Not looking good for France-business optimism is down
again:"...National statistics institute INSEE said on Tuesday [23rd. October] its
indicator for morale in the manufacturing sector slumped to 85 in October, worse
than the lowest estimate in a Reuters survey of 23 economists. The poll had
forecast business morale would be unchanged from last month at 90. The
indicator was dragged lower by a sharp deterioration in survey responses
relating to total orders and demand, which slumped to -39 from -28 in September
- dragged lower by the deepening recessions in southern euro zone nations such
as Italy and Spain, which rank amongst France's main export markets..."That's a big drop by any stretch of imagination...As a member of the public I would like to go on record as saying that I am
not deeply unhappy with the the EU. In fact, I am absolutely bloody furious ! A
bigger bunch of narcissist, egotiscal lunatics I have never seen in my life.
Their battle cry of "The project is more important than people" is never far
from their lips. Mr Hague do everyone a favour and tell "call me Dave" to get
going on planning a referendumon th EU now, the UK voting public would thank you
for it. As far as I'm aware the ESM is outside any laws and jurisdictions, not just
those of Europe.
If this lot doesn't constiture being above the law, I don't know what
does: "...In the interest of the ESM, the Chairperson of the Board of Governors,
Governors, alternate Governors, Directors, alternate Directors, as well as the
Managing Director and other staff members shall be immune from legal proceedings
with respect to acts performed by them in their official capacity and shall
enjoy inviolability in respect of their official papers and documents.
The ESM, it's property, funding and assets, wherever located and by whomsoever
held, shall enjoy immunity from every form of judicial process except to the
extent that the ESM expressly waives its immunity for the purpose of any
proceedings or by the terms of any contract, including the documentation of the
funding instruments.
The property, funding and assets of the ESM shall, wherever located and by
whomsoever held, be immune from search, requisition, confiscation, expropriation
or any other form of seizure, taking or foreclosure by executive, judicial,
administrative or legislative action.
The archives of the ESM and all documents belonging to the ESM or held by
it, shall be inviolable. The premises of the ESM shall be inviolable. The official communications of the ESM shall be accorded by each ESM Member
and by each state which has recognised the legal status and the privileges and
immunities of the ESM, the same treatment as it accords to the official
communications of an ESM Member. To the extent necessary to carry out the activities provided for in this
Treaty, all property, funding and assets of the ESM shall be free from
restrictions, regulations, controls and moratoria of any nature.
The ESM shall be exempted from any requirement to be authorised or licensed
as a credit institution, investment services provider or other authorised
licensed or regulated entity under the laws of each ESM Member..." And it's officers, staff, and associates, past and present, are also bound to
secrecy: "...The Members or former Members of the Board of Governors and of the Board
of Directors and any other persons who work or have worked for or in connection
with the ESM shall not disclose information that is subject to professional
secrecy. They shall be required, even after their duties have ceased, not to
disclose information of the kind covered by the obligation of professional
secrecy..." I know that all the politicians are fully aware of these ilegalities , but it's worth impressing it
once more, because I can't believe how any nation or state would sign up to this!
9 comments:
BERLIN—ECB President Mario Draghi launched a vigorous defense of his new bond-purchase plan before German lawmakers, seeking to quiet fears over the central bank's expanding role in battling the euro crisis.
The meeting between Mr. Draghi and members of Germany's Parliament is a crucial step in both the ECB's and German Chancellor Angela Merkel's efforts to keep Germany firmly behind Europe's efforts to prevent the 17-nation currency bloc from collapsing.
Mr. Draghi may not have convinced his hard-core critics in the German Parliament
ATHENS—Greece said Wednesday that a loan agreement it is negotiating with its creditors would give the country an additional two years to meet its budget targets in exchange for deep budget cuts and other measures.
Senior euro-zone officials, however, said no deal has been reached and no extension has been granted because a report by representatives of the country's creditors on Greece's progress on repairing its economy wasn't ready. Greece's creditors, the euro zone and the International Monetary Fund, are still at odds over how to come up with as much as €20 billion ($26 billion) necessary to finance the delay.
