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Federalism - Funding - Last resort - Europakten - EMU Replay of the 30´s - Spricker - Eurobonds - Vänta och se |
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Peak Oil |
Rolf Englund blog, |
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Reinfeldt låter som en ny-hooverist om eurokrisen |
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The risks of what Sir Mervyn King, the Governor of the Bank of England, on Wednesday referred to as |
Detta är skälen till att jag betraktar euron och EMU som ett felkonstruerat system. |
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The euro: How Europe’s grand dream went sour |
In the end, Issing suggests the current policy is not merely unattractive from a policy standpoint, it is also doomed to fail. |
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Politikerna inom EU har inte vågat diskutera det fortsatta ekonomiska samarbetet med befolkningen. |
On Wednesday Mr Sarkozy summoned members of his government back from holiday for an emergency meeting |
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Efter en rad nödutryckningar har attityden från EU:s sida varit att marknaden inte förstått att krispolitiken varit mer än tillräcklig. |
Angela Merkel face a revolt among supporters over the deal they agreed last month with their 16 eurozone partners |
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Slithering to the wrong kind of union |
Alla EU-hatare går med rosiga kinder, självbelåtna leeenden och säger:
"Vad var det vi sa, nu brakar det samman. Det här är folkets protest mot eliten."
Och så får man stå där och skämmas medan EU-motståndaren tittar på en med en blick... med vetskapen att de alltid får rätt
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"Det gäller bara Grekland", Mycket fiffigt, Too clever by half, |
Det börjar likna Cataclysm, banne mig |
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If you want to know how the EFSF could implode all of a sudden, |
"Det gäller bara Grekland", Mycket fiffigt, Too clever by half, |
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How much closer a union? |
Samuel Brittan about |
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The agreement included new aid for Greece that embraced bondholders, |
Even after Friday’s rebound, the FTSE-Eurofirst 300 banks index is 20 per cent below its February peak |
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So what's the EFSF then? |
One step back from the abyss |
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For Nicolas Sarkozy, the French president, this is all
a big step towards the creation of a “European Monetary Fund†and, indeed, of a European "economic government". |
statement by eurozone leaders |
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Banks across Europe are braced to take as much as 17 billion euro ($24.5 billion) of writedowns on their holdings of Greek sovereign debt within a matter of days. Auditors have argued that the banks must take the hits now, given that almost any scenario for dealing with Greek sovereign restructuring will impair the value of their bond holdings. |
Banks will reduce Greece’s debt by 13.5 billion euros by exchanging bonds and “potentially much more†through a buyback program still to be outlined by governments, |
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"Det gäller bara Grekland", Mycket fiffigt, |
Reaktionen auf Griechenland-Paket |
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It appears that the eurozone is forcing Greece into a selective default. |
Eurozone agrees new Greek bailout |
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STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA AND EU INSTITUTIONS |
1937! So demand will be depressed in both crisis and non-crisis economies; |
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Chancellor of the Exchequer George Osborne, in an article in the Financial Times, is also telling that fiscal union is "necessary". |
Daniel Hannan about illelgal eurobonds |
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The eurozone is a modern version of the gold standard |
Sarkozy: |
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Merkel and Sarkozy “listened†to the views of Trichet, the statement said |
The accord between the two most powerful states in the euro zone |
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Germany and France reach Greek accord |
Eurobonds are the only answer to Europe’s crisis |
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Time is running out for salvaging Greece and, beyond it, Europe’s shared currency, the euro. |
Svenska Dagbladet om EMU |
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The eurozone is not a single nation state, yet it has some of the elements and institutions of a nation state. |
Euroledarna rådvilla som nakna kejsare |
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With Italian and Spanish debt yields ever higher, Thursday’s emergency summit offers perhaps the last chance to address it. |
Italian Finance Minister compared Germany and its small-minded Chancellor to a first-class passenger on the Titanic. |
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In an added sign of mounting anxiety ahead of a European Union summit meeting on Thursday, |
Ingen kurs för euron |
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It looks like Jean-Claude Trichet and the financial markets have scared the European negotiators, |
Ny EU-skatt fel lösning på grekiskt slöseri |
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French President Nicolas Sarkozy was to meet Merkel on Wednesday in Berlin |
Om EMU:s föregångare, den s k Werner-planen |
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European officials are considering a tax on financial institutions |
Stephanie Flanders, BBC Economics editor: |
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The entire point of stress tests is to identify problem banks so they can be closed or recapitalized, and the resulting transparency is supposed to reduce the chances of panic. |
“Some call it a selective default, some call it a rollover, some call it a debt exchange, some call it a re-profiling. But obviously no one in their right mind accepts that Greece is going to repay on time in full.†|
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Either a deal is at hand and the town’s leading journalists don’t know about it – or we’re still a long way off with just 48 hours to go. |
A meeting of euro zone leaders on Thursday will not be the final step in the resolution of Greece's debt crisis |
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"When the Holy Roman Emperor, Henry VI (1190-1197), demanded money and men for his projected crusade, |
Some are now openly advocating political union as the solution to the crisis. |
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Det är kostnadsläget, stupid. |
The euro zone's strategy for dealing with its members' fiscal problems is in tatters, |
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It will help if Angela Merkel and Jean-Claude Trichet end their increasingly pointless squabble over private sector involvement in a Greek debt relief package. |
This could even involve a country taking a sabbatical from the eurozone |
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Greklands skulder (andras fordringar) skall skrivas ned med 648 miljarder kronor |
Kanske har europeiska ledare inte längre möjlighet att påverka händelseförloppet. |
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Officials in Germany's Finance Ministry are analyzing several models for paring down Greece's debt burden to a more tolerable size.
This would involve relieving the country of roughly €70 billion (SEK 648 milljarrder) in debt. |
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Jens Weidmann (43) ist seit 1. Mai Präsident der Bundesbank |
Eurobonds som garanteras av alla medlemsländer |
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Europe’s political leadership has been, and still is, committing a category error in its approach. |
Five years ago, I was among those who argued that the probability of a collapse of the eurozone was close to zero. |
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A modest proposal |
I have explained in detail to the Heads of State and Government and to the finance ministers, |
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How to save the eurozone |
How to save the eurozone |
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Italian public debt has been an accident waiting to happen |
How to save the eurozone |
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A question (to which I don’t have the full answer): |
Trichet reiterated that the ECB will not accept as collateral bonds from a nation that defaults. |
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Om unionen ska överleva på sikt krävs en bättre demokratisk förankring än i dag |
The endgame for Europe is approaching — and much faster than anyone expected |
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Habsburg, SvD och Det första världskriget |
Soon the euro zone may well have to expand the EFSF and allow it to issue jointly guaranteed “Eurobondsâ€. |
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What EU leaders once ruled out — a default by a euro-zone nation — has firmly entered the sphere of the possible |
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In Europe, politicians are dealing with the legacy of a utopian project |
Göran Persson: Vi går mot en europeisk federation Det kanske ligger 30 år bort, men det är inte lång tid när vi talar om den här typen av stora förändringar" Dagens Industri 14 juli 2011 |
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Moody’s cuts Ireland to junk |
The eurozone might be on the verge of a fiscal cum financial crisis that destroys not just the solvency of important countries |
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For Euro Zone, It's Euro Bonds or Else |
Der Euro steht vor der ultimativen Zerreißprobe. |
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Europas ledare möts och pratar, men någon ordning på eurokrisen får de inte. |
DN skriver och Svenska Dagbladet tiger om eurokrisen |
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Analysföretaget Gavekal skriver i ett marknadsbrev att â€den italienska stormen†hotar euroområdets grundvalar. |
Friday emergency summit meeting |
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A vicious circle at the heart of the eurozone |
Some of Europe's biggest banks are taking steps to shore up their defenses |
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The risk is that what started in Greece |
Politicians cannot contemplate the alternative of sovereign default because |
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UK and the euro: |
DN Special: |
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Very funny, Do Read! |
Conservative MEP Daniel Hannan on UK role in euro bailout |
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German banks have launched a stinging attack on the imminent publication of highly detailed information about their holdings, |
Not so tender trap |
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It seems that quite a number of observers have forgotten what Emu is, and what it is not. |
For the record |
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The good ship Eurotitanic might maneuver around the tiny ice cubes that are Greece and Portugal, |
A group of far-sighted statesmen, inspired by the vision of a United States of Europe, recognised that this ideal could be approached only gradually, by setting limited objectives, mobilising the political will needed to achieve them and concluding treaties that required states to surrender only as much sovereignty as they could bear politically.
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Griechenland könnte laut dem weltweit führenden Versicherungsmakler Aon ein Bürgerkrieg drohen. |
"en viss default" |
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A spokesman for Herman Van Rompuy, president of the European Council, denied that senior officials would discuss the state of Italy’s finances |
Germany must now be willing either to buy or guarantee Spanish and Italian debt, |
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Daniel Hannan |
EBU ett allt större hot - "The only solution is a eurozone bond" |
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Från EMU till EBU |
Financial Secretary to the Treasury Mark Hoban, MP and Jack Straw, a former foreign minister, about Greece and the euro |
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Man undrar vad EU:s grundare, som var fast beslutna att få ett slut på det Europa där stormakterna bekrigade varandra i allt blodigare krig, skulle säga om dagens EU. |
EU är ett fantastiskt och unikt experiment med demokrati på en helt ny nivå. |
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Despite the brave efforts of their governments and people, |
The cost of insuring Italian debt rose sharply after the country’s trusted Finance Minister became linked to a corruption scandal |
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Det talas mycket om europeiskt samarbete. Men låt oss kalla saker vid deras rätta namn. |
Portugisiska och grekiska bönder vill helt enkelt inte att nogräknade tyskar och svenskar i demokratisk ordning reformerar, det vill säga lägger ned, deras jordbruk. |
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UniCredit plunged suddenly and investor concerns regarding Italy's sovereign debt and contagion risk escalated. |
Jean-Claude Trichet said European leaders have failed to grasp the importance of improving economic governance |
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EU genomför fördragsändring i smyg, med hjälp av Reinfeldt |
Democratization Can't Save Europe |
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EU:s ledare har nu enats om huvuddragen i en krishanteringsmekanismen där euroländer som behöver stöd kan få lån |
Toppmötet kommer vidare att besluta om en ändring av artikel 136 i fördraget i enlighet med det beslutsutkast som Europeiska rådet enades om i december – detta för att även fördraget ska bana väg för inrättande av ESM. |
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Exorcising Lehman Ghost |
Trichet says leaders can’t repeat the mistakes made by U.S. officials when they let Lehman Brothers Holdings Inc. fail.
