Act II of the European Summit is going to take place on Wednesday (Act I concluded on Sunday), when the world will see whether the hints about “progress” in stanching the European debt crisis have a basis in reality. It is now apparent that what Europe had tried to avoid for the past half year, a […]
Germany is pushing behind the scenes for a “hard” default in Greece with losses of up to 60pc for banks and pension funds, risking a chain-reaction across southern Europe unless credible defences are established first. Officials in Berlin told The Telegraph it is “more likely than not” that investors will suffer fresh losses on holdings […]
Poland holds the rotating presidency of the European Union, but as the major issue confronting the union is the stability of the euro to which Poland has not switched (for the moment it is quite content with its zloty), it is Berlin rather than Warsaw that has been setting the tone. Even so, Poland’s finance minister Jacek Rostowski, who […]
It has been said that statesmanship consists of choosing the lesser evil. The European Union believes that another bailout of Greece is the lesser evil compared to debt restructuring, giving creditors only part of their money back or giving it back in full later than was originally contracted. The economic wise men of Europe have chosen to […]
(By Andrew Lilico) It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card” it employed to force a bailout upon the Irish – threatening to bankrupt […]
Denmark’s partial reinstatement of border controls on the crossing from Germany and Sweden (by bridge) have probably disturbed the European commission more than the similar restrictions that France imposed on its border with Italy following the unrest in North Africa. In the French case, one could define the issue as a temporary emergency and even, […]
Violence on the streets as backlash grows over Greece’s austerity package and €110bn bailout A growing chorus of voices is urging the Greek government to restructure its debt as fears grow that a €110bn bailout has failed to rescue the country from the financial abyss and is forcing ordinary people into an era of futile […]
On Saturday, process won out over substance in the reaction to the agreement by leaders of the eurozone on measures to combat the European debt crisis. Since there was so much advance speculation that no agreement could be reached, the very fact that the leaders reached an agreement touched off a wave of financial optimism. […]
Media attention has concentrated recently on the Middle East “democracy” protests and what appears to be degenerating into a civil war in Libya. This focus tended to shift attention from crises that were raging prior to the Middle East turmoil. One such example is European debt crisis. As we approach the European Council Summit towards […]
It was no secret that one of the greatest policy differences between the two parties comprising the coalition in Great Britain –the Conservatives and the Liberal Democrats — was over policy towards the European Union. The Liberal Democrats, the junior partner in the coalition, are the most enthusiastic supporters of the European Union and previously […]
