The so-called "troika" of inspectors from the European Commission, the
European Central Bank and the International Monetary Fund returned to Athens on
Friday to conclude a report on Greece's progress in meeting the terms of its
latest bailout, Reuters reported.
The inspectors, who held talks with Greece's finance minister on
Sunday, must approve the plan to trim roughly €12bn from the state budget
over the next two years if Athens is to get a green light for the bailout money it needs to avoid bankruptcy.
"The troika has not accepted all the measures, but we have alternative
proposals," said Socialist leader Evangelos Venizelos, a junior partner in the
ruling coalition who was briefed by the finance minister at a party leaders'
meeting.
Greek Finance Minister Yannis Stournaras played down the inspectors'
objections, saying they had rejected only a "few" measures. A senior Greek
government official had said earlier that the troika had sought more details on the
proposals to understand them better.
Officials declined to specify what the objections related to but a source
familiar with the matter said they were over measures to save roughly €2bn by
cutting expenses in the public sector.
FRANKFURT - Deutsche Bank AG's new co-chief executives are expected this week to explain how they aim to turn around the underperforming company, amid considerable investor skepticism.
The strategy presentation to investors comes just over 100 days after Anshu Jain and Jürgen Fitschen took over one of Europe's largest bank by assets. The two chiefs vowed to thoroughly review the bank's vast operations, with an eye to boosting profits amid tougher regulation and Europe's debt crisis. With a balance sheet of €2.2 trillion ($2.8 trillion), Deutsche Bank is one of the world's largest banks, yet one of the least well-capitalized.
LONDON -- A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London. They would be given "full decision making powers" to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them. Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law. The moves stem from proposals for a eurozone "banking union". The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone's banks, in order to shore up struggling financial institutions in southern European countries such as Spain. But the ECB's new role would see the existing European Banking Authority (EBA) - the current pan-European bank regulator that has its headquarters in London - being radically overhauled and strengthened. Its panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain.
FRANKFURT - Deutsche Bank AG's new co-chief executives are expected this week to explain how they aim to turn around the underperforming company, amid considerable investor skepticism.
The strategy presentation to investors comes just over 100 days after Anshu Jain and Jürgen Fitschen took over one of Europe's largest bank by assets. The two chiefs vowed to thoroughly review the bank's vast operations, with an eye to boosting profits amid tougher regulation and Europe's debt crisis. With a balance sheet of €2.2 trillion ($2.8 trillion), Deutsche Bank is one of the world's largest banks, yet one of the least well-capitalized.
LONDON -- A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London. They would be given "full decision making powers" to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them. Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law. The moves stem from proposals for a eurozone "banking union". The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone's banks, in order to shore up struggling financial institutions in southern European countries such as Spain. But the ECB's new role would see the existing European Banking Authority (EBA) - the current pan-European bank regulator that has its headquarters in London - being radically overhauled and strengthened. Its panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain.
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A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.
They would be given "full decision making powers" to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.
Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.
The moves stem from proposals for a eurozone "banking union". The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone's banks, in order to shore up struggling financial institutions in southern European countries such as Spain.
But the ECB's new role would see the existing European Banking Authority (EBA) - the current pan-European bank regulator that has its headquarters in London - being radically overhauled and strengthened. Its panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain.
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