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Keyword: europeanunion

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  • Cameron looks to shield Britain from euro breakup

    05/16/2012 9:31:13 PM PDT · by Olog-hai · 17 replies
    Reuters ^ | Wed May 16, 2012 7:04pm EDT | Matt Falloon
    Prime Minister David Cameron will promise on Thursday to do whatever is needed to protect Britain's economy and banks from a breakup of the eurozone, and will urge leaders of the single currency bloc to "sort out its problems". Cameron's remarks, in a speech to business leaders in northwest England, are likely to irritate European leaders trying to keep the eurozone intact as Greece prepares for a new election and struggles to cope with its debt crisis. Britain's Conservative-led coalition has long blamed its own economic woes on the turbulence in Europe, its main trading partner, though critics say Cameron's...
  • Debt crisis: Greek euro exit looms closer as banks crumble

    05/16/2012 2:04:01 PM PDT · by bruinbirdman · 10 replies
    The Telegraph ^ | 5/16/2012 | Ambrose Evans-Pritchard
    A tsunami of capital flight from Greece threatens to overwhelm the authorities, forcing the country out of the euro before fresh elections in June. Economists warned that the Greek financial system could crumble within weeks or days unless the European Central Bank steps up support. President Karolos Papoulias told party leaders that banks had lost €700m in withdrawals on Monday alone as citizens rush to pre-empt capital controls and a much-feared return to the Drachma. He cited central bank warnings that "great fear" might soon escalate to panic. The leaked details lend credence to claims that capital flight by both...
  • Germany: Police officer speaks out about attack by 600 armed Muslims.

    05/16/2012 1:32:18 PM PDT · by yank in the UK · 7 replies
    Jihadwatch ^ | Nicolai Sennels
    Would anybody accept similar attacks and aggressiveness from the Right or Left wing protesters? These groups are also constantly provoked. Soccer fans, too. There are plenty of football fans who have an almost religious respect for their club. But Muslims are always forgiven for their violence.
  • Greeks withdraw $894 million in a day: Is this beginning of a run on banks?

    05/16/2012 9:18:05 AM PDT · by SeekAndFind · 7 replies
    MSNBC ^ | 05/16/2012 | Alastair Jamieson
    The country's economy is in a meltdown, raising fears that Greece will exit the Euro Zone completely and default on its huge pile of debt. Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week. An interim government would take the country through to new elections on June 17, triggered by the collapse on Tuesday of talks to form a coalition between...
  • 'Get rid of your Greek euros': Holiday company rebuffed over scaremongering euro warning

    05/15/2012 10:42:07 PM PDT · by Olog-hai · 23 replies
    Daily Mail (UK) ^ | PUBLISHED: 07:45 EST, 15 May 2012 | UPDATED: 08:38 EST, 15 May 2012 | Travelmail Reporter
    An online travel company has advised worried holidaymakers to 'get rid' of their Greek euros in case the crisis-hit country leaves the single currency. As German Chancellor Angela Merkel conceded for the first time that Greece could be forced to quit the euro, DialAFlight warned travelers that their Greek euro notes could become worthless. However, while some experts predict that Greece could leave the single currency within weeks, there has been no official acknowledgement that their euro notes would become worthless. The blog post on the company's website—which has since been removed—was advising Britons to check the origin of their...
  • Operation Self-Deceit: New Documents Shine Light on Euro Birth Defects

    05/15/2012 10:19:14 PM PDT · by Olog-hai · 10 replies
    Der Spiegel ^ | 05/08/2012 | Sven Böll, Christian Reiermann, Michael Sauga and Klaus Wiegrefe
    … Documents from the Kohl administration, kept confidential until now, indicate that the euro's founding fathers were well aware of its deficits. And that they pushed ahead with the project regardless. In response to a request by Spiegel, the German government has, for the first time, released hundreds of pages of documents from 1994 to 1998 on the introduction of the euro and the inclusion of Italy in the eurozone. They include reports from the German embassy in Rome, internal government memos and letters, and hand-written minutes of the chancellor's meetings. The documents prove what was only assumed until now:...
  • European Union forces attack pirate targets on Somali shore

    05/15/2012 4:20:19 PM PDT · by MinorityRepublican · 19 replies
    CNN ^ | May 15th, 2012
    European Union naval forces on Tuesday struck Somali pirate targets on the coast of the country in the first raids by the European force on the Somali mainland. “We believe this action by the EU Naval Force will further increase the pressure on, and disrupt pirates’ efforts to get out to sea to attack merchant shipping and dhows," Rear Adm. Duncan Potts, operational commander of the force, said in a statement. Several pirate attack skiffs, the small boats pirates use to attack merchant vessels in the open ocean, were destroyed in the raid, said Timo Lange, media officer at the...
  • Appetiser cost of Greek exit is €155bn for Germany, France: trillions for meat course

