Euro Zone Finance Ministers to Wrestle With Greek Debt

| November 12, 2012 | 0 Comments

BRUSSELS — Finance ministers from euro area countries were scheduled to gather here on Monday evening to confront a Greek debt that still threatened to torpedo the European monetary union after three years of unbroken crisis. But the ministers still were unlikely to sign off on a long-delayed tranche of aid for Greece ahead of […]

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Britain and the banking union: not in the euro but run by the euro?

| October 20, 2012 | 0 Comments

This week’s EU summit will see an unusually confusing cocktail of proposals and ideas for how to solve the eurozone crisis: a eurozone fiscal discipline commissioner (favoured by the Germans but opposed by many others), a eurozone treasurer and a specific eurozone budget to facilitate joint borrowing (favoured by Council President Herman van Rompuy and […]

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Can the euro be saved through internal devaluation alone – and at what political cost?

| September 28, 2012 | 0 Comments

The Spanish government yesterday presented the toughest budget and set of reforms in the post-Franco era, amid continued discontent across the country.  The crux for Spain and other weaker euro countries is familiar: since they don’t have the option of currency devaluation to get their economies back on track, all adjustment must instead be achieved […]

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German Constitutional Court ratifies ESM bailout. But that won’t save the euro

| September 13, 2012 | 0 Comments

The German Constitutional Court has ratified the eurozone bailout package. The bill will now be signed into law. At issue was the legal matter of whether the permanent bailout fund which the eurozone nations had established (the European Stability Mechanism) was in keeping with the German constitution. The ESM is a scheme which allows joint […]

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Will Spanish depositors kill the euro?

| August 30, 2012 | 0 Comments

There’s a school of thought out there that Spanish depositors will determine the fate of the euro. The theory is simple: if or when Greece exits the euro, Spanish depositors will panic. Seeing that it’s possible for countries to leave the single currency – previously a no-go – Spanish depositors will rush to empty their […]

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German, French finance ministries to coordinate euro zone proposals

| August 29, 2012 | 0 Comments

BERLIN (Reuters) – The finance ministries of Germany and France will launch a working group with a view to making joint proposals on euro zone issues like fiscal and banking union, German Finance Minister Wolfgang Schaeuble said on Monday. “We will start in the next days and weeks a working group between our ministries to […]

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German finance ministry studying "Grexit" costs: paper

| August 24, 2012 | 0 Comments

BERLIN (Reuters) – A working group led by Germany’s deputy finance minister is studying the possible economic impact of a Greek exit from the euro zone, a newspaper reported on Friday, as Chancellor Angela Merkel prepared for talks with Greece’s prime minister. Merkel says she wants Greece to stay in the common currency despite increased […]

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UK taxpayers face £1bn bill if stricken Greece leaves the euro

| August 22, 2012 | 0 Comments

By Deputy Political Editor PUBLISHED: 18:10 EST, 21 August 2012 | UPDATED: 01:47 EST, 22 August 2012 British taxpayers will have to contribute to yet another bailout fund for Greece if it leaves the euro, Treasury officials have admitted. The UK would contribute to a soft landing fund for Greece put together by the International […]

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Ex German Finance Minister favors joint euro zone debt

| August 11, 2012 | 0 Comments

BERLIN (Reuters) – Former German Finance Minister Peer Steinbrueck, a possible challenger to Chancellor Angela Merkel in next year’s election, spoke out in favor of common debt issuance in the euro zone even though the Berlin government and most Germans oppose it. Steinbrueck, popular with the middle-of-the-road voters his centre-left Social Democrats (SPD) hope to […]

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Cailloux Calls Euro Finance Ministry a Good Proposal

| August 10, 2012 | 0 Comments

June 2 (Bloomberg) — Jacques Cailloux, chief European economist at Royal Bank of Scotland Plc, discusses European Central Bank President Jean-Claude Trichet’s proposal that governments should consider setting up a finance ministry for the 17-nation euro zone. Trichet is setting out his vision for how the euro can be better managed just months before he […]

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