The crisis in Cyprus - blow by blow

All the blood and gore!

http://kentoldgrumpy.blogspot.co.uk/2013/03/cyprus-how-crisis-unfolded-1.html

http://kentoldgrumpy.blogspot.co.uk/2013/03/cyprus-how-crisis-unfolded-2.html

http://kentoldgrumpy.blogspot.co.uk/2013/03/cyprus-how-crisis-unfolded-3.html

Trouble at mill

The French and Germans are falling out and the UK is stirring the pot.

From today's Daily Telegraph:

Germany finance minister Wolfgang Schaeuble says German lawmakers are likely to reject proposals giving the European Central Bank power to supervise all banks in the 17-nation euro area, while France's Pierre Moscovici called for ministers to avoid a two tier system where only some banks are supervised.

Mr Schaeuble said:

Nobody believes that any European institution would be capable of supervising 6,000 banks in Europe - maybe not in this decade, to be very frank.

Mr Moscovici said:

We have no remit for a dual system of supervision which would call into question the existence of a single system for some banks. The ECB must supervise all banks with a European passport.

Meanwhile the UK is voicing its objection to any development which affects the single market.

http://www.telegraph.co.uk/finance/financialcrisis/9722704/Britain-threatens-to-veto-EU-bank-supervisor.html

As the president of the European Commission bleats out the mantra of 'ever closer union' is this a foretaste of battles ahead?

No sooner said and this appears!:

http://www.telegraph.co.uk/finance/financialcrisis/9724690/Euro-blueprint-gives-Brussels-economic-sovereignty-over-members.html

Meanwhile:

http://www.spiegel.de/international/europe/as-juncker-steps-down-french-minister-moscovici-could-head-euro-group-a-870871.html

http://www.spiegel.de/international/europe/euro-crisis-is-past-its-peak-eu-commissioner-says-a-871330.html
???????????????????????????????????????????????????

Bailouts, haircuts and a silly Frenchman

Just another day in fantasy land.

http://www.telegraph.co.uk/finance/financialcrisis/9719875/Spain-requests-39.5bn-bank-bail-out-but-no-state-rescue.html

http://www.businessinsider.com/theres-a-spain-bank-bailout-request-headline-going-around-thats-causing-folks-to-get-confused-2012-12?0=moneygame

http://www.telegraph.co.uk/finance/financialcrisis/9719911/Greece-offers-to-buy-back-10bn-of-its-debt.html

http://www.telegraph.co.uk/finance/financialcrisis/9717997/French-bank-governor-Christian-Noyer-calls-for-City-of-London-to-be-sidelined-as-Europes-financial-hub.html  &

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9719979/What-chance-a-functioning-banking-union-after-Christian-Noyers-crass-remarks.html

http://www.telegraph.co.uk/finance/financialcrisis/9720053/French-economy-buckles-as-car-sales-collapse.html

Oops a daisy.

Whilst eyes in the UK are focussed on the Leveson Report and to a lesser extent on the Rotherham by-election, there are rumblings in Euroland.  The ink has hardly dried on the agreement to to deal with the debt crisis in Greece, yet here we have the IMF threatening to take its ball home and private investors screaming blue murder.

http://www.telegraph.co.uk/finance/financialcrisis/9712612/Greek-deal-frays-as-IMF-threatens-walk-out-on-debt-buy-back-impasse.html

Nothing like transparency.

http://www.telegraph.co.uk/finance/financialcrisis/9713651/ECB-wins-case-to-conceal-Greek-debt-secrets.html

http://www.spiegel.de/international/germany/german-parliament-votes-to-approve-new-greece-aid-package-a-870259.html

http://www.telegraph.co.uk/finance/financialcrisis/9715789/Moodys-downgrades-ESM-and-EFSF.htm
Mon Dieu.