    05/15/2012 1:23:23 PM PDT · by bruinbirdman · 10 replies
    The Telegraph ^ | 5/15/2012 | Ambrose Evans-Pritchard
    The Germans must abolish themselves Eric Dor's team at the IESEG School of Management in Lille has put together a table on the direct costs to Germany and France if Greece is pushed out of the euro. These assume that relations between Europe and Greece break down in acrimony, with a full-fledged "stuff-you" default on euro liabilities. It assumes a drachma devaluation of 50pc. They conclude: The total losses could reach €66.4bn for France and €89.8bn for Germany. These are upper bounds, but even in the case of a partial default, the losses would be huge. Assuming that the new...
  • EU ponders ‘losing Ukraine to Russia’

    05/15/2012 11:20:50 AM PDT · by Olog-hai · 33 replies
    EurActiv ^ | 15 May 2012
    EU ministers held an animated discussion in Brussels yesterday (14 May), evaluating the risks of “losing Ukraine to Russia” if too much pressure is put on the country over the treatment of imprisoned former Prime Minister Yulia Tymoshenko. Meeting over lunch to discuss Ukraine, the Union’s foreign ministers failed to adopt common positions, but agreed that more should be done to work with civil society in Ukraine to defuse a loss of confidence in the country’s European perspective. Diplomatic sources said ministers spoke openly about the risk that a tough line on Ukrainian President Viktor Yanukovich would push the country...
  • EU takes aim at Israeli settlement products

    05/15/2012 11:06:01 AM PDT · by Olog-hai · 8 replies
    EU Observer ^ | 2012.05.15 @ 09:22 | Andrew Rettman
    EU foreign ministers have "warned" Israel that they will take a tougher approach to exports originating in illegal settlements on Palestinian land. The ministers in a statement on Monday (14 May) detailing Israel's long-term campaign to expropriate Palestinian farmers in the fertile West Bank said: "The EU and its member states reaffirm their commitment to fully and effectively implement existing EU legislation and the bilateral arrangements applicable to settlement products." Under current EU law, settlement products are excluded from preferential import tariffs granted in the 12-year-old EU-Israel association agreement. Israel is obliged to indicate the originating postcode of each shipment,...
  • (EU Commissioner Cecila) Malmström: Europe "too cowardly" to confront homophobia

    05/15/2012 10:50:20 AM PDT · by Olog-hai · 10 replies
    EU Observer ^ | 2012.05.15 @ 18:58 | Philip Ebels
    EU home affairs commissioner Cecilia Malmström has said Europe is "too cowardly" to stand up to mounting homophobia. "I must say that what is going on now, in recent years, makes me quite scared. We hear ... homophobic speeches and reports of violence against LGBTI people. What we are witnessing is not a society [moving] towards openness and tolerance. It is rather the opposite," she said at an event in Brussels on Tuesday (15 May), on the eve of the international day against homophobia on 17 May. "The main problem is the lack of people standing up for the values...
  • Greek president proposes a government of technocrats (after voting to end technocracy?!?)

    05/14/2012 1:14:32 PM PDT · by Olog-hai · 9 replies
    Los Angeles Times ^ | May 14, 2012 | 12:56 pm | Anthee Carassava
    In the latest twist to Greece’s lingering political crisis, President Karolos Papoulias on Monday proposed a government of technocrats to stave off a repeat round of elections that could jeopardize the country’s fate in terms of the shared European currency. Papoulias pitched the proposal as coalition talks looked doomed and fears heightened that the political deadlock gripping Greece for a second week was setting up the cash-strapped country for a possible exit from the Eurozone, the 17 nations that use the euro. Stock markets across Europe were sharply down Monday morning. “The talks will continue tomorrow ... with the participation...
  • Eurozone finance ministers to meet amid Greek and Spanish crises

    05/14/2012 12:06:13 AM PDT · by Olog-hai · 7 replies
    Daily Telegraph ^ | 7:04AM BST 14 May 2012 | Andrew Trotman
    Eurozone finance ministers will meet in Brussels today amid Greek political chaos and fears over the health of Spain's banking sector. Ministers from the 17 countries that make up the EuroGroup are to convene at 4pm GMT for talks that one senior EU official told the Wall Street Journal would be "very political". Events will be dominated by the ongoing problems in Greece, which once again failed to form a coalition government on Sunday. Talks in the country will continue today, but reportedly without Alexis Tsipras, the leader of far-left party Syriza. He has said he wants to keep Greece...
  • (EU-appointed PM Mario) Monti warns of tears in Italy's social fabric

