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The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 11:59:51 AM EST
Vladimir Putin wins Russia's presidential election: exit polls - The Globe and Mail

Exit polls cited by state television say Vladimir Putin has won Russia's presidential election, which the opposition and independent observers say has been marred by widespread violations.

Mr. Putin tallied 59 per cent of Sunday's vote, according to a nationwide exit poll conducted by the VTsIOM polling agency for Channel one television. Another exit poll done by the FOM polling agency for Rossiya TV showed Mr. Putin received 58 per cent of the ballot.



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:42:42 PM EST
[ Parent ]
Vote-rigging complaints arise as Russian presidential polls close | News | DW.DE | 04.03.2012

Polling booths in Russia have closed as the country elects a new president. Russian monitors said the process had been tainted by widespread violations. Exit polls give Vladimir Putin a clear majority of the vote.

Polling group VTsIOM reported shortly after polling stations closed that Putin had garnered some 58 percent support, with his closest rival, Communist Party leader Gennady Zyuganov, receiving 17 percent.

Nationalist candidate Vladimir Zhirinovsky was scoring 8.0 percent, whilst tycoon Mikhail Prokhorov was sitting on 7.6 percent, the early results showed.

The figures were taken from Russia's far east and Siberia, where polling booths closed hours before they closed in the European west of the country.

Tens of thousands of monitors were observing the election on Sunday, with many posting evidence of voting irregularities.



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:43:02 PM EST
[ Parent ]
Oh c'mon. Putin really won and just live with it. Even here on Australian TV they said that results are in line with polls of some serious INDEPENDENT agencies. That's it! Majority of the Russians wants him. Irregularities. Do not get me started about western election irregularities...starting with USA...

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Mon Mar 5th, 2012 at 02:11:13 AM EST
[ Parent ]
When you get to disqualify any candidate who might cause you problems, you can't claim a democratic mandate.

He might well have won a democratic election. We'll see next time.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Mar 5th, 2012 at 06:03:48 AM EST
[ Parent ]
I actually know few people (foreigners not Russians) that live in Russia at the moment by THEIR OWN WILL. They went to Russia to work and previously lived and are citizens of Australia or Canada. They are staying there for years now so there must be a reason, good reason for it. Russia after collapse of USSR luckily is going better and better with Putin.
Voice of Russia (Serbian language)
http://serbian.ruvr.ru/2012_03_05/67543963/
said that in Chechnya 99.73% voted for Putin.
Interestingly I can't find this news in English version :(
Ten again this is how Grozny was destroyed by Russians
http://www.youtube.com/watch?v=GaFrCy9HTOM

And this is how it looks today

http://www.youtube.com/watch?v=4C1lULBGCO0&feature=related

http://www.youtube.com/watch?v=78P6rsspmCs&fea ture=related

http://www.youtube.com/watch?v=iDbitWAwm0Q&feature=related

http://www.youtube.com/watch?v=qIxNJpct8U4 &feature=related

They call it "Dubai on Kavkaz", so if this is truth no wonder they voted for him...
Well I take everything with a grain of salt nowadays...where ever it comes from west or east...


Science without religion is lame, religion without science is blind...Albert Einstein

by vbo on Mon Mar 5th, 2012 at 08:12:51 AM EST
[ Parent ]
Is anything you write related at all to democracy?

I know people who have worked in all sorts of undemocratic countries. If the money's OK, that's a pretty good reason for being there. And expatriates are rarely on the receiving end of local repression.

And you must surely be smiling when you write that in Chechnya 99.73% voted for Putin... after all, why would anyone in Chechnya have anything against good old Vladimir?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Mar 5th, 2012 at 08:47:01 AM EST
[ Parent ]
Chechnya has always been loyal:
THE EXILE - Who Killed The OSCE? - By Alexander Zaitchik and Mark Ames - Feature Story
Evidence of fraud, such as entire towns in Chechnya voting overwhelmingly for Yeltsin, caused Meadowcroft to liken the 1996 election to those held in African dictatorships. "In Chechnya they'd been bombed out of existence, and there they were all supposedly voting for Yeltsin. It's like what happens in Cameroon," he said.