Update: 2nd December:

http://www.telegraph.co.uk/finance/financialcrisis/9717121/Debt-crisis-Angela-Merkel-does-not-rule-out-Greek-haircut-in-the-future.html

http://www.telegraph.co.uk/finance/financialcrisis/9717622/Cyprus-bail-out-doubts-over-Russian-money-laundering.html

Meanwhile: Spain

http://www.blacklistednews.com/Spain_Now_Faces_a_Systemic,_Societal,_and_Sovereign_Collapse/22833/0/0/0/Y/M.html

German verdict on Greek bailout

Resolution of the problems with the euro will be determined by Germany.  However, how and when a solution is found is dependent on German public opinion and calculations by Mrs Merkel of the electoral consequences of the options that are available.

http://www.spiegel.de/international/europe/german-commentators-say-greece-debt-deal-delays-the-inevitable-a-869768.html

http://www.openeurope.org.uk/Article/Page/en/LIVE?id=9629&page=PressReleases#

http://www.spiegel.de/international/germany/greece-aid-deal-to-cost-germany-billions-in-revenues-a-869706.html

http://www.spiegel.de/international/europe/germany-remains-adamant-in-refusal-to-forgive-greek-debt-a-869300.html

http://www.spiegel.de/international/germany/german-opposition-spd-party-lacks-a-clear-course-on-the-euro-crisis-a-869988.html

Whatever else one might think about Gordon Brown, at least he kept us out of the euro.

UPDATE 30th November:

http://www.spiegel.de/international/germany/german-parliament-votes-to-approve-new-greece-aid-package-a-870259.html

More EU jottings

To be added to:

http://www.telegraph.co.uk/finance/financialcrisis/9701846/Spain-to-get-35bn-in-aid-as-Eurogroup-meets-to-agree-Greek-aid.html

http://www.telegraph.co.uk/news/uknews/9702032/Boris-drops-his-demand-for-an-in-out-referendum-on-Europe.html

http://www.spiegel.de/international/europe/germany-remains-adamant-in-refusal-to-forgive-greek-debt-a-869300.html

http://www.telegraph.co.uk/news/politics/9703842/David-Cameron-the-EU-rebate-will-stay-as-long-as-Im-Prime-Minister.html

http://www.telegraph.co.uk/finance/financialcrisis/9704644/EU-IMF-agrees-deal-to-cut-Greek-debt-by-40bn.html

http://www.spiegel.de/international/europe/euro-zone-finance-ministers-avert-greek-bankruptcy-in-marathon-talks-a-869487.html

http://www.telegraph.co.uk/finance/financialcrisis/9706702/Debt-deal-secures-Greeces-place-in-eurozone-says-PM-Antonis-Samaras.html
Well he would!

http://www.spiegel.de/international/germany/greece-aid-deal-to-cost-germany-billions-in-revenues-a-869706.html

http://www.spiegel.de/international/europe/independence-push-in-catalonia-still-a-problem-say-commentators-a-869532.html

28th November:

http://www.telegraph.co.uk/news/politics/9709037/Tony-Blair-David-Camerons-position-on-Europe-risks-monumental-error.html

Yippee!!

Germany sided with the UK against France.

http://www.telegraph.co.uk/news/politics/9699264/EU-summit-budget-talks-collapse-as-David-Cameron-says--non-to-Brussels.html

See also:

http://www.telegraph.co.uk/news/politics/9699134/EU-leaders-accuse-Cameron-of-sabotaging-budget-deal.html

http://www.telegraph.co.uk/news/worldnews/europe/eu/9699877/French-threat-to-UK-rebate-as-EU-budget-talks-collapse.html 
See also:

http://www.dailymail.co.uk/debate/article-2237622/Why-listen-country-imploding-economy-drag-Europe-it.html

Europe Update

http://www.spiegel.de/international/europe/british-prime-minister-cameron-faces-tough-talks-on-eu-budget-a-868653.html

Cameron dubbed as 'Mr No.'

http://www.telegraph.co.uk/finance/economics/9697082/Latest-eurozone-PMI-figures-suggest-downturn-deepening.html

Gloomy economic news.

http://www.guardian.co.uk/world/2012/nov/20/cameron-uk-contribution-eu-budget

EU Summit update


http://www.telegraph.co.uk/news/worldnews/europe/9698054/EU-talks-risk-collapse-as-Britain-and-France-battle-over-rebate.html

http://www.spiegel.de/international/europe/european-union-leaders-in-brussels-fail-to-reach-agreement-on-budget-a-868872.html

http://www.telegraph.co.uk/news/worldnews/europe/9699063/Nick-Clegg-friend-calls-for-end-of-Britains-EU-budget-rebate.html

http://www.bbc.co.uk/news/world-europe-20459398

http://www.telegraph.co.uk/finance/financialcrisis/9699985/Eurozone-confidence-returning-says-Mario-Draghi.html

http://www.telegraph.co.uk/finance/financialcrisis/9700426/Merkel-rival-warns-of-impact-of-Greek-default.html

