The Telegraph - Fur and finance, snow and supremacy: there are just two weeks to go before global leaders converge at the World Economic Forum's annual jamboree in the Alpine resort of Davos. Off the piste the heady mix of royalty, billionaire tycoons and top politicians are officially tasked with tackling "The Great Transformation: Shaping New Models". Rarely has a conference title had more poignant urgency: the European Union leaders' summit on the advancing debt crisis follows immediately on January 30. Germany's Angela Merkel, France's Nicolas Sarkozy, Christine Lagarde of the IMF and Mario Draghi, the boss of the European Central Bank (ECB), are among those most likely to spend the week crafting mechanisms to prevent the eurozone sliding off a precipice. Crucial "periphery" eurozone leaders are also expected, including the embattled premiers of Portugal, Italy, Greece and Spain. Perhaps more usefully, Ireland is dispatching the Archbishop of Dublin, Diarmuid Martin. David Cameron and his fellow European "outs" will be hovering around the talks, though they may find they have more time for skiing. But there will be plenty of glamour to offset the gloom. Members of the Saudi royal family and the Crown Princess of Norway will weigh in alongside the billionaire business aristocracy that includes Lakshmi Mittal, the steel tycoon; Ivan Glasenberg, flush from the Glencore float; and legendary investors George Soros, Louis Bacon and Daniel Och. The European commission, the EU's executive branch, is preparing the ground for greater fiscal union. It has already indicated it is prepared to get tough ahead of the deal, following publication of a list of five countries that face heavy fines for breaching current rules on budget deficits. A spokesman said the commission had yet to reach a decision on what steps to take against Belgium, Cyprus, Hungary, Malta and Poland, which are all expected to have deficits in excess of EU limits this year, "but we will do it very soon". EU rules mandate that budget deficits must not exceed 3% of gross domestic product. Countries with deficits higher than that can be fined. Meanwhile, Belgium's finance minister, Steven Vanackere, was locked in talks with the commission's high command on Friday night in an attempt to prevent EU officials imposing bigger public spending cuts. The commission has described Belgium's 2012 budget as too optimistic.
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Sunday, January 8, 2012
The Telegraph - Fur and finance, snow and supremacy: there are just two weeks to go before global leaders converge at the World Economic Forum's annual jamboree in the Alpine resort of Davos. Off the piste the heady mix of royalty, billionaire tycoons and top politicians are officially tasked with tackling "The Great Transformation: Shaping New Models". Rarely has a conference title had more poignant urgency: the European Union leaders' summit on the advancing debt crisis follows immediately on January 30. Germany's Angela Merkel, France's Nicolas Sarkozy, Christine Lagarde of the IMF and Mario Draghi, the boss of the European Central Bank (ECB), are among those most likely to spend the week crafting mechanisms to prevent the eurozone sliding off a precipice. Crucial "periphery" eurozone leaders are also expected, including the embattled premiers of Portugal, Italy, Greece and Spain. Perhaps more usefully, Ireland is dispatching the Archbishop of Dublin, Diarmuid Martin. David Cameron and his fellow European "outs" will be hovering around the talks, though they may find they have more time for skiing. But there will be plenty of glamour to offset the gloom. Members of the Saudi royal family and the Crown Princess of Norway will weigh in alongside the billionaire business aristocracy that includes Lakshmi Mittal, the steel tycoon; Ivan Glasenberg, flush from the Glencore float; and legendary investors George Soros, Louis Bacon and Daniel Och. The European commission, the EU's executive branch, is preparing the ground for greater fiscal union. It has already indicated it is prepared to get tough ahead of the deal, following publication of a list of five countries that face heavy fines for breaching current rules on budget deficits. A spokesman said the commission had yet to reach a decision on what steps to take against Belgium, Cyprus, Hungary, Malta and Poland, which are all expected to have deficits in excess of EU limits this year, "but we will do it very soon". EU rules mandate that budget deficits must not exceed 3% of gross domestic product. Countries with deficits higher than that can be fined. Meanwhile, Belgium's finance minister, Steven Vanackere, was locked in talks with the commission's high command on Friday night in an attempt to prevent EU officials imposing bigger public spending cuts. The commission has described Belgium's 2012 budget as too optimistic.
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3 comments:
"Those who would give up essential
liberty to purchase a little temporary safety deserve neither liberty
nor safety."
Ben Franklin.
The PIIGS really should fly.
Love the sentence , Merkel. Sarkozy, and Lagarde will be crafting mechanisms to prevent the Euro sliding off a precipice,
HELLO !!! the Euro is already buried under an avalanche of Debt right across the Eurozone, another summit meeting on 30th January!!! will be just another Politicians expences party
Yet again - we have a catchy headline, and sub-headline, to this article - which have nothing to do with the contents of the article! Are the CVs of these participants in Davos in any way related to saving the EU? No, they are not!
It's a pretty boring article - so let's give it a headline that, though irrelevant to the article itself, willl ensure that it gets read!
Once again, some (probably advertising background) person in the DT has decided to sex-up otherwise pretty boring articles by giving them headlines that will arouse interest - even though the contents are nothing to do with those headlines!
Instead of this pretty cheap technique, why doesn't the DT instead focus its efforts on producing more interesting articles - instead of relying on misleading headlines?
The Hungarian currency, the forint, hit record lows last week, and the crisis could cost the prime minister, Viktor Orban, or at least the economy minister, Gyorgy Matolcsy, their jobs.
The minister leading negotiations on a new loan, Tamas Fellegi, is travelling to Washington for informal talks with the IMF, which he has described as "hard"; he expects talks with the EU to be "extremely hard". From Washington, he will travel to Berlin, Paris, Vienna and Brussels.
His government has been subject to withering criticism, at home and abroad, for passing two financial laws at the end of last year that could be used to interfere with the independence of the Hungarian central bank, the MNB. The government has consistently attacked MNB governor Andras Simor for refusing to go along with its policy of encouraging economic growth by keeping interest rates down. But on Friday, Orban met Simor and promised closer government-bank co-operation. "The Hungarian banking system is sufficiently stable," the bank said in a terse statement issued after the meeting.
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