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The ECB has a total exposure to the troubled economies in excess of 400 bn euro. |
The EU authorities are attempting to muzzle free opinion, threatening Fitch, Moody’s, and S&P with vague retribution |
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Eventually, governments pursuing ever more austerity |
The ECB’s worst nightmare |
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For Europe's elite, the idea of a country leaving the euro is anathema. And that will push them towards shouldering Greece's debt. |
Jan Kees de Jager, the Dutch finance minister |
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Europe Should Learn From Uruguay |
East Germany Was and Is Greece |
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Möte på torsdag mellan Frankrikes nye finansminister Francois Baroin och hans tyske kollega Wolfgang Schäuble |
Annie Johansson är den som Centerpartiet helst vill se som ny partiledare |
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Wolfgang Schäuble, German finance minister, said a rethink was needed |
Greece, Portugal and Ireland |
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Can Greece learn the economic lessons Argentina missed? |
Greece, Ireland and Portugal |
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Moment of truth for the eurozone |
Nice, sort of, chart of Youth Unemployment |
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For a vision of how the Greek debt meltdown is going to end, look no further than the International Monetary Fund's post mortem into a similar crisis that came to a head almost exactly a decade ago - Lessons From The Crisis In Argentina. |
Lessons from the Crisis in Argentina |
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S&P and Moody’s |
Grekland, Persson och Jens Henriksson |
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S&P said this morning a French plan to allow Greece to voluntarily change the terms on some of its debts when they come up for repayment would, "likely amount to a default under our criteria". |
Skulle Grekland brännmärkas med "default" av S & P eller Fitch kan den grekiska skuldkrisen förvärras snabbt. |
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Der Spiegel har blivit Europas ledande EMU-kritiker |
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Herman Van Rompuy lät till pilgrimsmusslorna cirkulera en flott broschyr på 14 sidor med bilder av Europeiska rådets nya högkvarter som skall stå färdigt om tre år. |
Within just five years, the Greeks want to cut spending by the equivalent of 17 percent of their total GDP in 2010.
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The Greek rollover pact is like a toxic CDO |
This isn't just a mortgage or housing crisis. |
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â€Mordet på EU-expressen†|
Greece and Portugal would recover more quickly if they left the euro, devalued, |
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Greece’s austerity plan looks doomed to fail. |
Grekisk stötesen |
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Specter of Years of Stagnating Wages Haunts the Globe |
Grekland |
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EU-momsen och 10 miljarder kr mer till EU ger kvinnokamp mellan Birgitta Ohlsson och Cecilia Malmström |
The plan seems to do too little to help Greece, and too much to help the banks. |
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Jeffrey Sachs, Grekland och Persson Jeffrey Sachs och chockterapin i den fd monetära unionen Jugoslavien |
The difficulties facing the real economy, the contraction of bank credit in combination with ongoing capital flight and record unemployment, in particularly among young people, make Papandreou’s endeavors this week a herculean task. Greece’s social fabric and its economic stability are being challenged like never before since 1945. |
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Italien |
The EU must step toward fiscal and political union |
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EU genomför fördragsändring i smyg |
Throughout the eurozone crisis the EU has insisted that Greece carry out the impossible in order to stave off the inevitable. |
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Stefan Fölster menar att en nedskrivning av Greklands skulder är oundviklig. |
Det är en i Sverige vanlig uppfattning att det var Göran Perssons motsvarande nedskärningar som satte fart på den svenska ekonomin. Nedskärningarna räddade landet, tror många. |
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Were the Eurosceptics right? |
Man bör inte avfärda alternativet att landet lämnar valutasamarbetet. |
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"The euro is a very good thing and it's important that we keep it," he said.
"It's good for the consumer and good for business." "The euro is fine. |
Eurobonds, bondage och Vägen till träldom enligt Hayek |
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Other countries have achieved the kind of permanent budgetary adjustment that the IMF is looking for in Greece, |
The country owes about 325 billion euros and has an annual gross domestic product of about €225 billion. |
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A bondholder contribution was “always meant to be voluntary,†Merkel told a German Parliament committee today in Berlin. |
When an outcome is inevitable, it is necessary to plan for it. |
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The alleged case of a successful internal devaluation — that of Latvia |
Satsa på en hästkur av samma kraft som Lettland! |
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USA:s president och alla vi andra borde inte bekymra oss om Liran och Drachman |
We are where we are because of the astounding arrogance and incompetence of the European political elite. |
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/Grekland skall/ sälja ut några statsägda bolag till privata intressenter, helst så många som ett stort bolag var tionde dag om kalkylen ska hålla. |
Denmark’s central Governor Nils Bernstein has said he supports joining the currency. |
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Dagens Nyheter och Svenska Dagbladet är pinsamma om EMU och Grekland |
German Banks ask for state guarantees as a condition for private sector involvement |
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The real problem is political and cultural. |
Recent public commitments stating the EU would ensure Greece remains solvent through next year were thought to be enough to secure the backing of the IMF |
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Germany's chancellor wants "a substantial contribution" from private creditors |
- Man vill att det ska kallas frivilligt. |
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Why spend seven hours behind closed doors, only to decide to wait and see? |
Time for Plan B |
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How can you revitalise Greece? |
Threats are only worth making if those making the threats could actually carry them out |
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Every intervention so far has pretended that the crisis is one of liquidity, which can be solved by making loans to the troubled banks and governments in question.
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Fiffigheten är stor i Eurokrisen |
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Svenska Dagbladet, Nationalstaten, Kungen och Europas Förenta Stater |
Nouriel Roubini has called this “fiscal union by stealthâ€. |
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Eurokrisen: |
Luxembourg Prime Minister Jean-Claude Juncker, the head of the eurozone group of finance ministers said |
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The ratings agencies have all said this is almost certain to be considered a default. |
Could Greek default equal Lehman's bust? |
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Det en grotesk idé att utse Christine Lagarde till ny IMF-chef |
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Annie Johansson (C) ångrar ett politiskt beslut: |
Baksidan av de massiva nedskärningarna är att ekonomin krymper, |
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The bail-out strategy that rescued Europe’s peripheral economies is proving insufficient. |
Tyskland och Frankrike har "funnit en lösning" i frågan om den privata sektorns deltagande i stödet för Grekland. |
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Svenska Dagbladet åter i EMU-debatten! |
Andes Borg å ena och å den andra sidan om eurokrisen |
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French banks had the most exposure, at $65 billion |
IMF has blinked in the battle over how - and when - to agree a second European rescue package for Greece. |
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June 19 |
De stora pojkarna, stats- och regeringscheferna i Europeiska Rådet, Europeiska Unionens motsvarighet till Sovjetunionens Politbyrå, skall träffas den 23-24 juni. Men |
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Om en folkomröstning om euron hade hållits i maj i år skulle cirka |
EU:s räddningsfond för krisländer måste byggas ut kraftigt. Det säger nu Nout Wellink, styrelseledamot i ECB. |
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The humiliation of Greece |
The Nonsense of purely voluntary Bail-ins
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The outcome will be a purely voluntary rescheduling, |
The central problem is a standoff between bailout-shy politicians and instability-fearing central bankers. |
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European finance ministers will hold an emergency meeting on Tuesday in an effort to narrow differences over a €172bn ($247bn) rescue package for Greece. |
Trichet vilseleder om EMU och USA |
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Without mentioning Greece directly, Ms. Merkel said |
"lack of discipline in countries such as Greece and Portugal was matched only by the build-up of asset bubbles in others like Spain and Ireland" |
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Dagens Nyheters halvkvädna visa om Greklands skulder |
"serious consequences" |
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WarGames: Chicken-Race mellan Berlin och Frankfurt |
Eurokrisen är alltså över? Fel. |
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“We have to insist on the participation of the private sector,†|
"There is no need for private-sector involvement," ECB executive board member Jürgen Stark told reporters |
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When the European politicians who are managing the sovereign debt crisis bailed out Greece, Ireland and Portugal |
The German constitutional court in Karlsruhe said it would hold a hearing on challenges to last year’s Greece rescue package on July 5. |
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New York Times dömer ut försöken att "vinna tid" genom nya pålagor på det grekiska folket |
IMF's statutes stipulate that the organization can only lend a country money if it is certain that the state will be able to meet its payment obligations for the next 12 months. |
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European banks had $188 billion at risk from the government debt of Greece, Ireland, Portugal and Spain |
ECB President Jean-Claude Trichet yesterday gave his first signal endorsing measures to encourage investors to buy new Greek bonds to replace maturing securities. |
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ECB has a total exposure of about 444 bn euros to 'struggling eurozone economies' |
Frankfurter Allgemeine; |
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Ingredients of a European political union |
The global fallout of a eurozone collapse |
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Fy skam, fy skam, för ingen ville ha den |
Genom finanskrisen håller EU på att få den förstärkta ekonomiska samordning som politikerna avvisade vid toppmötet i Maastricht för tjugo år sedan. |
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Delstaterna, eller förbundsländer som de heter i Tyskland, har en hög grad av självständighet. När det gäller att driva in skatter är de visserligen bakbundna av federala regler. |
Today the French government is working overtime to make sure that a Sarkozy loyalist, the leader of his economic team — Finance Minister Christine Lagarde — becomes the next managing director. |
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Om euron kollapsar |
Merkel följer folkets vilja |
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What happens when Greece defaults. Here are a few things: |
Pengarna "till Grekland" går till bankerna |
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Jag vill understryka att detta inte på något vis kan sägas vara någon ensidigt portugisisk lättsinnighet. |
Gavin Hewitt, Europe editor, BBC, om Trichet: |
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The eurozone, as designed, has failed. |
“There is no crisis of the euro,†Mr Trichet declared |
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Säga vad man vill om Göran Persson, men få kan som han fånga ett auditorium. Och så är det fortfarande. |
Trichet, Karl den Store och Göran Persson hos SNS |
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Jean-Claude Trichet is apoplectic at the loose talk of debt restructuring. |
He also favors giving the European Union powers to veto the budget measures of countries |
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While Europe is preoccupied with a possible restructuring of Greece's debt, huge risks lurk elsewhere |
