Economists at Deutsche Bank said that a 'yes' vote was not guaranteed. "The
polls should not be taken for granted. Irish voters have some history of
tactical 'No' voting in European referenda. The Nice and Lisbon Treaties were
rejected before certain issues were clarified." The Deutsche economists added
that Ireland's vote would have wider significance during the current crisis.
"This will be an occasion to judge voter appetite for austerity. Rejection could
reinforce a general fear that austerity is politically unsustainable across
Europe," they said.
Ireland is the only member state that will ratify the compact with a full
public vote, because the Irish Constitution dictates that any transfer of
national sovereignty can only be granted via a referendum. "The latest polls
suggested Ireland would back the pact"
should read: "The latest polls suggested Ireland would back the suicide pact"Any country which rejects the fiscal pact will not be eligible to access the European Stability Mechanism, the eurozone's permanent bail-out fund. here are the main points of the ESM.......god help us Article 8 The authorized capital stock shall be EUR 700 Billion
Article 9 3) ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them within seven (7) days on receipt of such demand.
Article 10: Changes in authorized capitol stock.
The board of governors may decide to change the authorized capital and amend article 8 (...) accordingly Article 27; Legal status, privileges and immunities.
2) The ESM (...) shall have full legal capacity (..) to institute legal proceedings.
3) The ESM, its property, funding and assets (..) shall enjoy immunity from every form of judicial process (...)
4) The property, funding and assets of the ESM (...) be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.
Article 30: immunities of persons
Governors, alternate governors, Directors, alternate directors, The managing director and staff members shall be immune from legal process with respect to acts performed by them (...) and shall enjoy inviolability in respect of their official papers and documents...
should read: "The latest polls suggested Ireland would back the suicide pact"Any country which rejects the fiscal pact will not be eligible to access the European Stability Mechanism, the eurozone's permanent bail-out fund. here are the main points of the ESM.......god help us Article 8 The authorized capital stock shall be EUR 700 Billion
Article 9 3) ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them within seven (7) days on receipt of such demand.
Article 10: Changes in authorized capitol stock.
The board of governors may decide to change the authorized capital and amend article 8 (...) accordingly Article 27; Legal status, privileges and immunities.
2) The ESM (...) shall have full legal capacity (..) to institute legal proceedings.
3) The ESM, its property, funding and assets (..) shall enjoy immunity from every form of judicial process (...)
4) The property, funding and assets of the ESM (...) be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action.
Article 30: immunities of persons
Governors, alternate governors, Directors, alternate directors, The managing director and staff members shall be immune from legal process with respect to acts performed by them (...) and shall enjoy inviolability in respect of their official papers and documents...
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An earthquake has jolted northern Italy, apparently originating from Emilia, where a quake earlier this month killed seven people and damaged many buildings.
Tuesday's tremor was estimated at 5.8 and was felt in Milan and Bologna, where office workers were evacuated.
The quake struck 40km north of Bologna and 60km east of Parma, at a depth of 9.6km (six miles), according to the US Geological Survey, quoted by Reuters.
However, it said it was on track to boost operating profits to more than £100m in the year to the end of March 2014 – nearly double the £63m in the past year, as it continued to cut costs. It cut £8m from its cost base last year.
Mr Cobbold joined last year after the company was battling with serious problems at a paper production factory, which involved its biggest customers, the Reserve Bank of India, suspending its contract with De La Rue.
Mr Cobbold said the problems had been resolved, thought the contract with its client had yet to be renewed. “I can say unhesitatingly our reputation is well restored. That is evidenced by our strong order book.”
Here is the official announcement (in Spanish) announcing the early departure of Bank of Spain governor Miguel Ángel Fernández Ordóñez (handily tweeted by FT Alphaville's Joseph Cotterill)
According to the statement, prime minister Mariano Rajoy agreeed that the early departure will mean a smoother transition, helping the new governor get to grips with Spanish financial reforms (a budget is due soon).
Business Insider, mind you, is reporting that an anti-corruption group is accusing Ordóñez of 'grave misconduct' over his role in the financial crisis.
But Spanish journalist Pablo Rodriguez is convinced that the pressure of the Spanish banking crisis, and specificially the Bankia situation, is the cause.
Another slice of bad economic news, via our New York correspondent Dominic Rushe: US home prices have fallen to their lowest levels since the financial crisis began.
Home prices are down about 35% from their peak in the second quarter of 2006.
During the first quarter, home prices nationally fell 1.9% compared to the same period last year. The Case-Shiller index of 10 major metropolitan areas was down 2.8% in March from a year earlier. The 20-city index was off 2.6%.
As of March, average home prices were at levels last reached in late 2002 for the 20-city measure and early 2003 levels for the 10-city composite.
A sudden selloff has sent the euro sliding to a new 22-month low against the dollar.
No sooner had European stock markets closed than the single currency was sliding through the $1.25 mark, hitting $1.2471 against the US dollar.
It also fell to a four-month low against the yen.
The immediate cause of the slump appears to be credit rating agency Egan Jones, which slashed its rating on Spain to B, from BB-. Egan Jones aren't usually as influential as the Big Three agencies, but today's downgrade comes just a week after it cut Spain from BB+ to BB-.
Currency experts are also blaming the euro's weakness on the confusion surrounding the Spanish banking crisis. Today's apparent u-turn on the plan to recapitalise Bankia (with new bonds apparently being favoured over the 'unconventional' scheme to inject Spanish government debt into the company) has not helped
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