Tag Archives | eurozone

“this month you will see a kind of victory for the Eurosceptics…”

EU flag

Ahead of the EU-wide parliamentary elections, a much needed overview from BBC Europe editor Gavin Hewitt of the state of the European Project and its extant political trilemma.  From Gavin Hewitt’s article Unless the polls are very wrong, sometime next weekend Europe will learn that at least a quarter of the seats in the next more…

Cyprus: So what happens next?

EU flag

The Guardian’s still live-blogging, for now, in the aftermath of Cyprus’ parliament’s rejection of an, albeit amended, EU/IMF cunning plan bail-out which included the public seizure levying of €5.8billion from private depositors in Cypriot banks – 36 votes against, 19 abstentions, none in favour.  The paper’s economics editor, Larry Elliot, answers the title question …there are really only two more…

Italy: “Unless of course all polls and projections so far turn out to be wrong …”

EU flag

They’re still counting the votes in Italy…  But the early projections are contradicting exit polls predicting, as the Guardian reported, “strong support for alliance led by Pier Luigi Bersani’s Democratic party and bloody nose for Mario Monti”.  Not contradicting the bloody nose for the Borg Mario Monti, that is.  But Silvio Berlusoni’s centre-right alliance seems to be more…

Italy: “History risks repeating itself…”

EU flag

The BBC’s Europe editor, Gavin Hewitt has been looking to Italy ahead of a general election brought 2 months early after Silvio Berlusconi’s party withdrew support for Mario Monti’s technocratic government – voting begins on Sunday.  The FT notes that Strong, stable government will be needed to continue the reform process put in place by Mr more…

Nobel Peace Prize 2012: “What next? An Oscar for Van Rompuy…”

The Norwegian Nobel Committee has done it again…  This time they have decided that the Nobel Peace Prize for 2012 is to be awarded to the European Union (EU).  *shakes head* As a sceptical Ambrose Evans-Pritchard notes at the Telegraph blog The EU’s high priests draw on a caricature version of history that must be challenged. more…

Euro crisis: “This time it’s really, really serious…”

EU flag

European Commission President José Manuel Barroso is off to Greece for “a regular meeting” with Prime Minister Antonis Samaras.  His first visit to Athens since June 2009.  Meanwhile, the rising cost of Spanish and Italian Government borrowing has prompted a declaration of intent from European Central Bank president Mario Draghi. “To the extent that the size of these more…

Euro crisis: “Welcome to Europe’s endless debt saga.”

EU flag

I haven’t posted an update on the euro crisis for a while, and this European Diary piece by Arthur Beesley in the Irish Times might help explain why. Welcome to Europe’s endless debt saga. Sunshine is a rare enough commodity in cloudy Brussels – and a downpour follows any glorious spell. The hunch must be, however, that more…

Breakthrough on Ireland’s bank debt?

This looks like a breakthrough on the Republic’s bank debt problem: According to a statement issued at 4am (Irish time), eurozone leaders pledged to “examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme.”

Euro crisis: “It’s politics without policy choice…”

EU flag

The pressure is definitely beginning to tell on the European Commission President José Manuel Barroso at the G20 summit in Mexico.   No news yet from Greece, and the markets are still betting against Spain.  He may, as he claims, have a “vision of where we need to go“, or he may, as Michael White says, be more…

“all participants attend Bilderberg in a private and not an official capacity…”

Zoom on Michael Noonan

As the Irish Times noted at the weekend, the Irish Minister for Finance, Michael Noonan, has been providing written answers to the Dáil about his trip to Chantilly, and his attendance at the 2012 Bilderberg Meeting.  Here’s his 13 June written answer on “Official Travel” Minister for Finance (Deputy Michael Noonan):   I attended the Bilderberg meeting more…

“The JHA Council’s approach of 7 June represents a slap in the face of parliamentary democracy”

EU flag

If the euro crisis wasn’t enough of a concern for supporters of the European Project, the attempted reform of Schengen is causing another headache.  The European Parliament has now suspended co-operation with the European Council on five draft bills connected to border security “until a satisfactory outcome is achieved on Schengen governance.” The Conference of Presidents also decided to more…

Euro crisis: “I am not sure whether the urgency of this is fully understood in all the capitals”

EU flag

It would be fair to say that there remains a difference in opinion of the correct response to the euro crisis.   The BBC quotes European Commission President José Manuel Barroso. European governments need to agree urgently on steps to forge a closer union because of the eurozone’s “systemic problem”, the head of the European Commission more…

Euro crisis: “These are empty, senseless phrases, an abuse of language”

EU flag

In the Irish Times, Paddy Woodworth notes an all-too-familiar tale of political chutzpah in Europe [Nevermind closer to home! - Ed].  This time it’s the Spanish Prime Minister, Mariano Rajoy, and his spin on that ‘magic bullet’.  From the Irish Times report The total reversal of his oft-stated conviction that no EU money was needed by more…

Spanish deal no magic bullet for Ireland after all

The debate on the implications for the Irish bailout is hotting up and is well covered in the Irish Times. Instead of setting a precedent for better terms, the paper argues that deal offered to Madrid actually reduces the chances of renegotiating it, and exposes the difference in treatment between large and small members of more…

So why can’t Ireland get a Spanish deal?

 It’s the obvious question isn’t ? Here it is posed by Stephen Kinsella in The Irish Economy Spain’s banks are getting a series of loans. Hooray. The rather vague Eurogroup statement on Spain is here. It’s being reported that Spain will require up to 100 billion euro for its banks, which will be added to its more…

Euro crisis: “A fiat currency backed by heterogeneous sovereigns is irremediably fragile…”

EU flag

The Financial Times’ chief economics commentator Martin Wolf was at the Bilderberg meeting in Chantilly this year too.  And on his return, as spotted by the Guardian’s eurozone crisis live-blog today, he has had this to say. How much pain can the countries under stress endure? Nobody knows. What would happen if a country left the eurozone? Nobody more…

Euro crisis: “Europe’s common currency is its formative element.”

EU flag

The president of the European Council, Herman Van Rompuy, has a plan.  Or, at least, a timetable. Herman Van Rompuy told a news conference in St Petersburg, Russia that, by the next summit of EU leaders at the end of June, he and three other EU officials would present “the main building blocks for this deepened economic more…

Fiscal Compact Referendum: A comment round up…

Is a class based politics emerging? Jason O’Mahony seems to think so. Complaints that it was the middle class and rural voters wot one it against the poorer classes is part of a limiting contempt that some sections of Irish politics have for the people who always broker political power in the Irish state. – more…