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

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 …

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

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. …

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

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 …

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Euro crisis: “Barroso absolutely confident that Spain can meet its economic challenges.”

With Spain probably in recession, again, and the cost of its government borrowing topping 6%, again, European Commission president José Manuel Barroso is being ridiculed for his optimistic futuring.  As the Guardian’s Eurozone crisis live-blog notes European Commission president José Manuel Barroso has just been quizzed about the eurozone crisis, at a summit on sustainable energy. Barroso attempted to calm fears, telling his audience that he is “absolutely confident that Spain can meet its econonic challenges”. Alas, Barroso didn’t explain …

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Euro crisis: “it is time to send for the Borg…”

You can follow the latest developments in the eurozone crisis at the Guardian’s live-Business blog as pressure mounts on Italian Prime Minister designate, Mario Monti – who was nominated to replace Silvio Berlusconi three days after the Italian President, Giorgio Napolitano, appointed Monti a Lifetime Senator.  From his Wikipedia entry In 2007, Monti was one of the first supporters of the first European civic forum, Etats Généraux de l’Europe, initiated by European think tank EuropaNova and European Movement. In December 2009, he …

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Taoiseach on euro crisis: “I think we have to get on with what we have now…”

Oh dear…  RTÉ reports Taoiseach Enda Kenny sticking his head in the sand insisting that the status quo is perfectly adequate to deal with the eurozone crisis. Speaking in Warsaw, Mr Kenny admitted there had been a lot of discussion among eurozone leaders about where the crisis was headed, and that there would be a good deal more discussion before heads of government meet in mid October. When asked if he supports Treaty change in order to facilitate a deeper …

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Euro crisis: “It is a debt crisis but a crisis, too, of legitimacy.”

Credit ratings agency Moody’s has downgraded two major French banks ahead of crisis talks between President Nicolas Sarkozy, German Chancellor Angela Merkel, and Greek Prime Minister, George Papandreou.  BBC business editor, and still everyone’s hero, Robert Peston explains why.  And Greece isn’t their only concern.  Nor are they the only ones taking an interest.  [Adds – More on the interest elsewhere].  The Guardian’s business blog is live-blogging today’s events… And, even though they “know how difficult a treaty change will be”, that’s precisely what …

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Barroso: “Nobody should be under any illusion: the situation is very serious”

Everyone’s got something to say ahead of tomorrow’s emergency EU summit on the existential European debt crisis.  Whether you believe any of them is another matter entirely… Taoiseach Enda Kenny is echoing Frau Bundeskanzlerin. Taoiseach Enda Kenny has said he is also hopeful that Ireland will be on the agenda at tomorrow’s meeting. However, in a statement issued today, Mr Kenny said he did not believe the meeting would solve all of the euro zone’s problems. “The crisis in the euro area …

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