Chaos in the Greek parliament following a row over the country's revised bailout plan brought fresh gloom to the eurozone as figures showed the currency union moving closer to recession.The Greek finance minister was forced to drop claims that he had secured a two-year extension for debt repayments and an agreement with creditors over €13.5bn (£10.9bn) of proposed austerity measures when he addressed MPs on Wednesday.Yannis Stournaras had previously told MPs that a deal was ready, only to later admit that negotiators had yet to approve a final draft. The U-turn, which Stournaras was forced to admit after Germany denied any deal, triggered chaotic scenes in parliament as opposition MPs objected to proposed tax rises and job cuts.
It was unclear last night whether the government will be able to submit two separate bills on austerity cuts and labour reforms due to be debated in parliament next week.
Greece has spent months in talks with its creditors, headed by the troika of the International Monetary Fund, the European Central Bank and the European Union.
Stournaras wants Greece to cut its debt pile by reducing the interest and extending the term of its bailout loans. Analysts still expect Athens to win improved loan terms, though not until it relinquishes more supervisory powers to the troika, which wants to closely monitor any deal.
One Greek official said the troika would need to back down over demands for tough labour laws or risk a political revolt.
"Even if the troika give us a negative report, what are they going to do? Are they really going to not give us the instalment [to keep Greece's economy afloat] two weeks before the US elections, with everything that entails – default, bankruptcy, global market turmoil?" he asked.
"These labour reforms will turn our country into Bangladesh. They have no fiscal benefit and will actually derail the adjustment programme. The political system will collapse if we impose them.
"The troika is demanding that we commit suicide, which is why we believe this is a matter that should be solved on a political level by the prime minister and not with the troika."
Stournaras was forced into his U-turn after the German finance minister, Wolfgang Schäuble, told reporters in Berlin that a deal would be impossible until the troika concluded its report.
Schäuble, who is a key architect of the austerity measures dominating Europe's economic landscape, warned that the eurozone's finance ministers must also read the report before agreeing to the two-year loan extension called for by the Greek government.
The failure to settle the long-running dispute in Greece over the terms of its second bailout came as the latest data showed other eurozone economies worsening.
Factory output plunged in Germany, Europe's top economy and exporter, matching deteriorating conditions elsewhere that suggested the downturn will accelerate over the last quarter of 2012.
The financial data provider Markit said its eurozone purchasing managers' index (PMI) fell to 45.8 in October, its lowest reading since June 2009. The index has now been below the 50 mark that divides growth from contraction since February.
Chris Williamson, Markit's chief economist, said the eurozone was heading for recession. "The PMIs are running at levels in the third quarter and start of the fourth quarter historically consistent with GDP falling at about 0.6%," he said.
A decline in manufacturing output in Europe was offset by figures from the US and China showing the world's top two economies recovering from a poor summer.
A survey of Chinese manufacturers showed output shrank for a 12th straight month, but at the slowest rate for three years and order books were their most robust since April.
Manufacturing grew in the US, edging up to 51.3, said Markit. But falling overseas demand and uncertainty surrounding the US elections and fiscal policy suggested the sector's recent struggles would continue in the months ahead.
Many US companies have reported lower earnings for the quarter, hit by lack of demand and slower global growth.
The Federal Reserve made no changes in its program to drive down long-term interest rates at a meeting of its policy committee Wednesday.
The central bank noted in a statement that the economy has improved somewhat since its last meeting six weeks ago, with consumer spending picking up and the housing market continuing its recovery.
But it said that despite a drop in the unemployment rate to 7.8 percent last month, joblessness remains "elevated" and businesses have pared their spending plans, so it must maintain its extremely accommodative interest rates policies to nurture a faster recovery.
"Economic activity has continued to expand at a moderate pace," the statement said, but "the committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions."
The Fed has been purchasing about $85 billion a month in mortgage bonds, driving 30-year mortgage rates to the lowest levels on record, around 3.5 percent. Its launch of the program last month sparked the biggest refinancing boomlet since 2009, but that wave has started to wane somewhat.
