On Cyprus Bailout, there will be no agreement until the Ecofin meeting on 13th december. Holdups: (according to cyprus mail)
1. Still no data on bank capitalisation needs - expected friday, at least the preliminary version.2. The cypriot legislature has to pass 20 bills implementing the "preliminary agreement" with the troika.
If anyone thinks the greek parliament had to do this legislation without sufficient time to deliberate, think about the cypriot parliament. They spent most of the negotiations with the troika, arguing that they didn't actually need it. And then suddenly caved in, because there was a bank run on Laika / Cyprus Popular Bank. (That nobody outside the local media and, err, me appears to have noticed). There's no report from the troika, there is no certainty that the banks can safely be recapitalised.
And the deadline from the ECB to recapitalise the banks is January 20th. And the state may run out of money before christmas.
A real mess....As usual something stinks. Must be something to do with the horse trading that goes on. Albeit dead ones, hence the stench. They'll be compromise and what will be left will be the usual fudge & a toothless banking union so full of holes that it would resemble a string vest. Alas poor Uk gave up its veto some time ago on financial matters! We are not there to determine any outcome and its likely banking supervision will be imposed across the EU not just the EZ! Meanwhile the rest of the world moves ahead, including the US, and the EU is stuck in its self inflicted cesspit. God help our young people across the continent
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Rehn calls for unity on banking supervision
The press conference ends with Olli Rehn urging finance ministers to resolve the issues around banking supervision when they meet again next week.
Rehn said:
I call on all EU member states to approach the matter of a single banking supervisor with constructive spirit.
That sounds like a clear signal to Paris and Berlin to sort the issue out.
5.55pm GMT
Journalists are asking about the question of Cyprus's potential bailout (as mentioned at 4.32pm). Is there a risk of the country running out of funds?
Finance minister Vassos Shiarly insists that Cyprus can meet its obligations over the next couple of months.
And Olli Rehn says that the Cypruys this is 'work in progress', adding:
There is no problem meeting the financing needs of Cyprus in the short term.
5.51pm GMT
Olli Rehn also confirms that Malta has been removed from the EU's excessive deficit procedure process.
However, plenty of other countries are still running deficits that are higher than Brussels would like.
Any other requests from Britain to the EU, Boris? Perhaps stick a bit of the Union Jack on the EU flag, a bit of Windsor coat of arms, maybe?
What a hypocrite and what a weak, weak Tory politician? Where is your backbone man? Stop messing about with stupid, pointless requests about Britain getting special dispensations from the other EU countries (why the hell should they really?) and demand, you, and all the other eurosceptic big Tory guns from your party leader a straight 'in' or 'out' of the EU referendum now. Let the people of this country decide and whatever comes off the referendum, they will just have to take it on the nose and say thank you too.
This is the same, decades old, utterly pointless hot-air posturing by the Tories about the EU, but nothing really happens. The years, the decades go by and there are the same Tory faces (+ UK broadsheet press journalists like the "polite", "affable" Peter Oborne and others) bashing the EU and the eurocrats and this and that....but what happens in the end? NOTHING. Absolutely nothing happens in the end, and Britain is waiting for the referendum to perpetuity.
Also, Boris my patriotic man, next time you express any views on our EU membership, I suggest you check first what the CBI think of our membership.
I have come to the conclusion that there are quite a few prominent political figures in the UK, who are subconsciously entertaining exaggeratedly grandiose ideas about Britain, manifested in expectations that the rest of the EU revolves around this country and what is good for this country.
I would be the first to shout in favour of a thriving City, and I would hope that our politicians, irrespective of the party, protect Britain's interests. But, no matter how I want and wish these things, I do know that the world does not revolve around what's good for Britain. Take, for instance, the possibility that the City stops being the euro's financial centre and that this moves to a eurozone country (say, Frankfurt). As the sixteen (minus Greece) move to ever closer integration over finance and administration, just why on earth should a country with a political class that has for years derided anything "euro-" continue to benefit from being the euro's financial centre?
Each time there is a European summit meeting, we send our PM to protect the interests of the City with the famous red lines that must not be crossed. Well, why should not the sixteen take care of their interests?
Besides, these decisions about currencies and financial centres are not made on the basis of sentiments or wishes, but on what is beneficial to those who call the shots on such matters. Which is precisely why the Chinese have (almost certainly) chosen the City to be the place when the Renminbi is floated free. So, if it comes to the point of the City no longer being the financial centre of the euro, the Renminbi is waiting in the wings.
Out one goes, one comes in :)
It's an interesting speech by Johnson, from the summary over at the politics live-blog
It all looks sensible, and yet:
This pared down relationship is essential and deliverable, though you will hear a lot of huffing and puffing to the contrary. Our partners want us there, in the sense that they need us as a giant export market. They need the UK to be there at the council table, making the case for free markets and for common sense.
Most certainly, the pared down relationship is deliverable. In the EEA. I think the idea that the other members "need the UK at the council table" would just raise a weary laugh. The UK can, yes, "make the case for free markets", but then so can quite a few other EU member-states. And "common sense" doesn't travel across borders. The perception (somewhat inaccurate, perhaps) is that the UK is pursuing a wrecking mission in the EU, for ideological and nationalist reasons.
Yes, the UK is a big market. There will be some room for compromise. But nothing like as much as the UK (whether Conservative or Labour) appears to think
Wiesbaden - Die Exporte der deutschen Wirtschaft sind im dritten Quartal kräftig gewachsen - vor allem die Ausfuhren in Länder außerhalb der EU legten zu. Insgesamt exportierten die Unternehmen von Juli bis September Waren im Wert von 275,4 Milliarden Euro, das waren 3,6 Prozent mehr als im Vorjahresquartal, wie das Statistische Bundesamt in Wiesbaden am Dienstag mitteilte. Die Ausfuhren in Länder außerhalb der EU legten um 9,9 Prozent zu. Ihr Anteil macht mit 44 Prozent mittlerweile fast die Hälfte der gesamten Exporte aus.
ANZEIGE
Deutlich zeigten sich im Sommer die Auswirkungen der Schuldenkrise in den südlichen Ländern des Euro-Raums: Die Ausfuhren der deutschen Unternehmen nach Spanien, Portugal und Griechenland gingen laut Statistik um teils mehr als zehn Prozent zurück. Auch der Wert der nach Italien exportierten Waren schrumpfte im Vergleich zum Vorjahresquartal um 12,4 Prozent.
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