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Eurointelligence Daily Briefing: QE3 leaves eurozone isolated
The Fed launches Operation Twist, its third programme of quantitative easing;programme consists of $400bn in long-date treasury bonds, and reinvestments of early repayments of mortgage bonds;announcements triggered an immediate fall in treasury yields and a rise in the dollar;the Greek cabinet approves Draconian measures to comply with the EU's programme;includes higher income taxes, cuts in pensions and temporary dismissals of public sector workers;Greek trade unions have stepped up their protests against the agreed measures;Germany's Bild, for once, is impressed;IMF sticks to its €200bn estimate for bank recapitalisation, and receives support from the ESRB;Bundesbank rejects IMF's recommendation to step up bond purchases;Wolfgang Schäuble criticises the Constitutional Court and calls its views of the nation state old-fashioned;Fabrizio Saccomanni is to succeed Mario Draghi at the Bank of Italy;ECB loosen collateral requirements;Germany and Switzerland reach agreement in their dispute over German tax evaders;Roger Altman says the world is on the brink of a very deep recession;two of Italian best known commentators, meanwhile, have called on Silvio Berlusconi to resign.


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Sep 22nd, 2011 at 03:47:52 AM EST
[ Parent ]
Bild to Greece: Bleed, motherfuckers, bleed
,,Bild" is impressed with Greek reform efforts

Until now mass circulation daily Bild has distinguished itself by ridiculing or humiliating the Greeks in its reporting on the country's crisis. But yesterday's announcement of deep cuts in retirement benefits and the number of government officials seems to have impressed the editors of newspaper. "Fewer retirement benefits! Fewer officials! Now the Greeks really have to bleed" is Bild's headline against the backdrop of the Acropolis under the sunset's light.

Hooray! We have tightened the budgetary thumbscrews of the deficit sinners to the point where they really have to bleed!

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Sep 22nd, 2011 at 03:51:16 AM EST
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