Though of course:
THE EXILE - Who Killed The OSCE? - By Alexander Zaitchik and Mark Ames - Feature Story

It's not that the West won't be right when it condemns this weekend's vote. In OSCE jargon, the Duma elections will be "fundamentally flawed." They will "fall far short" of western standards, if not expectations. It's not a secret that the Russian state-run media are grotesquely pro-Putin. Or that the election laws have been changed to shut out opposition parties. Or that, as in previous elections, there will likely be some old-fashioned ballot stuffing in the provinces.

That was in 2007, still true.

But who do you mean was disqualified that could have unseated Putin? Far as I can see, the only opposition party with nationwide organisation is - and has always been - the communist party.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Mon Mar 5th, 2012 at 09:07:39 AM EST
[ Parent ]
Yeah you are right about Chechnya in the past and that's why I said I am not so trustful about the news.
Yes you are also right about opposition and communists...


Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Mon Mar 5th, 2012 at 09:28:20 AM EST
[ Parent ]
Yeah right...I knew that you will not get my point right.
To be perfectly honest after living for more than 17 years in democracy (and here in Australia situation is much better then in many other western countries where politicians simply and plainly buy their place in power in an open way) I lost my trust that people are capable to really have democracy...anywhere...let alone in Russia where we all know what happened in last century.
Opposition in Russia have all rights in my view to protest and ask for real democracy. People have right to protest anywhere...We recently saw protests against Wall street that ended we all know how in USA and elsewhere in democracies. But what I hate is when western world is interfering in other people's business for the simple reason of interest of their elite. Now we see how "democracy" looks like in Iraq:
http://www.youtube.com/watch?v=m7OuGmXE4ww
And we can only imagine Libya...no need to imagine anything about Afghanistan...
Just stay away and look in your own " yard" as we Serbs like to say....
Western lessons about democracy are so deadly...

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Mon Mar 5th, 2012 at 09:22:39 AM EST
[ Parent ]
St. Petersburg clamps down on gays | Europe | DW.DE | 03.03.2012

St. Petersburg's city parliament passed a controversial new law against "homosexual propaganda" this week. Critics say the legislation violates the European Human Rights Convention.

The local parliament in Russia's second largest city, St. Petersburg, passed a controversial law banning what it called "homosexual propaganda" on Wednesday, making it illegal to publicly distribute material about homo-, bi- and transsexuality.

The law passed by St. Petersburg's local parliament is not the first of its kind

The new legislation, justified as an attempt to protect minors, imposes fines on anyone who publishes material deemed as promoting gay culture. Authorities can now prosecute people who publish flyers informing schoolchildren about homosexuality, and can also ban calls for participation in gay parades. Similar laws have been passed in two other Russian cities before.



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:43:17 PM EST
[ Parent ]
European conservatives plot against Sarkozy rival: report | News | DW.DE | 04.03.2012

Europe's conservatives have made a pact to try to hinder Nicolas Sarkozy's main challenger in France's presidential election, a German news outlet says. Angela Merkel and Co. will not receive Francois Hollande.

Merkel and the Italian and Spanish premiers, Mario Monti and Mariano Rajoy, agreed secretly that they would not provide Socialist party candidate Francois Hollande with a platform during the French election campaign, Der Spiegel news magazine reported over the weekend.

Apparently, the three conservatives took the step because they were outraged that Hollande said he would renegotiate the EU fiscal pact as president. The pact, which was driven by Merkel, is meant to stabilize the bloc's economies and preserve the euro.

In not meeting with Hollande, the three leaders hoped to avoid any implication that they supported his position on the fiscal pact.



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:43:29 PM EST
[ Parent ]
They're not required to meet him. There's a protocol for how it works which is why, when he came to England, he met with the leader of the opposition but not with Cameron.

Conservatives meet with conservatives, leftists meet with leftists.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 5th, 2012 at 03:08:16 AM EST
[ Parent ]
They're not required to, but what protocol are you talking about? You mean, if Sarkozy were the challenger and came to London, Cameron would be obliged by protocol not to meet him? BS.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Mar 5th, 2012 at 03:10:50 AM EST
[ Parent ]
No, conservatives meet conservatives.

So Cameron is PM, he meets Sarko in power or not. But only meets Hollande should he get elected President.

When Brown was PM he would have greeted Hollande in power or not, but only met Sarko as President.

