Greek general election, as well as Mario Draghi's recent tub-thumping.

Those surveyed aren't that upbeat, though. Over two thirds reckon Spain will seek a full bailout by the end of the year.

Updated at 15:39 BST


15:05 BST


The quest to find a new governor of the Bank of England continues, after Bank of Canada governor Mark Carney insisted very firmly that he won't take the job.



Interviewed by the BBC, Carney said he was only focusing on running Canada's central bank, and the international Financial Stability Board. He added that he is "interested in who they pick” to replace Sir Mervyn King, who steps down in June 2013.

Questioned on whether he was saying "no" or that he would "never consider the job?” Carney said:


It’s both. How’s that?
Very clear, thank you.

The Financial Times reported in April that some kind of approach had been made to Carney, who is seen as a similar to King. It's not at all clear who will take on the role; a number of potential candidates have seen their reputations smudged by recent financial scandals such as the Libor rate-fixing debacle.


14:13 BST


We noted yesterday that Otmar Issing, one of the founding fathers of the European single currency, had published a book on how "How we save the euro and strengthen Europe" (or Wie wir den Euro retten und Europa staerken for German readers and those with a decent education).

Well, here's a photo of Issing holding his work, in Frankurt today.
Photo: Alex Domanski/Reuters
There's quite a lot of interest in Issing's work, as he has admitted that he is more worried about the eurozone crisis than he possibly imagined during the late 1990s and the 2000s.

claims number came in at 361,000, 6,000 lower than a week ago.
Greek unemployment rate, to May 2012

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Re: New EC Thread

Post  Panda on Fri 10 Aug - 17:59

Pepe is not here any more



10 August 2012Der Spiegel Hamburg





"El hombre avion" (The Airplane Man) Juan Ripollés sculpture at the entrance to Castellón airport

DR

What is going on in Spain? In the last part of his journey, Der Spiegel reporter Juan Moreno reaches his parents’ village in Spain where he realises that the crisis has profoundly changed the life of Spaniards, and of his family too.

Juan Moreno

I reach Castellón, a somewhat sleepy coastal city on the Mediterranean, with a nice park and a phenomenally ugly department store.

As a child, I liked Castellón, the last place where we stopped to get petrol before reaching our village. I'm here because I want to know why Castellón built an airport from which no aircraft has ever taken off; an airport that cost 150 million euros in a city that's only 65 kilometres from Valencia, which already has an airport that's much too big for the region.

I leave the Autopista del Mediterráneo and drive along the CV-10 toward the Castellón airport. The CV-10 is the best highway I've ever driven on. The asphalt is perfect, the signs are new, and there is grass in the central reservation. After about half an hour, I'm standing in front of a fence arguing with a security guard. The man reaches for his radio and says: "Serra 1 to Serra 2, we have a code 3!"

You can trigger a code 3 by asking a guard at the fence whether you can take a look at the airport from up close, an airport that was built with taxpayer money and was officially opened on March 25, 2011.

I get out of the car. Behind me is a large sculpture standing at the access road to the airport. A good friend of a local politician is still working on the piece, which is unbelievably ugly and reportedly cost 300,000 euros. The guard talks into his radio. From where I'm standing, I can see the tower, some of the 3,000 parking spaces and a portion of the 2,700-metre (8,856-foot) runway.

"I gave your licence plate number to the police," says the guard. I nod and think to myself that the Castellón airport isn't even the most pointless – and certainly not the most costly – airport in Spain. An airport was built in Ciudad Real, 160 kilometers from Madrid, at a cost of 1 billion euros. It now serves small private aircraft.

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Re: New EC Thread

Post  fuzeta on Fri 10 Aug - 19:03

No wonder they are now all in the you know what!

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Re: New EC Thread

Post  Panda on Sat 11 Aug - 10:18

Portuguese Bond Gains Eclipse Safe-Haven of Bunds: Euro Credit


By Joao Lima - Aug 6, 2012 9:06 AM GMT+0100

Portuguese bonds are leading gainers among European sovereigns, trumping the safe-haven appeal of German bunds even as the euro-region’s debt crisis approaches its fourth year.

In the first seven months of 2012, Portuguese debt returned 28 percent, the most of 26 markets tracked by indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bunds rose 4.1 percent and Spanish debt fell 5.1 percent. The yield on Portugal’s benchmark 10-year bond has declined by 7 percentage points since late January.





Enlarge image

Portuguese Bond Gains Eclipse Safe-Haven of Bunds




Mario Proenca/Bloomberg

Portugal’s progress in meeting the terms of its 78 billion-euro bailout has helped sustain bonds, even after neighboring Spain sought aid in June, fueling contagion concerns.

Portugal’s progress in meeting the terms of its 78 billion-euro bailout has helped sustain bonds, even after neighboring Spain sought aid in June, fueling contagion concerns. Photographer: Mario Proenca/Bloomberg

“There is still juice left for investors,” said David Schnautz, a fixed-income strategist at Commerzbank AG in New York. “For those that are more risk tolerant, there is still value in Portuguese bonds. At the end of the year, yields should be lower than they are right now.”

Portugal’s progress in meeting the terms of its 78 billion-euro ($96 billion) bailout has helped sustain bonds, even after neighboring Spain sought aid in June, fueling contagion concerns. Prime Minister Pedro Passos Coelho aims to regain access to bond markets by September 2013, and has said he can count on further support from the European Union and theInternational Monetary Fund should “external reasons” leave Portugal cut off from investors.

