Good Morning and yes , the trend is not your friend - not in Europe at least ! The push for the Super State is on the move , not pausing for a minute. Imagine where else bit in a Nanny state where the remedy for breaching a balanced budget rule would be fining the violators - thus pushing the violators further in breach of the rule , right ? Of course , that follows the EU once again beseeching Germany ( and the balance of the not broke yet nations ) to step up their transformation into formally broke ( and broken ) nations !
In response , Germany naturally demurs on rushing to join the formally broken nation Club - its not quite ready to speed up payments for the presently unratified ESM , the current excuse being all participating countries should be onboard first. Not quite what the German finance Schauble said just a couple of weeks ago about Germany bringing its ESM payments considerably - but we know things change !
The focus presently is all Greece , all the time - but keep in mind Portugal is waiting in the wings. the time for its " insolvency " close up " is nearing. Just note the sharp ramp in the borrowing costs for Portugal and the apparent lack of ECB support ( where is that SMP Program to buy some of the debt of Portugal ? ) Get another Troika Team ready for a road show - destination Portugal.
Finally , as a closing thought , for once Greece Finance Minister Venizelos is right. Now is the critical time for the Final Battle . My questions to the FM - are you aware what War is being fought and who your enemies actually are ?
10.51 The EU's highest court will be able to fine any country that does not adopt a balanced budget rule in its constitution with a penalty of up to 0.1pc of GDP, shows the latest leaked draft treaty. That cash would be ploughed back into the ES
In response , Germany naturally demurs on rushing to join the formally broken nation Club - its not quite ready to speed up payments for the presently unratified ESM , the current excuse being all participating countries should be onboard first. Not quite what the German finance Schauble said just a couple of weeks ago about Germany bringing its ESM payments considerably - but we know things change !
The focus presently is all Greece , all the time - but keep in mind Portugal is waiting in the wings. the time for its " insolvency " close up " is nearing. Just note the sharp ramp in the borrowing costs for Portugal and the apparent lack of ECB support ( where is that SMP Program to buy some of the debt of Portugal ? ) Get another Troika Team ready for a road show - destination Portugal.
Finally , as a closing thought , for once Greece Finance Minister Venizelos is right. Now is the critical time for the Final Battle . My questions to the FM - are you aware what War is being fought and who your enemies actually are ?
10.51 The EU's highest court will be able to fine any country that does not adopt a balanced budget rule in its constitution with a penalty of up to 0.1pc of GDP, shows the latest leaked draft treaty. That cash would be ploughed back into the ES
09.15 Greek Finance Minister Evangelos Venizelos has been speaking this morning about the negotiations on a debt haircut for private investors and over the next round of bail-out cash.
Not a long statement, by any means, but quite dramatic...
Now is the critical moment for the final battle.08.45 There are negotiations aplenty in Greece today, with talks being held with the country's private creditors and the troika, which holds the purse strings on the much-needed bail-out cash.
08.20 Hungary has abandoned its planned merger of its central bank and its financial markets regulator, says PM Viktor Orban. The plan was causing a great deal of conflict between Hungary and the EU.
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