I doubt there's a formal declaration of such things, but that seems to be how it plays

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 5th, 2012 at 06:07:39 AM EST
[ Parent ]
Didn't Obama meet Merkel while he was a candidate? Does that mean Obama is a conservative? (you needn't answer that....)
by gk (gk (gk quattro due due sette @gmail.com)) on Mon Mar 5th, 2012 at 06:16:00 AM EST
[ Parent ]
It meant that the smart money was on Obama to win and no european poltician is gonna miss an opportunity to suck up to a US President in waiting

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 5th, 2012 at 06:24:30 AM EST
[ Parent ]
All right. What about Merkel meeting Ségolène Royal during the latter's campaign?
by gk (gk (gk quattro due due sette @gmail.com)) on Mon Mar 5th, 2012 at 08:54:45 AM EST
[ Parent ]
G U A R D S !!         G U A R D S !!

Protocol breach in sector 42. Shoot them. Shoot them down. And, guards, ..... make sure you shoot to kill.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 5th, 2012 at 09:24:30 AM EST
[ Parent ]
... The same logic applies with respect to France, principal partner of Germany. The fact that Merkel has chosen not to suck up to Hollande, but to treat him as an adversary, is the story.

It hasn't got much press in France, which is a shame, because it can only be good for Hollande.

Un front anti-Hollande de dirigeants européens ? - LeMonde.fr An anti-Hollande front of European leaders? - LeMonde.fr
Pierre Moscovici, son directeur de campagne, avait dénoncé sur RTL une "pression conservatrice inédite dans l'histoire de l'Europe". "Il y avait des traditions, notamment entre la France et l'Allemagne, qui existaient depuis très longtemps et qui étaient que le chancelier, ou la chancelière, ou le président français quand c'était le cas inverse, recevait les principaux candidats des deux camps, a-t-il déclaré. Ca c'est toujours fait. Parce que l'amitié franco-allemande, et l'Europe, doivent dépasser les frontières partisanes. Ca n'a pas d'importance, parce qu'il les rencontrera après avec la légitimité du peuple français s'il a été élu, mais c'est quand même un recul." Pierre Moscovici, [Hollande's] campaign manager, had denounced a on RTL "conservative pressure unprecedented in the history of Europe" . "There were traditions, especially between France and Germany, which existed for a long time and were the Chancellor, or Chancellor, or the French president when it was the opposite case, received the main candidates for two camps, he said. It is always done. Because Franco-German friendship, and Europe, must trump partisan boundaries. It does not matter, because he will meet later with the legitimacy of the French people, if elected, but it's still a regression. "


It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Mar 5th, 2012 at 08:55:45 AM EST
[ Parent ]
It hasn't got much press in France, which is a shame, because it can only be good for Hollande.

Given the ownership of media, that is an explanation, not a shame.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 5th, 2012 at 12:48:17 PM EST
[ Parent ]
That's a purely political play, not a protocol.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Mar 5th, 2012 at 06:49:56 AM EST
[ Parent ]
In times of European crisis, refusing to meet the probable future head of a major European nation is very stupid indeed; and probably bad politics too, which is why there is so much embarassment and backtracking over the story.

They know perfectly well that the election of Hollande would shift the balance of power significantly in favour of expansionist policies.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Mar 5th, 2012 at 06:09:22 AM EST
[ Parent ]
Hollande's "first foreign trip" to Germany is going to be laughs all around.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 06:27:58 AM EST
[ Parent ]
L'accord européen contre Hollande, "le baiser qui tue" pour Sarkozy, selon Villepin - LeMonde.fr The European pact against Hollande, "the kiss of death" for Sarkozy: Villepin - LeMonde.fr
Je crois que c'est véritablement le baiser qui tue et on peut s'interroger sur les intentions réelles d'Angela Merkel dans cette affaire.I think this is truly the kiss of death and one wonders about the real intentions of Angela Merkel in this case.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Mar 5th, 2012 at 03:13:57 AM EST
[ Parent ]
> the real intentions of Angela Merkel

According to the playbook of her mentor the Fat Man, the best ally is a wounded ally.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman

by dvx (dvx.clt ät gmail dotcom) on Mon Mar 5th, 2012 at 04:29:38 AM EST
[ Parent ]
Eurointelligence this morning (e-mail bulletin):