Five Bailouts


The sovereign-debt crisis has forced five euro nations to seek rescues. On June 25, Cyprus became the latest to request a bailout since Greece triggered the European crisis almost three years ago. The petition came weeks after Spain sought 100 billion euros to shore up its banks.

Portugal’s 10-year bond rate is at about 11 percent, while two-year debt yields 7.4 percent, down from records of 18 percent and 22 percent respectively at the end of January. Thedifference in yield investors demand to hold Portugal’s 10-year bonds over German bunds has narrowed to 9.5 percentage points from 16 points on Jan. 31. Germany sold five-year notes on Aug. 1 at an average yield of 0.31 percent, the lowest on record.

“In fixed-income portfolios, you have to ask the question why would you invest in government bonds at the moment when nominal and real yields are exceptionally low,” Robert Parker, a senior adviser at Credit Suisse Asset Management, said in a Bloomberg Television interview. “My answer to that is you can have selective minor positions in Europe where bailout programs are working, like Ireland, like Portugal.”

‘Good Grades’


While Greece needed two elections this year to form a government, the coalition led by Passos Coelho is cutting spending and raising taxes with the backing of a parliamentary majority elected a year ago. Portugal has had four successful quarterly reviews of its bailout program.

“Portugal is doing very well in terms of reforms,”Schnautz said. “Portugal is getting good grades with each report. There’s still a way to go.”

The IMF projects Portugal’s debt will peak at about 118.5 percent of gross domestic product in 2013 and decline to less than 80 percent of GDP by 2030. The projection assumes annual economic growth of 2 percent and medium- and long-term borrowing costs of 7 percent when the country regains access to markets in 2013, declining gradually to 5 percent over the next four years.

Standard & Poor’s cited the government’s compliance with terms of its aid program on Aug. 2 when it affirmed Portugal’s BB long-term credit rating, the second level below investment grade.

Bonds ‘Depressed’


While many European banks have been hobbled by losses fromgovernment bonds, Portuguese lenders have benefitted in recent months. Banco BPI SA (BPI) of Porto, Portugal, had potential gains of 80 million euros to 90 million euros from its bond holdings, primarily purchased in the first half.

“Portuguese government bond prices were quite depressed at the beginning of the year,” Chief Executive Officer Fernando Ulrich said on July 25. “Now they are quite a lot better.”

Banco Espirito Santo SA (BES) had “potential gains” of 100 million euros on its Portuguese debt in the first half. Espirito Santo CEO Ricardo Salgado said March 6 that the Lisbon-based bank was “slowly” buying longer-maturity bonds. Norway’s sovereign wealth fund said May 4 that it sold all its Irish and Portuguese government debt.

Banco Comercial Portugues SA (BCP), also based in Porto, will continue to “moderately” buy local sovereign debt, Chief Executive Officer Nuno Amado said on July 27.

Return to Market


The low volume of Portuguese bond trading may discourage some investors from betting on a continued rally. Trading fell to an average 15 million euros a day in June from 38 million euros a day during the same month of last year, according to the debt agency. Turnover of the securities averaged 93 million euros a day in June 2010.

Portugal is “sounding out” the market as it prepares to resume sales of medium-term notes, Joao Moreira Rato, chairman of the country’s debt agency, said in an interview last month.

The Portuguese government plans to issue notes with maturities of one to five years that are designed for specific creditors, the IMF said in a report released July 17. The government also may sell additional treasury bills with maturities of more than one year in the coming months, the Washington-based fund said.

The IGCP, as the Lisbon-based debt agency is known, sold 1 billion euros of 18-month bills on April 4, the longest maturity auctioned since the country requested the bailout in April of last year, at an average yield of 4.537 percent. On July 18, Portugal sold 1.25 billion euros of 12-month bills due in July 2013 at a rate of 3.505 percent, the lowest since November 2010. That was less than the 3.918 percent Spain paid on similar maturity debt a day earlier.

“Despite fears of a spillover from Spain, you could see Portuguese bonds perform well even if pressure in Spain increases,” Commerzbank’s Schnautz said.

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Re: New EC Thread

Post  Panda on Sat 11 Aug - 10:38

Spanish, Italian Two-Year Notes Drop on ECB Plan, Growth Concern


By Lucy Meakin and Eleanor Lawrie - Aug 11, 2012 7:00 AM GMT+0100


Spanish and Italian two-year government notes fell for the first time in three weeks amid concern a plan by the European Central Bank to cap the nations’borrowing costs by buying their debt may founder.

German 10-year bunds snapped a two-week decline as investors sought the safety of Europe’s benchmark securities. Reports showed China’s exports, inflation and industrial production slowed, adding to evidence the global economy is losing steam. Spain and Italy’s two-year notes underperformed their 10-year equivalents.

“Worries have resurfaced in the past few days and seen the core market start to trade a bit better again,” said John Wraith, a fixed-income strategist at Bank of America Merrill Lynch in London. “Europe needs all the help it can get from the stronger global environment and if that fades away it’s going to be even harder for these peripheral markets to dig themselves out of trouble.”

Spanish two-year note yields rose 23 basis points, or 0.23 percentage point, to 4.19 percent at 4:05 p.m. London time yesterday, the first weekly gain since the five days ended July 20. The 4.75 percent bond due July 2014 fell to 101.03.

The Italian two-year rate climbed 26 basis points to 3.39 percent. The securities were boosted along with their Spanish peers in the previous two weeks on speculation the ECB will step in to buy them after President Mario Draghi said in a July 26 speech that policy makers would do “whatever it takes” to save the currency bloc.

