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Archive for the ‘Battle for Europe’ Category

Why the ‘One Belt One Road’ Initiative matters for the EU

Posted by seumasach on July 28, 2015

The Diplomat

9th April, 2015

Since their announcement in 2013 during Chinese President Xi Jinping’s visit to Kazakhstan and Indonesia, the New Silk Road Economic Belt and 21st Century Maritime Silk Road (termed together the “One Belt One Road” initiative) have been extensively discussed among China’s academia and policymaking circles. Chinese Foreign Minister Wang Yi, at a press conference accompanying China’s recent parliamentary session, called the initiative a “central focus” of China’s foreign policy in the year 2015. As a key part of the narrative of the new Chinese leadership, the One Belt One Road (OBOR) initiative has not only become one of the top priorities of the Chinese government, it has also attracted considerable interest from abroad, and particularly from neighboring Asian countries. A case in point is that more than 30 countries have joined the Asian Infrastructure Investment Bank (AIIB).

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Sarkozy may visit Crimea

Posted by seumasach on July 25, 2015

TASS

24th July, 2015

SIMFEROPOL, July 24. /TASS/. Leader of the center-right party The Republicans and former French President Nicolas Sarkozy has fully endorsed the trip of the members of his political association to Crimea, member of the French parliamentary delegation visiting Crimea, member of the French National Assembly Claude Goasguen has told TASS.

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Greece’s debt troubles strengthen the case for a fiscal union in Europe

Posted by seumasach on July 21, 2015

South China Morning Post

21st July, 2015

The Greek debt crisis has evolved in a dramatic way over the past weeks. Despite a Greek referendum voting no to the reform proposal, the European creditors have insisted on even harsher austerity measures as precondition for a third bailout, which Greek Prime Minister Alexis Tsipras finally accepted with deep reservations.

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A single rulebook for the resolution of failing banks will apply in the EU as of 1 January 2015

Posted by seumasach on July 20, 2015

“From now on, it will be the bank’s shareholders and their creditors who will bear the related costs and losses of a failure rather than the taxpayer.

European Commission

31st December, 2014

A single rulebook for the resolution of banks and large investment firms in all EU Member States is set to enter into force as of 1 January 2015. The new rules will harmonise and improve the tools for dealing with bank crises across the EU. They will also ensure shareholders and creditors of the banks pay their share of the costs through a “bail-in” mechanism.

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France’s Hollande proposes creation of euro-zone government

Posted by seumasach on July 20, 2015

Bloomberg

19th July, 2015

French President Francois Hollande said that the 19 countries using the euro need their own government complete with a budget and parliament to cooperate better and overcome the Greek crisis

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crisis.

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The left’s anti-European turn

Posted by seumasach on July 19, 2015

Cailean Bochanan

19th July, 2015

Just before the Greek referendum George Galloway tweeted:

“Greek Partisans will vote NO in Sunday’s referendum. There is European life after the Euro. No more bail-outs for bankers. Go for growth!”
Galloway would , of course, have been equally vehement in his opposition to the bail-out of the City of London in 2008. Well, actually, no. In statement made at the time he said:

“In the midst of this financial crisis which threatens us all, at last the government is taking action which may begin to shore up the banking system. I hope that it is not, as many in the City are saying, “too little, too late”. “It was essential the government propped up the banks’ capital base, it had to provide lending to banks that can’t borrow money from others to pay their debts. And we had to have a guarantee of bank debts, if we were not to see a full-scale financial panic and the collapse of the whole debit and credit system. But having put the money in, the government now needs to force the banks to pay the public back in return.”

Leaving aside the piety at the end this was simply a full endorsement of the bail-out. In an extraordinary but characteristic bit of sophistry Galloway was able to spin the bailout as a break from neoliberalism, as a break “from the outdated dogmas of free market economics.”

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Most Greeks want to stay in Euro and reach deal

Posted by seumasach on July 18, 2015

Ekathimerini

18th July, 2015

Seven in 10 Greeks are in favor the government reaching an agreement with the country’s creditors, even if it involves tough measures, according to an opinion poll published on Saturday.

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Greece: now IMF backs down

Posted by seumasach on July 17, 2015

IMF’s Lagarde: Straight ‘haircut’ for Greece’s debt is off the table

Market Watch

17th July, 2015

PARIS — The International Monetary Fund will participate in the Greek bailout plan if it includes debt restructuring and bold government reforms.

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George Osborne backs down on use of EU bailout fund in Greece crisis

Posted by seumasach on July 16, 2015

The planned grexit seems to have fallen through as Tsipras forgets his lines in this Greek drama. A good moment then for the Brits to quietly back off.

Guardian

16th July, 2015

George Osborne has backed down over the use of an EU bailout fund to give an emergency loan to Greece. But the chancellor said there would be an “impregnable ringfence” around the up to £850m of British money in the fund to prevent any losses to the taxpayer in the event of any default.

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Schaeuble continues to push for Grexit

Posted by seumasach on July 16, 2015

The plot thickens. We now have a very interesting coalition openly opposing a deal and, implcitly or explicitly, calling for grexit: the IMF, the British government, Schauble & Co, the left and the right. The Greek people, however, overwhelmingly support remaining in the eurozone and, by the look of it, the majority of Europeans. The call for a haircut, impermissible under EU rules, is unnecessary since it is possible to fudge the issue by endlessly differing payment and lowering interest rates. This is what is already happening according to the European Commission so it may be that the IMF and Schauble are throwing in this red herring simply as a wrecking tactic.

Schaeuble Shrugs Off Greek Vote Saying Euro Exit Is Best

Bloomberg

German Finance Minister Wolfgang Schaeuble told Greece the only way it’ll get a debt reduction is to leave the euro and cast doubt on the country’s ability to even complete negotiations on a third bailout.

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EU publishes Greece assessment, sees debt reprofiling

Posted by seumasach on July 15, 2015

“It must be emphasized that eurozone loans are not an issue for Greek debt sustainability because they have long grace periods … Greece is currently paying neither interest nor principal on the loans,” Dombrovskis told a news conference.

Ekathimerini

15th July, 2015

The European Commission published on Wednesday its assessment of Greece’s bailout request, taking a different view of Athens’s debt sustainability than the IMF, but also signaling a possibility of debt relief.

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