Region Archives: EU

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Euro Crisis : Soros on the Euro’s deficiencies and what needs to be done

Excellent George Soros essay on NyBooks – The Crisis & the Euro. In it he forensically examines the structural issues with the single currency, points out Germany’s critical role within the project and how they have been making bad policy decisions, and how this threatens political and social stability within the union. All is not more…

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Euro Crisis: Greece restructuring it’s debts

Fancy word for default. Spotted by John Dizard in the FT, and neatly summarised by Yves Smith on Naked Capitalism below. Greece is imposing (at least) a 19% haircut on holders of state hospital bonds. This hasn’t yet gotten the attention it merits because it’s bonds issued by particular government bodies (in this case, the more…

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Slugger’s comment thread rebuild – redux

You may recall that – a few weeks ago – I posted an idea on how we can add value to Slugger’s comments thread. It met with a mixed reaction, and while some of you liked the idea and saw possibilities in it, there were also some extremely perceptive objections. As a result, we have more…

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Euro crisis: a “strong convergence of views”

The Irish Times’ Arthur Beesley reports that EU Finance Ministers “have resolved to submit draft budgets for the approval of their counterparts and the EU Commission before unveiling them in national parliaments.” European Council president Herman Van Rompuy, who chaired the meeting on economic governance, said there was a “strong convergence of views” on the more…

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NI’s £60million farming subsidy mal-administration fines – Redux

The Northern Ireland Agriculture Minister, Sinn Féin’s Michelle Gildernew, and the Chairman of the Assembly Agriculture Committee, the DUP’s Ian Paisley Jnr, teamed up today on the Stormont Live sofa to defend farmers – an aging and confused group, apparently – and to criticise media coverage of the £60 million fines imposed by the EU Commission for more…

“I don’t know what to say..”

Yesterday a meeting of the European Parliament Committee on International Trade (INTA) had an exchange of views with US Ambassador William Kennard on EU-US Trade relations. Joe Higgins, Irish Socialist Party MEP, confronted the American Ambassador over his country’s trading relationship with Israel: Is trade still a value-free activity that must not involve human rights more…

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NI Agriculture Minister: “I’m not sure anybody’s really to blame…”

BBC NI’s rural affairs correspondent, Martin Cassidy, reports on the £60 million repayment sought from the Northern Ireland Executive by the EU Commission for the maladministration, by the NI Department of Agriculture, of the annual individual subsidy claims made by farmers here. In total Europe provides 300m euros to farmers here annually while the individual more…

Four arrested in Laois in counterfeit cash investigation

Not much detail on this one yet, but the iol report notes that four men, in their 40s and 50s, were arrested in County Laois this morning “after an extensive operation, which has been ongoing for several months”.  RTÉ adds  What is believed to be a sophisticated counterfeit operation and underground bunker has been uncovered by more…

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ECB : There are no alternatives

European Central Bank executive member Lorenzo Bini Smaghi outlined the fiscal and monetary constraints facing EU states at the Group of 30 conference in Rabat. In it he warns of a US of future crisis, and perhaps controversially denounces Keynesianism as inappropriate. European states can’t rely on inflation to reduce their debts, fiscal austerity is more…

Eurovision 2010: “We’ll keep on doing what we’ve been doing…”

The Irish Times rejoices in the fact that Ireland’s RTÉ’s entry in this year’s Eurovision, former winner Niamh Kavanagh, made it through to tomorrow’s final for the first time in four years.  John Waters was unavailable for comment… They seem to be taking it seriously this year at the Irish Times, with a lengthy analysis by more…

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Euro debts: “Purge the rottenness out of the system” – Hugh Hendry channels Andrew Mellon

An interesting discussion on the problem of, and solutions to, sovereign debt default on Newsnight. Everyone’s favourite, um, “clinker-bag” is back, this time being rude to Columbia University’s Professor Jeffrey Sachs, Gillian Tett a journalist at the Financial Times also in attendance. Kent Brockman, from the Simpsons said it best in Homer the Vigilante. Kent more…

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Euro breakup : Why Morgan Stanley is wrong

A few months back Morgan Stanley analyst Joachim Fels produced a set of warning signs that would indicate the Eurozone was at increased risk of breakup. He’s back today with a new research note – To be clear, we neither advocate a EUR break-up nor is this our main scenario. However, the risk that it more…

Naked Capitalism: The Great Depression and the Revolution of 2017

Entertaining, and sobering futuring at Naked Capitalism. President Kucinich also announced a new “Marshall Plan” for war-ravaged Europe, which has descended into near anarchy since the EU collapsed in late 2010. He called on the Italian Red Brigade army to end its siege of Berlin. He promised to begin an airlift of food for Europe’s more…

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Euro crisis : Timelines

October 2009 New Greek government elected. 5th November 2009 New Greek government ‘fess up. The budget deficit is 12.7% not 6%, as claimed by their predecessors! 20th November 2009 The European Central Bank tightened the rules for the collateral it accepts against loans, the new rules will come into force on March 1st 2010 December more…

“everyone in Ireland is an economist now”

Mack referred in passing to the Guardian’s G2 feature on Ireland at the start of the crisis in the Eurozone, but it deserves a bigger mention.  Here’s a key extract “There were very few of us in the boom who suggested what was going on was nonsense. If you’re against consensus in Ireland, the first more…

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Euro crisis: Where are they getting the money to do that?

Hat tip to The Big Picture for this entertaining, Australian, look at the Euro crisis. From the transcript – BRYAN DAWE: How much does Greece owe, Roger? JOHN CLARKE: $367 billion. BRYAN DAWE: Correct. And who do they owe it to? JOHN CLARKE: Mostly to the other European economies. BRYAN DAWE: Correct. How much does more…

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Euro crisis: “Here endeth the lesson from the voice of calm.”

Even though the EU Finance Ministers meeting in Brussels didn’t have the details of that special vehicle for bailing out eurozone governments to sign off on, the BBC’s Stephanie Flanders still believes in “the voice of calm”.  Me?  I’m still sceptical.  As Stephanomics admits In the end, these imbalances always come home to roost – the more…