Fast i skuldfällan - Grekland stramar åt men inget hjälper |
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Officials warned, however, that almost every element of the new package faced significant opposition from at least one of the governments and institutions involved in the current negotiations and a deal could still unravel. |
Snaran dras åt kring Grekland |
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Co-Founder Of Reaganomics, Paul Craig Roberts: |
Today, 30 May 2011, I claim to have invented the phrase |
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Varför ingen har skrivit en avslöjande insiderskildring från Ja till euro-kampanjen 2003, |
Continental Drift |
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Greek leaders meeting in Athens have failed to agree |
Grekland står nu på randen till statsbankrutt. |
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After the creation of the euro in 1999, European nations that had previously been considered risky, and that therefore faced limits on the amount they could borrow, began experiencing huge inflows of capital. |
It’s now clear that Greece, Ireland and Portugal can’t and won’t repay their debts in full, although Spain might manage to tough it out |
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Eurogroup’s Jean-Claude Juncker has just lobbed this hand grenade into the market place |
The first thing Silvia Huelves was told when she started studying architecture was that she should take up Chinese or Japanese - she was never going to build anything in Spain any time soon. |
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"Eurokrisen ökar klyftan mellan folk och eliter" |
I dagens SvD skriver Claes Arvidsson om krisen i eurozonen och vrider händerna i ångest |
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The German constitutional court has almost no other choice than to rule that EU law was violated. |
Tusentals greker i fredlig protest mot sparplaner |
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Det allmänna stödet för EU förblev intakt, även om stödet för euron störtdök, utropar Sieps som en regeringens Bagdad Bob |
EU bör kunna dra tillbaka visumfriheten för medborgare i vissa länder om det plötsligt kommer många migranter därifrån. |
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“Events in Greece have brought the euro area to a crossroads: |
Concluding remarks at the Banque de France / Deutsche Bundesbank Spring Conference on “Fiscal and Monetary Policy Challenges in the Short and Long Run†|
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Greklands regering antog ett nytt paket med utgiftsnedskärningar och försäljningar av statlig egendom |
The Spanish people have finally found their voice. For over a week they have been occupying squares across the country to protest at unemployment. For 16- to 24-year-olds, 43% are without work. |
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The one person at the summit to speak positively about the euro's prospects isn't even in it – Sweden's pony-tailed finance minister Anders Borg |
Merkel’s Christian Democrats shellshocked after Bremen elections |
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Den europeiska byråkrati som Menasse imponeras av och som Enzensberger gisslar i EU-kommissionen har under senare år blivit allt mer förvaltande och allt mindre av den pådrivande motor som hyllas i retoriken. |
Makten i Europa |
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Tiotusentals spanjorer trotsade natten till lördagen demonstrationsförbudet och fortsatte att protestera mot åtstramningar, arbetslöshet och korruption. |
Spanish protests in pictures |
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Greklands regering kommer inom de närmaste dagarna att annonsera åtgärder för att |
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Rolf Gustavsson får Publicistklubbens stora pris |
SOM-institutet har funnit att svenska folkets stöd för EU-medlemskapet är rekordhögt (53%),
medan stödet för euron har rasat till den lägst nivån någonsin. |
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ECB har, det senaste året, köpt grekiska statsobligationer för 404 miljarder kronor |
The confusing debate about “reprofiling†or soft restructuring pays testimony to the sheer incompetence of eurozone’s finance ministers, |
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The total cost to taxpayers in Germany and other creditor countries of supporting Greece, Ireland and Portugal will be much higher than seemed likely last year |
The ECB, which has bought about €45bn /SEK 404 miljarder/ of Greek bonds over the past year, |
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The eurozone's crisis in BBC graphics: Click here |
A Eurostate or bust |
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The underlying economics of the /Euro/crises are clear |
The problem with the strategy of imposing the burden on taxpayers in borrowing countries is that it is unlikely to work. |
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Modiga Malmström |
These days, merely saying that the European idea transformed a war-torn continent into an island of freedom and stability would seem rather quaint to most. |
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Richard Swartz om en union utan gemensamma värden |
Greece |
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Om Grekland ställer in betalningarna, alternativt skriver ned värdet på sina utestående lån, |
Euroländernas del av det lån på 110 miljarder euro som förhandlades fram förra våren ligger på 80 miljarder euro. |
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Grekland har ingen chans att klara sig undan en omstrukturering av sina skulder. |
Läget i Grekland blir allt allvarligare. Ekonomin skenar och missnöjet bland människor växer. |
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Hans Werner Sinn, chef för det ansedda IFO-institutet.
I helgen aktualiserade den ansedda ekonomen alternativet att Grekland lämnar eurozonen. |
The eurozone’s journey to defaults |
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“I was told to say there was no meeting... We had certain necessities to consider†|
Skrattar bäst som skrattar först om Grekland |
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Ett EU som innefattar också ett demokratiskt Turkiet kommer att vara en starkare och bättre union. |
Den som vill göra EU till ett nytt romerskt rike bör först fråga folket |
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Sources with information about the government's actions have informed SPIEGEL ONLINE that |
I det tysta fortsätter den europeiska integrationen. |
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Europe is running a giant Ponzi scheme |
Europe’s political elites are afraid to tell a truth that economic historians have known forever: that a monetary union without a political union is simply not viable. This is not a debt crisis. This is a political crisis. |
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De nödlån som nu ges till Grekland, Irland och senast Portugal av IMF, ECB och EU-kommissionen ger ett visst andrum |
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Martin Wolf argues that the eurozone faces a choice between permanent pro-cyclical adjustments, a break-up; or closer union |
Martin Wolf sätter EMU och folkstyret på sin spets - Skall vi uppge vår suveränitet och bli likt provinser i det forna romar-riket. |
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Den europeiska efterkrigshistorien kan beskrivas som Frankrikes – alltmer fåfänga – ansträngningar att förhindra ett Europa dominerat av Tyskland, en utveckling det totala tyska nederlaget 1945 bara tillfälligt satte stopp för.
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Greece - A year after agreeing a €110bn European Union and IMF bail-out and economic reform plan, times are hard.
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Greece budget deficit worse than thought |
SNS, Pagrotsky och Greklands återhämtning |
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In May 1931, a Viennese bank named Credit-Anstalt failed. |
Martin Wolf refers me /Clive Crook/ to this new paper by Paul De Grauwe, |
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In a front page editorial with the title „Warning shot from the North-East“ Frankfurter Allgemeine Zeitung’s Klaus-Dieter Frankenberger warns against stigmatizing the True Finns as populist rightists. |
For all Germany’s fear of becoming locked into permanent support for the Irish and others, |
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Islands nej kan också få Grekland och Portugal att inse att IMF- och euroländernas krav för att stå för sina lånelöften är en plågsam vandring till ett utblottat Ebberöd. |
Auftritt der Anti-Euro-Krieger |
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En omstrukturering kan innehålla olika typer av förändringar av villkoren i ett lån, men vanligtvis innebär det en nedskrivning av skuldernas värde. |
After the Latin American debt crisis in the 1980s, US regulators lied about the health of American banks until they were in a position to take a voluntary haircut on their bad loans. |
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RE: "Tsunamani sinks all the boats" |
Greek, Portuguese Bonds Slump as Schaeuble Proposes Restructure |
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A group of 50 economists and lawyers are apply for a court injunction at the Karlsruhe constitutional court against the rescue program for Portugal |
According to a study by PriceWaterhauseCoopers, the total volume of bad debt |
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A day after Portugal formally requested aid from the European Union to help ease ongoing debt problems, Madrid on Friday insisted that it was "out of the question" that Spain would be next. |
Spain will be next |
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Waiving the rules for Portugal |
Drawing a line in the Iberian sand |
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Frankfurter Allgemeine Zeitung’s Werner Mussler |
It may have been inevitable, but it was a sad moment for Portugal: |
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Portugal ger upp, ber om krislån |
EMU bollar Gris med Europa |
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The eurozone’s economic governance |
German banks are among the biggest holders of eurozone sovereign debt |
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ECB and The Taylor Rule - a difference of 9 per cent |
The risk is roughly one in seven that Europe's ongoing debt crisis will push member nations to abandon the shared currency, |
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Though unconfirmed, only substantial liquidity support from the European Central Bank is keeping the financial systems and, indirectly, the governments of peripheral states such as Ireland, Portugal and Greece alive, |
Stödet för euron sjunker kraftigt hos Sveriges småföretagare |
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They’re bust. Admit it. |
Bara en floskelavtrubbad EU-byråkrat kan kalla en blyväst för en livboj och förvänta sig att bli trodd. |
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The Irish finance minister, Michael Noonan, said that 30 September, 2008, will go down in history as the blackest day in Ireland since the Civil War. |
I find it unforgivable that the last Irish government guaranteed bank debt so insouciantly and that the rest of the European Union has supported this decision. |
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German president and SPD chief attack bankers |
Liksom för Irland så är inte Spaniens största bekymmer att statsfinanserna spårade ur, som för Grekland och i viss mån Portugal, |
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Portugal will follow Greece and Ireland to failure |
The banks are being forced to shrink to a size that poses less risk to the Irish economy. |
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SPIEGEL Interview with Ex-ECB Chief Economist Issing |
Irish banks need extra 24bn euros to survive |
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Standard & Poor’s downgrading of Portugal’s sovereign debt made clear that the primary cause |
The Fundamental Problem with Efforts to Save the Euro |
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The most important hole in the plans for economic co-ordination is the unwillingness to recognise the link between the external surpluses of core countries and the financial fragility in the periphery. |
The unbelievable truth about Ireland and its banks |
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The total exposure of foreign banks to the struggling quartet of |
The BIS, the central bank of central banks, said in its quarterly report that Germany had $569bn of exposure to the quartet, France $380bn, and the UK $431bn. |
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Greece’s increasing jobless rate may become a “bomb in the foundations of society†|
Portuguese debt yields soared to new records. The 10y bond hit 7.9% |
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Euro breakup revisited |
/Datalagrings/direktivet, som har baxats fram av medlemsländernas regeringar och röstats igenom |
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EU bailar inte ut någon, EU lånar ut |
Three numbers stand out: 12.4, 9.8 and 7.8 |
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For some time, Portugal's government has been borrowing from its banks by selling them bonds, which in turn have been swapping the bonds for cash from the ECB (see my earlier notes on this).
