It will hopefully only hasten Europe's need to take a more independent route on a variety of issues, presently controlled by Trans-Atlantic financial and political forces.
Europe must choose for Greece, after all, aren't they one of us?
EU-Digest
Showing posts with label EMS. Show all posts
Showing posts with label EMS. Show all posts
7/5/15
Greece says NO to austerity demands by Wall Street dominated financial sector and their IMF brainchild
It will hopefully only hasten Europe's need to take a more independent route on a variety of issues, presently controlled by Trans-Atlantic financial and political forces.
Europe must choose for Greece, after all, aren't they one of us?
EU-Digest
7/1/15
Greece debt crisis: IMF payment missed as bailout expires
Greece has missed the deadline for a
€1.5bn (£1.1bn) payment to the International Monetary Fund (IMF), hours
after eurozone ministers refused to extend its bailout.
But the ministers say they will discuss a last-minute request from Greece for a new two-year bailout on Wednesday.
Greece is the first European Union country to fail to repay a loan to the IMF and is now formally in arrears.
There are fears that this could put Greece at risk of leaving the euro.
The IMF confirmed that Greece had failed to make the payment, shortly after 22:00 GMT on Tuesday.
"We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," said IMF spokesman Gerry Rice.
Read more click here
1/26/15
EU: Austerity is not working around Europe - Time for change?
The Guardian notes in an editorial that at a stroke, the Greek general election of 2015
has destroyed the post-recessionary political norms and assumptions of
Greece and shaken those of the European Union to the core as well.
For six years, Greeks have protested against harsh eurozone disciplines, but the nation’s eventual, though resentful, readiness to put up with the resulting hardships has been a source of stability. In Sunday’s vote, however, Greek patience finally snapped, particularly among the middle classes, ousting the pro-austerity government of New Democracy and electing the anti-austerity left-coalition Syriza in its place.
As a consequence, the past is no longer much of a guide to the future, at least in Athens, and perhaps elsewhere in Europe.
For the complete editorial from the Guardian click here
For six years, Greeks have protested against harsh eurozone disciplines, but the nation’s eventual, though resentful, readiness to put up with the resulting hardships has been a source of stability. In Sunday’s vote, however, Greek patience finally snapped, particularly among the middle classes, ousting the pro-austerity government of New Democracy and electing the anti-austerity left-coalition Syriza in its place.
As a consequence, the past is no longer much of a guide to the future, at least in Athens, and perhaps elsewhere in Europe.
For the complete editorial from the Guardian click here
2/20/14
European Financial Industry: Germany, France back EU tax on derivatives - by Jean-Baptiste Vey
France and Germany
agreed that a planned pan-European tax on financial transactions should
cover all derivatives products, a source close to French Finance
Minister Pierre Moscovici said on Wednesday.
President Francois Hollande and Chancellor Angela Merkel said after a joint meeting of their two cabinets in Paris that they wanted other EU partners to agree on such a levy by European Parliament elections in May.
France and its banks have in the past warned that imposing a transactions tax across the board of financial products could damage Europe's financial sector. But Germany has in recent days suggested a compromise under which different components of the tax could be phased in over time.
While Hollande and Merkel signalled their will for the 11 countries who back the tax to conclude a deal on it by the European elections, it was still not clear how high the final tax would be and when it would be applied to specific products.
Asked whether he favoured a phase-in of the tax as suggested by German Finance Minister Wolfgang Schaeuble - starting with share trades first - Hollande said such details would be worked out in minister-level discussions.
"The main thing is that it happens. If we seek the perfect product, I know there are some people who will go so deep into details that there will never be a financial transactions tax. I prefer an imperfect tax to no tax at all," he said.
Note EU-Digest: every politician in the European Union should keep in mind that we elected them to defend the interests of the voters and not only the interests of the financial, banking industry, or specific corporate interest groups.
Read more: Germany, France back EU tax on derivatives - French source | Reuters
President Francois Hollande and Chancellor Angela Merkel said after a joint meeting of their two cabinets in Paris that they wanted other EU partners to agree on such a levy by European Parliament elections in May.
France and its banks have in the past warned that imposing a transactions tax across the board of financial products could damage Europe's financial sector. But Germany has in recent days suggested a compromise under which different components of the tax could be phased in over time.
While Hollande and Merkel signalled their will for the 11 countries who back the tax to conclude a deal on it by the European elections, it was still not clear how high the final tax would be and when it would be applied to specific products.
