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Keyword: eucrisis

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  • We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS

    08/09/2016 7:06:46 PM PDT · by MarchonDC09122009 · 17 replies
    UK Express ^ | 08/09/2016 | SIMON OSBORNE 'We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS A TOP economist has warned that Germany's biggest bank is teetering on the edge of crisis and they only way to protect it against future shocks is to nationalise it. By SIMON OSBORNE 20:03, Tue, Aug 9, 2016 | UPDATED: 21:00, Tue, Aug 9, 2016 Germany central bank, the Deutsche Bank, would be hit hard in a new financial crisis Martin Hellwig said stress tests carried out by the European Central Bank revealed the Deutsche Bank would be left in a precarious position in the event of...
  • Spain's public debt surpasses 100% in 20-year high

    06/15/2016 10:34:36 AM PDT · by familyop · 7 replies
    AFP, Yahoo News ^ | June 15, 2016 | AFP
    Madrid (AFP) - Spain's public debt rose above 100 percent in the first quarter to its highest level in 20 years, the central bank said Wednesday as Madrid faces an EU sanctions threat for public overspending. Debt as a proportion of economic output hit 100.5 percent in the first quarter up from 99.2 percent at the end of 2015, the bank said in a statement.
  • ‘Brexit’ Plan for the Financial World? Cross Your Fingers

    06/15/2016 1:55:54 PM PDT · by nickcarraway · 10 replies
    New York Times ^ | JUNE 15, 2016 | PETER S. GOODMAN
    Among those who manage gobs of money, the possibility that Britain might actually disavow the European Union seemed until recently like a remote and even outlandish possibility. But about a week before voters go to the polls to determine their future, masters of finance are suddenly absorbing the prospect that Britain might really walk, unleashing anxiety and uncertainty throughout the global economy. Like local responders readying sandbags as a hurricane menaces their shores, financial industry overseers have been quietly drawing up contingency plans while surveying the expensive havoc a so-called Brexit is already wreaking. Central bankers from London to Washington...
  • The Real Agenda Behind the CIA Spawning the EU

    05/06/2016 2:47:53 PM PDT · by HomerBohn · 22 replies
    The New American ^ | 5/5/2016 | Alex Newman
    The U.S. intelligence community was responsible for usurping Europeans' right to self-government, in an effort to impose what Obama recently called “one of the greatest political and economic achievements of modern times.” As British voters prepare to vote on secession from the European Union super-state, the Obama administration's bizarre intervention to support the pro-EU side has sparked a fresh examination of the shadowy origins of the controversial European regime. Under scrutiny is the critical backing the EU and its predecessor outfits received at every step of the way from top globalists within the U.S. government, and in particular from the...
  • Wrath of Draghi Hits Germans who Refuse to Blow their Savings

    05/07/2016 11:18:22 AM PDT · by Lorianne · 18 replies
    Wolf Street ^ | 05 May 2016 | Don Quijones
    As Draghi said in a speech to Asian government officials and business leaders on Monday, there’s still a great deal more that can be done to punish Europe’s hordes of savers, the central banker’s scapegoat du jour for all that ails Europe’s debt-laden economy. The low or negative interest rates plaguing Europe are a symptom of a much bigger problem, he said: the compression of investment returns due to a massive global savings glut. To our great amazement, it’s this purported glut — and not his monetary policies — that lies behind the historic decline in interest rates. Inevitably, whenever...
  • German report: Bailout has saved banks, not Greece

    05/07/2016 11:15:18 AM PDT · by Lorianne · 8 replies
    Ekathimerini ^ | 04 May 2016
    Some 95 percent of the 220 billion euros disbursed to Greece since the start of the financial crisis as loans from the bailout mechanism has been directed toward saving the European banks. That means about 210 billion euros was eventually channeled to the eurozone credit sector while just 5 percent ended up in state coffers, according to a study by the European School of Management and Technology (ESMT) in Berlin. “Europe and the International Monetary Fund have in previous years mainly saved the banks and other private creditors,” concluded the report, published yesterday in German newspaper Handelsblatt. ESMT director Jorg...
  • "We Are Heading Into Anarchy": Official Says EU Will "Completely Break Down In 10 Days"

