We received the Nobel Peace Prize. The British want to have their own laws at home. Will we pay new taxes to fill in the Eurozone’s budget? ESM is officially working, we will see how much it will finally cost us. Red Cross is going to help Spain. Majority of us haven’t ever won any award, so this news is completely out of the blue. We received the Nobel Peace Prize! Well, the European Union…
Finally we are sending ESM our money. Spain is waiting for a miracle. Greeks saved money for karts. Iranians made a bomb – inflationary bomb! Similar bomb is predicted by FED’s models. So we finally have it. After months of negotiations, voting and ruling ESM – the permanent bailout mechanism – is finally here. It is the first time when Slovakia provided real money for saving the euro, to be specific EUR 264 million. As the saying…
Spanish economy is now producing nothing else but promises. Why to lock trash bins and how many policemen are needed against one disabled person? IMF against the EU
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…
Unexpected news came from Scandinavia last week. Sweden will have lower corporate tax rate than Slovakia! Last Thursday Swedish government announced its intention to lower tax rate from 26,3% to 22% in order to „strengthen climate for investments and growth“ in the country. Well, even Scandinavian socialism is not what it used to be. Truly shocking news from Southern Europe: Greece will need a third bailout. According to the country’s representative in the negotiations of…
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…
When is going to happen the next Slovak cabinet billion-worth meeting? Is Draghi tough because Angela is on hliday? Will be two Greek bankrupts within six months a new European or Olympic record? What a week! When it come to euro crisis, there is no silly time for sure. For example, how many Slovak cabinet meetings, during which our representatives approved 1 billion EUR for a Spanish black hole, have there been before? For example, the whole fiscal…
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…
ECB trade unions protest, Barclays collects all the prizes both at home and abroad, Sarkozy packed toothbrush and pajamas – just in case, Finns and Dutch are disobedient, Klaus witty about the Europe as always. And you know who rules the EU? Communists. Ongoing crisis has profound social implications. So significant that they were noticed even by the trade unions in ECB. In a survey carried out among employees it turned out that the years of hard…
Who wants to be Minister of Finance of Greece should report to the director. Everyone in ECB was following football, players used as a collateral were playing. Will ESM turn into European zombie banks hedge fund? Will ESM run out of resources even before it is set up? Troika still hasn’t gone to Greece to assess the situation there. Local leaders are affected by health problems – both Prime Minister and Minister of Finance were…