Asked whether he favoured a phase-in of the tax as suggested by German Finance Minister Wolfgang Schaeuble - starting with share trades first - Hollande said such details would be worked out in minister-level discussions.
"The main thing is that it happens. If we seek the perfect product, I know there are some people who will go so deep into details that there will never be a financial transactions tax. I prefer an imperfect tax to no tax at all," he said.
Note EU-Digest: every politician in the European Union should keep in mind that we elected them to defend the interests of the voters and not only the interests of the financial, banking industry, or specific corporate interest groups.
Read more: Germany, France back EU tax on derivatives - French source | Reuters
8/26/12
Possible 'Grexit' a calamity or coup for the eurozone?
At the next EU summit in October, politicians will face the possiblity of Greece exiting the eurozone. Grand ideas of European solidarity are less likely to be at issue than the question how smooth an exit could be.
There are arguments for and against a Greek exit from the eurozone.
The fact is, the country has not come close to achieving previously agreed-upon consolidation goals. If the euro crisis is a crisis of confidence, some of it would be regained if donor countries drew the consequences and turned off the money faucet. On the other hand, Athens cannot meet meeting savings targets since rigid austerity policies have entrenched the economy more deeply in recession than anyone expected. Another question is if the new Greek government deserves a chance to put their reform plans to the test.
When reviewing whether Greece should return to the eurozone fold or be forced out, the pervasive issue is whether a Greek exit would be manageable. If you go and ask the experts, you'll be even more bewildered than before. The pundits have widely differing opinions, and moreover, no one can make accurate predictions since the EU has never been in this situation before.
Read more: Possible 'Grexit' a calamity or coup for the eurozone? | Europe | DW.DE | 25.08.2012
There are arguments for and against a Greek exit from the eurozone.
The fact is, the country has not come close to achieving previously agreed-upon consolidation goals. If the euro crisis is a crisis of confidence, some of it would be regained if donor countries drew the consequences and turned off the money faucet. On the other hand, Athens cannot meet meeting savings targets since rigid austerity policies have entrenched the economy more deeply in recession than anyone expected. Another question is if the new Greek government deserves a chance to put their reform plans to the test.
When reviewing whether Greece should return to the eurozone fold or be forced out, the pervasive issue is whether a Greek exit would be manageable. If you go and ask the experts, you'll be even more bewildered than before. The pundits have widely differing opinions, and moreover, no one can make accurate predictions since the EU has never been in this situation before.
Read more: Possible 'Grexit' a calamity or coup for the eurozone? | Europe | DW.DE | 25.08.2012
5/25/12
Europe's odd couple sets off on right foot
At a closely-watched European Union summit into the wee hours
Thursday, his first since a May 6 election, Hollande stole the thunder
from the continent's most powerful leader.
In Berlin, news weekly Der Spiegel dubbed it "the first EU summit in years not dominated by Merkel" and said "Hollande steals the show."
After five years of "Merkozy" -- coined after the tie-up between Merkel and conservative Nicolas Sarkozy -- the EU's 27 members are anxiously watching whether the bloc's Franco-German motor morphs into a like-minded "Frangela," if not "Merkollande", or simply flies apart.
In crisis-hit Europe, Merkel is the high-priestess of austerity, Hollande the just-elected prophet of growth. The former leads the continent's powerhouse nation and paymaster, the latter the EU's second biggest economy, though one storing up a sea of trouble.
At the summit, Hollande urged peers to sign off on a new, if vague, growth pact next month, saying too much austerity is driving Europe into profound recession.
He also dared a long-taboo suggestion that countries sharing the euro borrow jointly in future to spread risk more evenly. By issuing so-called "eurobonds," countries would all borrow at median rates, lowering costs for the most indebted of the 17 euro nations, but raising the bills in Berlin.
For more: Europe's odd couple sets off on right foot - Latest news around the world and developments close to home - MSN Philippines News
In Berlin, news weekly Der Spiegel dubbed it "the first EU summit in years not dominated by Merkel" and said "Hollande steals the show."
After five years of "Merkozy" -- coined after the tie-up between Merkel and conservative Nicolas Sarkozy -- the EU's 27 members are anxiously watching whether the bloc's Franco-German motor morphs into a like-minded "Frangela," if not "Merkollande", or simply flies apart.
In crisis-hit Europe, Merkel is the high-priestess of austerity, Hollande the just-elected prophet of growth. The former leads the continent's powerhouse nation and paymaster, the latter the EU's second biggest economy, though one storing up a sea of trouble.