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The divisiveness pact |
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Euro's Collapse Is Not 'Unthinkable': Warren Buffett |
"Europakten är bra för Sverige" |
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To cover Portugal’s deficit and bond repayments for three years, |
William White, chairman of the Organization for Economic Cooperation and Development's Economic and Development Review Committee, |
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Reinfeldts utanförskap |
Portugal PM Socrates' resignation overshadows EU summit |
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Moody's sänker kreditbetyget för 30 spanska banker |
The flawed economics of the Competitiveness Pact: |
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Skuldkrisen i EMU är av allt att döma på väg in i ännu en kritisk fas. |
The opposition parties appeared to be responding to the public mood in Portugal, which had turned against the belt-tightening. |
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Finland is blocking the increase in the EFSF’s effective lending capacity because of the April 17 elections. |
In a damning editorial for Frankfurter Allgemeine Zeitung Werner Mussler is highly pessimistic about the Euro governance reforms the summit will decide. |
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Permanent Euro Fix |
Portuguese opposition parties have refused to back austerity measures drafted to help the country avoid a bail-out |
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The European stability mechanism, which will be the permanent crisis mechanism from 2013 |
EU:s flyktingkommissionär Cecilia Malmström slöt avtal med Gadaffi i Libyen den 1 oktober ifjol. |
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Jean-Claude Trichet is upping his war against the European Council when he decried yesterday’s Ecofin agreement as poor and insufficient. |
Riksdagens finansutskott beslutade i dag att Sverige inte ska gå med i den så kallade europakten, |
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"The fundamental problem is in the banking system
"I think this whole thing is a Ponzi scheme in which governments that are already in deep red ink are trying to generate more red ink," |
In 2013, a new mechanism will replace the EFSF. It is called the European stability mechanism (ESM). |
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Right now Europe may be embarking on a path that could tilt the union away from economic liberalism, |
The deal reached to strengthen the bloc’s €440bn rescue fund will be overshadowed by the horrors in Libya and Japan. |
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Moody's Cuts Spain's Debt Rating to Aa2 |
Anyone familiar with the Byzantine complexities of European policymaking would not have been surprised to learn that |
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Over the next few weeks important decisions have to be made over the euro and how to prevent a repeat of the crisis that has threatened the single currency. |
Det var något överraskande att på EU-toppmötet den 4 februari behöva påpeka att varje förslag
måste stå i överensstämmelse med EU-fördraget, sade Barroso, som en gliring åt den pakt som Tysklands
Angela Merkel och Frankrikes Nicolas Sarkozy lanserat |
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Nobel Prize-winning economist Joseph Stiglitz said the European Union may face a “lost half-decade†similar to that experienced by Japan |
Why the eurozone will survive |
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In his FTD column, Wolfgang Münchau argues that Germany cannot have it both ways: |
Latvia's prime minister earns far less than Latvians in Brussels |
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Egentligen strider det mot EU:s grundlag att låta EMU-länderna gå i borgen för varandras skulder, |
Greek 10-year yield reached a eurozone record, of 12.9%, |
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If an internal devaluation in a country suffering from a lack
of international competitiveness were to succeed, the real burden of the country’s
debt would increase. |
The European Central Bank turned a blind eye to "irresponsible lending" by German, French, British and Belgian banks, |
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FT Deutschland noted that the Greek rating was now below that of Egypt, and on the same level as that of Angola. |
Frankfurter Allgemeine writes in a comment that Greece was a clear-cut case for a debt restructuring. |
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Reinfeldt talade om folkomröstningen 1994, men inte om folkomröstningen 2003 |
Det Östliga Partnerskapet |
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Merkel är fiffig med inte demokratisk |
It is twelve years since the launch of EMU. |
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Germany, Finland and the Netherlands are blocking proposals to increase the scope of the EFSF to include bond purchases, or to fund any effective bond bond repurchase programmes. |
Mycket fiffigt |
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For the benefit of our readers, we thought we’d post a copy of the Barroso-Van Rompuy plan’s four-page outline, |
Måndagen den 7 mars är statsminister Fredrik Reinfeldt inbjuden av EU-kommissionens kontor i Stockholm |
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För Sveriges del borde slutsatsen vara att ett väl fungerande svenskt utrikesdepartement behövs, också i EU. |
At the time of the Greek bailout, the real question was: |
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The last time EU leaders met, in early February, a Franco-German proposal for a competitiveness pact was thrust upon them. |
Som om förvirringen kring EU:s utrikespolitik inte redan vore nog bidrar nu unionens president till att dimmorna tätnar ytterligare. |
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“Sovereigntyâ€, the “British Constitutionâ€, our “democracyâ€, “self-government†|
Sverige bekräftar nu sin plats bland tigerekonomierna. |
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Moody’s estimates necessary volume of caja recapitalisation at €50bn |
Libyan clients have more than one billion euros ($1.4 billion) stored in Austria's banking system, |
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Last week, the political developments in Germany shifted dramatically in the wrong direction. |
The devastation that last Friday’s Irish election brought to Fianna Fáil was almost as complete as the destruction that banks and real estate developers inflicted on the country on that party’s watch. |
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If Spain has no strategy, France has had something worse: a bad one. |
Statsminister Fredrik Reinfeldt och utrikesminister Carl Bildt |
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Irland växte snabbt under 90-talet. Med euron tillkom en låg ränta som blåste upp en jättelik fastighetsbubbla.
Politiker, bankdirektörer och näringslivstoppar blundade och höll varandra om ryggen. |
Pakten löser inte eurons problem |
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The European Economic Advisory Group (EEAG), a group of leading European economists, has warned that Greece may need another bailout by 2013 at the latest.
creditors might have to write off more than 30 percent of their loans. |
Academics and businesses are joining Bundestag and Bundestag in protests against proposed extension of the eurozone’s financial umbrella; |
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The government, the Bundestag, and the Bundesbank all have their own, and conflicting, views on how the crisis should be resolved. |
EMU travails will goes on, and on, until Germany – and the others – understands that it has been lured into a Monet trap: |
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Fin bild på Barroso och Gaddafi |
Rätt åt Cecilia Malmström få ta hand om migration, |
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All that has occurred so far is that Irish and Greek taxpayers have taken on fresh debt so that creditors do not crystallise losses. |
September 29, 2008 was the day the government guaranteed all bank creditors, |
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Angela Merkel’s Christian Democrats have just suffered the worst defeat since World War Two in the Hamburg elections. |
For those of us who lived through the ERM crisis of 1992 and followed German events closely at that time, all this has a familiar ring.
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It is unbelievable how far /Axel Weber/ stands outside the emerging policy consensus in European capitals. |
The Bundesbank also yesterday launched a further broadside against bond purchases in its monthly report. |
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The current crisis has challenged the founding principles of EMU |
Axel Weber, Germany’s departing Bundesbank president, has put his country on a collision course with its eurozone partners |
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Wolfgang Münchau har nu begått ytterligare ett mästerstycke i Financial Times |
Hamburg, the city-state of Merkel’s birth |
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First, low interest rates, especially in real terms, which resulted from the single monetary policy, and encouraged risk-taking behaviour; |
Det är sant att Anders Borg har prioriterat ordning och reda i den offentliga ekonomin. Men det har han inte varit ensam om. |
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ECB intervened in the markets on Friday to prevent Portugal’s borrowing costs spiralling to “danger levelsâ€
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Portugal väntas i april be om ett stödpaket från EU och IMF, rapporterar Reuters med hänvisning till källor i eurozonen. |
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"I dag försöker finansministrarna till varje pris hindra en omstrukturering av statsskulderna, |
Eurokrisen är inte över |
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Use of marginal lending facility spikes to €15bn |
Spanish savings banks, which have been ordered to raise more capital by the government, |
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We have been presented with the same data over and again: |
Germany may have Europe’s largest and most robust economy, but... |
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For months, financial markets and policymakers from Wall Street to Frankfurt have been begging European leaders to do something – anything – |
Rädda euron första punkten på finansministrarnas lista |
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Bundesbank president Axel Weber said a lack of political acceptance in the eurozone for his hawkish monetary views |
Under finanskrisen har Sverige haft nytta av att ha en egen valuta. |
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Axel Weber, the president of Germany's Bundesbank and leading candidate as the next head of the European Central Bank, will step down |
Birgitta Ohlsson har en ovanlig förmåga att fånga ett auditorium. Hon är personlig, men inte kladdigt privat, och talar engagerat om behovet av frihandel, fred och frihet utan att det känns det minsta påklistrat.
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Företagen inordnade sig efter tyska påtryckningar - och med regeringens goda minne - i det som kallades “Grosswirtschaftsraumâ€. |
Dangers lurk in Franco-German plans for a more tightly integrated euro zone |
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It is hard to estimate the exact amount it will cost to recapitalise the European banking sector. I have heard a credible estimate of €100bn-€200bn. |
Den uttalade avsikten bakom införandet av en gemensam EU-valuta var att tvinga fram en tätare samordning av statsfinanserna i medlemsländerna och på sikt en samordnad finans- och skattepolitik. |
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Tungviktarna Tyskland och Frankrike försökte att på egen hand föra fram flera konkreta förslag om nya regler för bland annat pensionsålder |
Det bor en liten Brysselhatare i flertalet stats- och regeringschefers bröst. Kanske är det därför de ser så glada ut när de anländer till Euro-peiska rådet, EU:s toppmöte. Där är diskussionerna förtroliga, besluten kräver enhällighet och är inte bindande. Det skrivs inte ens protokoll. |
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Spain’s success is of acute relevance to the rest of the eurozone |
Sarkozy in Davos |
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"Irish domestic banks currently depend almost entirely on the (European Central Bank) to refinance expiring market debt," |
The key issue in Europe now is not the merits of the single currency but the parlous state of its banking system. |
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Again, the mood about the eurozone is now more optimistic. But how the zone is to exit from its difficulties remains obscure. |
“Amazing†that the Irish government has “socialized†the banks |
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Mätt med det handelsvägda TCW-indexet noterar kronan den starkaste nivån sedan sommaren 1998. |
The IMF’s Article IV report on Ireland published in September 2007 begins: |
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Merkel Rules Out Return to Deutsche Mark |
Irland |
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Let us assume for the sake of argument that Europe succeeds in containing the immediate EMU debt crisis, with help from Asia, and that Germany’s fractious coalition actually agrees to a bail-out fund big enough to make any difference. |
That is to say, Germany must be prepared to do for Southern European what it has already done for its own kin in East Germany, but on six times the scale. |
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Ett oroligt mummel i regeringsbyggnaderna runt om i de europeiska huvudstäderna. |
EU har för länge sedan utvecklats till något mer än en inre marknad. |
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Hur många euro går det på en tulpanlök? Rätt svar är: minst en. |
In his FT Deutschland column, Wolfgang Münchau says |
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Time for Plan B |
Spanish banks have €323 billion (the equivalent of 31% of GDP) in loans to property developers. |
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The tragedy of the Euromess is that the creation of the euro was supposed to be the finest moment in a grand and noble undertaking: the generations-long effort to bring peace, democracy and shared prosperity to a once and frequently war-torn continent. |
The unemployment rate in Greece jumped to 13.5 percent |
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Nouriel Roubini och SvD:s Tomas Lundin sätter fingret på EMU:s ömma punkt |
It is one thing for an anti-European British politician, or a short-selling New York banker, to express scepticism about the euro’s future. |
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Roubini: |
The dam breaks in Portugal |
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Portugal |
Roubini says it is absurd to focus on 2013 |
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Europe is now facing what Edwin Truman of the Peterson Institute for International Economics calls |
Mr Issing said proposals that Emu should be expanded into a “transfer union†– the transfer of funds from Germany and other financially strong states to weaker, highly indebted states – were wrong.
