Final Exams in the European Banking System
Except for few unfortunate ones, high schoolers have already finished their key exams. European banks have not.
EFSF
No New Rules But Commitment to the Old Ones
Are you catching up all the tools, actions and countermeasures designed to save the eurozone from a break-up? Let’s count them together. Bilateral loans to Greece, IMF loans, SMP, EFSM, EFSF, LTRO, Sixpack, Fiscal Pact, ESM, OMT… It’s difficult to find a politician, not to say an ordinary citizen, who understands all these abbreviations. And still, these letters mean hundreds of billions of euro. Each of these tools represents also a set of rules, which…
Draghi’s Bluff Revealed – Fiat Euro! 31/2012
Central banks still don’t provide monetary opium, how long will the current illusions last without it? New taxes and economic growth. Milton Friedman would be 100 years old. Crisis is 5 years old. Last week we challenged the governor of the ECB Mario Draghi, who promised the moon to the markets, to stop talking and to show the money instead (Show Me the Money!). This week it turned out that there is no money to cover…
Waiting for ESM – Fiat Euro! 28/2012
Is destabilization of the EU really the only alternative? German constitutional court takes its time. The state won’t allow any competition in manipulating interest rates. Many Spaniards have put all the eggs in one basket, which is currently hitting the ground. When Silvio is talking, rating agencies are listening. New chairman of the Council for Budget Responsibility and former governor of the National Bank of Slovakia Ivan Šramko claims that there is no alternative for…
Mr. Euro-Bond
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…
Euro Bill Updated
The Euro Bill is project run by Slovak think tank INESS, which tracks all guarantees and expenses related to euro zone rescue efforts. The May update includes several changes, related mainly to the spring default of Greece. Paradoxically, the overall sum of guarantees dropped slightly to EUR 1860 per capita (in Slovakia). This is due to casino online “accounting” changes. The buy cheap cialis online old IMF program, which granted Greece EUR 30 billion together…
Slovak Euro Bill Updated
The INESS Institute, independent Slovak think tank, runs a regularly updated the Euro Bill on its specialized website eurokriza.sk. The Bill contains structured records of all Slovak guarantees, borrowings, and share of bond purchases related to the Euro-rescue efforts. After the last update from the late March 2012, the Euro Bill reached EUR 1869 per capita in Slovakia. The level of currently activated funds rose to EUR 495 per capita. Following events and changes were…
Fiat Euro! 13/2012
Why the zombie banks aren’t stressed by stress testing, about Austrian Japanese, and about how difficult life the Spanish banks and especially Spanish bankers have. And that Trichet, even though he uses bad economic theories and non- functioning economic models, doesn’t regret anything. When it comes to solving the crisis in Europe, many people use the example of the USA, where central bank during the crisis provided the whole financial sector with guarantees, which apparently…
Fiat Euro! 12/2012
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…
Fiat Euro! 08/2012
About good news from Iceland, the next act of Greek drama, Spanish ghost city, Presidential poetry and tough love in Europe. We have good news for you. Iceland is not junk anymore. Iceland is a country whose credit rating, unlike in the rest of Europe, started to rise. Why is it important? Iceland has done what European insolvent countries and monetary union still resists doing. After the crisis, which mainstream economists and governors didn‘t see coming,…
