Showing posts with label BSC C China. Show all posts
Showing posts with label BSC C China. Show all posts

Tuesday, July 31, 2012

Perhaps Finland will be the first Country to say enough is Enough and leave.

Frau Merkel knows well - and if she has forgotten, the many irate German taxpayers posting on German newspaper websites can inform her - that if she she is going to 'protect' anything, it is to follow the oath she took on becoming Chancellor. 'To protect the German people and to avert their harm." ("das deutsche Volk zu schuetzen, und von ihm Schaden abzuwenden.") There was a reason for this oath. A previous Chancellor (can't recall who) had pursued a policy that was likely to result in the wholesale death of German citizens and the destruction of their wealth. So the post-war founding fathers of the BRD worded the oath veeery carefully. Of course, being a socialist technocrat from (communist) East Germany, and a loyal citizen of the GDR, she may not have noticed the wording of this oath of what is, after all, for her a foreign country. I'd just like to remind her. 'To protect the German people and to avert their harm." Nichts zu ungut, Frau Kanzlerin. If she carries on like this, Mrs Merkel will have created the most misery in the whole of Europe since once of her predecessors tried to unify the continent under a single government. That failed, too..... The EEC/EC/EU was designed to be run by the French and paid for by the Germans. We know this. The German population are now finding this out and are beginning to object. With a few exceptions, the rest of Europe cannot keep up economically with Germany. The Germans should realize that as each of the various EZ countries come under pressure and needs a bail-out, then they will eventually be left trying to deal with the whole cost. They could not afford it and therefor want the rest of the countries to reform their economies. What the Germans also do not realize is that as more power goes to the center "More Europe" they will have less control over their future and their finances. They would be outvoted by the "club med/Latin" countries including France and Belgium. Position reinforced with France in charge and Germany paying. Their best route forward would be to leave the Euro, and for it to be based on the Latin Bloc led by France. Would involve losses but rest of existing EZ would have a better chance to paying for the debts. If, and it is a big if, Germany and a few other countries were planning this they would hardly say this. Perhaps Finland will be the first Country to say enough is Enough and leave.

Wednesday, January 11, 2012

Quiet day - The FTSE 100 rose 1.5pc, or 84.44 to 5,696.7 after investors were reassured by the ratings agency that Europe's second largest economy was not at front-line risk of contagion from the ongoing eurozone debt crisis. "In the absence of important shocks that could be linked to a strong worsening of the situation in the eurozone, Fitch does not foresee modifying its negative outlook [on France] before 2013," a spokesman said. The CAC 40 in Paris closed up 2.66pc at 3,210.79, while the DAX in Frankfurt rose 2.42pc to 6,162.98. Fitch affirmed France's top-tier credit rating in December but revised its long-term outlook to "negative" from "stable", citing the intensification of the eurozone debt crisis. Italy remained the biggest worry among the embattled eurozone countries, Fitch said, and warned it could see its credit rating cut this month.

Saturday, January 22, 2011

Five cajas failed Europe-wide stress tests on banks last year. The Bank of Spain has forced them into a round of mergers, reducing their number from 45 to 17 last year. High levels of bad property loans at the cajas are seen as a major risk for Spain as it slashes its budget deficit to stave off fears it will need an Irish or Greek-style rescue from the European Union and International Monetary Fund. Estimates of the cost of recapitalising the savings banks range from €17bn (£14.4bn) to €120bn, with consensus falling in the €25bn to €50bn range, according to Reuters. Economists say Spain could afford that level of rescue without seeking outside aid.The banking sector has so far set aside €88bn to cover losses on total loans of €439bn to real estate and construction. Spain's borrowing costs have soared amid worries that the sovereign debt crisis that forced Greece and Ireland to seek bailouts will spread to Portugal and then Spain. A budget deficit of 9.3% of GDP in 2010 and stagnant growth have added to the worries, though the government is hitting deficit reduction targets and pledges pension and labour reform shortly. Analysts welcomed the promise of caja recapitalisation. "This underpins hopes that Spain is now on the right track," Commerzbank strategist David Schnautz told Reuters.