Posted by seumasach on January 29, 2014
Philippe Lamberts, a Belgian Green MEP, said the ruling was “excellent news for those who believe that financial markets need regulation at EU level”.
22nd January, 2014
Britain suffered a serious defeat in its campaign to limit the power of EU financial watchdogs after Europe’s highest court dismissed London’s attempt to prevent Brussels from winning powers to ban short selling.
Posted in Battle for Europe, Financial crisis | Tagged: european banking union | Leave a Comment »
Posted by seumasach on December 12, 2013
“Shareholders and bondholders would be first in line, with savers last in the queue, while tapping public money to prevent a bank collapse would only be done as a last resort.”
This is an important step towards ending the hegemony of finance capital in Europe.
12th December, 2013
BRUSSELS – MEPs and ministers have agreed new rules to rescue insolvent banks that would target bondholders not savers, following the final round of talks in Strasbourg.
Posted in Battle for Europe, Financial crisis | Tagged: bailout industry not finance, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on July 28, 2013
[Since WW2 Europe has been plagued by the activities of deep-state networks, the “stay-behind” networks, controlled by Anglo-American intelligence. This is a landmark in Europe’s emancipation from such interference]
28th July, 2013
The European Union (EU) is planning to assemble an independent intelligence body of its own in “an urgent response” to the recent revelation that the US has been spying on EU officials as well as European citizens.
Posted in Battle for Europe | Tagged: Britain into Europe-Europe out of NATO, europe, independent Europe | Leave a Comment »
Posted by seumasach on July 26, 2013
[Millions of words from the cream of the British intelligentsia predicting the inevitable and imminent demise of the Euro and billions poured down the drain speculating against it have culminated in this.]
26th July, 2013
The history of currency unions can tell us much about whether the troubled euro can survive. If it can, European shares and funds may offer an enticing investment opportunity.
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Posted by seumasach on July 7, 2013
European political crisis: Between nationalist populism and European technocracy, it’s going to be time to ask people their opinion
15th March, 2013
Whereas since the upheaval in 2008, the world somehow deals with the ceaseless aftershocks (US political deadlock or dramatic presentations on the debt ceiling and deficit reduction, bank or country rescues, European sovereign debt, currency wars, geopolitical tensions,…), Europe is entering a new phase of the crisis, this time political. Until now Brussels technocrats have been steering Europe in the crisis who succeeded in overcoming Member States’ divergences to save the structure. In the situation’s urgency, regularly recalled by “the markets” which cause a reign of terror in the West, the management of the crisis hasn’t worked too badly and people have accepted the sacrifices until now without making too many waves. Thus Greece has reeled but not exploded, public demonstrations in Spain have been moderate, naming Mario Monti at the end of 2011 to run Italy didn’t set the country ablaze.
Posted in Battle for Europe | Tagged: european construction | Leave a Comment »
Posted by seumasach on July 4, 2013
4th July, 2013
The European Union is examining the potential violation of the EU law over revealed tapping of global communications and sharing of gleaned data with the United States.
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Posted by seumasach on June 27, 2013
“Bail-in is now the rule,” Ireland’s finance minister, Michael Noonan, said. The rules put an end to moral hazard by making it clear that banks would suffer before the government might come in to help, if at all, he said. “This is a revolutionary change in the way banks are treated.”
27th June, 2013
The European Union has struck a deal on rules establishing who will pay for future bank bailouts without taxpayers having to foot the bill.
Posted in Battle for Europe | Tagged: bail-in, european banking union, european construction | Leave a Comment »
Posted by seumasach on June 27, 2013
The main resolution measures would include:
– the sale of (part of a) business;
– establishment of a bridge institution (the temporary transfer of good bank assets to a publicly controlled entity);
– asset separation (the transfer of impaired assets to an asset management vehicle)
– bail-in measures (the imposition of losses, with an order of seniority, on shareholders and unsecured creditors).
These measures lay the basis for Eurozone control of a banking system purged of its bad bebts, the costs to be met by shareholders and bondholders rather than the taxpayer. It marks the end of the bailouts of the banks. It will be interesting to see the response of the British government: they will not be able to veto it.
27th June, 2013
The Council today1 set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1).
Posted in Battle for Europe, Financial crisis | Tagged: EU bank rescue rules, no more bombing!-no more bailouts!, stop the bailout | Leave a Comment »
Posted by seumasach on June 18, 2013
“It’s hard to bet against the euro,” said Sam Katzman, chief investment officer for New York-based Constellation Wealth Advisors, which invests about $5 billion in various funds on behalf of clients. “Until we stop printing money in the U.S., or they start, the wind is at the back of the euro.”
I rest my case
16th June, 2013
The euro is emerging as an unlikely oasis in the latest bout of market turmoil.
Posted in Battle for Europe | Tagged: euro v. dollar, join the euro! | Leave a Comment »
Posted by seumasach on May 25, 2013
EU Weighs Curbs on Banks’ Use of Client Assets as Collateral
24th May, 2013
Banks and brokers face a clampdown on using assets they hold for clients as collateral for their own trades as part of European Union moves to bolster market stability and rein in shadow banking.
Posted in Battle for Europe, Financial crisis | Leave a Comment »
Posted by seumasach on March 31, 2013
“We want to reach a situation where taxpayers no longer have to pay for the banks,” said a spokeswoman for Barnier Tuesday.
Amidst the near universal condemnation of the Cyprus “bailout” it is necessary to point out that it is not a bailout. A bailout is what happened in the UK in 2008 when massive amounts of public money were given to banks without conditions. The Cypriot banks have not been indulged in this way: one of them no longer exists and the other has been completely restructured. Behind all this is the strategic thinking of Michel Barnier: nemesis of Anglo-Saxon finance.
27th March, 2013
(BRUSSELS) – The Cyprus debt rescue and its ‘bail-in’ provision to make large bank depositors pay part of the cost is largely in line with European Commission plans to ensure taxpayers no longer carry the can when banks fail.
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In These New Times 