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Eurointelligence daily briefing: Is the Iceland referendum a harbinger for popular unrest in the eurozone? (11.04.2011)
The people of Iceland voted against the Icesafe deal for the second time - raising the prospect that popular anti-establishment unrest may spread to the eurozone; dispute with UK and the Netherlands will now go to the EFSFEFTA court; 45% of Irish executives said to be in favour to burn bank bondholders according to a survey of Ireland's 200 top companies; another poll suggests that though support for Enda Kenny is up, there is much anger over his enforced U-turn on bailing in bank bondholders; the European Banking Authority says silent capital is unacceptable, and sets 5% for core equity tier-1 as the pass threshold for the stress tests; two German Landesbank at risk, and Wolfgang Schäuble says no money from Berlin if any of the banks would fail; Axel Weber calls on Landesbanken to convert silent capital into ordinary capital; European finance ministers reject bridging finance for Portugal, and demand tough austerity as a quid-pro-quo for a loan; Elena Salgado says: We are safe; Wolfgang Münchau says: You are not safe; Olli Rehn calls on Finland's political parties to approve the Portugal rescue package, or risk severe repercussions; Lucas Papademos says the Greek 2010 deficit is possibly above 10%, and calls on his country to meet the shortfall with further austerity; Wolfgang Schäuble is the first Euro finance minister to admit that Greece might not be able to go back to the markets next year; Jean-Claude Trichet rebuffs European finance ministers ruminations about a Greek debt restructuring; Axel Weber expects 3% inflation for Germany this year, and 2,5% for the eurozone; 45% of the French, meanwhile, would like to see Strauss Kahn as the next French president.
(Google link)


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 03:59:51 AM EST

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