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Eurointelligence Daily Morning Newsbriefing: Weidmann seeks to sabotage banking union (28.09.2012)
Bundesbank president insists that any bank legacy problems must remain the liability of national regulatory regimes; says anything else - i.e. the explicit commitment by the eurozone summit in June to separate banking and sovereign risks - constituted a financial transfer; Weidmann also says bank supervision will destroy the ECB's independence and deflect from its price stability goal; the coalition majority also asked the government to ensure that legacy risks are not covered by a banking union; the Spanish cabinet passed the 2013 budget with the ludicrously optimistic assumption of a GDP fall of only 0.5%; measures include a cash-for-clunkers scheme, and loads of new taxes; Mariano Rajoy said he would only apply for a programme if interest rates were too high for too long; he describes Spain's predicament as a "fascinating situation"; an FT editorial says Spain should apply for a bailout immediately, but says eurozone imperatives may be inconsistent with Spanish politics; Ambrose Evans-Pritchard sees a German betrayal of Spain; the capital flight from Spain intensified during August; the eurozone economic outlook deteriorated further in September, according to the latest confidence survey by the European Commission; ECB data show a big contraction of lending to households; Reuters has the ESM guidelines, indicating the lending margins - with no discrimination between countries, only instruments; there are renewed signs that Mario Monti may end up heading the next Italian government - if there is no clear winner; 46% of young Italians are economically inactive; Berlusconi describes the euro as a con, and calls on the ECB to print more money; the Greek coalition agreed on a €13.5bn austerity package, with €10.5bn in savings, and the remainder in higher taxes; most of the savings come from cuts to wages, benefits and pensions; Jean-Marc Ayrault stands by his 2013 growth and deficit forecasts ahead of today's presentation of the budget; in Austria, meanwhile, a eurosceptic billionaire has launched his parliamentary campaign, with a big boost from the polls.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Fri Sep 28th, 2012 at 05:20:48 AM EST
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