Merkel's aim is to do everything to prevent Hollande from gaining European credibility in order to diminish his chances of becoming the next president instead of Nicolas Sarkozy. The chancellor is worried that the Socialist's election will jeopardize the fiscal pact that was signed at last week's EU summit because Hollande has pledged to reopen negotiations on the pact. Cameron who has not signed to the pact is also eager to for Sarkozy to win. The German foreign minister criticised the move and said that Germany should signal that it was willing to work with whomever the French chose to elect. However Merkel's spokesman denied the chancellor had initiated an alliance against Hollande by saying that each head of government decided on his own whether or not to receive the Socialist candidate.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Mar 5th, 2012 at 03:23:01 AM EST
[ Parent ]
Poland train crash leaves dozens dead or injured | World news | guardian.co.uk

Two trains running on the same track have collided head-on in southern Poland, killing 16 people and injuring 58 in the country's worst train disaster in more than 20 years.

The collision just north of Krakow late on Saturday came after one of the trains ended up on the wrong track. Neighbours in the town of Szczekociny were alerted by what they said sounded like a bomb and rushed to the scene as survivors emerged.

Rescuers worked through the night to recover bodies and help the wounded.
Maintenance work was being done on the tracks before the accident, but officials said it was too early to determine the cause of the disaster.

A woman living in a house about 200m from the site of the accident said she was standing at her window when the two trains collided, creating a "terrible, terrible noise like a bomb going off".



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:43:40 PM EST
[ Parent ]
Police say officers who shot dead man were on planned operation | UK news | The Guardian

Armed officers who shot a man dead in a countryside village on Saturday were on a planned operation, police have said.

Residents in the village of Culcheth, Cheshire, were left terrified when officers shot the man after the car he was in was stopped at about 7.20pm.

It remains unclear what prompted the incident, which is being investigated by the police watchdog, the Independent Police Complaints Commission (IPCC).

Greater Manchester police confirmed its officers were deployed on a pre-planned operation in Cheshire. "As a result, one man was shot and suffered fatal injuries. This matter has been referred to the Independent Police Complaints Commission who will be carrying out an independent investigation and Greater Manchester police is unable to comment further at this stage."



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 12:43:50 PM EST
[ Parent ]
Not overly confident that anything will be found.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Mar 4th, 2012 at 03:29:30 PM EST
[ Parent ]
Nice of them to admit they planned to shoot him.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 5th, 2012 at 03:08:55 AM EST
[ Parent ]
Government confirms that NHS Bill will privatise patient representation - Lord Toby Harris

On Friday, when Parliament was not sitting, the Government published 68 amendments to the Health and Social Care Bill changing the status of local HealthWatch organisations (the local bodies that are intended to protect patient interests in the new Tory/LibDem vision of the Health Service), as I predicted a few weeks ago.

The amendments are very complex and difficult to follow - they amend amendments to Part 14 of the Local Government and Public Involvement in Health Act 2007.  And they are scheduled to be debated next week during the House of Lords Report Stage consideration of the NHS Bill.

That means that these amendments - slipped out without proper warning or explanation (a normal courtesy of writing to those Peers with an interest in a particular matter doesn't yet seem to have happened in this case) - will not receive proper Parliamentary scrutiny.  They have never been considered by the House of Commons (and, if passed in the Lords, will now only be taken there as part of the truncated Consideration of Lords Amendments procedures).  In the House of Lords, they have not been subjected to detailed scrutiny at Committee Stage and will essentially have to be debated on a take it or leave it basis when they are eventually reached probably some time late on Thursday.  That will be the only opportunity for any  discussion on what these amendments mean.

So what are these amendments about?