Spanish Spread


The additional yield investors demand to hold Spanish 10-year bonds over two-year notes narrowed for four straight days. The spread had widened to a record 343 basis points on Aug. 6 after Draghi last week said any bond purchases would focus “on the short end of the yield curve.”

German 10-year yields slid five basis points this week to 1.38 percent as a report showed inflation in Europe’s largest economy unexpectedly slowed in July. Advance second-quarter data on Aug. 14 is forecast to show the euro-area economy shrank 0.2 percent from the previous three months.

Spanish government debt has handed investors a loss of 4.3 percent this year according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bonds returned 3.2 percent and Italy’s rose 9.8 percent.

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Re: New EC Thread

Post  Panda on Sat 11 Aug - 10:52

Spanish, Italian Two-Year Notes Drop on ECB Plan, Growth Concern


By Lucy Meakin and Eleanor Lawrie - Aug 11, 2012 7:00 AM GMT+0100



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Spanish and Italian two-year government notes fell for the first time in three weeks amid concern a plan by the European Central Bank to cap the nations’borrowing costs by buying their debt may founder.

German 10-year bunds snapped a two-week decline as investors sought the safety of Europe’s benchmark securities. Reports showed China’s exports, inflation and industrial production slowed, adding to evidence the global economy is losing steam. Spain and Italy’s two-year notes underperformed their 10-year equivalents.

“Worries have resurfaced in the past few days and seen the core market start to trade a bit better again,” said John Wraith, a fixed-income strategist at Bank of America Merrill Lynch in London. “Europe needs all the help it can get from the stronger global environment and if that fades away it’s going to be even harder for these peripheral markets to dig themselves out of trouble.”

Spanish two-year note yields rose 23 basis points, or 0.23 percentage point, to 4.19 percent at 4:05 p.m. London time yesterday, the first weekly gain since the five days ended July 20. The 4.75 percent bond due July 2014 fell to 101.03.

The Italian two-year rate climbed 26 basis points to 3.39 percent. The securities were boosted along with their Spanish peers in the previous two weeks on speculation the ECB will step in to buy them after President Mario Draghi said in a July 26 speech that policy makers would do “whatever it takes” to save the currency bloc.

Spanish Spread


The additional yield investors demand to hold Spanish 10-year bonds over two-year notes narrowed for four straight days. The spread had widened to a record 343 basis points on Aug. 6 after Draghi last week said any bond purchases would focus “on the short end of the yield curve.”

German 10-year yields slid five basis points this week to 1.38 percent as a report showed inflation in Europe’s largest economy unexpectedly slowed in July. Advance second-quarter data on Aug. 14 is forecast to show the euro-area economy shrank 0.2 percent from the previous three months.

Spanish government debt has handed investors a loss of 4.3 percent this year according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. German bonds returned 3.2 percent and Italy’s rose 9.8 percent.

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Re: New EC Thread

Post  Panda on Sat 11 Aug - 14:58

Greece is back on a knife edge. In a timely and far-reaching series, the FT looks at the potential consequences of it leaving the eurozone


More in this section




  • Greek default scenarios
  • Interactive graphic


  • Greece debt crisis
  • In depth


  • Eurozone in crisis
  • In depth



UK fears sound of a Greek exit


The impact of a eurozone member leaving the bloc would certainly hit Britain’s economy and affect banks largely through indirect exposure to Europe

writeDate( 1337378494000, 'Grey', 'May 18 2012', 9999999999999);
- May 18 2012


Martin Wolf: A permanent precedent


If Greece goes: An exit is likely to shatter faith in the eurozone’s integrity for ever, leaving the bloc with a choice between stronger union or disintegration. By Martin Wolf

writeDate( 1337278242000, 'Grey', 'May 17 2012', 9999999999999);
- May 17 2012


Businesses brace for Greek exit


Some Asian and US groups say they will feel little impact from Greece leaving the euro while their European counterparts prepare for the worst

writeDate( 1337181296000, 'Grey', 'May 16 2012', 9999999999999);
- May 16 2012


Lawyers weigh legal implications


As contingency planning intensifies, advisers warn companies should consider measures such as defining ‘euro’ in contracts as the currency Germany uses

writeDate( 1337181296000, 'Grey', 'May 16 2012', 9999999999999);
- May 16 2012


Multinationals mitigate euro risk


Although most companies say the chances of a euro collapse are slim, many have been sweeping the single currency out of their accounts daily

writeDate( 1337181296000, 'Grey', 'May 16 2012', 9999999999999);
- May 16 2012


If Greece goes ...: Little country threatens big impact


While some see a Greek euro exit as a chance to heal a wound and push on with integration, as many fear Greece could be just the first domino to fall

writeDate( 1337102342000, 'Grey', 'May 15 2012', 9999999999999);
- May 15 2012


Portugal steels itself for Greek exit


Investors see Lisbon as next in line if Greece exits the euro bloc, despite its efforts to emphasise ‘political stability’ on reforms

writeDate( 1337104379000, 'Grey', 'May 15 2012', 9999999999999);
- May 15 2012


Greek fire could singe rest of euro


Concern for many in the market is less the immediate impact and more the example it would set for other struggling eurozone countries

writeDate( 1337019921000, 'Grey', 'May 14 2012', 9999999999999);
- May 14 2012


Greek bank-run threat splits analysts


Amid fears of a rush to withdraw money, analysts are split over just how serious the threat would be of bank runs in economies such as Italy and Spain

writeDate( 1337015219000, 'Grey', 'May 14 2012', 9999999999999);
- May 14 2012


Arvind Subramanian: Greek exit may be the envy of the eurozone


The historical record – from Korea, Indonesia and Russia – shows clearly that there is life after financial crises, writes Arvind Subramanian

writeDate( 1337022069000, 'Grey', 'May 14 2012', 9999999999999);
- May 14 2012


attachOnload("setNidHeights()");


Related content and features




Eurozone: If Greece goes ...