Eurozone and Greece

The problem of agreeing the EU budget is dwarfed by the ongoing saga of the protection of the euro and the 'imposition' of austerity in Greece, Portugal, Ireland and Italy: the likelihood of Cyprus and Spain requiring bailouts and the deteriorating French economy.

http://www.spiegel.de/international/europe/french-credit-rating-downgraded-amid-doubts-over-reform-path-a-868203.html

http://blogs.telegraph.co.uk/news/iainmartin1/100190537/milibands-french-model-is-looking-sickly/


Back to Greece:

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9686251/Merkels-day-of-reckoning-as-taxpayer-haircut-on-Greece-looms.html


http://www.spiegel.de/international/europe/economist-sinn-warns-against-current-euro-crisis-course-a-868005.html

http://www.spiegel.de/international/europe/accounting-tricks-in-berlin-impede-greece-bailout-strategy-a-868085.html

http://www.spiegel.de/international/germany/fresh-greek-aid-coalition-parties-demand-clarity-from-merkel-a-868121.html

http://www.spiegel.de/international/europe/commentary-on-germany-s-trouble-with-the-truth-about-greece-a-868125.html

http://www.telegraph.co.uk/finance/financialcrisis/9688405/Worst-is-over-for-euro-says-Spanish-PM-Rajoy.html
Twerp.

http://www.telegraph.co.uk/finance/financialcrisis/9689396/Eurozone-leaders-remain-split-over-Greek-debt-ahead-of-key-meeting.html

http://www.bbc.co.uk/news/business-20398695

UPDATE: 20 November.

http://www.telegraph.co.uk/finance/financialcrisis/9691682/Debt-crisis-EU-leaders-warn-Greeces-aid-could-be-delayed.html

UPDATE 21 November

http://www.telegraph.co.uk/finance/financialcrisis/9692225/Eurozone-finance-ministers-fail-to-agree-Greek-debt-deal.html

http://www.spiegel.de/international/europe/euro-zone-and-imf-fail-to-agree-on-path-forward-for-greek-debt-crisis-a-868463.html

http://www.telegraph.co.uk/finance/financialcrisis/9694299/Eurozone-stability-depends-on-Greece-talks-warns-Samaras.html
Anyone for poker?

http://www.spiegel.de/international/europe/tacit-bond-arrangement-between-governments-and-banks-endangers-system-a-868971.html
Interesting article.

UK and the EU

In the lead up to the EU Summit in Brussels this Thursday the pro and anti EU forces are flexing their muscles.  Will the EU Summit be a staging post on the road to a UK referendum on the terms of membership/withdrawal from the EU?

http://www.telegraph.co.uk/news/worldnews/europe/eu/9687470/Plans-for-EU-budget-without-Britain-a-slap-in-the-face.html
Should this happen what price UK membership of the EU?

http://www.telegraph.co.uk/news/worldnews/europe/eu/9687187/Not-a-single-penny-more-for-the-EUs-begging-bowl.html
Typical Boris humour.

http://www.telegraph.co.uk/finance/businesslatestnews/9687876/CBI-chief-warns-UK-against-EU-exit-vote.html

http://www.telegraph.co.uk/news/politics/9687422/Leaving-the-EU-would-be-an-economic-disaster-Ken-Clarke-has-said.html

http://www.nucleus.uk.net/subscription-confirmed/item/veto-or-bust-the-tories-demand-their-handbag-moment

http://www.telegraph.co.uk/news/uknews/9688281/David-Cameron-is-told-to-call-an-EU-referendum-by-2014.html
Davis plan.  But see:

http://www.ukip.org/content/latest-news/2870-davis-referendum-plan-prolongs-the-eu-agony


http://www.telegraph.co.uk/news/9686866/Be-as-strong-as-Thatcher-on-EU-Boris-tells-PM.html