    02/26/2016 8:29:59 AM PST · by Lorianne · 26 replies
    Zero Hedge ^ | 25 February 2016 | Tyler Durden
    Norwegian PM Erna Solberg doesn’t want to have to skirt her country’s responsibilities under the Geneva Convention and she doesn’t want to trample over human rights either, but she will if she has to. "It is a force majeure proposals which we will have in the event that it all breaks down,” Solberg said, in an interview with Berlingske, describing new measures she believes Norway may have to take if Sweden buckles under the weight of the refugee influx which saw some 163,000 asylum seekers inundate the country last year. Solberg is effectively prepared to turn everyone away and go...
  • Brussels shuts borders and calls for refugee camp for 300,000 to be built in Greece

    01/27/2016 1:56:28 PM PST · by Lorianne · 43 replies
    Daily Mail UK ^ | 25 January 2016 | Gianluca Mezzofiore, James Slack, John Stevens, Daniel Martiny
    Belgium has called for vast refugee camps holding up to 300,000 refugees to be built in Greece in a desperate attempt to stem the flow of migrants from Syria and other nations outside Europe. At an emergency summit of European leaders yesterday, Belgian migration minister Theo Francken raised the spectre of setting up 'closed facilities' in Greece to be operated by the EU. He said that the Greeks 'now need to bear the consequences' of being too weak to guard their own borders and called for Athens to face an EU 'sanction mechanism' under which the rising number of refugees...
  • Law of Unintended Consequences: New EU Tax Laws Force Thousands of Businesses to Close

    08/28/2015 11:09:42 AM PDT · by george76 · 23 replies
    Breitbart News Network ^ | 28 Aug 2015 | Donna Rachel Edmunds
    Law of Unintended Consequences: New EU Tax Laws Force Thousands of Businesses to Close in Just Six Months { Full title ]. New European Union tax rules introduced in January have already driven thousands of small companies out of business, with thousands more set to follow as awareness of the change in the VAT law grows. Research has shown that incompetence on the part of collecting agencies has further added misery to the situation. After an eight-year consultation which excluded the voices of micro-businesses, the EU introduced new rules on VAT returns at the beginning of this year, which required...
  • Negative interest rates put world on course for biggest mass default in history

    04/29/2015 5:13:17 AM PDT · by MeneMeneTekelUpharsin · 46 replies
    The Telegraph ^ | 28 April 2015 | Jeremy Warner
    Here’s an astonishing statistic; more than 30pc of all government debt in the eurozone – around €2 trillion of securities in total – is trading on a negative interest rate. With the advent of European Central Bank quantitative easing, what began four months ago when 10-year Swiss yields turned negative for the first time has snowballed into a veritable avalanche of negative rates across European government bond markets. In the hunt for apparently “safe assets”, investors have thrown caution to the wind, and collectively determined to pay governments for the privilege of lending to them. On a country by country...
  • Greece threatens tilt to Russia and China unless Europe yields

    02/11/2015 3:18:31 PM PST · by NRx · 43 replies
    The Telegraph ^ | 10 Feb 2015 | Ambrose Evans-Pritchard
    It is important for clients to be aware of the total amount they paid for day care, and have the day care provider's tax ID number, Social Security number or employer identification number (EIN). A new requirement in 2015, those filing tax returns must bring proof of health insurance, for example Affordable Health Care Act Forms 1099 A, B, or C. Clients should know birth dates for the members of their family. Health Care Marketplace Navigators will be at each tax site to assist families with enrollment in the health insurance marketplace and to answer questions regarding tax credits and...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a €1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • European Banking Crisis Still in Full Motion