With an exit looking possible, policymakers and investors are shifting focus to the consequences, write Chris Giles, Peter Spiegel and Kerin Hope

writeDate( 1336942055000, 'Grey', 'May-13', 9999999999999);
- May-13

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Re: New EC Thread

Post  Panda on Sun 12 Aug - 5:36

Sorry folks , I won't be posting on this thread any more because some spiteful person has wiped out a score of 13,600

hits on this topic, for the second time on my threads, I suspect in retaliation for a recent incident.

Please do not post again here, set up a new thread, if you want ....I am investigating .

Thanks for the interest you have shown on this topic.

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Re: New EC Thread

Post  Badboy on Sun 12 Aug - 18:48

NOW,PANDA,DON'T GIVE UP ON THIS TOPIC.

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Re: New EC Thread

Post  fuzeta on Sun 12 Aug - 18:50

Panda wrote:Sorry folks , I won't be posting on this thread any more because some spiteful person has wiped out a score of 13,600

hits on this topic, for the second time on my threads, I suspect in retaliation for a recent incident.

Please do not post again here, set up a new thread, if you want ....I am investigating .

Thanks for the interest you have shown on this topic.


Maybe it is forumotion again as it was last time Panda? Having said that, it is of course entirely your decision.


Last edited by fuzeta on Sun 12 Aug - 18:54; edited 1 time in total (Reason for editing : to add)

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Re: New EC Thread

Post  Panda on Sun 12 Aug - 23:48

Thanks Badboy and fuzeta....once could be an accident, twice is deliberate and I think I know who is responsible . As you all know by now I am quite highly principled and can't be doing with something like this. I am sure someone else will open a new EC thread .

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Re: New EC Thread

Post  Badboy on Mon 13 Aug - 0:09

LETS START VARIOUS EU CRISIS THREAds.

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Re: New EC Thread

Post  Badboy on Wed 15 Aug - 10:20

I READ TODAY IN TIMES(NOT MY USUAL NEWSPAPER) THAT EU HAS SUFFERED DOUBLE DIP RECESSION,ONLY GERMANY AND FRANCE NOT HAVING NEGATIVE GROWTH,FINLAND HAD 1- GROWTH,GREECE 6.2-

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Re: New EC Thread

Post  fuzeta on Wed 15 Aug - 20:17

Badboy wrote:I READ TODAY IN TIMES(NOT MY USUAL NEWSPAPER) THAT EU HAS SUFFERED DOUBLE DIP RECESSION,ONLY GERMANY AND FRANCE NOT HAVING NEGATIVE GROWTH,FINLAND HAD 1- GROWTH,GREECE 6.2-

Hello Badboy I have my doubts about Germany and France NOT having negative growth, especially France!! Whatever the Times says . What do you think?


Last edited by fuzeta on Wed 15 Aug - 20:19; edited 1 time in total (Reason for editing : spelling)

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Re: New EC Thread

Post  Panda on Sun 19 Aug - 8:11

I am relenting because this is an important twist to the ongoing saga of the EU/Euro

Support Grows in Germany for Vote on Giving Up Power to European Bloc






Daniel Roland/Agence France-Presse — Getty Images
The euro logo in front of the European Central Bank in Frankfurt.

By MELISSA EDDY








  • BERLIN — It has become the buzzword of the summer in Berlin: referendum. The foreign and finance ministers as well as opposition leaders have all come out in favor of allowing Germans to have a direct say in whether to give up more power to European Union institutions.



    Related




    • Times Topic:European Debt Crisis





    )]



    [/url]
    Thomas Peter/Reuters


    Chancellor Angela Merkel, left, and Finance Minister Wolfgang Schäuble are seeking tighter European integration.


    Although the idea of a referendum is for the moment more notional than concrete, it is gaining currency in Germany’s political debate. Approving it would amount to the exceptional step of a national vote to change the Constitution to allow Germans to relinquish some executive authority to Brussels.

    Proponents say that if such a referendum were approved, it would send a strong signal of Germany’s commitment to the euro. It would also streamline the steps needed to save the common European currency, they argue, and appease mounting complaints by Germans that even as they are being asked to pay more to bolster or bail out their troubled euro zone partners, they have no say in where their taxes are flowing or how they are being spent.

    Such a referendum comes with the built-in risk that Germans could vote against Europe, with potentially damning consequences for the common currency and the future of the European Union.

    Chancellor Angela Merkel has consistently promoted a vision of “more Europe” as the answer to the euro crisis, meaning tighter integration but also stricter oversight of European fiscal policy. Currently, steps in that direction have ended up in Germany’s highest court, facing legal challenges from opponents who say that handing over more money and authority to the European Union violates the country’s Constitution.

    On Sept. 12, the high court is poised to rule on the constitutionality of the fiscal pact arduously negotiated among European Union members that is the cornerstone of Ms. Merkel’s plans. It will also rule on the legality of Germany’s $27 billion commitment to back up a permanent bailout fund for the union.

    Should the challenge prevail, and German support be withdrawn, it would almost certainly doom the project of greater integration and send a potentially calamitous signal to financial markets looking for urgent steps to buttress troubled euro zone economies. Both measures passed the German Parliament by a clear two-thirds majority on June 29, but they were immediately challenged in court by dissenting lawmakers, delaying them from taking effect as envisioned on July 1.

