eurozone – Page 2 – Slugger O'Toole

Now in power, policy will affect the extent which Syriza can continue to wing it

Mick Fealty on January 27, 2015, 2:43 pm

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World by Storm on the Greek situation… It genuinely is a situation where it is near impossible to forecast how matters pan out. Interesting to read the view of some yesterday that Syriza regards the current government as a very very temporary thing, almost a means of getting themselves into play at national level. It makes sense, but that only works, both on a political level and economic level both in Greece and more broadly in Europe, if there’s actual …

“Sunday’s election could be a significant day for Europe…”

Pete Baker on January 24, 2015, 5:20 pm

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The campaign may have resembled a “political circus”, but Sunday’s general election in Greece could see the leftist Syriza, led by former communist Alexis Tsipras, emerge as the leading party – but in search of a partner-in-government [We’ve been there before! – Ed]. Indeed. Although, they could still achieve a majority… In the meantime, the Irish Times highlights a report from Standard & Poor, “European Sovereign Creditworthiness Might Diminish If Eurosceptics Take Power”. From the Irish Times report In a report assessing the rise …

Scotland must solve its own business case if ‘Yes’ is to win an #IndyRef2

Mick Fealty on January 5, 2015, 10:13 am

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I admit there were a few occasions when I thought I’d stuck my neck out a little too far after I’d solemnly declared the Scottish #IndyRef to be over in February. It wasn’t of course and, as I also predicted at the time, it has brought in a lot of new business to the SNP, and neatly decapitated Scottish Labour into the bargain. The paradox of the currency question is that it had two immediate but contrary effects when it crystalised back then. Most …

Cameron and the EU: What’s good for business versus the democratic deficit?

Mick Fealty on June 27, 2014, 11:33 am

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So the EU leaders meet today, and it surely has to say something Jean Claude Juncker seems already confident of getting the job of President of the European Commission. For those who don’t know, Jean Claude is that Luxembourger geezer with the dodgy line in what happens when things get serious. And that’s not even mentioning his past “entanglement in Luxembourg intelligence affairs”. The odd thing is not just Cameron’s obvious distain for playing the European game (given this has been …

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

Pete Baker on May 19, 2014, 4:58 pm

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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 European Parliament will have gone to anti-establishment and Eurosceptic parties. The figure could even be closer to 30%. In many places the election has become …

Cyprus: So what happens next?

Pete Baker on March 19, 2013, 9:01 pm

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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 plausible scenarios: somebody – be it Europe or the IMF – gives Cyprus more money, in which case there is a chance that the crisis …

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

Pete Baker on February 25, 2013, 5:13 pm

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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 edging ahead in the Senate, at least… The Guardian is live-blogging the actual results as they come in. Here’s their latest post to date Before …

Italy: “History risks repeating itself…”

Pete Baker on February 22, 2013, 3:58 pm

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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 Monti’s technocrats, and to argue in Brussels for more growth-oriented policies and a possible relaxation of fiscal deficit targets. However, the worst-case scenario emerging from …

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

Pete Baker on October 12, 2012, 8:12 pm

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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. The post-war national democracies – nurtured by the Marshall Plan, Nato, and benign American influence, nota bene – are not the problem, they are the …

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

Pete Baker on July 26, 2012, 2:55 pm

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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 sovereign premia hamper the functioning of the monetary policy transmission channel, they come within our mandate,” Mr Draghi said in a speech at the Global …

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

Pete Baker on July 12, 2012, 4:39 pm

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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 Vitamin D levels are at an all-time low in the euro trouble crowd. After all, the general routine these days involves hundreds if not thousands …

Breakthrough on Ireland’s bank debt?

Mick Fealty on June 29, 2012, 6:02 am

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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.” Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK …

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

Pete Baker on June 19, 2012, 2:55 pm

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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 sticking his head in the sand. In any case, at Crooked Timber Niamh Hardiman has been looking more closely at the end-game for the political trilemma. …

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

Pete Baker on June 18, 2012, 6:41 pm

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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 in Westfield Marriot, Chantilly, Virginia, USA, from 1 to 3 June 2012. I, like a number of my European colleagues (both Ministers and EU Commissioners), …

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

Pete Baker on June 14, 2012, 6:42 pm

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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 remove from the July plenary session agenda the Carlos Coelho report on a proposal for a Schengen Evaluation and Monitoring Mechanism and the Renate Weber …

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

Pete Baker on June 13, 2012, 3:59 pm

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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 says. Commission President Jose Manuel Barroso called for a “vision of where we need to go”. “I am not sure whether the urgency of this …

Now Show Eurozone analogy: “Not the Englishman, they had a row about spicy food so he refused to come”

Mick Fealty on June 12, 2012, 2:34 pm

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listen to ‘Now Show on the Eurozone crisis’ on Audioboo If the Eurozone crisis consistently confounds you, here’s a great extended analogy from this week’s Now Show on BBC Radio Four… It breaks off before the end, but it is great nonetheless… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: …

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

Pete Baker on June 12, 2012, 12:32 pm

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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 the Spanish banks became the vindication of his strategic abilities. Flying in the face of well-documented alternative accounts of events, he insisted that it was …

Spanish deal no magic bullet for Ireland after all

Brian Walker on June 11, 2012, 12:31 pm

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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 the eurozone. These arguments don’t seem entirely consistent and remain to be unpicked. If the Spanish bailout isn’t so different from the Irish, does of …

So why can’t Ireland get a Spanish deal?

Brian Walker on June 10, 2012, 12:12 am

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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 national debt. The money will come in tranches, first from the EFSF, and then later from the ESM. There aren’t specific austerity measures attached to …