    08/04/2014 2:48:02 PM PDT · by VA Voter · 4 replies
    ArmstrongEconomics ^ | 8/4/2014 | Martin Armstrong
    The question as to WHY is the European Banking System so screwed lies in the problem of the design of the Euro. The failure to create a national debt by consolidating all debts of member states from the outset (explained in detail in the special report), left the European banks vulnerable to the mix of their “reserves” that were bonds of all member states. Now Portugal is moving to rescue to rescue its largest listed bank, testing the Eurozone’s ability to handle another banking crisis just months after Lisbon exited an international bailout. The total amount of this rescue is...
  • The wheels are coming off the whole of southern Europe

    07/11/2013 1:39:59 PM PDT · by mojito · 53 replies
    The Telegraph ^ | 7/10/2013 | Ambrose Evans-Pritchard
    Europe’s debt-crisis strategy is near collapse. The long-awaited recovery has failed to take wing. Debt ratios across southern Europe are rising at an accelerating pace. Political consent for extreme austerity is breaking down in almost every EMU crisis state. And now the US Federal Reserve has inflicted a full-blown credit shock for good measure. None of Euroland’s key actors seems willing to admit that the current strategy is untenable. They hope to paper over the cracks until the German elections in September, as if that is going to make any difference. A leaked report from the European Commission confirms that...
  • Iceland’s economic thaw a thorn in EU’s side

    05/05/2013 8:55:33 AM PDT · by Leifur · 21 replies ^ | 01.05.2013 | Patrick L Young
    Iceland just elected the parties which plunged them into crisis only five years ago. Is it casino capitalism all over again, or just a slap in the face of the EU? In terms of redemptive electoral stories, the return of the Independence Party in Iceland is quite significant, albeit that they will come back to government with only a few percentage points more votes than they polled at their nadir in the depths of the Icelandic crisis in 2009. However the biggest winner was Sigmundur Gunnlaugsson, the leader of the Progressive Party, who propelled his party to hold 19 seats...
  • EU predicts eurozone recession to continue in 2013

    05/03/2013 7:33:56 AM PDT · by Olog-hai · 1 replies
    Associated Press ^ | May 3, 2013 9:00 AM EDT | Raf Casert
    Europe will take longer to recover from its economic crisis as it tackles a worse-than-expected recession in the eurozone and unemployment at record levels, the European Union warned Friday. In its spring economic forecast, the EU said that gross domestic product in the 17 member countries that use the euro will shrink by 0.4 percent this year; better than the 0.6 percent contraction in 2012, but 0.1 percentage points worse than the EU had forecast back in February. The report also had bad news for the wider 27-country EU: it now expects the region’s economy to shrink by 0.1 percent...
  • 20 Signs That The Next Great Economic Depression Has Already Started In Europe

    05/02/2013 3:04:43 PM PDT · by Lorianne · 17 replies
    Economic Collapse Blog ^ | 29 April 2013 | Michael
    The next Great Depression is already happening - it just hasn't reached the United States yet. Things in Europe just continue to get worse and worse, and yet most people in the United States still don't get it. All the time I have people ask me when the "economic collapse" is going to happen. Well, for ages I have been warning that the next major wave of the ongoing economic collapse would begin in Europe, and that is exactly what is happening. In fact, both Greece and Spain already have levels of unemployment that are greater than anything the U.S....
  • 5 Tips to Prepare for a Cyprus-Type Event

    04/08/2013 1:31:19 PM PDT · by Kartographer · 54 replies
    1) Have your Standard Preparedness Supplies in Order. 2) Have Cash. 3) Have Precious Metals. 4) Buy a safe, then buy another one. 5) Off Shore Banking.
  • Austria attacks UK as EU finance talks get ugly

