Tag Archives: European Union

BBC News – Eurozone Agrees On Bank Recapitalisation – 29 June 2012

EU leaders have agreed to use the eurozone’s bailout fund to support struggling banks directly, without adding to government debt.

Speaking after 13 hours of talks in Brussels’, EU chief Herman van Rompuy also said a eurozone-wide supervisory body for banks would be created.

Officials said the plans could be finalised during July.

Read more at : http://www.bbc.co.uk/news link to original article

Mish/ Mike Shedlock – EC President Van Rompuy Releases 7 Page PDF “Towards A Genuine Economic And Monetary Union”; Merkel Says “No Shared Total Liability As Long As I Live” – 26 June 2012

Inquiring minds are reading “Towards a Genuine Economic and Monetary Union” by the gang of four nannycrats: European commission president Herman Van Rompuy, ECB president Mario Draghi,  José Manuel Barroso of the European commission, and Jean-Claude Juncker, the leader of the 17-country eurogroup.

Don’t expect any details. There aren’t any. Instead the document consists of a wish list wrapped in a wordy package that says virtually nothing. Continue reading

John Ward – Greek Deficit : How Berlin Encouraged Papandreou To Big-Up The 2009 Greek Deficit – 26 June 2012

Defence of German banks a key factor

Schäuble and Merkel….implicated in an incredible scam

How Venizelos fired ELSTAT moles to cover up the truth

Spanish European Commissioner backs story of international fraud Continue reading

Mish/ Mike Shedlock – Germany’s Finance Minister Lectures Obama On Debt, Defends Euro, Says German Referendum Needed Soon – 26 June 2012

President Barack Obama should focus on cutting America’s own budget deficit before advising Europe on how to tackle its debt problems says German finance minister Wolfgang Schäuble in the Spiegel article in Germany Rejects Obama’s Criticism in Euro Crisis

German Finance Minister Wolfgang Schäuble rebuffed recent criticism of Germany’s handling of the euro crisis from Barack Obama, telling the US president to get his own house in order before giving advice. Continue reading

Mish/ Mike Shedlock – Eurozone 1% Shell Game Stimulus Mirage; Meaning Of Necessary; “Real” Stimulus – 24 June 2012

Germany, France, Italy, and Spain have agreed to spend 1% of GDP on new stimulus measures.

Where is the money coming from? They will not say. Most likely from somewhere else, better known as nowhere. Continue reading

Mish/ Mike Shedlock – Italy “Gasping Like Beached Whale”; Berlusconi Reiterates Euro Exit “Not Blasphemy”; Beppe Grillo Discusses “Taboo Of The Euro” – 23 June 2012

On June 1, former Italian Prime Minister Silvio Berlusconi said “Italy should dump the euro unless the European Central Bank agreed to inject more cash into the economy”. One day later Berlusconi said the idea Italy should dump euro was a “joke”.

It was not a joke, except perhaps as quoted. On June 20, Berlusconi says Italy euro exit “not blasphemy” Continue reading

John Ward – Cyprus : Shock For Brussels & Troika As Putin Bids To Create Another Cuba – 21 June 2012

Cypriots close to sealing €5bn loan from Moscow

One of the problems of having your head up your backside, examining the  internal view of your navel, is that the field of vision is extremely restricted. Frau Merkel having done it again yesterday afternoon (“I never agreed to that, it’s just a theory”), things go from bad to worse as ClubMed picks up the tab for multivariate greed, and the blindness of the eurozone’s founders. Continue reading