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Mar 4th, 2012 at 03:28:49 PM EST
[ Parent ]
Steinmeier knüpft Ja zum Fiskalpakt an Bedingungen | tagesschau.deSteinmeier puts conditions on fiscal treaty sign-off
SPD-Fraktionschef Frank-Walter Steinmeier hat die Zustimmung der Sozialdemokraten zum EU-Fiskalpakt im Bundestag abermals an Bedingungen geknüpft."Es wird aber keine Zustimmung geben ohne Maßnahmen, die Wachstum fördern und die Jugendarbeitslosigkeit zurückführen", sagte er im Bericht aus Berlin und ergänzte: "Wir sind nicht in einer Bringschuld, sondern die Kanzlerin hat zu erklären, wie denn die Voraussetzungen einer Zustimmung für uns gestaltet werden können.SPD fraction leader Franz-Walter Steinmeier has once more linked Social Democratic approval of the EU fiscal treaty in the Bundestag. "There will be no approval without measures to promote growth and reduce youth unemployment," he said on Bericht aus Berlin and added, "We're not the ones who are obligated to come through; rather, it's on the Chancellor to explain how the prerequisites for our approval can be structured."
Am Wochenende war bekannt geworden, dass dem EU-Fiskalpakt für mehr Haushaltsdisziplin sowohl der Bundestag als auch der Bundesrat mit einer Zwei-Drittel-Mehrheit zustimmen müssen. Dass dies erst jetzt aufgefallen sei, bezeichnete Steinmeier als "größten Schnitzer".On the weekend, it was learned that the EU fiscal treaty for greater budgetary discipline must be approved by a two-thirds majority in both the Bundesrat and Bundestag. Steinmeier termed the fact that this had not been noticed until now as a "goof of the greatest magnitude".
Seine Partei lege vor allem Wert darauf, dass sich die Koalition - unter Einschluss der FDP - auf eine Besteuerung der Finanzmärkte verständige.He added that that his party put the greatest priority on the coalition - including the FDP - agree to taxation of financial markets.


The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Sun Mar 4th, 2012 at 03:44:09 PM EST
[ Parent ]
In short: The fig-leaf needn't be very large and he will vote yes.
by Katrin on Mon Mar 5th, 2012 at 04:03:16 AM EST
[ Parent ]
Eurointelligence Daily Briefing: Concern about the Greek debt exchange
ECB is also said to be concerned about acceptance rates of the Greek debt exchange offer; Charles Dallara says that there is a now momentum and predicts that the final acceptance will be high; Greece will only accept the debt exchange offer outright if participation is above 90% - at rates between 75 and 90%, Greece will consult with official creditors; the latest polls show that New Democracy will fall to receive an absolute majority at the forthcoming Greek elections; Merkel initiates an alliance of conservatives prime ministers against Francois Hollande by refusing to receive him as an official guest; German foreign minister criticises the decision; Merkel requires a two-thirds majority in the Bundestag for the vote on the fiscal pact, which may trigger some counter-demands from the SPD; a report says the ECB is outraged about Jens Weidmann's letter to Mario Draghi, saying it sends a devastating signal; Wolfgang Munchau writes the German economics establishment never accepted that the eurozone is a true monetary union, and that Weidmann's demand to securitise the Target 2 balance can only be enforced through military intervention; the German government cut out the reference in the troika's report according to which Greece needed a third rescue programme in a few years' time; Jean-Claude Juncker said he is ready to quit as chairman of the eurogroup; the LTRO has led to a change in interest rate expectations, as a majority of economists no longer believes that rates will fall; Gavyn Davies says the LTRO brings forward future seigniorage, an asset owned by governments, and thus constitutes a quasi-fiscal action.


There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 04:47:40 AM EST
[ Parent ]
FT.com: The Bundesbank has no right at all to be baffled (By Wolfgang Münchau)
The discovery of the importance of Target 2 was made by Hans-Werner Sinn, president of the Ifo economics institute in Germany, and his co-author Timo Wollmershäuser*. They found that the Target 2 balance mirrors current account imbalances since the outbreak of the crisis. There was no problem before 2007, when current account balances were funded by commercial banks. Once that stopped, national central banks took over this role. Spanish banks can now refinance themselves with no limit from the Bank of Spain. If a Spanish company buys a German product, for example, the chain of transactions goes from the buyer's Spanish bank to the Spanish central bank, which effectively creates the money for this transaction, and then sends it on to the Bundesbank, which records this transaction as a claim against the eurosystem.

...

One would assume that the best policies would be those that attack the root of the problem - the imbalances themselves. One of the deep causes behind this problem is, of course, Germany's persistent current account surplus. The problem can thus easily be solved through policies to encourage Germany to raise its imports relative to its exports. You need policies that provide eurozone-wide backstops to the banking sector, and also policies to insure against asymmetric shocks. And you need to harmonise many aspects of structural policy to ensure imbalances do not become entrenched.

...

The Target 2 debate is important because it goes to the root of the problem. But Germany's economic establishment is disingenuous. What people are really saying is that they no longer want a monetary union. They want a looser single currency regime.