At the summit, Hollande urged peers to sign off on a new, if vague, growth pact next month, saying too much austerity is driving Europe into profound recession.
He also dared a long-taboo suggestion that countries sharing the euro borrow jointly in future to spread risk more evenly. By issuing so-called "eurobonds," countries would all borrow at median rates, lowering costs for the most indebted of the 17 euro nations, but raising the bills in Berlin.
For more: Europe's odd couple sets off on right foot - Latest news around the world and developments close to home - MSN Philippines News
9/14/11
TELEPHONE CONFERENCE: France, Germany, Greece say Greece staying in euro-zone -- By Christopher Noble
Leaders of France, Germany and Greece agreed Wednesday that Greece will remain in the euro zone despite a spiraling debt crisis that is roiling the Greek economy and undermining confidence in the single currency bloc, Reuters reported. Greek Prime Minister George Papandreou, German Chancellor Angela Merkel and French President Nicolas Sarkozy, conferring by conference call on Wednesday evening, said they stood behind decisions reached in July by European leaders that are meant to save Greece from a disorderly default, Reuters reported citing a Greek government spokesman. During the call, Papandreou told the leaders that the country was determined to meet all its obligations and that recent austerity measures will help Greece meets its 2011-2012 fiscal targets.
FOR MORE: France, Germany, Greece see Greece staying in euro - MarketWatch
FOR MORE: France, Germany, Greece see Greece staying in euro - MarketWatch
5/25/11
The Netherlands: Discussions around the "Third Capital Requirements CRD III EU Directive"
Recently the European Commission requested Greece, Italy, Poland, Portugal, Slovenia and Spain to notify measures within two months to implement important rules concerning the capital adequacy and the remuneration policies of financial institutions, as laid down in the Third Capital Requirements Directive or CRD III (2010/76/EU).
The aim of the Directive is to ensure the financial soundness of banks and investment firms and to address excessive and imprudent risk-taking in the banking sector promoted by improperly designed remuneration practices which led to the failure of individual institutions and problems to the society as a whole.
The deadline for implementing the rules in question was 1 January 2011. The Commission has also requested Belgium, Luxembourg, Slovakia and Sweden to implement those parts of the Directive that they have so far failed to, according to an announcement.
Today in the Netherlands there was a parliamentary round-table panel discussion on the issue, including all the major Dutch financial/insurance institutions. They discussed not only the EU CRD III directive, but also remuneration standards for board members and top management which becomes very muddled when looking at multi-national financial institutions. operating outside EU borders. In the discussions it became apparent that the financial sector is still greatly influenced by short term thinking and shareholders interest.
Listening to these public discussions it became apparent that most of the financial/insurance sector representatives on the panel, except for two banks, which have a different corporate structure, had major problems in recognizing that the present culture of the financial industry has to change. Public pressure on the political establishment, as a result of the financial crises revealed that the tax payers wanted action, without delay, to change the financial sectors focus and its culture back from being a short term profit/shareholders oriented sector, to a socially focused public service structure
Unfortunately it seems that if there are no international agreements which can be linked with the EU CRD III directive, it will be difficult to control the malpractises of multi-national financial organizations which are not regulated.
EU-Digest
The aim of the Directive is to ensure the financial soundness of banks and investment firms and to address excessive and imprudent risk-taking in the banking sector promoted by improperly designed remuneration practices which led to the failure of individual institutions and problems to the society as a whole.
The deadline for implementing the rules in question was 1 January 2011. The Commission has also requested Belgium, Luxembourg, Slovakia and Sweden to implement those parts of the Directive that they have so far failed to, according to an announcement.
Today in the Netherlands there was a parliamentary round-table panel discussion on the issue, including all the major Dutch financial/insurance institutions. They discussed not only the EU CRD III directive, but also remuneration standards for board members and top management which becomes very muddled when looking at multi-national financial institutions. operating outside EU borders. In the discussions it became apparent that the financial sector is still greatly influenced by short term thinking and shareholders interest.
Listening to these public discussions it became apparent that most of the financial/insurance sector representatives on the panel, except for two banks, which have a different corporate structure, had major problems in recognizing that the present culture of the financial industry has to change. Public pressure on the political establishment, as a result of the financial crises revealed that the tax payers wanted action, without delay, to change the financial sectors focus and its culture back from being a short term profit/shareholders oriented sector, to a socially focused public service structure
Unfortunately it seems that if there are no international agreements which can be linked with the EU CRD III directive, it will be difficult to control the malpractises of multi-national financial organizations which are not regulated.
EU-Digest
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