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9688936/David-Camerons-non-policy-on-Europe-is-the-worst-of-all-worlds.html

http://www.spiegel.de/international/europe/british-wavering-on-the-eu-could-ultimately-lead-to-its-withdrawal-a-868254.html
Ratty article, not up to Spiegel's standard.

http://www.telegraph.co.uk/news/worldnews/europe/eu/9691965/Our-EU-bills-could-still-rise-560m-despite-budget-freeze.html

Update 21st November:

http://www.telegraph.co.uk/news/worldnews/europe/eu/9693186/David-Cameron-threatens-veto-over-EU-budget-rebate.html

Update 9th December:

http://www.telegraph.co.uk/news/politics/9732677/David-Cameron-to-offer-inout-referendum-on-EU-Boris-says.html

http://www.telegraph.co.uk/news/worldnews/europe/9720865/EU-Boris-Johnson-attacks-David-Cameron-and-George-Osborne-for-morally-wrong-policies.html

http://www.telegraph.co.uk/news/politics/conservative/9732009/Liam-Fox-draws-up-Tory-battle-lines-on-Europe.html

UPDATE: 11th December

http://blogs.telegraph.co.uk/news/benedictbrogan/100193736/like-tantric-sex-our-wait-for-a-european-policy-goes-on-and-on/

Doom laden articles (2)

Nothing in the following articles will come as a surprise to my avid reader.

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9684528/The-euro-has-become-Germanys-new-Deutschemark.html

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9686251/Merkels-day-of-reckoning-as-taxpayer-haircut-on-Greece-looms.html

http://www.telegraph.co.uk/finance/financialcrisis/9685373/Italys-austerity-may-have-saved-the-euro-says-Mario-Monti.html

Doom laden articles

As readers of my Facebook page know I am a bringer of joy and happiness, well  maybe not!

The links below take you to two trenchant articles which fill me with foreboding and gloom.

http://www.telegraph.co.uk/finance/financialcrisis/9680554/Like-it-or-not-Beijing-and-Berlin-must-pay.html

http://www.telegraph.co.uk/finance/financialcrisis/9681868/1930s-medicine-pushes-Europe-back-into-double-dip-recession.html

Greek debt issue takes centre stage

Throwing good money after bad into a bottomless pit?

http://www.spiegel.de/international/europe/imf-demand-for-greek-debt-haircut-means-political-headache-for-merkel-a-867231.html

See also:

http://www.spiegel.de/international/europe/eu-and-imf-disagree-about-sustainability-of-greek-debt-load-a-866973.html

The crunch will come at the euro-finance ministers' meeting on 20 November,

IMF digging heels in:

http://www.telegraph.co.uk/finance/financialcrisis/9682247/Lagarde-Not-over-in-Greece-until-fat-lady-sings.html

http://www.telegraph.co.uk/finance/financialcrisis/9683879/Debt-crisis-Greece-will-need-second-debt-writedown-says-Weidmann.html

http://www.telegraph.co.uk/finance/financialcrisis/9684612/Greece-looks-past-Europe-in-search-for-new-funds.html

Greek debt storm

The Telegraph's Brussels correspondent Bruno Waterfield reports:

The Eurozone’s finance ministers have a big problem tonight: no one can agree on how much Greece is going to cost or who should pay.

The EU and IMF troika is completely split over how to deal with the fact that Greece will not make a debt “sustainability” target of 120 pc of GDP by 2020.

Estimates for how the target will actually work out vary wildly from 145pc to 125/30pc.

If Greek debt is unsustainable then the IMF is out of the aid programme for Greece increasing the burden for the eurozone and dealing a hammer blow to the EU’s credibility.

The fight between the IMF and the EU has been described as “total war” and represents the biggest test for the eurozone since the onset of the crisis three years ago.

If Greek debt is to be sustainable, keeping the IMF on board, then the EU is going to have to write off debts, opposed by the ECB and Germany and give Greece more time, which costs money.

Germany is keen to delay as long as possible (as with Spain) because as decision is going to cost the German taxpayer, the ECB is opposed to taking a hit on Greek debt and the IMF to throwing more of Washington’s money after bad in Greece.

