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Posts Tagged ‘European Union’

“This is a question of whether we remain in the euro zone. This is very clear. It’s clear to everyone” – Papandreou

In Belgian, Capital Shortfall, Cataclysm, Culture, default, Economic Institutions, Environment, European Union, Financing Reconstruction, FX, Global Economics, latin america, macroeconomic factors, MF Global, Multibillion, Nuclear, philanthropy, price volatility in energy, Regulatory demands, selective default, spillover effect, Turbulent Markets on November 3, 2011 at 3:44 am

Ok, here is the itinerary: The ECB is meeting on November 3rd. The G20 is meeting on November 3-4, The Papandreou is attending on the 2nd day. A Eurogroup meeting will follow on November 7th, followed by an EU Ecofin meeting on November 8.
The Troika was meant to disburse the sixth tranche of the first program in the first or second week of November, as Papandreou returns from G20 weaker we may not see this funding pass.

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Europe’s Besieged Banks, Relief….MF Global & Greece’s Ejection

In Belgian, Capital Shortfall, Cataclysm, Culture, default, Economic Institutions, Environment, European Union, Financing Reconstruction, FX, Global Economics, ICE Brent Crude oil, latin america, macroeconomic factors, Multibillion, Nuclear, philanthropy, price volatility in energy, Regulatory demands, selective default, spillover effect on November 2, 2011 at 6:41 pm

EU banks have received a short period of relief from the unpleasant sovereign debt crisis of the GIIPS. As bank shares recovered from political efforts to provide a comprehensive program for resolving the crisis. The recent 29% writedown on Greek debt held by the private sector and a plan to help support bank racapitalisation by 106 billion euros by the end of June. Days following this deal and many assurences that investors would be 100% capable of raising equity, the MF Global bankruptcy this monday proves different.
This after Bernanke reassured congress in July that US banks exposure to troubled EU nations was “quite small.”
These writedowns and restructures are not enough, the EU does not have “months” to vote on approval. Markets are down accross the board. A decision must be made immediately. It looks as though Greece will be ejected from the Euro using the bail out fund to partially compensate the banks holding Greek debt within EU.

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MF Global 716 5th ave

Effort = f(volume, distance, friction)… The Fiscal Crisis in Greece.

In Uncategorized on January 22, 2010 at 8:51 pm

The fiscal crisis in Greece is deepening, today she stands at a budget deficit of almost 13% of GDP.

I fear that the longer Athens waits to adopt a credible solution to deal with the country’s economic  troubles the worse it will get. The cost of Greek debt has already been blamed for the currency decline of the Euro since its $1.51 high in November 2009, today it is barely over $1.40.  

To explain the title, I refer to the story of “Sisyphus,” a character of Greek mythology who because of his misdeeds was sentenced by the gods to roll a huge stone up a hill for eternity.  This act was futile as Sisyphus would work hard to see it roll back. Lets hope Greece is not condemned to a similar fate.

Yesterday, Finance Minister George Papaconstantinou stressed that the country was capable of dealing with the crisis.

“We’re not expecting anyone to come to our aid,” he said during a conference in Athens. “Greece has neither asked for, nor is it expecting, anything of the sort.”

William Wallace on Great Britain and the European Union.

In European Union on December 17, 2009 at 12:31 am

Does Britain Have a European Policy? The following is a lecture by William Wallace of the Institute of International and European Affairs (IIEA).

European Union of Earth: more voracious than once thought?

In European Union on November 2, 2009 at 10:35 pm

The European Union is not entirely a non-governmental organization. Nor is it a supranational org, rather it’s a mixture of both. The E.U. enables theorists to belive in the concept of binding laws of a coercive nature.
The fact is that the union’s annual budget is around 130 billion usd (equivalent to National deficit of France). Basically, money does not make a difference. The E.U. does not rely on money but on policy. These policies are for the most part of the prevailing norm, that what comes out of the union is binding.

Furthermore, the authority of the union, does not mean that states are going to get along. The source of compliance, has nothing to do with economic resource or means of coercion.

There is a greater scope for the E.U.  Trade, monetary policy, customs, fisheries, agriculture  are exclusive jurisdiction of the E.U.

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