Eurozone debt crisis

[Iron]

According to the Telegraph:

Germany, France and Poland have succeeded in pushing for regulation in the trade of over-the-counter (OTC) derivatives.

"We got an agreement," said Chantal Hughes, spokeswoman for European Union markets commissioner Michel Barnier.

The new regulations require clearing houses which handle more than 5pc of the market in a euro-denominated financial product to be based in the eurozone - causing obvious concern for the outlook of trade in The City.

I'm surprised EU free trade laws don't prohibit this kind of protectionism...

Jeff

[superfrank]

Italy credit rating slashed by Moody's from Aa2 to A2
http://www.bbc.co.uk/news/business-15176947

[Iron]

All this endless talking and inaction by Eurocrats reminds me of this scene from Life of Brian:

http://www.youtube.com/watch?v=55fqjw2J ... e=youtu.be



Jeff

[Iron]

Create your own Eurozone bank stress test:

http://graphics.thomsonreuters.com/11/0 ... 11_VF.html

[superfrank]

'The Greatest Threat to Europe Is the Bailout Fund' - Slovakian EFSF Opponent Sulik
http://www.spiegel.de/international/eur ... 77,00.html

Spiegel: Mr. Sulik, do you want to go down in European Union history as the man who destroyed the euro?

Sulik: We have to observe three points: First, we have to strictly adhere to the existing rules, such as not being liable for others' debts, just as it's spelled out in Article 125 of the Lisbon Treaty. Second, we have to let Greece go bankrupt and have the banks involved in the debt-restructuring. The creditors will have to relinquish 50 to perhaps 70 percent of their claims. So far, the agreements on that have been a joke. Third, we have to be adamant about cost-cutting and manage budgets in a responsible way.

Spiegel: Nevertheless, banks could run into significant problems should they be forced to write down billions in sovereign bond holdings.

Sulik: So what? They took on too much risk. That one might go broke as a consequence of bad decisions is just part of the market economy. Of course, states have to protect the savings of their populations. But that's much cheaper than bailing banks out. And that, in turn, is much cheaper than bailing entire states out.

Today, Slovakia has the lowest average salaries in the euro zone. How am I supposed to explain to people that they are going to have to pay a higher value-added tax (VAT) so that Greeks can get pensions three times as high as the ones in Slovakia?

common sense. let's hope they vote no and kill the bailout.

[Euler]

Here is a good illustration of why if politicians don't take decisive action things will just get worse and worse.

http://www.economist.com/blogs/freeexch ... uro-crisis

[Iron]

EU bans pre-ticked website boxes to aid consumers - http://www.bbc.co.uk/news/world-europe-15260748

Isn't it great that Britain is part of this wonderful organisation?

Jeff

[CaerMyrddin]

C'mon Jeff. For me it is really boring to untick all those boxes with crap they want you to buy. I agree with this kind of consumer protectionism

[Iron]

Hi Antonio

One man's meat is another man's poison though - someone else might want promotional material and find it a pain to tick all the boxes!

As EU laws go, this is one of the less silly examples. At least this time they are not telling British retailers they can't sell eggs by the dozen! http://www.bbc.co.uk/news/10432128

But I'm against un-necessary regulation for businesses. They have enough red tape to deal with already. And it would be nice if the UK's laws could be decided by British MPs, rather than by some overpaid Eurocrats in Brussles!

Jeff

[Euler]

Slovakia has failed to vote in favour of the bailout.

http://www.bbc.co.uk/news/world-europe-15265987

[superfrank]

Yay!

However, the BBC's Rob Cameron says a second vote could be held soon and is likely to succeed.

As per usual plan B in Europe is just to keep asking the plan A question again until they get the answer they want.

[Iron]

The Slovak parliament has realised the error of its ways, and voted in accordance with the EU's wishes...

Jeff

[CaerMyrddin]

In Portugal there is no new whip rules that relax the beat up.

Private sector workers will have to work an adiccional hour every work day and there will be no Christmas or vacation bonus for public workers on the next two years. (what makes me feel like playing on a leveled field now!)

VAT will also increase and well, this feels like hell!

Most of my engineer friends are unemployed now and most are considering emigration. Social unrest is rising...

[Iron]

Most of my engineer friends are unemployed now and most are considering emigration.

My guess is that they speak English (probably better than many English people!), and they are considering moving to the UK.

I don't blame them for doing so - it's their right. But if they do so, it cannot help the unemployment situation over here. And it begs the question of why the UK is 'investing' in education if we're going to let skiled migrants come over and fill our technical jobs.

IMHO, the UK needs to ask itself some diffucult questions about its future direction...

Jeff

[CaerMyrddin]

Well Jeff, I'm sorry to desapoint you, but they aren't considering going to the UK. As far as I know, only portuguese nurses are massively going to the UK.

I have some friends that went to Africa, but most of them are going to Brazil, where we have no problems integrating and construction is having a boom with the Olympics and the WC coming ahead.

So, no worries