The precondition of agreeing the next instalment for Greece is the troika report and the precondition for having a troika report is to thrash out the above meaning tonight’s meeting is a battle between Wolfgang Schaeuble, Mario Draghi and Christine Lagarde.

Without agreement from the German finance minister, the ECB chief and the head of the IMF the troika report for tonight’s discussion is restricted to “technical boxes”.

“Greece is broke. Someone is going to have to pay but no one wants to take the responsibility. They will fudge,” said a senior diplomat.

See also:

http://www.spiegel.de/international/europe/euro-group-chief-juncker-says-troika-report-on-greece-positive-a-866721.html
Really!!??......read on.

http://www.telegraph.co.uk/finance/financialcrisis/9673043/Greece-will-need-32.6bn-if-Troika-agrees-to-bailout-extension.html

http://www.telegraph.co.uk/finance/financialcrisis/9673271/Debt-crisis-Leaders-stall-at-32bn-bill-for-Greece.html

http://www.telegraph.co.uk/finance/financialcrisis/9674059/IMF-chief-and-EU-clash-over-Greek-debt.html

http://www.spiegel.de/international/europe/eu-and-imf-disagree-about-sustainability-of-greek-debt-load-a-866973.html

http://www.bbc.co.uk/news/business-20311701

http://www.telegraph.co.uk/finance/financialcrisis/9676055/Debt-crisis-Greek-debt-auction-averts-imminent-default.html

http://www.telegraph.co.uk/finance/financialcrisis/9675867/Greece-says-bail-out-will-put-drachmaphobia-to-rest.html

Battlegrounds looming

So, Germany wants to inspect the the health of the French economy and doubtless give advice on what should be done to improve the health of the latter's economy.  A distinct frost in the Berlin/Paris relationship.

http://www.telegraph.co.uk/finance/financialcrisis/9667687/German-risks-rift-with-France-over-economic-healthcheck-demands.html

Note the language: 'demands'.

Meanwhile:

lhttp://www.spiegel.de/international/europe/top-german-and-eu-politicians-blast-britain-and-france-over-budget-a-866352.html

Note the language again. 'Berlin and Brussels demand more from London and Paris'. Why on earth should the EC make demands on sovereign states?  A glimpse into the future of a federal Europe? A foretaste of 'ever closer union'?

Battle commences:

http://www.telegraph.co.uk/news/worldnews/europe/eu/9668841/EU-budget-talks-collapse-following-rows-over-funding-increase.html

http://www.bbc.co.uk/news/world-europe-20269373
Talks 'acrimonious'.

http://www.telegraph.co.uk/news/worldnews/europe/eu/9669458/EU-funding-crisis-as-talks-collapse.html

http://www.telegraph.co.uk/finance/comment/9670365/Weve-been-on-the-back-foot-with-the-EU-ever-since-we-joined.html

http://www.telegraph.co.uk/finance/financialcrisis/9673547/Angela-Merkel-sticks-to-austerity-script-in-Portugal-as-revolt-builds.html

http://www.spiegel.de/international/europe/german-chancellor-met-with-protests-during-first-portugal-visit-a-866925.html

http://www.telegraph.co.uk/finance/financialcrisis/9676707/Anti-austerity-strikes-launched-in-Eurozone.html

http://www.spiegel.de/international/europe/greek-mayors-refuse-to-send-athens-lists-of-employees-to-lay-off-a-867060.html

http://www.itv.com/news/2012-11-14/an-important-day-and-not-just-because-of-the-general-strikes/

http://www.telegraph.co.uk/finance/financialcrisis/9679076/Europeans-vent-their-anger-as-cuts-bite.html

Germany calling and Greek riots (2)

A tragedy for the people of Greece.

http://www.spiegel.de/international/europe/greece-passes-more-austerity-measures-despite-protests-a-866067.html

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100021180/who-will-stop-the-sado-monetarists-as-jobless-youth-hits-58pc-in-greece/

http://www.telegraph.co.uk/finance/financialcrisis/9664350/The-Greek-books-are-still-being-cooked.html

Meanwhile, Merkel visited Cameron.  Did she plead or threaten - take your pick.