    Proponents of a referendum argue that changing the Constitution would avoid such delays, and the frustrations that accompany them.

    Finance Minister Wolfgang Schäuble first broached the idea in June, suggesting that the Constitution be changed to allow for increased European integration sooner rather than later. Two weeks ago, Sigmar Gabriel, leader of the opposition Social Democrats, and several members of Ms. Merkel’s governing coalition also came out in support of a plebiscite.

    “Only through more transparency and civic participation can we overcome the crisis of confidence vis-à-vis European institutions,” Horst Seehofer, leader of the Bavarian sister party to Ms. Merkel’s Christian Democrats, told the Sunday edition of the daily newspaper Die Welt last week.

    Polls have consistently shown that a strong majority of Germans believe they should have a say in whether more authority should be granted to institutions in Brussels.

    Yet handing the decision of a highly complex issue, like the future of fiscal power for Europe, to the citizens after years of denying them any direct say in the creation of the European project carries a danger that politicians should be careful not to underestimate, said Christian Pestalozza, a retired professor of constitutional law at Berlin’s Free University. Mr. Pestalozza supports the idea of plebiscites but fears the latest discussion is an attempt to pass the buck. “It looks as if someone simply doesn’t want to take responsibility,” he said.

    Indeed, critics say that calls for a vote underline the political perils that may well accompany further efforts to resolve the debt crisis in the euro zone, which shows few signs of resolution well into its third year despite a series of bailout packages.

    “It is perhaps a sign of the helplessness,” Mr. Pestalozza said. “Nobody really knows what to do anymore, so they are asking themselves, ‘Who could make a decision?’ ”

    The idea that Europe’s strength lies in its ability to stand as a unified entity in a globalized world was championed by Ms. Merkel at the European Union summit meeting in June and was a consistent refrain in her speeches to lawmakers and business groups throughout the spring.

    The chancellor, who returned from her summer vacation on Monday, has not made any public statement on the issue of a referendum, but she has cautioned that change must come “step by step,” not in leaps and bounds.

    Germany has never held a national referendum, as the German Constitution allows a national plebiscite only as a necessity to alter its basic laws, which have not been changed since after World War II.

    Referendums are allowed by most of the country’s 16 states, however, and have become popular in recent years, Mr. Pestalozza said.

    Mr. Schäuble envisioned that Germans would be asked to cast ballots on whether more decision-making authority should shift from Berlin to Brussels, where it would fall to the hands of a European Union president and finance minister elected by voters across the bloc.

    An important part of that shift would be to create a shared fiscal policy, at least for all 17 countries using the euro, Mr. Schäuble told Der Spiegel in its June 25 edition.

    Other voices have come out in favor of a vote as well. “The people of Europe must learn that only together will they be able to assert their civic model of a social state and the national diversity of their culture,” wrote the philosopher Jürgen Habermas in a joint essay in the Frankfurter Allgemeine Zeitung with Peter Bofinger, a leading economist, and Julian Nida-Rümelin, a former government cultural adviser.

    Those opposed to the idea of a referendum on Europe caution that Germany’s Constitution already contains language providing enough room for more authority to be shared between the state and European institutions, without requiring changes to the basic law. Handing more power through a constitutional change, critics argue, could require revamping and expanding Germany’s existing agreements with Brussels, which would mean going through the lengthy process of securing the approval of all 27 European Union members.

    But outside economists and others have warned that the urgency of Europe’s crisis and the pace of the demands of financial markets may not allow European leaders the luxury of time.







    A version of this article appeared in print on August 19, 2012, on page A8 of the New York edition with the headline: Support Grows in Germany for Vote on Giving Up Power to European Bloc.


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    Re: New EC Thread

    Post  Badboy on Sun 19 Aug - 12:02

    IN ITALY THERE ARE HARASSING RICH YACHT OWNERS FOR EITHER TAX OR FOR BREAKING RULES ON WHERE TO ANCHOR

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    Re: New EC Thread

    Post  Panda on Mon 20 Aug - 9:16

    Irish Bailout Masters Press for Rental Home Seizures: Mortgages


    By Joe Brennan - Aug 20, 2012 12:00 AM GMT+0100



    • bankers and bailout masters are pressing the government to make it easier to seize homes bought as investments to rent out as defaults on the loans surge after Western Europe’s worst real-estate collapse.

    The International Monetary Fund, the European Commission and the European Central Bank, the so-called Troika that rescued Ireland in 2010, want the state to tackle a legal loophole impeding lenders from foreclosing on loans taken out before 2009, according to three people familiar with the matter, who declined to be named as final decisions haven’t been taken.





    Enlarge image

    Irish Bailout Masters Press for Rental Home Seizures




    Aidan Crawley/Bloomberg

    State-owned Allied Irish, the country’s largest mortgage lender, said last month that payments on 37 percent of its Irish buy-to-let mortgage holdings are at least three months behind, compared with about 13 percent for its owner-occupier loans.

    State-owned Allied Irish, the country’s largest mortgage lender, said last month that payments on 37 percent of its Irish buy-to-let mortgage holdings are at least three months behind, compared with about 13 percent for its owner-occupier loans. Photographer: Aidan Crawley/Bloomberg

    The Irish government’s effort to overcome legal and cultural obstacles to foreclosures is growing more urgent as delinquencies on rental properties grow, making it harder for banks to increase lending, and slowing the recovery. At Allied Irish Banks Plc (ALBK), the biggest mortgage lender, more than a third of its loan book for so-called buy-to-let properties are in trouble after home prices halved and unemployment tripled since 2007 amid the worst recession in the country’s modern history.

