In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘no more bailouts’

UK heading for new financial crisis

Posted by seumasach on August 3, 2016

“The Bank of England is asleep at the wheel again, and we will be back to beleaguered banksters begging for bailouts – and the taxpayer will be ripped off yet again, but bigger this time.”

Bail-outs are no longer permitted under EU regulations, drawn up by Michel Barnier, bete noir of the Murdoch press, so it will be interesting how they play this one post Brexit. In any case, the people should take to the streets to oppose any bailouts!

UK heading for new financial crisis ‘on grander scale than 2008’ with Bank of England ‘asleep at the wheel’, says AS

Independent

3rd August, 2016

The Bank of England’s annual stress tests of the UK’s banks, designed to ensure Britain’s lenders will not be at the heart of another destructive financial crisis, have been branded “worse than useless”, by a new report.

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Barclays and RBS shares suspended from trading after tanking more than 8%

Posted by seumasach on June 27, 2016

The Bank of England said it was ”monitoring developments closely“ and would take ”all necessary steps“ to support monetary stability.

It’s bailout time again- perhaps some of that money that the Eurocrats have been squandering could be used to help out?

Guardian

27th June, 2016

Trading in Barclays and RBS shares was suspended on Monday morning following heavy losses on the London Stock Exchange.

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Cameron’s UK and EU economic governance agreement

Posted by seumasach on March 5, 2016

At the heart of negotiations between Cameron and the EU was the issue of the single rulebook on banking regulation and , more particularly, the rules on bank recovery and resolution, the power of the European Banking Authority to

“apply bail-in measures: i.e. convert debt to shares or write it down – in this way, losses are imposed, according to an established order, on bank shareholders and creditors, not on taxpayers”.

These rules are applicable from 1st January, 2016 and are apply throughout the EU. As this article argues, the concession of “some flexibility” in the application of these rules  gained by Cameron is unlikely to amount to much. So it looks like continued membership of the EU makes a further bail-out of British banks inconceivable. This would explain, perhaps, why so many within British elites are up in arms against the Cameron deal and now support Brexit. It also provides strong motive to support a “Yes” vote.

The UK in a changing Europe

23rd February, 2016

Within the rules of the club, Prime Minister Cameron achieved as much as could be expected on economic governance from the European council negotiations. But the gain in flexibility he obtained may turn out to be rather less significant in practice.

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Across Europe, protesters call for solidarity with Greece

Posted by seumasach on June 23, 2015

The moment is approaching when the bankruptcy of the financial sector, a dead weight on the overall economy , has to be addresses. This “bail-in” or de-facto bankruptcy process will itself be painful, resulting in the wipeout of billions in shares and paper securities but it is the indispensable basis for reconstruction of the real economy.

GEAB(source-Deutsche Welle)

22nd June, 2015

Brussels and Amsterdam have joined London, France, Germany and Italy in hosting mass rallies in support of cash-strapped Greece. Demonstrators said the financial sector must take responsibility for the damage it caused.

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Britain’s fragile finances are a political no-go area

Posted by seumasach on May 3, 2015

Liam Halligan

Telegraph

2nd May, 2015

Aren’t financial assets “simply pumped up by printed money?” Don’t share prices “need to adjust downward by something like 50pc?” Is it “really the case that if Greece leaves monetary union, other countries won’t follow?” It must “surely be wrong to try solving a debt problem by taking on even more debt?”

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