Will Germany open its arms to the call from new French leader Francois Hollande for growth supporting measures instead of pure austerity imposed by the Sarkozy-Merkel duo? That was the key question at the European Union summit held in Brussels last week. Taking a decisive step in ramping up the European effort for containing for the ongoing debt crisis could not be expected. The issue of European Financial Stability Facility (EFSF), the €700 billion rescue fund…

About the Greeks beating German-looking pensioners and Greek members of parliament playing black metal, while Merkel is happy to gamble with their lives. About fiscal pact, which is good in one country and bad in another one, about reducing debt with the help of magic and about American budgetary hockey game, which ended 99:0. After  3 000 years Greeks have improved the art of drama to the level of perfection. After practically nobody happened to agree…

On March 2, EU-25 leaders signed the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, commonly called the Fiscal Compact. The Treaty was not signed by the Czech Republic and Great Britain. Lithuania joined the treaty, but it still needs to be ratified by the Lithuanian Parliament (Seimas). Not being a member of the eurozone, Lithuania would be able to choose, which particular provisions of the treaty to commit to. However,…

Why not to believe door-to-door sellers, central bankers; which European country is the closest to a default,how Italians save money  on food to sendpayments to the investment bank Morgan Stanley thanks to their clever politicians, and finally about really clean money.By the way, do you have a chicken at home already? Mario Draghi, president of ECB, told the German newspaper Bild that when it comes to the European debt crisis, the worst part is already behind…

photo: League of Women Voters in California

As the portal czechposition.com writes Czech government adopted a proposal concerning national referenda which gives Czechs the chance to vote in referendum on important national and foreign issues. According to the proposal calling referendum 250,000 signatures under a petition and for the referendum to be valid the turnout cannot be lower than 50% of the voters. The latest referendum in Czech Republic took place in 2003 and Czechs voted in favour of joining the European…

As The Budapest Times writes the EU presented Hungary with ultimatum: either the coutry will prove to the EU that it has its budget under control until 22 June or it will lose a big share of development funds for 2013. In order to meet the EU deficit target (below 3% of GDP) further cuts on spending are necessary. They will most probably affect mainly subsidies for transport and medicines. More about financial situation of…