    “A well-functioning repossession framework is important to maintain debt service discipline and to underpin the willingness of banks to lend, which is crucial for Ireland’s economic recovery,” Craig Beaumont, the IMF mission chief for Ireland, said in an e-mail response to questions.

    Before December 2009, lenders used a 1964 law as the basis to repossess homes. This was repealed and replaced in 2009, which due to a drafting oversight, applied only to loans taken out after Dec. 1 2009.

    Justice Rules


    The flaw became apparent in a July 2011 case overseen by Justice Elizabeth Dunne. She ruled a lender wasn’t entitled to repossess a home used for security on a defaulting 93,000-euro ($114,410) loan because demand for repossession and repayment was made in July 2010. She said another lender was entitled to repossession on a defaulting 209,000-euro loan taken out in 2007 because it demanded repossession and repayment in September 2009.

    The Justice Ministry said in an e-mailed response to questions that the “complex and related issues raised in this case continue to be the subject of discussions within the department and within the office of the Attorney General.”

    The government is considering introducing new laws to fix the loophole, according to two of the people.

    Buy-to-let investments took off during Ireland’s decade-long real estate boom, and now account for about a fifth of the 130 billion euro mortgage market. Values have collapsed since the bubble burst in 2008, with figures signaling they’re faring much worse than owner-occupier loans.

    Famine Memories


    Resistance to evictions and repossessions is at least partly linked to the country’s history, in particular the so-called Great Famine, which saw thousands of families thrown off the land in the period around 1850. Later, around 1880, when Ireland was controlled by Britain, the so-called Land League’s resistance to evictions during rent strikes often ended in violence against landlords and their agents.

    More recently, opposition to repossessions stems at least in part from the banks’ reliance on taxpayer support to avoid collapse in the wake of the 2008 collapse. In all, the state has injected or pledged about 64 billion euros to banks, and five of the six largest domestic lenders are now in government hands.

    State-owned Allied Irish, the country’s largest mortgage lender, said last month that payments on 37 percent of its Irish buy-to-let mortgage holdings are at least three months behind, compared with about 13 percent for its owner-occupier loans.

    Mortgage Arrears


    Arrears in Bank of Ireland’s buy-to-let portfolio rose to 21 percent at the end of June from 17 percent, the lender said on Aug. 10. Some 9 percent of the bank’s Irish owner-occupier mortgage book was at least three months in arrears, up from 7 percent in December, the bank said.

    “Many of the buy-to-let properties are in the hands of doctors, accountants, bankers and other professions,” said Stephen Kinsella, an economics lecturer at the University of Limerick. Buy-to-let is “a massive house of cards built around middle- to upper-middle-class Ireland.”

    There’s no evidence of mass repossessions. While there are no overall statistics on foreclosed buy-to-let properties, Irish banks held just 961 owner-occupied homes, equivalent to 0.12 percent of loans in arrears at the end of March, according to the Central Bank. Bank of Ireland said last week it had held about 137 Irish buy-to let properties at the end of June.

    ‘Huge Fear’


    “There is a huge fear among lenders in what is a post-famine, post-colonial Ireland of being seen to be acting like the Big Bad Bank Plc coming in and turfing people out of their properties,” said Bill Holohan, senior partner of Holohan solicitors in Cork and Dublin and co-author of ‘Bankruptcy Law and Practice.’’ Images associated with famine evictions in the 19th century “are ingrained deep in the Irish psyche,” he said.

    Policy makers and banks are starting to draw a distinction between owner-occupier homes and buy-to-let properties. Central Bank Governor Patrick Honohan said in March “it’s past time”for banks to repossess such properties.

    “Three years ago, we believe banks had limited appetite to repossess troubled buy-to-let properties,” said Michael Greaney, associate director in Fitch Ratings mortgage-backed securities unit. “Over the last year, there seems to have been a change in attitude and banks are willing to use the repossession route if necessary and are pursuing buy-to-let arrears cases more actively.”

    The “legal flaw” is impeding lenders from repossessing properties, John Reynolds, head of KBC’s Irish unit and president of the Irish Banking Federation, has said.

    ‘Last Resort’


    “While repossessions remain the last and least desirable resort for KBC Ireland, there are cases where customers won’t work with KBC,” Reynolds said in June, adding he was disappointed that the legal impediment hadn’t been addressed.“As a last resort, we need to be in a position to repossess.”

    The IMF, the European Commission and the ECB, which rescued Ireland two years ago as its banking system came close to collapse are pushing for a solution.

    Moves to plug the gap in the law will test banks’ appetite to foreclose on loans and crystallize losses.

    Ireland’s four state-guaranteed banks that remain open for business were ordered last year to raise 24 billion euros, mostly from the state, following stress tests.

    Banks are “terrified” that wholesale repossessions and sales would crash the market again, just as there are signs of stabilization in Dublin real estate, Bill Holohan said. Home prices in Dublin, which have dropped 57 percent from their 2007 peak, rose in three out of the first six months of this year, according to the country’s statistics office.

    Banks are finding strategies to cope with the surge in defaults in the buy-to-let sector. Bank of Ireland has, for example, appointed 540 rent receivers to ensure landlords aren’t hiding income.

    “We’ve been taking action in dealing with rent diversion which has been a feature particularly in the more troublesome book, ” Bank of Ireland Chief Executive Officer Richie Boucher told reporters last week. “Clearly we would hope that the Judge Dunne decision would be dealt with.”