    04/12/2013 6:25:31 PM PDT · by Olog-hai · 12 replies
    EU Observer ^ | 12.04.13 @ 09:28 (April 12) | Andrew Rettman
    Austria has accused the UK of being a haven for money launderers ahead of an EU meeting in Dublin, with Cyprus, Ireland, Portugal and Slovenia’s (potential) bailout needs also on the agenda. The Austrian finance minister, Maria Fekter, described Britain as “the island of the blessed for tax evasion and money laundering” in an interview with her country’s Kurier newspaper on Thursday (11 April). Comparing the UK and its “protectorates”—micro-states subject to British law—to Cyprus in terms of hosting secretive foundations and trusts, she noted: “Just as we urged the abolition of sealed foundations in the Cyprus rescue to drain...
  • EMU plot curdles as creditors seize Cyprus gold reserves

    04/11/2013 9:02:50 AM PDT · by bruinbirdman · 24 replies
    The Telegraph ^ | 4/11/2013 | Ambrose Evans-Pritchard
    First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips. Then they seize three quarters of the country’s gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date. The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday. It is tucked away in clause 29. "Sale of excess gold reserves: The Cypriot authorities have committed to sell...
  • US keen for Germany to lead EU out of crisis

    04/09/2013 9:17:46 PM PDT · by Olog-hai · 2 replies
    EU Observer ^ | 09.04.13 @ 17:51 (April 9) | Valentina Pop
    US treasury secretary Jack Lew on Tuesday (9 April) hinted that Germany should boost its internal demand to help Europe get out of the crisis. But German finance minister Wolfgang Schäuble said Berlin has no need for US tutelage. “We need to balance policies of growth and fiscal consolidation. The driving force behind any recovery is consumer demand, so any policies to help encourage consumer demand in countries that have the capacity would be helpful,” Lew said during a joint press conference with Schäuble in Berlin. …
  • EU’s kleptocratic intentions to result in confidence crisis

    04/09/2013 12:15:12 PM PDT · by Olog-hai · 2 replies
    RT ^ | March 29, 2013 14:29 | Patrick L. Young
    Right now there is no trust binding together the original ideas of the European free trade zone. Without that commercial backbone, there can be no confidence in the future of Europe. … The truth is that as confidence has drained from the EU, now trust too is evaporating. The recent acts—whether enacted or not—in Cyprus has delivered a hammer blow to the credibility of Brussels as a trustworthy steward of anybody’s finances. Beneath a thin tissue of brazen statements of confidence there lie festering sores of economic mismanagement going septic as a result of previous poultices and treatments which are...
  • Treasury Secretary Lew Advises Europe To Increase Government Spending (Preview of Obama’s Budget)

    04/09/2013 9:02:13 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/09/2013 | Anthony B. Sanders
    President Obama’s budget will be released tomorrow and Treasury Secretary Jacob Lew is visiting Europe to preview President Obama’s budget: increase in debt of $7.3 trillion and removal of spending controls. Lew is advising Europe to borrow and spend more. Washington Post’s Zach Goldfarb reports Treasury Secretary Jack Lew, “quickly embracing his role as the leading US diplomat on the economy, pushed his counterparts in Europe on Monday to do more to drive economic growth and enact stronger and more unified defenses against financial panics.” In Brussels on Monday morning, Lew met with “a series of officials that included European...
  • Netherlands, Portugal, the Next EU Chips to Fall?

    04/08/2013 9:10:06 AM PDT · by SeekAndFind · 6 replies
    Townhall ^ | 04/08/2013 | Michael Shedlock
    Most attention lately has been on Cyprus, Spain, and Italy. Long-time troubles have been brewing in Portugal and I have an update coming up shortly. First consider Underwater: The Netherlands Falls Prey to Economic Crisis.The Netherlands, Berlin's most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs. "Underwater" is a good description of the crisis in a country where large parts of the territory are below sea level. Ironically, the...
  • US Treasury chief urges EU to ease off austerity

