Saturday, May 11, 2013

Enough - UE has to be dismentled ASAP !!!

SOFIA, Bulgaria—Mass protests in Bulgaria against austerity measures and energy costs forced out the government in February. Elections set for Sunday could lead to more political turmoil.
Recent public-opinion surveys indicate that the conservative party that led the previous administration and its main, left-leaning challenger are running neck-and-neck, complicating prospects for the formation of a governing coalition.
Unhappiness with low living standards and perceived corruption in the European Union's poorest member state boiled over this past winter, leading to nationwide demonstrations, initially over rising electricity prices....Elsewhere in Europe :  Merkel's cabinet on Wednesday endorsed legislation putting the ECB in charge of supervising eurozone banks. But Berlin is hostile to further moves that would share risk and liability across the eurozone banking sector, such as pooled funds for winding up failed banks and spreading responsibility for guaranteeing savers' deposits. The latter is viewed as a no-go area in Germany while Berlin takes the view that a bank resolution system should be essentially national rather than European. The German finance ministry has been arguing for the past fortnight that a full eurozone banking union would need a renegotiation of EU treaties, an arduous and lengthy process. The eurozone agreed in June last year to create the banking union and to use bailout funds to recapitalize weak banks directly without adding to governments' debt levels. But the Germans then delayed and diluted the policy which is to be revisited at an EU summit next month. Washington voiced exasperation. "It is important to move forward with full banking union. Last year, European leaders vowed to break the feedback loop between banks and sovereigns, but momentum has waned," said the senior official.


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Anonymous said...

Our country is drowning in debt on a national and personal level. Even today those debts threaten the very existence of yet another bank allegedly the Co-op.

Lending money to people and business's who cannot afford to repay them is foolhardy and must not be repeated.

Anonymous said...

Senior staff at Goldman Sachs confronted Bloomberg after journalists at the media and financial data business told Goldman employees that they had been using the machines to keep tabs on the bank’s staff.

JP Morgan is also understood to have raised concerns about journalists accessing information about its staff to inform coverage of the “London Whale” scandal last year.

Writers were able to check on users to see how often they logged into their machines, what articles they were reading, and how often they used functions such as Bloomberg’s instant messaging service. “You can basically see how many times someone has looked up news stories or if they used their messaging functions. It made us think, 'Well, what else does [Bloomberg] have access to?’” the New York Post quoted one Goldman insider as saying.

Anonymous said...

It is understood Bloomberg staff were open about using the information. After the complaint, Bloomberg blocked access. “In light of [Goldman’s] concern as well as a general heightened sensitivity to data access, we decided to disable journalists’ access to this customer relationship information for all clients,” said a Bloomberg spokesman.

However, many traders remain worried about the potential security risk. The black boxes are common across the City and Wall Street, and are used to access share prices in real time and breaking financial news.

Anonymous said...

A Milan appeals court upheld former prime minister and centre-right leader Silvio Berlusconi’s four-year sentence for tax fraud on Wednesday, adding to the complications facing Italy’s fragile coalition government.

In addition to the prison sentence for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset, the court’s ruling would also bar Berlusconi from holding public office for five years.

However, neither sentence will take effect unless confirmed in a final appeal before the court of cassation, making it unlikely that “Il Cavaliere,” as he is known in Italy, will find himself behind bars anytime soon.

“Berlusconi will not go to prison for at least two reasons,” Giuseppe Guastella, a journalist for Italian daily Corriere della Sera, told FRANCE 24. “Firstly, the court of cassation still needs to rule on his case, which will most likely be in the fall of 2013. Secondly, because of an amnesty law passed in 2006, three out of the four years in his sentence will be automatically annulled, and the fourth year will be dedicated to community service, given Berlusconi’s advanced age.”

The 76-year-old media magnate was accused of inflating the price paid for television rights using offshore companies under his control, and skimming off part of that money to create illegal slush funds

Anonymous said...

Protests over the last three months in Bulgaria have included several self-immolations meant to draw attention to corruption among political elites with ties to organized crime. But few expect Sunday's parliamentary elections to change much.

The city hall in Varna is a hulking, late communist-era eyesore with mirrored windows and a concrete canopy above the entrance. People instinctively lower their heads as they walk in. Plamen Goranov set himself on fire on the plaza in front of this building, which seeks to turn citizens into subjects.


At a little before 7:30 a.m. on February 20, Goranov turned up in front of the mayor's office carrying a gas canister and a banner. The city council should resign, he shouted before pouring gasoline over his body and setting himself on fire.

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