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    Re: New EC Thread

    Post  Panda on Mon 20 Aug - 9:38

    German Finance Minister Schaueble has ruled out any more aid to Greece.

    The next tranche to Greece is due in September but Greece must show it has made every effort to stick to it's austerity

    plan, Merkel is expected to go to Greece for a meeting .

    Merkel is having seperate meetings with Hollande Monti and Rajoy.

    The ECB is to buy Bonds with a capped yield but analysts say it is standing in a minefield.

    Finland may be looking for help.

    Financial Analyst Manduca says Political weakness is responsible for the dithering in trying to find solutions. He thinks it will all end up with quantitative easing , creating more debt instead of firm will by Politicians, especially when they are up for election.

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    Re: New EC Thread

    Post  Panda on Mon 20 Aug - 17:57

    Black autumn for the euro




    Sergei Tiounine

    If August was relatively reassuring on the sovereign debt front, the signals that we are moving towards a “Black September” for the euro are getting stronger. The distrust between the "virtuous" states and the most indebted ones has brought the EU dangerously near the point of no return.

    Teresa de Sousa

    Thanks to the statements of two of the most senior officials in charge of the fate of the single currency, sovereign debt markets stayed calm during August.

    First it was European Central Bank (ECB) President Mario Draghi, who late in July declared that the ECB was ready to “do whatever it takes“ to ensure the survival of the euro, opening up the prospect of a massive intervention in the markets by the ECB to keep interest rates for Italy and Spain at tolerable levels.

    Then, last Thursday, the German Chancellor dispelled all doubts of her support for the guarantees made by the ECB president, which she considers “fully in line” with her own conception of affairs.

    Black September


    So why forecast a “Black September” for the euro crisis? Because Europe, two years on, is hopping from “victory” to “victory” right up until it reaches its next defeat? Because behind this summer calm, the markets continue to harbour profound doubts about the viability of the single currency?

    To these two reasons, which reality will confirm or prove wrong, we can add signals of mounting concern that Europe is on the verge of losing the political battle that will truly decide its future. And August was particularly rich in signals of this kind.

    Earlier this month, in a now famous interview given to Der Spiegel, Mario Monti summed up the issues. “Tensions in the euro area these last years have exposed signs of the psychological dissolution of the European Union (...). If the euro becomes a factor in the disintegration of the European Union, the foundations of the European project will be demolished.”

    Events were to prove Monti right, showing almost irrefutably that the markets are not the only ones to doubt the euro will survive.

    Doubts mount


    In the latest episode to date, the Finnish Minister of Foreign Affairs has admitted publicly that his government had made contingency plans to deal with a possible implosion of the monetary union. The quick denials from the government in Helsinki and their assurances that the minister's statement was not official policy went unheeded: the debate in Finland now is whether it should leave the euro.

    Unlike in Germany, in Finland matters can be stated much more clearly in the debate, because the consequences would be much less severe for the country. In Germany, all the same, we have heard the Minister of Economy declare that a Greek exit from the euro was no longer inconceivable.

    We have seen several prominent personalities of the CDU-CSU express their outrage at the “insolence” of the President of the Eurogroup, Jean-Claude Juncker, who had the audacity to declare that Germany had its share of responsibility in the worsening euro crisis by asking a simple question: “Is the eurozone any more than a branch of the Federal Republic?”

    A quick glance at the headlines of German papers is enough to leave no doubt about the seriousness of the “prejudices“ that Mario Monti speaks of in Der Spiegel and the dangers of this “psychological dissolution” of Europe that he warned against. All of the papers seem to be expecting a return of the “Iron Chancellor”, to stand up against Greece, which is demanding more time.

    Against the ECB, which has arranged to pump money into the “defaulter” countries. And against France, which intends to ensure the welfare of its retirees on the backs of the German taxpayer.

    Tough questions


    In the other countries of northern Europe, the political climate is not very different. In the South, the question is about how far austerity can be pushed without killing the very idea of the European Union – or how far the policy of “humiliation”, brought on by a bail-out that voters are willing to tolerate, can go.

    There are two hopes facing this accelerated risk of the political dissolution of Europe, and the highest officials in Brussels are clinging to them.

    The first hope is Angela Merkel herself. Most are convinced that the Chancellor is fully committed to saving the euro, because saving the euro is in Germany's interest. Some doubts, however, linger.

    Just how far can the Chancellor go to reconcile the two objectives that seem to motivate her – to save the euro and to prevent a right-wing nationalist party from emerging in Germany, as has happened in Finland and the Netherlands? Some observers believe her a master in the art of navigating this ever narrowing path.

    Others believe that the climate of German public opinion has shrunken her room for manoeuvre and that they will have to wait for the September elections and a “grand coalition” with the SPD to give her the capability at home in Germany to do what needs to be done.

    Second hope


    The second hope, the most obvious one, boils down to the key political issue that all the governments of the eurozone have to confront: if not the euro, what is the alternative?

    The thing that makes September so dramatic in terms of tacking the European problem, is that it is practically impossible to know at which moment Europe will have committed itself too deeply to the dissolution path, to reverse direction.

    Or, in other words, to know what the event will be the one to mark a turning point in the European crisis. A verdict in the German Constitutional Court on September 12 which rules against the European Stability Mechanism? The outcome of elections in the Netherlands on the same day? Something else? No one knows. That is the great risk facing Europe today. Just replace the word “prejudice” with “nationalism."