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Otmar Issing, the former chief economist of the European Central Bank and the German Bundesbank, |
Economist Desmond Lachman of Washington’s American Enterprise Institute: |
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At the December summit, the European Union missed a historic chance to get on top of this crisis. We will do whatever it takes, they swore, and went home. |
Portugal planerar i år att låna upp 18-20 miljarder euro med nya obligationslån |
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VLT:s ledarsida argumenterade för ett ja till euron och själv röstade jag då logiskt nog ja. |
Vad finns det egentligen för ekonomiska argument för att EU eller EMU ska låna ut pengar till de medlemsländer som inte har ordning på sina statsfinanser? Vad skulle hända om vi inte ställde upp, utan i värsta fall lät exempelvis Grekland göra en ensidig nedskrivning av sina skulder med kanske tjugo eller trettio procent? |
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Move forward decisively on the path toward “federalization†of economic and fiscal policies. |
Samme Treschow som varit ordförande för Svensk Näringsliv – den organisation som bekostade en icke föraktlig del av ja-kampanjen för svenskt euromedlemskap. |
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Greece has become the world's riskiest borrower in the fourth quarter of 2010, surpassing Venezuela, |
If the euro zone is truly to put the debt crisis behind it, |
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Yep, Portugal’s 10-year debt is yielding more than 7 per cent |
Irish 10-year yields have been climbing to 9%, Greek 10-year yields to over 12%, |
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Euron är "världens mest stabila valuta". |
Jean-Claude Juncker dismissed concerns about the future of the euro, calling it |
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The European Commission has just announced an agreement whereby English will be the official language of the European Union rather than German, which was the other possibility.
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The foreign owner of a Greek, Irish or Portuguese bond, for example, faces two specific dangers |
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Europe preview of 2011 |
Eurons framtid högst osäker |
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â€Just nu vill ingen ansluta sig till euron†|
- Jag känner väldigt mycket äckelkänslor inför utanförskapet. |
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In Hoc Anno Domini |
Joschka Fischer om en ny allians mellan Paris och Berlin |
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Den tyske förbundskanslern Helmut Kohl tog denna oro på allvar och accepterade tanken på valutaunionen, som ett sätt att förankra det nya starka Tyskland i Europasamarbetet. |
The euro’s struggles could become more pronounced in coming months as traders increasingly use the beleaguered currency to fund so-called “carry trades.†|
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EU, the small dogs och de arbetslösa EUROpéerna |
The issue is not whether to preserve the eurozone, but how. |
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"Can countries inside a fixed exchange-rate system like the euro grow and tighten budget policy at the same time? |
The crisis was caused – except in Greece – by large and persistent intra-eurozone private sector imbalances between the centre and the periphery, |
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Look and learn from across the Irish Sea |
And what did the European Union’s leaders come up with after high-level talks in Brussels? A two-line treaty amendment. |
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It’s simply stunning that this revolution in the European political system is about to take place under the guise of a “limited treaty change†|
ECB Expresses `Serious Concerns' About Irish Proposals to Stabilize Banks |
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Auch deutsche Banken haben sich mit Milliardensummen in Irland engagiert. |
If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – |
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Folkomrösta om EU:s fördragsändring för räddningsfonden |
Ronald Reagans ofta citerade â€Det är staten som är problemetâ€, har alldeles särskilt kommit att gälla bygget av en europeisk superstat. |
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Fredrik Reinfeldt ser ingen överhängande risk för att fördragsförändringen som det beslutats om på mötet skulle kunna leda till nationella krav på folkomröstningar. |
Article 48 |
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The amendment to the Lisbon Treaty will have to be ratified by 27 parliaments, after all. |
Två meningar som kan ställa till det rejält |
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Översättning från tyska till svenska via Google: Valutakris |
Sveriges utrikesminister är en av få som öppet argumenterar för fortsatt utvidgning av EU. |
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"Der Euro ist unser gemeinsames Schicksal, und Europa ist unsere gemeinsame Zukunft" |
Der Euro ist in Gefahr - und Europas Spitzenpolitiker verkennen die historische Dimension der Bedrohung. |
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Spain credit rating review by Moody's hits euro |
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SCB:s undersökning om EU- och EMU-sympatierna. |
The architects of the euro knew that it was incomplete when they designed it. |
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Mechanics of a European capital flight |
Moody’s yesterday put the losses of the Spanish banking sector at €177bn |
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How can Germany or France agree lightly to plans that amount to |
Eurokrisen farligare än en terrorist från Tranås |
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The Bank for International Settlements, |
Desmond Lachman, now a research fellow with the American Enterprise Institute: |
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Det osannolika och omöjliga med en uppdelning eller ett sönderfall av euron i en ny monetär flora, |
The EU Is Pushing Ireland to the Brink of Ruin |
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Most economic historians and international economists I know believe a monetary union would fail unless it develops into a fiscal union. |
What once could be dismissed as simply a Greek crisis, or simply a Greek and Irish crisis, |
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A step closer to Eurobond-age |
Now that markets have been forced to focus on the fact that |
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Former British Prime Minister Gordon Brown has said he |
a defining moment for Europe |
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We've heard it before: Spain is too big to fail—and too big to be saved. |
In its financial stability report, the ECB warned that some banks are overreliant on ECB funds. |
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Nu har alla länder i EMU en gemensam valuta, och därmed en gemensam penningpolitik. |
Nils-Eric Sandberg och sökandet efter EMU:s Holy Grail |
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Det är en väldigt liten sannolikhet för att euron kommer att bryta ihop. |
"Hur kunde euroområdet hamna i dagens prekära läge?" |
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Gordon Brown: |
Andrew Duff MEP writes in the FT that the EU was “slithering†into a fiscal union. |
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Bank runs have not recurred (after Norther Rock), in spite of the eurozone’s continuing crisis. |
Euro-Krise |
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Doubts are growing as to whether the euro has a future |
Could Assange escape extradition to Sweden? His lawyer claims the charges are “politically motivated,†but it won’t be easy. |
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Irlands nedskärningar motsvarar 110 miljarder kronor |
For sceptics the question has always been how robust a currency union among diverse economies with less than unlimited mutual solidarity can be. |
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Ireland |
Former German Chancellor Helmut Schmidt has accused his country's current leaders of failing to grasp modern international finance. |
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One of the hallmarks of the unfolding financial crisis is that even “experts†quickly concede that |
How Close Did Europe Come to Lehman-Style Crisis? |
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Direct |
Any bank requires a continuous flow of funds and the question ceases to be whether it is solvent and becomes simply whether it will be able to refinance maturing debt at an acceptable price. |
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The financial storm has reopened the debate on the euro’s flawed design |
Direct |
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Reinfeldt, Rolf Gustavsson, Lissabonfördraget och Sudettyskarna |
Man kan lätt konstatera att Fridolin har fel genom att vända blicken österut. |
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Despite an €85 billion bail-out for Ireland, the euro zone’s debt crisis is getting worse. |
I become nervous when Angela Merkel says the future of the euro and that of the EU are inextricably linked. |
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European Union states have underwritten their financial sectors |
Breaking up the euro is not unthinkable, just very costly. |
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De som köpte bostad i Spanien under 2007, innan finanskrisen slog till, |
It pains me to say this. I’m probably the most pro-euro economist on my side of the Atlantic. |
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Spain's Prime Minister Jose Luis Rodriguez Zapatero: |
Can Europe save the euro? |
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Only Trichet can save us now – ECB about to monetise peripheral debt |
The FT has news from the Bank of International Settlements, |
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Europe’s sovereign crisis is spreading to the heart of the 16-nation bloc as |
The only problem that lies in the way of this rational outcome is that |
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Konstruktionen av den fond som sattes upp efter Greklandskrisen i våras har en inneboende svaghet. |
- The survival of the Euro is no longer up for debate |
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The others are tapas; Spain is the main course. |
2011 will see the first member of the European single currency starting to talk seriously about |
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Dr. Robert Shapiro (served as Under Secretary of Commerce for Economic Affairs in President Clinton's administration): |
Under a floating exchange rate, some of the pressure would be relieved by a rising exchange rate in the boom and a falling rate in the bust. |
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European finance ministers have in effect announced that the risks of lending to financially stretched eurozone countries would increase in two and a half year's time |
Nigel Farage: The Euro Game Is Up! |
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The public-sector rescue of Ireland's banks is predicated on the idea that the banks' creditors will be reassured |
Nu börjar Eurokrisen bli riktigt rolig |
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2 triljoner euros |
Folkpartiet välkomnar de förslag som EU-kommissionen lagt, även när de innebär steg mot överstatlighet med makroekonomisk övervakning och gemensamma strängare budgetregler. |
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Endgame |
The markets attention shifted from the immediate funding problems to the underlying solvency issues. |
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Fear is spreading in Europe. How many countries are going to need bailouts |
Europe is edging towards the unthinkable |
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Eurokrisen från PIGS till BIIGS |
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The euro crisis |
Think BIIGS: |
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Credit default swaps (CDS) measuring risk on German, French and Dutch bonds have surged over recent days, |
Probably one of the best pieces of analytical commentary we have yet read on the eurozone situation |
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Eurozone borrowing costs hit record |
Europe's fate may be decided soon by the German constitutional court |
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Leaving the euro: how would it work? |
EMU är inget experiment. EMU är ett vågspel. |
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"There is zero danger" |
"There are no Americans in Bagdad" |
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The road to self-destruction of the eurozone |
Did he sing in the bath? |
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Portugal is the next example of a country to demonstrate that austerity in the middle of a financial crisis is a sure recipe for disaster. |
EU:s "Bagdad Bob" |
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Back in 2007, Ireland’s net public debt was just 12 per cent of gross domestic product. |
I Sverige har bostadspriserna rusat i höjden med hela 116 procent på tio år. |
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Den grundlagsförändring som riksdagen den 2 juni i år enhälligt röstade för i en första omgång, |
Den 24 november ska riksdagen fatta det andra och avgörande beslutet för att ändringarna i regeringsformen |
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The Irish bailout is not, after all, what one normally thinks of as a bailout |
Krugman: Det är ingen bail-out för Irland |
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Dagens Nyheter: EU har ännu ingen helt gemensam skattepolitik |
Den irländska krisen är långt ifrån över och läget för euron är "exceptionellt allvarligt", |
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It would be nice if the BBC stopped trotting these characters /EMU-suportes/ out as if they were disinterested experts, while presenting those of us who opposed the euro as Right-wing eccentrics. |
Det var inte folket som besegrade eliten. |
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Tyska och brittiska banker har stora fordringar på Irland |
Here's what we Eurosceptics were saying about Ireland and the euro in 1998 |
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The eurozone is pressing ahead with the same approach it has followed ever since the collapse of Lehmans |
"Can the Euro Still Be Saved?" |
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British taxpayers should not have to fund a bail-out of the Irish banks because Ireland's financial crisis is “not our problem,†|
– Det är självklart för Sverige att delta, säger finansminister Anders Borg |
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Det finns jätterisker att det inte fungerar. |
Den verkliga faran är Spanien och kanske även i Italien, |
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The two largest creditors to Ireland are /banks in/ the UK and Germany, |
Ireland: An extreme version of the British disease |
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Peter Wolodarski försvarar EMU om Irland och Grekland |
Conditions for securing a lasting peace within Western Europe were arguably already in place by 1954 |
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De som försöker skuldbelägga Europeiska centralbankens låga ränta för den ohållbara låneexpansionen har en poäng. |
Var det den gemensamma valutan som ligger bakom Irlands problem. |
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Officials disclosed that the Irish central bank had extended €20bn ($27bn) of exceptional liquidity to the banks in September and October |
It was an old-fashioned property bubble |
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This is the most important eurozone news today, much more important, and alarming, than anything that happens in Ireland. |
Until the country joined the European exchange rate mechanism in 1979, the Irish pound was virtually identical with the UK pound. |
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The conundrum is that the best course for Ireland would be to exit the euro zone, |
The Irish government has issued guarantees to its banking system worth approximately 176 percent of Irish gross domestic product.