The Mortgage Bankers Association on Wednesday reported a 13 percent drop in refinancing applications last week as the average 30-year mortgage rate ticked up slightly to 3.63 percent from 3.57 percent the week before.
Tras 'salvar' a España del 'bono basura', MoodyŽs también ha mantenido sin grandes cambios la calificación de las principales entidades financieras del país. La agencia de calificación ha decidido bajar la nota al Liberbank y hundirla más en el grado especulativo, este banco se queda con la calificación Ba2.
En un informe difundido esta noche, MoodyŽs confirma la nota del resto de bancos aunque subraya que mantiene la perspectiva negativa para sus calificaciones debido a que muchas de estas entidades se encuentran inmersas en procesos de fusión, entre ellos el Banco Popular, que ya estaba en el grupo de los que tienen 'bono basura'.
La agencia divide a las entidades en función de su grado de vinculación con el Estado y dependiendo de si están en procesos de fusión, de tal forma que aún mantiene algunos casos en revisión a la espera de cómo vayan evolucionando.
r encima de la calificación de grado de especulación, prosigue el Banco Santander ('Baa2'), así como Banesto, BBVA, Caja Rural de Navarra, Caixabank, Caja Laboral y Banca March, todos ellos con notas de 'Baa3'. Moody's también establece la calificación de 'Baa3' para el Instituto de Crédito Oficial (ICO).
Por su parte, con 'Ba1' figuran Bankinter, Kutxabank, Bankoa, Banco Sabadell, Banco CAM, Banco Popular, Banco CEISS y la Confederación Española de Cajas de Ahorro (CECA). Un escalón por debajo, en 'Ba2', aparecen Ibercaja, Bankia y Liberbank, que ha visto caer su 'rating' desde 'Ba2' por el fracaso de su fusión con Ibercaja. Novagalicia Banco figura con 'B1', al igual que Catalunya Banc, según el listado difundido.
La última vez que Moody’s decidió rebajar la nota de los bancos españoles fue en junio, poco después de que el Gobierno pidiera un rescate a Bruselas para acceder a un préstamo de hasta 100.000 millones de euros para sanear el sistema bancario español. Estos fondos todavía no han comenzado a llegar. Aquella decisión, sorprendió por su dureza, puesto que bajó de golpe la nota de 28 entidades.
El anuncio de este miércoles no tendrá mucho impacto en el mercado, ya que los analistas lo descontaban tras la confirmación del 'rating' de la deuda de España.
El Fondo Monetario Internacional (FMI) y la Comisión Europea han matizado el anuncio griego por el cual se había cerrado un acuerdo sobre el nuevo plan de ajustes exigido a cambio del rescate.
"Se han hecho progresos en los últimos días pero quedan cuestiones pendientes por resolver antes de concluir un acuerdo completo", señala el fondo en un comunicado.
Horas antes, el ministro de Finanzas griego, Yannis Sturnaras, anunció el acuerdo con la 'Troika' tras retirar ésta sus exigencias sobre la flexibilización laboral.
"El paquete está cerrado", dijo el ministro, quien precisó que el viernes próximo informará al grupo de trabajo del Eurogrupo sobre los detalles del acuerdo.
El Fondo Monetario Internacional (FMI) y la Comisión Europea han matizado el anuncio griego por el cual se había cerrado un acuerdo sobre el nuevo plan de ajustes exigido a cambio del rescate.
"Se han hecho progresos en los últimos días pero quedan cuestiones pendientes por resolver antes de concluir un acuerdo completo", señala el fondo en un comunicado.
Horas antes, el ministro de Finanzas griego, Yannis Sturnaras, anunció el acuerdo con la 'Troika' tras retirar ésta sus exigencias sobre la flexibilización laboral.
"El paquete está cerrado", dijo el ministro, quien precisó que el viernes próximo informará al grupo de trabajo del Eurogrupo sobre los detalles del acuerdo.
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