June 19, 2013 15:18 by Pesach Benson European auditors determined that Egypt squandered €1 billion in EU aid over the last seven years. According to the Financial Times, the findings are damning for both the Mubarak and Morsi regimes: The European court of auditors found that the new Egyptian government that swept to power in […]
Album / Oronoz/Newscom Definition of an American neo-conservative: A liberal mugged by reality. The new poster child for the budding European neo-conservative: Oskar Lafontaine? Lafontaine, German history majors will recall, is the Social Democrat and former German finance minister who helped launch the European Monetary Union (EMU). He is also the latest European-style neo-conservative as […]
What would you do if you woke up one day and discovered that the banksters had “legally” stolen about 80 percent of your life savings? Most people seem to assume that most of the depositors that are getting ripped off in Cyprus are “Russian oligarchs” or “wealthy European tycoons”, but the truth is that they […]
Zick,Jochen/ZUMA Press/Newscom As opposition to the euro continues to build within the eurozone, Germany, the motor of the eurozone—frankly, the only thing holding it all together—is not immune. Recently, a new political organization has formed in Germany called Alternative for Germany. So far the group is only a collection of like-minded euro-skeptic German intellectuals with […]
Investors worried that inflation and financial market turmoil will wipe out the value of their cash have poured money into gold over the past decade. Prices have gained almost 500 percent since 2001 compared to a 12 percent increase in MSCI’s world equity index. The card can also be used as an alternative method of […]
France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned. The situation is very serious. Some business leaders are in a state of quasi-panic,” said Laurence Parisot, head of employers’ group MEDEF. “The pace of bankruptcies has accelerated over the […]
The bad news has been coming thick and fast in the European debt crisis. Moody’s, the rating agency, has rated both Germany and the European bailout funds negative. So far, Germany has not panicked and investors still prefer to park their money in German credit, but this may further weaken support in Germany for managing […]
NEW YORK (AP) — The unthinkable suddenly looks possible. Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system. The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch […]
At the EU summit meeting in Brussels on Friday, all countries in the union, with the exception of the United Kingdom and the Czech Republic, signed a fiscal governance pact that would compel the signatories to incorporate the principle of a balanced budget into national law. Countries that flouted the rules and ran up a […]
We need to follow Greece because their default and withdrawal from the eurozone would set off major consequences to the European Monetary Union, and thus the EU, that are unforeseeable. A default would impact Greek banks who are major lenders to the government, as well as major German, French, and Belgian banks. These defaults would […]