Irish banks, increasingly shut out of private markets, have grown ever more reliant on liquidity provided by the ECB. |
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Ireland |
Ireland borrowed and spent itself into a financial crisis. |
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The EU has taken its most decisive step towards becoming a genuine unitary State, |
Germany wants to bail out Ireland more than the Irish want to be bailed out. |
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DN och SvD drar inga slutsatser av Irland och EMU |
Det stora testet kommer när Spanien ber om hjälp. |
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Noch stehen Irland und Portugal im Mittelpunkt der Euro-Krise. |
Daniel McCormack von der Investmentbank Macquarie. |
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SEK 796 miljarder |
Auch deutsche Banken haben sich mit Milliardensummen in Irland engagiert. |
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"Irland behöver EU:s lugnande tigerbalsam" |
När den amerikanska bostadsmarknaden dök sprack också den irländska fastighetsbubblan. |
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Supply side rabbits |
Europe heads back into the storm |
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The conservative Die Welt writes: |
The center-right Frankfurter Allgemeine Zeitung writes: |
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When the euro was launched, it was a big bet that sharing the same currency would make a group of very different economies converge, and so allow the European Central Bank to operate a single monetary policy for all of them. |
Spanish economy - 5th largest in EU |
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EU:s president och Tysklands förbundskansler pratar strunt |
The exposure of banks /in Greece, Portugal, and Ireland/ is around $1.5 trillion |
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I dag har jag varit elak, hoppas jag |
Mr Van Rompuy said he was "very confident" the problems could be overcome. But he added: |
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Euro under siege after Portugal hits panic button |
Europe stumbles blindly towards its 1931 moment |
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It is not an exaggeration to say that there would not be a banking system in Ireland - and therefore not an economy in any conventional sense
for the generosity of the European Central Bank in providing loans to Irish banks that the markets won't provide. |
So why are the possibility of sovereign default, persistent imbalances and lack of a fiscal union incompatible? |
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Coca-Cola last week issued $4.5bn of three-year bonds on a rock-bottom coupon of 0.75 per cent. |
Löpsedelstext från Dublin: 48 Hours to Save The Euro |
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Europas stabilitet är inte längre given |
The Republic of Ireland is in preliminary talks with EU officials for financial support, the BBC has learned. |
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A treaty change will be rammed through under Article 48 of the Lisbon Treaty, a trick that circumvents the need for full ratification. |
The futile attempt to save the eurozone |
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If you strip out the humbug, the Greek package allows banks and funds to shift roughly €150bn of liabilities onto EU governments, or the European Central Bank, or the IMF. |
Angela Merkel consigns Ireland, Portugal and Spain to their fate |
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European Financial Stability Facility (Greklands räddningspaket) |
Ben S. Bernanke’s push to jump-start the U.S. economy this week may weaken the dollar |
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Angela Merkel insisterade på att en begränsad ändring är nödvändig |
According to EU officials, |
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ECB loans to banks down to 514 billion euros (USD 716 billion), |
Calmfors: EMU klarar inte ytterligare en kris |
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Greece to run a budget deficit for 2010 greater than the 8.1 percent it agreed to as part of a rescue package, |
Political upheaval rocks eurozone debt markets |
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No governments have yet fallen, and no sovereign debt has yet been repudiated. |
French and the Germans have once again been discussing whether /Stability Pact/ sanctions should be automatic or not. |
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Europeiska byrån för förvaltningen av det operativa samarbetet vid Europeiska unionens yttre gränser (FRONTEX) |
The new French revolution |
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Tusentals serber och makedonier har tagit sig till EU efter att visumtvånget för serbiska medborgare avskaffades. |
Är hon EU:s polisminister? |
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Some 200 demonstrators blocked France's Marseille-Provence airport for more than three hours |
Is Turkey turning its back on the West? |
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Vi har en EU-minister som under det första året inte gjort mycket annat än att i drastiska ordalag förklara hur dåligt Europa är på olika områden och hur skadliga delar av EU-lagstiftningen är för Sverige. |
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Jag är oerhört besviken över att kommissionen i gårdagens rapport inte verkar för radikala reformer eller neddragningar inom jordbrukspolitiken. |
Sarkozy warning as French strikes hit power supply |
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French strikes force petrol stations to shut |
Defiant France ignores the abyss |
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Timothy Snyder's "Bloodlands: Europe Between Hitler and Stalin" |
Konventionell ekonomisk visdom säger att det är ohållbart att i längden ha så stora obalanser i världshandeln som vi haft sedan början av 2000-talet.
Länder med underskott i utrikeshandeln måste ta sig samman och och sluta att leva på utlandslån (USA, Storbritannien och PIIGS-länderna).
Här är euro-området en svag punkt. Den europeiska centralbanken ECB har en mycket rigid inställning till QE. En bedömare som professor Nouriel Roubini menar att ECB är beredd att offra PIIGS-länderna för att slippa vidta QE med hänvisning till inflationsfaran.
Roubini pekade i förrgår på att risken för PIIGS-länderna istället är deflation. Nu utmålar han allvarliga risker för att en ny världsdepression är under uppsegling. |
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Portugal’s minority government is to unveil a tough austerity budget on Friday |
Robert Mundell — the Columbia University professor |
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Mrs Thatcher, 85 |
For four months Belgium has been without a government, its public debt is approaching 100% of GDP |
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China wants to impose a deflationary adjustment on the US, |
Euro disintegration was never a great risk. |
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The Estonia entry decision was made in haste, coinciding as it did with May’s sovereign debt crisis. |
The chances that governments would obey the rules did not exactly brighten when |
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The euro: |
Europe is the region in the world most at risk of losing a currency war. |
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Riksdagen sade på onsdagen för första gången nej till ett EU-förslag med hänvisning till närhetsprincipen |
It seems doubtful that the Celtic Tiger will ever roar again. |
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Swedish Foreign Minister Carl Bildt stressed that the EU is a trading "super-power" |
"One of the most catastrophic political decision taken in post-war Europe" |
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Joseph Stiglitz sees bleak future for euro as New Malaise takes hold |
Wherever I go in Europe I am asked what happened to the Eurosceptics in the Conservative Party? |
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Mitterrand forderte Euro als Gegenleistung für die Einheit |
We received a report submitted from a Spanish blogger who wishes to remain anonymous, in which the author, in 7 brief pages, describes why |
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Ireland will take a majority stake in its second-largest bank, Allied Irish Bank |
Moody’s downgraded Spain’s government bonds, citing weak economic growth, a deterioration of financial strength and higher borrowing needs.