    Close-run autumn for the euro


    “September will be the most dangerous month”, warns Público:“in the wake of the summer break, the autumn is coming, and with it, a ‘make-or-break moment’ for the eurozone”. In the run-up to all of that, next week will be fraught with diplomatic manoeuvres –


    … Greek Prime Minister Antonis Samaras is to fly to Berlin and Paris to meet with Angela Merkel [on August 24] and François Hollande [on August 25], in the wake of his meeting with Eurogroup President Jean-Claude Juncker [on August 22 in Athens]. His goal will be to convince the European leaders to allow Greece two extra years to complete its cost-cutting programme. Merkel and Hollande are also planning to come together [in Berlin on August 23]. Before the end of the month, it will be Italian Prime Minister Mario Monti’s turn to travel to Germany to sit down with the Chancellor, before he flies to Madrid [on September 6] to meet with Spanish government leader Mariano Rajoy.
    In any case, “the month of September will be decisive”, explains Público


    … that is when [on September 12] Germany’s constitutional court will decide on the viability of the euro’s permanent bailout mechanism, the ESM. It could also be the month when Greece runs out of money. If that happens the country will be obliged to request more time and more funds from northern European countries that are increasingly sceptical – a case in point is the Netherlands where the extent of this scepticism will shortly be measured [in general elections to be held on September 12]. Finally, eurozone leaders will also have to be careful to prevent the fall of the two crucial dominos of Spain and Italy, which would take down the rest of the eurozone with them.
    Last but not least, on September 6 President of the European Central Bank Mario Draghi –


    is to provide ‘details on how he will intervene in bond markets’ with the aim of reducing the yield spread between the most indebted countries and other eurozone states

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    Re: New EC Thread

    Post  Panda on Tue 21 Aug - 7:05


    Antonis Samaras was elected Greek prime minister in June this year









    Robert Nisbet sky News

    Europe Correspondent




    The Greek prime minister is to ask EU leaders for more time to reduce the country's budget deficit as the country battles to stay in the eurozone.

    Greece is now in its fifth year of recession, and is struggling to pay its bills as well as stick to the tough conditions required by two massive bailouts totalling 240bn (£188bn) euro.

    In order to receive the next tranche of cash it needs to pay salaries to its bloated public sector, the new coalition is trying to find cuts of 11.5bn (£9bn) euro.

    The problem is this: the three parties which make up the new government - the conservative New Democracy, the socialist group PASOK and the centrist Democratic Left party - are still squabbling over where the axe should fall.

    To make matters even trickier, there are rumblings around the eurozone that the 11.5bn figure may balloon, because Greece has failed to deliver cuts in other areas.

    In order to try to buy the country more time - and keep his coalition together - Prime Minister Antonis Samaras will visit Angela Merkel in Berlin and Francois Hollande in Paris this week to ask for more time to meet a strict deficit target.

    His argument to the eurozone's superpowers as the recession continues to bite is that the Greek debt mountain is growing in relation to the size of the shrivelling economy.

    But the indications are he is likely to get a frosty welcome, especially in Germany.

    The economy minister Philipp Roesler told Spiegel Online: "Those who don't stick to the rules and the promises cannot expect financial help."

    Today Greece will try to raise more money on the markets by selling billions of bonds, with massive interest rates to lure buyers.

    The air of crisis may have deflated over the hot summer months, but Greece's problems are still enormous and the pressure from its creditors hasn't lessened.

    Officials from the so-called 'troika' of the EU, the European Central Bank and the International Monetary Fund, will return to Athens in September to pore over the books

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    Re: New EC Thread

    Post  Panda on Tue 21 Aug - 15:28

    Finland has been told that contingency plans have been made if Greece leaves the Euro.

    Spanish borrowing costs are slightly lower causing EURO to appreciate.

    Fitch says if the EU has not taken decisive action by the end of the year regarding the Eurozone never ending crisis its

    banks will be downgraded.

    Latest figures on the U.K. Economy show a £528 million deficit and the recession deepens. Corporation tax declines and the Olympics did not prove to be the stimulus predicted. Greece is highly indebted to the U.K. Banks and if the Country defaults it will make matters worse.

    With all these meetings in September between Angela Merkel and France, Spain, Italy and Greece analysts are hoping for positive action.

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    Re: New EC Thread

    Post  AnnaEsse on Tue 21 Aug - 15:57



    Published on Aug 21, 2012 by TheAlexJonesChannel
    If the actions of Lord Jacob Rothschild are anything to go by, the long predicted collapse of the Euro may not be far away, with the banking titan placing a $200 million dollar bet against the troubled single currency.

    "Lord Rothschild, an elder member of the dynastic Rothschild banking family, has taken the position against the euro through RIT Capital Partners, the 1.9 billion pound investment trust of which he is executive chairman," reports CNBC.

    RIT has upped its short against the Euro from 3 per cent in January to 7 per cent in July.

    The European Central Bank continues to try to re-animate a dead corpse by continually pumping bailout money into debt-ridden countries like Greece, Ireland, Portugal and Spain.

    However, top investors only see it as a matter of time before the single currency is consigned to the landfill of economic history.

    Last week, influential German newspaper Der Spiegel reported that "Banks, companies and investors are preparing themselves for a collapse of the euro."


    http://www.infowars.com/lord-rothschild-betting-on-euro-collapse/

    _________________________________________________________________________________________________
    "You can run on for a long time, Run on for a long time, Run on for a long time, Sooner or later God'll cut you down." (Johnny Cash)

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    Re: New EC Thread

    Post  Sponsored content Today at 9:47


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