    04/08/2013 4:08:03 AM PDT · by John W · 20 replies
    AP via Yahoo news ^ | April 8, 2013 | Juergen Baetz
    BRUSSELS (AP) — European countries should ease off their austerity and adopt more growth-friendly policies, U.S. Treasury Secretary Jacob Lew said Monday as he kicked off a series of meetings with the region's top leaders. America's biggest trading partner and the world's largest economic bloc has entered the fourth year of its debt crisis, which has plunged many of the 27 EU governments into recession. The U.S. administration hopes Europe will relent in its focus on debt reduction, which has been hurting growth through spending cuts and tax increases. Lew, who became treasury secretary in February, started his first official...
  • Russia's Putin says "yes, we trust the euro"

    04/06/2013 6:57:51 PM PDT · by Tailgunner Joe · 5 replies ^ | April 5, 2013 | Lidia Kelly and Steve Gutterman
    President Vladimir Putin said Russia had confidence in the euro and had made the right decision to keep much of its reserves in the European currency. "I would like to say it outright: yes, we trust the euro," Putin said, according to a Kremlin transcript of an interview with German public broadcaster ARD before a trip to Germany and the Netherlands. Putin said Moscow and the European Union have disagreements, but that the leading euro zone countries were moving in the right direction in handling the current crisis. "That gives us confidence that we have made the right move to...
  • The Truth About Taxes and Spending in Europe (What the countries in crisis have in common)

    04/05/2013 7:24:41 AM PDT · by SeekAndFind · 4 replies
    RCP ^ | 04/05/2013 | Alan Reynolds
    Several European countries, including Cyprus, have been mired in economic stagnation or decline for five years or more. Yet other countries in Asia and Latin America have flourished. What are the weakest economies doing wrong? What are the strongest doing right? Economist Jim O’Neill coined the acronym BRIC in 2001 to refer to four economies which showed great potential then and now — Brazil, Russia, India and China. More recently, he added four more promising MIST economies — Mexico, Indonesia, South Korea and Turkey. In mid-2008, The Economist magazine drew a sharp contrast between the booming BRIC economies and four...
  • This is What Societal Collapse Looks Like

    04/03/2013 1:13:20 PM PDT · by Kartographer · 4 replies
    ZeroHedge ^ | 4/3/13 | Phoenix Capital Research
    So… in the last few months we’ve discovered… EU political leaders were on the dole during the boom times often receiving bribes and then hiding the money via tax evasion schemes. EU political leaders feel it’s acceptable to throw out issues like personal property rights and Democracy during the bust times. EU political leaders are so corrupt they don’t even deny their crimes. When push comes to shove, EU leaders won’t hesitate to STEAL citizens’ money to bail out their banker friends.
  • Eurozone unemployment hits 12%

    04/03/2013 12:01:20 PM PDT · by Olog-hai · 6 replies
    European Voice ^ | 02.04.2013 / 12:18 CET (April 2) | Ian Wishart
    Amid signs that recession in the single currency area may be deeper than expected, Eurostat, the European Union's statistical agency, announced than the jobless rate in February was 12%. … Unemployment has now hit 58.4% in Greece, 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy. Joblessness is lowest in Austria (4.8%), Germany (5.4%), Luxembourg (5.5%) and the Netherlands (6.2%). …
  • Europe's leaders paralysed as EMU jobless rate hits record high

    04/03/2013 12:46:10 AM PDT · by bruinbirdman · 12 replies
    The Telegraph ^ | 4/2/2013 | Ambrose Evans-Pritchard
    Eurozone unemployment reached a record 12pc in February and looks certain to ratchet higher as fiscal cuts deepen and manufacturing continues to struggle, raising the spectre of social explosion across southern Europe. A total of 19m people were out of work in the 17-member bloc in February, the European Union’s statistics office said on Tuesday, a rise of 1.77m on the same month last year. Greece was the worst affected, with unemployment at 26.4pc, but Spain remains the hardest hit of the large economies with a jobless rate of 26.3pc. Youth unemployment is above 60pc across large parts of the...
  • Holland: "An Economy On The Brink" (Germany's most important ally in fiscal discipline in crisis)

