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Eurointelligence Daily Briefing: Mariano Rajoy may delay Spain's EFSF application further
Spanish prime minister plans a diplomatic offence with the goal to seek support to "avoid or soften" a rescue, according to a Spanish press report; another indication of a possible delay is Rajoy's pressure to bring forward the regional elections in Galicia; the Socialist Party general  secretary  has called on Rajoy to avoid a rescue on the grounds that Spain was a strong country; Francois Hollande also said that this was not the time to use the EFSF; Luis de Guindos says Spain only needs €60bn of the available €100bn for the banking rescue; Olli Rehn said it was possible that trouble countries retain market access; Troika report on Greece ready only early October; Jorg Asmussen details further aspects of the bond purchasing programme; said ECB was keen to avoid last year's mistake to help Italy without conditions; in its first public statements on the future bank resolution regime, the ECB said it wants the right to close down a non-viable bank;the Irish government is pondering whether or not to publish a letter by the ECB, which pressurised the former government to seek a bailout; Germany and France set up a joint working group to make common proposals for the banking union and crisis resolution policies; revised data show that the Spanish economy had performed far worse in 2010 and 2011; the German Ifo index tanks; the French government acknowledges that the 2013 economic growth forecast may have to be revised downwards; Francois Hollande's approval rating is now down at 44%; the French parliament has postponed the vote on the fiscal pact until October; Italy propose a tax on sodas; Holger Stelzner says after the failure of their crisis policies, politicians are now hiding behind the ECB; Landesbanken are reducing the foreign exposures; Daniel Gros and Thomas Mayer, meanwhile, propose a German sovereign wealth fund to recycle the country's current account surpluses.


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Tue Aug 28th, 2012 at 04:22:50 AM EST
[ Parent ]
That famous ECB letter - to publish or not

There is a famous letter from November 2010 in which the ECB raised the prospect of a then future Irish bailout. There is now a controversy whether the Irish government publish it or not. The letter is said to have contained at least an implicit threat that ECB support for Ireland's banks would be at risk if the Fianna Fáil-Green coalition did not immediately seek an EU-IMF rescue. The then government claims that this letter narrowed down its options considerably. The ECB is opposed to the publication. The Irish finance minister Michael Noonan now said it will be for a forthcoming parliamentary inquiry into the financial crisis to decide, the Irish Times reports. An inquiry will be initiated this autumn.



If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Tue Aug 28th, 2012 at 04:23:27 AM EST
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