German Finance Minister Wolfgang Schäuble is a clever orator. In comments to
the press on Tuesday, he first made sure to praise Greek reform efforts before
turning to the most recent measures passed to prop up the heavily indebted
country. Then he said that the new aid package, aimed at reducing Greece's
overall debt load and giving the country two extra years to meet its budget
deficit reduction targets, won't cost German taxpayers a penny. It is a bold
statement. And one that leaves plenty of room for interpretation. Particularly
given Schäuble's follow up. Berlin, he said, will suffer a "reduction of
revenues." It is a typical Schäuble formulation: a bit ambiguous and slightly
misleading. But the numbers are clear enough. Germany will forego some €730
million ($944 million) in revenues in 2013 as part of the deal hashed out on
Monday night in Brussels between euro-zone finance ministers and the
International Monetary Fund. It is a compromise that avoids, for now, the kind
of debt haircut that Berlin had been so opposed to. But it marks the first time
that the crisis in Greece will have a direct effect on the German budget. The
deal clears the way, finally, for the payout of the long-awaited next tranche of
emergency aid for Athens. Whereas that tranche was originally to be €34.4
billion, euro-zone finance ministers lumped it together with the next chunk of
aid due and approved the payout of €43.7 billion. Before it can be delivered,
however, German parliament must approve the plan pushed through on Monday night,
which it is expected to do on Friday. Parliaments in Finland and France also
have to clear the deal, but neither is expected to block it.
Access Investments-Building Awareness - European Union-ROMANIA
Thursday, December 6, 2012
German Finance Minister Wolfgang Schäuble is a clever orator. In comments to
the press on Tuesday, he first made sure to praise Greek reform efforts before
turning to the most recent measures passed to prop up the heavily indebted
country. Then he said that the new aid package, aimed at reducing Greece's
overall debt load and giving the country two extra years to meet its budget
deficit reduction targets, won't cost German taxpayers a penny. It is a bold
statement. And one that leaves plenty of room for interpretation. Particularly
given Schäuble's follow up. Berlin, he said, will suffer a "reduction of
revenues." It is a typical Schäuble formulation: a bit ambiguous and slightly
misleading. But the numbers are clear enough. Germany will forego some €730
million ($944 million) in revenues in 2013 as part of the deal hashed out on
Monday night in Brussels between euro-zone finance ministers and the
International Monetary Fund. It is a compromise that avoids, for now, the kind
of debt haircut that Berlin had been so opposed to. But it marks the first time
that the crisis in Greece will have a direct effect on the German budget. The
deal clears the way, finally, for the payout of the long-awaited next tranche of
emergency aid for Athens. Whereas that tranche was originally to be €34.4
billion, euro-zone finance ministers lumped it together with the next chunk of
aid due and approved the payout of €43.7 billion. Before it can be delivered,
however, German parliament must approve the plan pushed through on Monday night,
which it is expected to do on Friday. Parliaments in Finland and France also
have to clear the deal, but neither is expected to block it.
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With just a bit of humility and common decency amongst the wealthier parts of Britain the public debt targets could be met. Stop tax evasion, close legal loopholes for tax avoidance, close down trust funds set up to avoid tax, force offshore tax havens and crown dependencies into full transparency concerning their shadow banking, hedge funds and trust funds, throw resident oligarchs out of the UK if they don't like to pay tax like any other UK citizen, tax multinational companies fully on income earned in Britain, and the budget will be balanced in no time. Is this going to happen? Very unlikely under these Tory boys who have grown up exactly in the money networks that benefit most from the practices described above.
John Paulson, manager of $20 billion in hedge funds, told investors that the bulk of his losses this year came on bets that the European sovereign-debt crisis would worsen.
The European comeback has been the huge story of the year, and if anything it's been underhyped.
Yep. It's difficult to see, in the day-to-day hectic of yet-another-failed-summit, but they're actually making progress.
And making guys like Paulson lose money? That's kind of nice too.
Four sailors are dead and another seven are missing after a cargo ship sank in the North Sea following a collision.
The accident took place off the coast of Belgium and the Netherlands, after the Baltic Ace sailed from Zeebrugge.
Thirteen crew members of the Baltic Ace have been rescued, but seven are still missing in freezing waters.
The search resumed at dawn but a Netherlands Coastguard spokesman said the chance of finding anyone alive was "virtually zero".
Peter Westenberg said three boats from the Royal Dutch Sea Rescue Organisation, two navy vessels, four helicopters and one coastguard aircraft were being used in the rescue.
Strong winds and high seas had made conditions difficult overnight, and the search was called off at 02:00 (01:00 GMT) before resuming at first light.
Managing Director of Credit Guarantee Fund for SMEs, Aurel Şaramet, was suspended from duty following investigation by DIICOT. If three employees of the Ministry of Economy Minister investigated in the same case decided termination of the duties.
"If Mr. Aurel Şaramet were initiated suspension proceedings from its position in the National Credit Guarantee Fund for SMEs. Ministry of Economy has ordered the closure of the offices occupied by the other three people involved in the case investigated by DIICOT and will suspend where their DIICOT take preventive custody, "reads a press release of the Ministry of Economy, Mediafax.
The state is, by the Ministry of Economy, the sole shareholder of National Credit Guarantee Fund for SMEs. The Fund guarantees loans made by banks up to a maximum of 80%.
100 people DIICOT investigating a case of bank fraud estimated at 22 million euros, suspected of being obtained illegally from the Ministry of Economy, based on forged documents, equipment procurement funding projects through certain companies controlled by group leaders.
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