    04/02/2013 11:29:59 AM PDT · by SeekAndFind · 12 replies
    Zero Hedge ^ | 04/02/2013 | Tyler Durden
    Infamous for little boys plugging holes with their fingers and grown-ups plugging their mouth with their foot (D-Boom), it seems Holland, Berlin's most important ally in the goal of greater fiscal discipline in Europe, has fallen into an economic crisis itself. As Spiegel reports, the once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.The statistics make for some worrisome reading: no nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on...
  • EU: Cyprus has finally killed myth that EMU is benign

    03/28/2013 2:24:01 AM PDT · by bruinbirdman · 16 replies
    The Telegraph ^ | 3/27/2013 | Ambrose Evans-Pritchard, in Tokyo
    <p>The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.</p>
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/26/2013 1:01:30 PM PDT · by EBH · 42 replies
    Reuters ^ | 3/26/13 | Luke Baker
    A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro...
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/25/2013 3:17:42 PM PDT · by mdittmar · 10 replies
    Yahoo! ^ | 3/25/13 | Luke Baker Reuters
    BRUSSELS (Reuters) - A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the...
  • Russia says thanks, but no thanks; Cyprus goes into panic mode

    03/22/2013 8:48:49 AM PDT · by Ernest_at_the_Beach · 10 replies
    Hot Air ^ | 10:41 am on March 22, 2013 | by Erika Johnsen
    In the wake of declining to raid the country’s private bank accounts as part of the terms of a proffered bailout package from the EU and IMF, Cyprus was hoping they might be able to entice Russia to work out an alternative rescue plan for them, partially in exchange for some kind of claim on Cyprus’s gas reserves.So much for that plan. Russian gas giant Gazprom and oil company Rosneft did not display any interest in Cyprus’ hydrocarbons deposit offer to Russia, an Energy Ministry source told journalists. …Another problem is Cyprus’ territorial disputes with Turkey, he added.Asked to assess...
  • Cyprus likely to go ahead with deposit tax

    03/21/2013 9:45:07 PM PDT · by Kartographer · 13 replies
    Market Watch ^ | 3/21/13 | Sarah Turner
    That provoked a threat from the ECB that it would cut off emergency lending to banks in Cyprus, with effect from next Monday night. The government of Cyprus is now trying to come up with an alternative plan, more palatable to parliament, before the ECB’s deadline. On Thursday, reports emerged that Cyprus Popular Bank PCL — also known as Laiki Bank — will be split into a “good bank” and “bad bank” to avoid bankruptcy. Bank deposits totaling €100,000 or less, would also be protected, according to Cyprus central-bank Gov. Panicos Demetriades. Still, that implies that deposits of more than...
  • Cyprus receives Monday deadline to reach bailout deal

    03/21/2013 6:56:41 PM PDT · by Kartographer · 8 replies
    Washington Post ^ | 3/21/13 | Michael Birnbaum and Howard Schneider
    The euro currency union, a centerpiece of Europe’s efforts to knit its far-flung nations into a coherent whole, edged toward a rupture Thursday when the region’s central bank said it was ready to pull the plug on Cyprus. The stark ultimatum came in a terse statement Thursday from the European Central Bank’s governing board, which said that on Monday it would cut off the flow of euros to Cyprus’s struggling banks unless the country’s leaders reach agreement with the International Monetary Fund and other European nations on the terms of a $20.5 billion bailout to save their country from financial...
  • Markets Turn South As Euro Train Wreck Continues At Full Speed

    03/21/2013 7:05:55 AM PDT · by blam · 5 replies
    TBI ^ | 3-21-2013 | Joe Weisenthal
    Markets Turn South As Euro Train Wreck Continues At Full Speed Joe WeisenthalMarch 21, 2013, 4:58 AM The Euro train wreck continues. Just this morning we've got: * A horrible German Flash PMI number. * A horrible French Flash PMI number. * An announcement from the ECB that it will shut off emergency funding for Cypriot banks by Monday. And the day's really just started. Markets are red. Italy is down 0.6%. Germany is down 0.8%. France is off 1%. For more on the Cypriot drop dead date, see here
  • Euro Area in ‘Deep Trouble’: Eurogroup Discussed Cypriot Euro Exit, Threatens to Cut Funding

