Eurozone is in recession and going into a deflationary spiral, France is a
basket case the UK will escape the EU....As far as I can see Greece, Italy,
Spain, Romania, Cyprus, Latvia, Malta, Hungary and Slovenia have had their
economies totally shafted by the Euro. Now even the big guns of France and
Holland are going down. Even the mighty Germany is shrinking and heading for
deflation. Please forgive me if I say do the opposite to whatever is happening
in the Eurozone, avoid these policies, prod with bargepole etc. ... They're a
bunch of raving lunatics FFS. The EU wouldn't exist if not for the British
Commonwealth, United States and Russia. Plus we formed a successful single
currency area several hundred years ago that will outlast the eurozone. The
arrogance appears to lie with the bumbling continentals who wouldn't listen to
those who said that there was a need for political union before currency union.
So we have every right to lecture the rest of the EU.... The Commission forecast
says euro-area growth will shrink by 0.4% this year, down from 0.3% forecast in
February. France will go into recession this year with negative growth of 0.1%
and unemployment rising to 10.9% in 2014 from 10.6% this year. On Thursday, the
European Central Bank cut interest rates on growth worries. "Grappling with the
aftermath of a profound financial and economic crisis, the EU economy is set to
pick up speed only very slowly in the course of this year," the report said. It
predicted that France's deficit would rise sharply from 3.9% of GDP this year to
4.2% in 2014. That prompted the EU's commissioner for economic affairs, Olli
Rehn, on Friday to say it would be "reasonable" to give France two extra years
to meet the EU deficit target of 3%. However, Reuters reported a French finance
ministry official as saying that, despite Mr Rehn's comments, the country would
stick to its aim of meeting the 3% target in 2014.
Access Investments-Building Awareness - European Union-ROMANIA
Sunday, May 5, 2013
Eurozone is in recession and going into a deflationary spiral, France is a
basket case the UK will escape the EU....As far as I can see Greece, Italy,
Spain, Romania, Cyprus, Latvia, Malta, Hungary and Slovenia have had their
economies totally shafted by the Euro. Now even the big guns of France and
Holland are going down. Even the mighty Germany is shrinking and heading for
deflation. Please forgive me if I say do the opposite to whatever is happening
in the Eurozone, avoid these policies, prod with bargepole etc. ... They're a
bunch of raving lunatics FFS. The EU wouldn't exist if not for the British
Commonwealth, United States and Russia. Plus we formed a successful single
currency area several hundred years ago that will outlast the eurozone. The
arrogance appears to lie with the bumbling continentals who wouldn't listen to
those who said that there was a need for political union before currency union.
So we have every right to lecture the rest of the EU.... The Commission forecast
says euro-area growth will shrink by 0.4% this year, down from 0.3% forecast in
February. France will go into recession this year with negative growth of 0.1%
and unemployment rising to 10.9% in 2014 from 10.6% this year. On Thursday, the
European Central Bank cut interest rates on growth worries. "Grappling with the
aftermath of a profound financial and economic crisis, the EU economy is set to
pick up speed only very slowly in the course of this year," the report said. It
predicted that France's deficit would rise sharply from 3.9% of GDP this year to
4.2% in 2014. That prompted the EU's commissioner for economic affairs, Olli
Rehn, on Friday to say it would be "reasonable" to give France two extra years
to meet the EU deficit target of 3%. However, Reuters reported a French finance
ministry official as saying that, despite Mr Rehn's comments, the country would
stick to its aim of meeting the 3% target in 2014.
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BERLIN - An Italian judge has convicted Deutsche Bank of fraud, as the bank struggles to save its reputation amid widening probes over tax evasion and rate-fixing after the departure of its former CEO Josef Ackermann.
Deutsche Bank was convicted together with US giant JP Morgan Chase, Switzerland's UBS and a German-Irish bank, Depfa, for their role in overseeing fraud by their bankers in the sale of interest rate bets to the city of Milan. About €90 million are to be seized from the four banks, who will also have to pay €1 million each in fines.
The case is only the first in a series of similar complaints: around 600 Italian municipalities had bought such derivatives and lost about €4 billion during the financial crisis, according to the Italian central bank.
In parallel, Deutsche Bank is part of a worldwide investigation for altering the British benchmark interest rate (Libor) and its euro-counterpart (Euribor). Once the European Central Bank takes over the supervision of eurozone's largest banks, Deutsche Bank will fall under the new scrutiny.
The Milan sentence, which can still be appealed, also comes after Deutsche Bank had its Frankfurt headquarters raided last week in a probe for alleged tax evasion on profits cashed in from trading with carbon permits.
Germany's largest commercial bank, once renowned for its solid and risk-averse business, has been transformed over the last decade into an aggressive investor and speculator with risky bets known as derivatives, largely due to the leadership of Swiss top banker Josef Ackermann, who stepped down earlier this year.
The US Senate named the German bank alongside Goldman Sachs as the two institutions that played a “key role” in the financial crisis.
But unlike Denmark's Danske Bank whose management apologised for its role in the financial crisis, Ackermann still got praise for it.
At his opulent farewell party, Ackermann received video-testimonials including from EU commissioner Olli Rehn, who praised him for "restoring confidence in the financial sector."
Ackermann's successor, Juergen Fitschen, who vowed to change the company's culture, has meanwhile also come under fire in Germany for having phoned up the regional governor to complain about the police raids which are denting his bank's reputation.
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