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Posts Tagged ‘Eurozone’

EU’s Poorest Country Smacks Down Euro As Bulgaria Refuses To Join

September 4, 2012 2 comments

04 September 2012

‘If one needs a shining example of why the days of Europe’s artificial currency are numbered, look no further than the EU’s poorest country which moments ago said “Ne Mersi” to the Eurozone and the European currency. From the WSJ: “Bulgaria, the European Union’s poorest member state and a rare fiscal bright spot for the bloc, has indefinitely frozen long-held plans to adopt the single currency, marking the latest fiscally prudent country to cool its enthusiasm for the embattled currency.

Speaking in interviews in Sofia, Prime Minister Boyko Borisov and Finance Minister Simeon Djankov said that the decision to shelve plans to join the currency area, a longtime strategic aim of successive governments in the former communist state, came in response to deteriorating economic conditions and rising uncertainty over the prospects of the bloc, alongside a decisive shift of public opinion in Bulgaria, which is entering its third year of an austerity program. “The momentum has shifted in our thinking and among the public…

Right now, I don’t see any benefits of entering the euro zone, only costs,” Mr. Djankov said. “The public rightly wants to know who would we have to bailout when we join? It’s too risky for us and it’s also not certain what the rules are and what are they likely to be in one year or two.”’

Read more: EU’s Poorest Country Smacks Down Euro As Bulgaria Refuses To Join

The Countdown To The Break Up Of The Euro Has Officially Begun

May 10, 2012 1 comment

Thursday, 10 May 2012

‘The tremendous backlash against the austerity approach that Germany has been pushing. All over Europe, prominent politicians and incumbent political parties are being voted out. In fact, Nicolas Sarkozy has become the 11th leader of a European nation to be defeated in an election since 2008. We have seen governments fall in the Netherlands, the UK, Spain, Ireland, Italy, Portugal and Greece. Whenever they get a chance, the citizens of Europe are using the ballot box to send a message that they do not like what is going on.

It turns out that austerity is extremely unpopular. But if newly elected politicians all over Europe begin rejecting austerity, this puts Germany in a very difficult position. Should Germany be expected to indefinitely bail out all of the members of the eurozone that choose to live way beyond their means? If Germany pulled out of the euro tomorrow, the euro would absolutely collapse, bond yields for the rest of the eurozone would skyrocket to unprecedented heights, and without German bailout money troubled nations such as Greece would be headed directly for default.’

Read more: The Countdown To The Break Up Of The Euro Has Officially Begun

EU Chief: The Time Has Come For a Federal Europe

November 21, 2011 1 comment

‘A huge European superstate is the only solution to the economic crisis engulfing the continent, the President of the European Commission declared today.

Jose Manuel Barroso claimed the fate of the euro and European Union were intertwined and that the only answer to the growing threat of collapse was a massive Federal Europe.

As the crisis in Greece deepened Mr Barroso told the European Parliament: “We are confronted with the most serious challenge of a generation. “What we need now is a new, unifying impulse, a new federalist moment – let’s not be afraid to use the word.’

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Europe’s ‘Troubled Assets’ Bank Bailout: Germany’s Chancellor Merkel Pushes for a Eurozone ‘Banktatorship’

September 6, 2011 Leave a comment

Tuesday, 06 September 2011 06:56

‘The Bundestag will have one chance to stop Angela Merkel’s plan to provide hundreds of billions of dollars to underwater EU banks that made bad bets on sovereign bonds. If the German parliament fails to block Merkel on September 23, then–under the “expanded powers” of the European Financial Security Facility (EFSF)– insolvent banks will be bailed out and the costs will be passed on to eurozone taxpayers.

Despite her populist bloviating (“We won’t be bullied by the markets”), Merkel is a devout Europhile committed to a fiscal union ruled by bankers and bondholders, a Banktatorship. Presently, she is doing whatever she can to hurry the process along before hostile bond vigilantes roil the markets and bring the EU banking system crashing down.’

Read more: Europe’s ‘Troubled Assets’ Bank Bailout: Germany’s Chancellor Merkel Pushes for a Eurozone ‘Banktatorship’

  http://www.davidicke.com/headlines

Eurozone Approves New Greek Bailout


Friday, 22 July 2011 06:10

‘Leaders of the 17-member eurozone, alongside the private sector, have agreed on a new bailout package worth about 159 billion euros for Greece to stop debt contagion across Europe.The leaders decided on the new rescue package — which reduces the country’s debt by one-forth — in an emergency summit in Brussels on Thursday.

According to a statement released after the summit, Greece will receive a bailout package of 109 billion euros from the eurozone countries and the International Monetary Fund (IMF), in addition to 49.6 billion euros the debt-laden country expects to receive from the private sector, AFP reported.’

Read more: Eurozone Approves New Greek Bailout

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