http://www.telegraph.co.uk/news/worldnews/europe/eu/9663476/Angela-Merkel-pleads-to-David-Cameron-Stay-in-the-EU.html

http://www.telegraph.co.uk/finance/financialcrisis/9663236/Merkel-warns-Britain-against-European-Union-exit.html

http://www.spiegel.de/international/europe/merkel-and-cameron-meet-to-discuss-differences-on-eu-budget-a-866068.html

Germany calling and Greek riots

So, will the blessed Angela use her Teutonic charm and woo Vetoman round to her way of thinking?

http://www.telegraph.co.uk/news/worldnews/europe/9660839/David-Cameron-and-Angela-Merkel-to-discuss-EU-budget-over-dinner-in-Downing-Street.html

http://www.telegraph.co.uk/news/worldnews/europe/eu/9659652/David-Cameron-to-hold-robust-talks-on-cutting-EU-budget.html

http://blogs.telegraph.co.uk/news/jameskirkup/100188402/angela-merkel-wants-clarity-from-david-cameron-over-europe-shell-have-to-join-the-queue/

Farage's advice to Merkel.

http://www.bbc.co.uk/news/uk-politics-20232496

http://www.telegraph.co.uk/finance/financialcrisis/9662285/Greeks-clash-with-riot-police-as-politicans-pass-austerity-measures.html

Much to ponder........

France and Greece in the spotlight:

http://www.telegraph.co.uk/finance/financialcrisis/9656984/IMF-warns-over-taxed-France-risks-slipping-behind-Italy-and-Spain.html

http://www.telegraph.co.uk/finance/9658301/France-announces-20bn-worth-of-tax-breaks.html

http://www.telegraph.co.uk/finance/economics/9659504/Francois-Hollande-lurches-Right-in-historic-U-Turn-to-save-French-economy.html
Ooops!!


Greek crunch day tomorrow.

http://www.spiegel.de/international/europe/strikes-cripple-greece-ahead-of-austerity-vote-in-parliament-a-865609.html

http://www.telegraph.co.uk/finance/financialcrisis/9658185/Greece-gripped-by-48-hour-austerity-strikes.html?frame=2389912
Photos

Problems for Merkel?

http://www.spiegel.de/international/germany/media-commentators-on-merkel-adoption-of-expensive-new-programs-a-865640.html

Do as I say, not as I do. See also:

http://www.spiegel.de/international/business/economic-experts-warn-merkel-against-extra-spending-a-865890.html


Finally, EU keeps to the form book.

http://www.telegraph.co.uk/news/worldnews/europe/eu/9657673/Audit-seriously-undermines-credibility-of-EU-spending.html

UK and EU

Update:

http://www.telegraph.co.uk/news/worldnews/europe/eu/9648509/Britain-shouldnt-jump-the-gun-on-leaving-the-European-Union.html

http://www.telegraph.co.uk/comment/telegraph-view/9653211/Our-role-in-the-EU-needs-radical-change.html

http://blogs.telegraph.co.uk/news/charlescrawford/100189749/shock-horror-uk-not-isolated-in-european-budget-row/

http://www.telegraph.co.uk/news/worldnews/europe/eu/9679833/EU-tries-to-grab-6bn-from-Britains-EU-rebate.html

16 November:

http://www.telegraph.co.uk/news/worldnews/europe/eu/9683539/Pressure-on-Cameron-to-block-EU-army-HQ-plans.html

Europe update:

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9649044/Francois-Hollande-being-president-isnt-easy.html

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100021082/dont-cry-for-me-francois/

http://www.telegraph.co.uk/news/politics/9653643/David-Cameron-in-new-EU-cash-fight.html

http://www.spiegel.de/international/europe/eu-budget-commissioner-challenges-uk-loyalty-to-europe-a-864941.html

http://nucleus.uk.net/

http://www.telegraph.co.uk/finance/financialcrisis/9650824/Eurozone-factory-downturn-deepens-as-core-economies-struggle.html

http://www.telegraph.co.uk/finance/financialcrisis/9653205/Angela-Merkel-eurozone-crisis-will-last-at-least-another-five-years.html

http://www.telegraph.co.uk/finance/financialcrisis/9654088/ECB-investigating-if-loans-made-to-Spanish-banks-contravened-rules.html