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Greek run continues – sPain or sPanic? Fiscal rules will be strict. Right after exemptions for Spain, Italy…Will Spiderman save the banks? Can somebody who doesn’t pay taxes criticize others for not paying taxes? Who works the hardest in the EU? Will Greeks unveil the European bluff? Jogging on banks in peripheries continues. EUR 31 billion (1.9%) were withdrawn from Spain in April. Portuguese central bank also warns against possible withdrawal of the deposits from…

picture: Jean-Marc Ayrault

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…

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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…

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This week about Big Berta, Stiglitz’ duel with bad speculators, why Greece needs planning commissioners and about open hunting season for bad news messengers in the European Parliament. The second round of three-year tender loans of the European Central Bank (according to ECB President Mario Draghi so-called “Big Bertha”) flooded the system with 529.5 bln of future euro. 800 banks took 3-year loans with interest rates 1% (it was 523 bln. during the first round…