    03/21/2013 7:45:46 AM PDT · by alexmark · 4 replies
    zerohedge‏@zerohedge2 min So this is what "Positive Contagion" means... zerohedge‏@zerohedge3 min LSE’s de Grauwe Says Euro Area in ‘Deep Trouble’ zerohedge‏@zerohedge11 min Russia's Klepach says Cypriot situation unlikely to be resolved soon. So... March 25 deadline ixnay? erohedge‏@zerohedge23 min Euro Official On Cyprus: "Markets Believe We Will Find A Solution, This Might Not Be The Case" zerohedge‏@zerohedge11 min Russia's Klepach says Cypriot situation unlikely to be resolved soon. So... March 25 deadline ixnay? Gregor Peter‏@L0gg0l1 min RT @NickMalkoutzis: #Tsipras: #Greece is not behaving like the motherland for Cypriots but the step mother
  • Bernanke: Cyprus poses 'no major risk' to U.S. banks, economy

    03/21/2013 4:56:05 AM PDT · by John W · 26 replies ^ | March 20, 2013 | John Schoen
    You don’t need to worry about the financial crisis in Cyprus sparking trouble for the U.S., according to Federal Reserve Chairman Ben Bernanke. European officials’ marathon efforts this week to head off a collapse of the tiny island nation’s banking system have raised fears that the renewed turmoil in the euro zone could threaten the gathering momentum in the U.S. housing and job markets. But Bernanke said that’s not likely. “We are monitoring very carefully but at this point we’re not seeing major risk to the U.S. financial system or the U.S. economy,” he told reporters Wednesday.
  • First Cyprus, Next the US

    03/20/2013 11:53:55 AM PDT · by quesney · 12 replies
    Slowly but surely we have seen the walls that once limited what government could do pulled down. Retroactive tax increases are now permitted. U.S. residents can be taxed as punishment for private services they choose not to purchase. Can confiscation of assets with due process, in the name of the greater national good be far behind—even though such a move would violate the constitutional protections we all currently enjoy? The welfare state is out of control and cannot pay its bills. It is writing checks it literally cannot cash, having to take out IOU after IOU to get the markets...
  • Everything is moving fast

    Cypriot parliament rejects ruling party request to postpone vote!!! PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy!!! zerohedge‏@zerohedge Cypriot parliament rejects ruling party request to postpone vote zerohedge‏@zerohedge PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy – PM Juergen Baetz‏@jbaetz NICOSIA (@AP) #Cyprus’ Parliament’s speaker says vote on bank levy will go ahead today, despite delay request by the governing party. #sigh Cyprus parliament rejects deposit levy: reports Former Cyprus Central Banker Goes Off On The EU And Says The European Project Is Dying “We are witnessing historic times. What...
  • Merkel to Cyprus: 'Talk to Troika not Russia'

    03/19/2013 9:13:58 PM PDT · by cunning_fish · 22 replies
    APF via The Local ^ | March 19, 2013
    German Chancellor Angela Merkel stressed in a phone call with the president of Cyprus that his country hold talks only with international creditors on its bailout deal and not third parties like Russia, a government spokeswoman said on Tuesday. "A telephone call between Mrs Merkel and the Cypriot president took place yesterday evening," the spokeswoman told news agency AFP. " The chancellor once again emphasised that the negotiations are to be conducted only with the Troika," she added, referring to the term used for the European Union, the European Central Bank and the International Monetary Fund. The comment was made...
  • Cyprus, Nigel Farage and Mother Green And Her Printing Machine