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Part 2 of our series on the spring’s sovereign-debt crisis. |
EU:s Räddningspaketet kollapsar om Frankrike förlorar AAA |
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I spent the best part of last week trying to figure out the mechanics of the eurozone’s €440bn bail-out fund. |
Part 1 of our series on the spring’s sovereign-debt crisis. |
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Den ekonomiska politiken i EU måste utvecklas och det kan bara ske gradvis. |
A 69-year-old plan for dealing with imbalances in currency unions |
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Fervent federalists (and a few Eurosceptics) have rushed to claim that the euro’s long-term survival requires a United States of Europe, with a big central budget. |
Det är inte uteslutet att ett eller flera länder så småningom kan överge euron som valuta, |
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Among the ex-Commissioners still receiving salaries are |
A recent IMF study argues that sovereign default in today’s advanced economies (AEs) is “unnecessary, undesirable and unlikely" |
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Open Europe’s Chairman Lord Leach |
When asked about the future of monetary union, Lord Leach said, |
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17 former Commissioners still receive €96,000 per year in allowances from EU despite new private sector jobs |
Klart för lettiskt miljardlån |
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Jacques Chirac to stand trial |
Kronan påverkar extremt mycket. Särskilt när den går under eller över magiska gränser och hela krontal |
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The European Central Bank intervened to stabilise the Irish bond markets on Friday |
The extra yield that investors demand to hold 10-year Irish bonds over German bunds today exceeded 400 basis points for the first time
Portugal is also being punished by investors, with the spread on its bonds also touching a record today. |
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Portugal |
Ireland has shown what happens when you grasp the fiscal nettle, slashing public wages by 13pc –
to applause from EU elites – without offsetting monetary and exchange stimulus. |
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A joke doing the rounds in Brussels has Cathy Ashton, the European Union’s foreign-policy chief, |
The international community has postponed bank stress tests for Greece |
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Varken Frankrikes president Sarkozy, Tysklands förbundskansler Merkel |
France's junior minister for EU affairs has said to the European Commission: |
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En form av ohelig allians, där problemtyngda stater garanterar problemtyngda banker, |
A eurozone banking crisis left unresolved |
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Joachim Fels, chief global economist at Morgan Stanley, said strains had reached a point where "one or several governments" may soon have to tap soon the rescue mechanism. |
Fintan O'Toole in the Irish Times: |
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Markets are starting to panic about the eurozone periphery |
It is worrying that European policymakers have not created a mechanism for dealing with an insolvent state in the European Monetary Union. |
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Sarkozy förklarade med ödesmättat tonfall: |
Imagine what would have happened, in the absence of the euro. |
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Belgian’s deputy prime minister, Laurette Onkelinx, who is close to Mr Di Rupo, is quoted as saying: |
Gadaffi uppmanade Italiens regering att till EU framföra ett krav på minst fem miljarder euro om året som ersättning för att Libyen skulle stoppa den illegala invandringen till Europa. |
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Action-Bildt föreslår fredsinstitut inom EU |
While the Europeans are celebrating the end of the financial crisis, something strange is happening in the bond markets. |
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"Risken är att EU plötsligt ger upp andan" |
As nationalism rises, will the European Union fall? |
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Spain’s Unemployment Continues To Rise |
For those willing and able to examine our present situation with a reasonably open mind, |
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De politiska partierna har en skyldighet att vara tydliga mot sina väljare inför valet hur man ställer sig till en framtida folkomröstning. |
HQ-styrelseledamoten Pernilla Ström anklagar Finansinspektionen för att ha agerat med politiska motiv. |
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Alliansen, EMU och det Östliga Partnerskapet |
The intra-eurozone imbalances will not only persist, but probably increase. |
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Is the crisis coming back? |
This story is also not at all the way it’s being told. Yes, Ireland had fiscal austerity — but it also benefited from a devaluation and an inflationary boom in the UK. |
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Av idén om ett politiskt och ekonomiskt alltmer sammansvetsat Europa har blivit |
The Irish Republic has had its credit rating downgraded |
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Member countries share a common currency, but when it comes to sovereign credit they are on their own. |
The European economy is at risk of sliding back into a recession as governments cut spending to reduce their budget deficits. |
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Greece |
The Euro Crisis |
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Exactly 70 years ago war-time leader Winston Churchill stood up and addressed parliament to hail the efforts of the aircrew who were fighting overhead. |
Remember Winston Churchill’s phrase about "fighting them on the beaches". Well our beaches are entirely subject to the European Commission’s directives. |
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History in maps |
The premium Ireland has to pay over Germany has risen to 3 percentage points |
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Spreads on Irish 10-year bonds reached 297 basis points over German Bunds on Wednesday |
Spanish banks asked for a record 130 billion euros ($166 billion) in July |
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Brussels proposes ‘eurotaxes’ to fund EU |
Göran Persson varnar för EU-federalism |
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Skäggen i Sarajevo |
IMF report |
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In May, the EU and the IMF agreed to loan Greece 110bn euros over three years. |
Grekland går inte i konkurs den 13 september |
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Om man, som Maria Rankka, är av uppfattningen att vi i princip bör gå med i EMU, men samtidigt hävdar att vi hittills har tjänat på att stå utanför, men att vi i alla fall nog bör gå med, har man mycket att förklara. |
"Sist men inte minst ger euron EU-invånarna en handfast symbol för den europeiska identiteten. Det är en symbol att vara stolt över, i takt med att euroområdet växer och mångdubblar fördelarna för sina nuvarande och kommande medlemmar". |
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There are five reasons why Belgium has hung together for the last 180 years: Britain, God, the King, fear and most importantly, money. |
Maria Rankka om EMU, nu när hon slutar på Timbro |
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Certainly, the stress tests should be based on what one might call a plausible worst-case scenario, not one that represents the absolute worst. Nobody is asking the bank supervisors to stress-test the impact of an alien attack. |
Germany’s Hypo Real Estate Holding AG, Agricultural Bank of Greece SA and five Spanish savings banks didn’t have adequate reserves to maintain a Tier 1 capital ratio of at least 6 percent in the event of a recession and sovereign-debt crisis |
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Only seven of 91 banks failed the tests |
Ingen fara säger Bank of Spain |
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Var är utgången ur EMU? |
- Jag brukar föreslå min federalistiska tyske kollega att Tyskland och Frankrike kan väl börja med att bilda en federation så kommer vi efter om det går bra. |
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Domedagen II “If HRE is the only German bank that fails, that completely discredits the tests – not just for Germany but for the whole of Europeâ€. |
Ett väl godkänt betyg skulle sänka förtroendet helt för ett test som redan mötts av skepsis och ifrågasättanden. Nästa fråga skulle då bli: vad är det myndigheterna försöker dölja? Ungefär så paranoid är finansmarknaden. |
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Domedagen blir på fredag |
Our economies are emerging from the worst economic crisis since the second world war, and without the swift and appropriate action of central banks and a very significant contribution from fiscal policies, we would have experienced a major depression. |
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Hungary's IMF revolt augurs ill for Greece |
The Irish Independent picked up these incredible comments from the Bundesbank in its monthly bulletin |
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My undemocratic survival plan for the euro |
Det största problemet: |
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Cameron |
Theo Waigel, German finance minister in the 1990s: |
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Sverige, Estland och Luxemburg |
Fixing Spain's Savings Banks Means Paying Workers to Play Golf |
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German and French officials tend not to mention that it was lending by their domestic banks and investors that helped Greece, Spain and others to live so long beyond their means. |
Alan Beattie bevakar internationell handel för Financial times. |
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The snag with Germany’s idea (insolvency rules)is that it goes too far |
. |
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Germany reiterates its insistence on an EU sovereign insolvency law |
One Size Fits One |
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The gap between Spain and Germany |
The new Slovak government remains opposed to a rescue package for Greece, Prime Minister Iveta Radicova said Monday, after a meeting with European Union Council President Herman van Rompuy. |
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Germany is now actively (and very secretly) pushing for a plan outlining a set of insolvency rules, |
Slovakia stalls €440bn bail-out fund |
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The Folly of Currency Pegs |
The trilemma in international finance |
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Det är numera tyst om vad som en gång var Jugoslavien. |
»Jag är övertygad om att det ekonomiska system som byggts upp i Jugoslavien … tillhör en av vårt århundrades mest betydelsefulla sociala innovationer«, skrev professorn och s-riksdagsmannen Bo Södersten |
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Contrary to general belief, Germany’s eurosceptic professors have not abandoned their legal efforts to block the EU rescues for European banks exposed to Greek debt, |
Staring into the abyss |
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SPIEGEL: Despite all of these efforts, the central problems with the euro remain. Strong economies belong to the same currency union as weak ones like Greece. Is the euro not doomed to failure? |
"I was opposed to the euro, I think it was a great mistake to have monetary integration," |
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Italy could fall into a so-called 'debt trap.' |
The creation of the euro resulted in the disappearance of intra-area exchange rate risk and an expectation of fiscal and macroeconomic convergence among the euro member countries. |
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Stress test scenarios are not forecasts. |
Den europeiska stabilitetspakten var feltänkt från början |
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In 1998, four renegade German professors tried to stop the introduction of the euro with a legal challenge in Germany's highest court. |
It was 20 years ago that then-Chancellor Helmut Kohl made a lonely decision. |
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Alla kan inte exportera sig ur krisen, för då är det ingen som köper. |
"intellectually and politically schizophrenic" |
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Spanish banks have been lobbying the European Central Bank to act to ease the systemic fallout from the expiry of a €442bn ($542bn) funding programme this week |
International capital markets are “closed†to most Spanish companies and banks |
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Only a closer union can save the eurozone |
EMU:s Ja-sägare förorsakar Världsdepression |
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Sverige måste aktivt verka för att Turkiet, Kroatien, Makedonien och andra kandidatländer genomför nödvändiga reformer så att de kan bli fullvärdiga EU-medlemmar |
En rödgrön regering kommer inte att genomföra en folkomröstning om införande av euron. |
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Euron är främst ett politiskt projekt, ett nödvändigt steg mot Europas Förenta Stater.
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Reinfeldt tycker fortfarande att en gemensam europeisk valuta är en bra idé, |
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är Sverige med i motståndsrörelsen? |
"I am really confident in the medium and long-term prospects for the Spanish economy, |
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Ska EU ha en â€ekonomisk regering†är det i alla fall inte Frankrike som ska styra den. |
Setbacks for Merkel at the European Union Summit |
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The rebellion against the 1930s fiscal and monetary policies of the Euro-complex is gathering pace. |
Annika Ström Melin, president Van Rompuy och EMU |
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Det finns egentligen inte någon Eurokris. |
In the US, stress test forced weaker institutions to raise capital and turned round sentiment |
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Spain's risk premium, as measured by the yield spread on Spanish bonds over German bunds, |
"We're not afraid of transparency," said the Spanish Banking Association (AEB), saying the full truth would put an end to rumours battering Spain's instutitions. El Pais reported that the government backs the initiative, putting it on a collision course with Germany which insists on secrecy. |
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EU leaders will tomorrow meet in Brussels for a crucial summit. |
Merkel, Sarkozy Paper Over Differences Before EU Summit |
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I en ovanligt öppenhjärtig intervju i måndagens Financial Times förklarade EU:s president Herman Van Rompuy att euroområdet var â€på gränsen till ett sammanbrott†i våras. |
När EU:s stats- och regeringschefer samlas för att ha förtroliga samtal om Europas politiska vägval skrivs inte ens protokoll. |
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Moody's cuts Greece to junk |
Aldrig tidigare har så många varit emot ett svenskt medlemskap i valutaunionen |
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Tyska banker har lånat ut motsvarande ungefär 800 miljarder kronor till spanska banker. |
A blogger who left Britain 20 years ago for rural bliss in Spain has become an unlikely economic sage whose advice has been sought by the International Monetary Fund. |
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The case against the euro |
Carnegie Endowment for International Peace |
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This is a rare one newspaper-only scoop. |
.The eurozone’s tragic small-country mindset |
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Om små nationers karaktäristiska drag.