See more on Weidmann and Target2 here on ET.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 05:22:04 AM EST
[ Parent ]
From today's Eurointelligence:
ECB attacks Weidmann over ,,devastating signal" on target balance

According to Der Spiegel, there is outrage at the top of the ECB about Jens Weidmann's letter to Mario Draghi criticizing the generous conditions for banks in the 3y LTRO's and the consequences this has on the Target balances, Der Spiegel reports. The magazine claims that within the ECB this was greeted as a ,,devastating signal". Weidmann told the weekly that with the 3y LTRO's and the simultaneous loosening of collateral requirements the euroystem's central banks had taken considerable risks on their balance sheets that were ,,at the limits of their mandate". The Bundesbank president urged his colleagues to tighten those standards again as soon as possible. However there is disagreement with other powerful Governing Council members. Banque de France governor Christian Noyer warned against a precipitated exit from the ultra-loose refinancing measures. ,,We can do that once the crisis is over", Noyer said. ,,During this crisis the central banks had to invent new instruments", he said adding that the ECB's main aim remained insuring price stability. Also Handelsblatt's ,,shadow council"of senior economists criticized Weidmann for going public with his criticism on the 3y LTRO's and the Target balances.



There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 05:41:23 AM EST
[ Parent ]
Handelsblatt: EZB-Schattenrat kritisiert Weidmanns Vorstoß
Einige, vor allem deutsche Mitglieder des Schattenrats begegneten dem Anliegen Weidmanns dagegen mit mehr Sympathie. Commerzbank Chefvolkswirt Jörg Krämer regte an, die Länder mit hohen negativen Target-Salden, sollten diese mit ihren Gold- und Devisenreserven absichern müssen.
ECB shadow council criticises Weidmann's proposal
Some, principally German members of the Shado Council, meet Weidmann's proposals with more sympathy. Commerzbank Chief Economist Jörg Krämer suggested that the countries with high negative Target balances should be obliged to secure these with their Gold or foreign currency reserves.


There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 06:06:42 AM EST
[ Parent ]
10 questions before getting secured credit cards
You need one to make a hotel or plane reservation, or to rent a car, even if you plan to pay cash. Many stores require a credit card to accept your check. Responsible use of a credit card builds a good credit rating, too, marking the owner as mortgage-worthy.

But people who have never had credit or need to repair a poor credit history may not qualify for a regular credit card. For them, a secured credit card may be the only way to establish, or re-establish, credit.

If you're in that boat, here are the answers to the top 10 questions about secured credit cards.

1. What is a secured credit card?

A secured card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500. You may be able to add to the deposit to add more credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.

Meet the Greek Escrow Account and the Securitised Target2 Balance: the loan where you get to pay interest for the privilege of borrowing from your own collateral.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 06:15:18 AM EST
[ Parent ]
Excellent article by Münchau.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Mar 5th, 2012 at 06:16:36 AM EST
[ Parent ]
Read the comments... Münchau is a self-hating German turned Brit who lives in Brussels...

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 06:19:12 AM EST
[ Parent ]
Yes. And an important point...
So, the two "Target 2" professors deserve credit for explaining the detailed mechanisms of how a monetary union functions in the presence of a broken banking sector.


There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 08:55:49 AM EST
[ Parent ]
Zombie banks is what one get when one deny there is a need for write-downs and rights issues.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Mar 5th, 2012 at 09:31:27 AM EST
[ Parent ]
Ultimately those rights may need to be purchased by the state, which is impossible when states have their public debt debt maxed out, the Central Bank will not monetize, everyone thinks this is the gold standard, and cross-border actions are either an unacceptable fiscal transfer or an unacceptable foreign expropriation.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 10:02:38 AM EST
[ Parent ]
As I've said before, sucks to be in the euro.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Mar 5th, 2012 at 11:23:13 AM EST
[ Parent ]
Recall that the story of the intra-EU imbalances was picked up from Sinn by Martin Wolf, though early on he correctly interpreted it as a bank run/flight to safety and later he shifted his focus to the "the ECB is funding deficit countries" narrative. (See here).

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 04:35:03 PM EST
[ Parent ]
What a nice mirror of the "China can crush the US by selling dollars story" that from time to time pops up. The answer is always, yes they can if they want to destroy their economy.

Bundesbank owns more than €500bn as long as they don't try to collect. Pity that they do not appear to have understood the part about destroying their own economy.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Mon Mar 5th, 2012 at 09:35:23 AM EST
[ Parent ]

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