picture: Karl-Ludwig G. Poggemann

As finance ministers sat together at the Ecofin meeting last week, the future of the Eurozone was at stake, with Greek political deadlock casting a shadow of darkness over its own euro existence. Greek President Karolos Papoulias was going to ask politicians last Tuesday to stand aside and let a technocratic government be formed to avoid bankruptcy of the heavily indebted Balkan country even though radical leftists from Syriza party have already rejected the proposal…

sarkozy

Voters decided if they still want to live on others‘ money. Savings or growth? A false dilemma with irresistible sex appeal to politicians. The Golden Dawn in Greece. Why Hugh Hendry is concerned about his assets in Europe? In Spain thr nationalization of banks‘ debts is launched – will they manage to break record annual deficit of Ireland (32% of GDP)? French and Greeks were voting during the weekend. Results of both elections will lead to…

bulgariarecession

In most recent years a famous graph, showing how deep the recession is in the UK and what is the path of recovery, appeared periodically. The graph is made by the National Institute of Economic and Social Research (NIESR) and compares the profile of the worst recessions in the UK over the past 100 years. The graph clearly shows that the last economic decline from 2008 is the longest of all compared episodes and that…

recesia

Marshall is coming back to Europe, where British argue with French about banking rules and Greeks want to place mines on the borders. Even though a new wave of recession is flooding Europe, rating agencies turned gentlemen  and raised a couple of ratings. Fiscal pact hasn’t properly cooled down yet and there is already anti-austerity mood in Europe, not only among demonstrating people but also among politicians. Maybe it is because of the level of unemployment in…

family

Are there the first signs of banks‘ restructuring? Will Netherlands lose its AAA rating? Spain won a battle, but the war is not over yet. Sarko once again wants to reach for the treasure buried in ECB, Argentina is nationalizing, Italians are burning paintings, and ECB officials are afraid of inflation. Following Germany, also Ireland will determine the constitutionality of the „fiscal pact“ and the new European Stabilization Mechanism. They were challenged by the Irish MP…

FE_15

Will a knight from the executive board of ECB buy problematic bonds for his private portfolio as well? Are the „fiscal pact“ and ESM unconstitutional? Do you know that through the European funds you are also contributing for the early retirement of the boss of the company which was bought by Facebook for a billion dollars. It seems that the period of peace brought about by the massive intervention of ECB is coming to an end. The…

FE_14

Europe promised even more money which it doesn’t have, Spain promises painful cuts, Slovakia higher taxes. Euro Bill keeps increasing, we will pray for its rescue and just 11-year-old Dutch children want to expropriate Greeks.  We will start this week rather gloomily. On Wednesday morning an older man, former pharmacist  Dimitris Christoulas, committed suicide by shooting himself at the busy square in front of the Greek parliament in Athens. He left a letter, in which he…