    03/19/2013 6:28:56 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 03/19/2013 | Anthony B. Sanders
    Well, Cyprus rejected the bank deposit levy that rattled financial markets around the world. After all, if the EU/IMF can call for such an extreme tax on a nation’s depositors, where will they stop? March 20 (Bloomberg) — European policy makers must weigh how far to push Cyprus after lawmakers in the Mediterranean nation rejected an unprecedented levy on bank deposits, throwing into limbo a rescue package designed to keep it in the euro. Neil Farage, the leader of the UK Independence Party (UKIP) has an interesting take on the Cyprus problem: let Cyprus declare bankruptcy and leave the banks...
  • Cyprus bailout - Live

    03/19/2013 9:35:54 AM PDT · by Thurifer the Censer · 16 replies
    The Daily Telegraph ^ | 3/19/2013 | Daily Telegraph
    Cyrpus police outside of the parliament
  • Everything you need to know about banking, bailouts, and Cyprus

    03/18/2013 4:34:29 PM PDT · by Ernest_at_the_Beach · 15 replies ^ | March 18, 2013, 2:04 PM | Commentary By Cody Willard
    Good morning and welcome back to the land of anarchy where contracts and guarantees don’t mean anything anymore. Over the weekend, as I’m sure you’ve already heard, Cyprus and the EU and the IMF (and the U.S. Treasury which is part of the official decision-making body at the IMF) all decided that it was in society’s best interests to confiscate the money in people’s checking and savings accounts. Not all of it, at least not yet.But as there’s a ton of confusion and misdirection about what this latest round of theft of private capital and descent into anarchy really is,...
  • Europe is risking a bank run (Cyprian haircut)

    03/18/2013 11:19:50 AM PDT · by RoosterRedux · 14 replies ^ | 3/17/2013 | Wolfgang Münchau
    Sir Mervyn King once said it was not rational to start a bank run but rational to participate in one once it has started. The governor of the Bank of England was right, of course. On Saturday morning, the finance ministers of the eurozone may well have started a bank run. With the agreement on a depositor haircut for Cyprus – in all but name – the eurozone has effectively defaulted on a deposit insurance guarantee for bank deposits. That guarantee was given in 2008 after the collapse of Lehman Brothers. It consisted of a series of nationally co-ordinated guarantees....
  • 'Merkel stole our life savings': Furious savers blame Germany for 10% tax to fund bank bailout....

    03/18/2013 6:46:57 AM PDT · by Kartographer · 55 replies
    Daily Mail ^ | 3/18/13 | HUGO GYE and MARIO LEDWITH
    Stock markets across Europe and Asia tumbled today as investors reacted to an unprecedented raid on bank accounts in Cyprus prompted by a Ł8.6billion bailout by the European Union. As the Cypriot parliament delayed a crucial vote on the measure for the second time, angry scenes erupted on the streets of the capital Nicosia. Protesters who stand to lose ten per cent of their savings stood outside the Parliament building holding anti-German banners which left doubt where they believe the blame lies for the latest crisis to envelope the eurozone. Meanwhile, many Britons who have moved to the Mediterranean island...
  • Now Cyprus: Has the Next Phase of the Global Crisis Arrived?

    03/18/2013 6:58:56 AM PDT · by SeekAndFind · 11 replies
    Minyanville ^ | 03/18/2013 | By Todd Harrison
    Cyprus --- officially the Republic of Cyprus --- is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria, Lebanon, northwest of Israel and north of Egypt.  I had to search Wikipedia for that information as I, like most of you, wasn't quite sure exactly where this island was.   This eurozone country, with population just north of one million, three-quarters of whom are Greek and most of the others Turkish, dominated the weekend financial news for those of us who were paying attention.  In a stunning shift from previous aid packages, EU...
  • Cyprus: banks shut till Thursday as government scrambles to amend savings levy - live

    03/18/2013 9:11:59 AM PDT · by E. Pluribus Unum · 22 replies
    The Guardian ^ | 18 March 2013 | Graeme Wearden
    Photos: protests in Nicosia • Crucial parliamentary vote delayed until Tuesday • Reports of a rethink on bank savings levy • Vladimir Putin: savings levy is unfair and dangerous • Midday: Markets claw back some losses