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The ECB was part of the shock-and-awe package of policy steps announced last month to arrest the very real risk of a debt-deflationary spiral in Europe. |
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It was the banks and other financial institutions (e.g. pension funds, insurance companies) that facilitated the boom at the periphery of the eurozone by lending huge sums to Spain, Greece, Ireland and Portugal under virtually the same conditions as those applicable to Germany and the Netherlands. |
“What went wrong wasn’t what happened this year. What went wrong was what happened in the first 11 years of the euro’s history. In some ways we were victims of our success. “The euro became a strong currency with very small interest rate spreads [on government bonds]. |
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The economic situation today is drastically worse than a couple years ago, |
Carl B Hamilton och Finland |
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European finance ministers backed Estonia’s bid to become the 17th country using the euro, |
Debunking The "Spain Is Safe" Myth |
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Spansk strejk mot sparpaket |
Elisabet Kopelman, SEB:s räntestrateg, liknar upplägget /EUs paket/ vid subprimelån |
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European finance ministers put the finishing touches on a rescue fund being backed by 440 billion euros ($524 billion) in national guarantees |
EU har givit klartecken åt att hjälpa Grekland (= rädda i första hand tyska och franska banker från förluster på sina grekiska statsobligaitoner) genom att tillsammans med IMF skapa |
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Tyskland, G20, Grekland EU/SPV |
Välvilliga spanska sparbanker i kombinaton med spanjorernas önskan att själva äga sina bostäder har eldat på den prisbubbla som ledde fram till landets krasch på bomarknaden. |
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Tyskland ska spara 771 miljarder |
German Government Agrees on Historic Austerity Program |
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Det är en stor och intressant skillnad mellan krisländerna Ungern och Grekland. |
Anders Borg tror inte på en folkomröstning under nästa mandatperiod. |
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Sverige bör nästa mandatperiod besluta att införa euron. |
Bara var fjärde svensk vill införa euron |
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It is a union of nation states that has created something less than a federation and more than an alliance. |
CDS prices are over 721bp for Greek five-year bonds, Portugal 345bp, Ireland 260bp, Spain 247bp, and Italy 234bp. |
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Krisen i euroländerna driver fram förslag om gemensam finanspolitik i EU. |
In its financial stability review, the European Central Bank predicted €195bn in bank writedowns in 2010 and 2011, and warns of dangerous financial contagion as a direct result of the sovereign debt crisis. |
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Hoppet är ute för EMU - Euron kollapsar i Spanien |
Eurozone: |
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ECB Buying Up Greek Bonds |
El Pais spoke of a "perverse spiral" in its editorial. |
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It was no accident that the eurozone created a special purpose vehicle to manage this bail-out. |
The €750bn financial rescue package |
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Flera andra euroländer har slarvat med statsfinanserna |
Fundamental doubts have been raised about the future of the euro and even the European project itself.
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Grekland, Spanien och grunderna i macro |
Parkinsons lag och ECBs nya skyskrapa, forts. |
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An ABC of financial shocks and fiscal aftershocks |
The fixed-exchange mechanism had gone horribly wrong |
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Spain lost its AAA credit grade at Fitch Ratings |
The Bank of Spain has ordered the country's lenders to face up to bad debts and set aside reserves of up to 30pc on property holdings in a bid to restore global confidence |
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Greece is implementing a sweeping austerity plan. |
The eurozone’s crisis has blown sky-high the idea that developed countries are 100 per cent safe. |
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In an interview with the Financial Times, Pierre Lellouche laid bare the French government’s conviction that the emergency stabilisation scheme agreed earlier this month amounted to a fundamental revision of the European Union’s rules and a leap towards an economic government for the bloc. |
Pagrotsky: |
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The eurosceptic case for saving the euro |
SNS, Pagrotsky och Greklands återhämtning |
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Joakim Palme tycker att Greklandskrisen belyser svagheterna med valutasamarbetet EMU. |
The possibility of a break-up of the eurozone.
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Folkpartiet bryr sig inte om ekonomiska argument. |
Hans tid i karantän borde vara över. |
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Merkel and Cameron disagree on EU treaty change |
Det är svåra tider för oss som röstade ja till euron. |
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Spaniens centralbank meddelade på lördagen att den tagit kontroll över sparbanken Cajasu |
The euro, in its current form, is finished. |
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Just 319 out of the 622 members of the Bundestag backed Germany’s €148bn contribution, |
It was an uncomfortably close call for Mrs. Merkel. |
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Gnisslet mellan Tyskland och övriga euroländer ger underlag för spekulationer om att tyskarna skulle vara på väg att tröttna på euron och i stället söka sig tillbaka mot gamla D-marken. |
Det tyska beslutet fattades med stor brådska och utan det breda parlamentariska stöd som regeringen hoppats på. |
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Demokratiproblemet: |
Dagens Ja-sägare: |
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A big step towards fiscal federalism in Europe |
Romano Prodi: |
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– Det här reningsbadet kommer att leda till ett starkare EMU, säger Fölster, som alltså inte tror att diskussionerna för eller emot valutaunionen kommer att dö ut.
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– Precis det som vi motståndare varnade för har nu inträffat, säger Nils Gottfries, professor i nationalekonomi vid Uppsala universitet. |
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Germans are amazed at global reaction to their fiscal proposals |
Det är nu vi måste påbörja ett snabbt utträde ur de offentliga underskotten. |
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Själv ser /Göran Persson/ faror som är långt farligare än Greklandskrisen. |
Behind the drama in Europe lies a global crisis |
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Might the eurozone break up? Until recently I would have answered:
absolutely no. |
Germany's 'desperate' short ban triggers capital flight to Switzerland |
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Dagens Ja-sägare |
Pierre Werner – mannen som för fyrtio år sedan presenterade den första eurorapporten. |
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Sex av tio skulle rösta nej, 29 procent skulle rösta ja, |
The euro is in danger, German Chancellor Angela Merkel |
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The eurozone came extremely close to a breakdown 10 days ago. |
Banks dump Greek debt on the ECB |
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Europa befinner sig i den värsta situationen sedan andra världskriget, |
Jean-Claude Trichet tells us the world faced a second Lehman crash in the days and hours before EU leaders launched their €720bn defence fund. |
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Trichet, Krugman och Birgitta Ohlsson |
How do America and Greece compare? |
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På bekostnad av nationalstaterna ställdes Europa i förgrunden och försågs med ett mycket operativt mål: freden var tvungen att säkras. Aldrig mer krig. |
Barroso modig som har vågat röra vid pudeln kärna i debatten om eurons och unionens ekonomiska framtid. |
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The European Cental Bank's bailout package is just a $1 trillion fig leaf covering the problem and |
Frankrikes president Nicolas Sarkozy hotade med att dra Frankrike ur eurosamarbetet |
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Italy's outstanding public debt is €1.7 trillion, seven times the size of Greece's. |
â€Centralbanker dumpar euron†|
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"Eurons roll som reservvaluta är nu ifrågasatt", |
I Grekland-krisens kvarnar mals motståndet mot ökad överstatlighet ned. â€Hela krispaketet som beslutades i helgen är ett stort steg mot ökad samordningâ€, |
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Federalisterna, Jugoslavien, Annika Ström Melin och Göran Persson |
Deutsche-Bank-Chef Ackermann: Greece won’t repay all of its debt |
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Exchange offices in the UK have stopped selling 500 euro banknotes |
Euro remains on the right side of history |
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IMFs dödsdom över Grekland och EU:s räddningspaket |
Euron: Krisen handlar om EU:s överlevnad och framtid |
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Spansk svångrem kan kväsa tillväxt |
IMF-rapport varnar |
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Varje dag kan vi nu via medierna se hur konflikterna och problemen med EMU tydliggörs. |
Regain lost competitiveness |
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The threat that Portugal and Spain might be cut off from credit markets, |
Taking on the 'wolf pack' |
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How can a loan guarantee solve a problem of excessive indebtedness?
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How can a loan guarantee solve a problem of excessive indebtedness?
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The second, more worrying step is a European Central Bank decision to buy government bonds “to address... malfunctioning... securities marketsâ€. |
Vargflocken |
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There can be no more pretence that monetary union respects the premise on which it was sold to European citizens, Germans in particular. |
Fredrik Reinfeldt om folkets nej till EMU: |
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Nu hörs allt starkare röster på mer av gemensam finanspolitik. |
The two German members of the ECB's council voted against the move |
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The euro was supposed to lubricate faster economic growth by eliminating the cost and confusion of constantly converting between national currencies. More important, it would promote political unity. With a common currency, people would feel "European." |
Quantitative easing |
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Grekpaketet handlar om bankstöd och imperiebyggande. |
Ytterst är euron ett politiskt projekt som syftar till att knyta EU:s länder närmare varandra. Men |
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The nuclear option |
A few other comments May 10 |
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Having announced that interest rates would remain at 1%, ECB president Jean-Claude |
PRESS RELEASE |
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What we won't do is provide support for the euro |
The End of the Euro |
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Det kommer aldrig att bli möjligt att göra någon entydig nyttokalkyl som visar att Sverige gör en nettovinst på att gå med. |
Jag har varit väldigt tydlig med att jag inte tycker att det här primärt är en ekonomisk fråga. |
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Det /EMU/ är ett viktigt ekonomiskt politiskt projekt som svenska folket äger makten att påverka om vi ska vara med eller inte i och beslutet har varit att vi ska stå utanför. |
Nu krävs det mycket funderande och utvecklande av europrojektet om vi någonsin ska ställa frågan till svenska folket igen. |