    05/13/2012 11:24:01 PM PDT · by Olog-hai
    Reuters ^ | Sun May 13, 2012 2:56pm EDT | (Reporting By Gavin Jones; Editing by Maria Golovnina)
    Italy's social fabric is being torn by recession and tensions are growing among its citizens, Prime Minister Mario Monti said on Sunday. Speaking to a group of students in the central Italian town of Arezzo, Monti urged Italians to stick together and "not give up" in the face of a shrinking economy and rising unemployment. Monti's technocrat government has imposed painful austerity measures since taking office last year, and in recent days ministers have responded to calls from politicians and the media to show more compassion for the plight of ordinary Italians. "The country is now marked by profound social...
  • 'Unique' EU research project to help detect social problems

    05/12/2012 10:43:30 PM PDT · by Olog-hai
    EU Observer ^ | 08.05.12 @ 11:56 (May 8) | Philip Ebels
    A new pan-European research project is aiming to connect the archives of Europe’s many libraries, universities and other public institutions in the hope of gaining a better understanding of how society is evolving. "Researchers will be able to access all those different archives from behind a single computer," says Steven Krauwer, linguistics researcher at Utrecht University in the Netherlands and coordinator of the Common Language Resources and Technology Infrastructure—or CLARIN. Thanks to advanced language recognition technology, they will be able to carry out complicated searches and include things like emotional indicators. “Not only will you be able to search for...
  • EU should keep out of innovation's way, Wikipedia founder says

    05/12/2012 10:37:20 PM PDT · by Olog-hai · 3 replies
    EU Observer ^ | 08.05.12 @ 19:57 (May 8) | Philip Ebels
    To encourage innovation in Europe, policymakers should just keep out of the way, Wikipedia founder Jimmy Wales has said. "I agree with the idea of streamlining and simplification. The only thing is that I would be much more extreme," he told EUobserver on Tuesday (8 May) on the sidelines of a conference in Brussels on EU innovation policy organized by global accounting firm Ernst & Young. "The most important thing that Europe needs to do to spur innovation is to eliminate barriers," he added. "To make it easier for investors and entrepreneurs to start businesses and to make it easier...
  • Obama: EU failed to take 'decisive steps' in crisis

    05/12/2012 3:12:26 PM PDT · by Olog-hai · 11 replies
    EurActiv ^ | 11 May 2012 | ( with Reuters)
    US President Barack Obama said on Thursday (10 May) that Europe was still in a difficult place economically in part because it did not take some of the steps the United States did. These had included a large-scale fiscal stimulus program and aggressive action by the Federal Reverve, the US central bank. Addressing about 70 people at a fundraiser in Seattle, Obama said Europe's troubles were among the factors that could affect US growth, also mentioning high gasoline prices as a potential economic drag. "We've still got headwinds. Europe is still … in a difficult state, partly because they didn't...
  • MEPs criticize behavior of (European) low-cost airlines

    05/12/2012 1:15:39 AM PDT · by Olog-hai · 8 replies
    European Voice ^ | 10.05.2012 / 15:11 CET (May 10) | Dave Keating
    MEPs today (10 May) voted to condemn low-cost airlines, such as Easyjet and Ryanair, for “aggressive business practices” that hurt the regional airports they operate out of. MEPs said such behavior breaches EU competition law. The resolution, drafted by Philip Bradbourn, a UK Conservative MEP, says that excessive booking fees and hand-luggage restrictions are discouraging travelers from buying goods in smaller regional airports. The resolution calls on the European Commission and member states to impose caps on charges for excess baggage, and for a common upper weight limit to be set. …
  • Euro Parity With the Dollar? US, China Better Watch Out

    05/11/2012 11:55:39 PM PDT · by Olog-hai · 11 replies
    Financial Times via CNBC ^ | Saturday, 12 May 2012 | 1:56 AM ET | Henny Sender
    The situation in the eurozone has become so bleak that it is giving rise to the most improbable rumors. The latest to make the rounds of European hedge fund managers suggests that the euro will be tied to the dollar at close to parity, a dramatic fall from its current level of just under $1.30 and one that would involve the printing of hundreds of billions of euros. However unlikely, the speculation is an indication of Europe’s plight in a world with little growth and every government looking at exports as a way to grow. A cheap currency giving an...

    05/11/2012 4:51:49 AM PDT · by lward99 · 9 replies
    Times247 ^ | 05/11/12 | Jeff Kuhner
    The European Union is about to crack up. Its disintegration is now inevitable. This is the real meaning of recent elections in France and Greece. French voters decided to oust President Nicolas Sarkozy, choosing the Socialist Party’s candidate Francois Hollande. The result was predictable, and in some ways deserved. The conservative incumbent came to power in 2007 promising economic reform, overhauling France’s bloated welfare state and cracking down on illegal immigrants. Instead, Mr. Sarkozy piled up record deficits, imposed massive tax hikes and oversaw the loss of France’s triple-A credit rating. The French economy became subservient to Germany, dependent upon...