Deutsche Bank chased away from US, threatened with more fines

Davos, Switzerland, 20/1/2016 - Christine Lagarde, Managing Director, International Monetary Fund (IMF) and John Cryan, Chief Executive Officer, Deutsche Bank, captured during the session 'The Transformation of Finance' at the Annual Meeting 2016 of the World Economic Forum in Davos, Switzerland, January 20, 2016. IMF has labeled Deutsche Bank as a major risk to the global financial system. (WORLD ECONOMIC FORUM/swiss-image.ch/Photo Remy Steinegger. No changes made. Only some rights reserved).

The US Department of Justice settled its claims against Deutsche Bank, the biggest German lender, for packaging and selling toxic mortgage securities to uninformed customers prior to the 2008-2010 financial crisis. Initially, the Justice Department had asked for $14 billion, but it seems it settled for a fine of $7.2bn. However, this is not the […]

IMF – World Bank meetings: US – Germany clash instituted, anti-globalization prospects visualized

IMF/World Bank annual meetings in Washington, U.S., October 2016. AM16 CNN Debate on the Global Economy
International Monetary Fund Managing Director Christine Lagarde (L) and German Finance Minister Wolfgang Schauble participate in a CNN Debate Seminar on Global Economy October 6, 2016 at part of the 2016 IMF/World Bank Annual Meetings in Washington, D.C. (IMF Staff Photo/Stephen Jaffe).

This year’s annual meetings of the IMF – World Bank Group in Washington D.C., which kicked off on Thursday 6 October, turned out to be an all out financial war of words between the United States and Germany. In the middle of it stands the battered Deutsche Bank. For a start, there was a confrontation […]

Trailing the US-EU economic confrontation

European Central Bank. Main building in Frankfurt am Main, Germany, illuminated. (Work of ECB Audiovisual Services).

More than one economic pundit felt relieved learning that Eurostat, the EU statistical service last Friday estimated the September CPI inflation in Eurozone at 0.4%, the highest level in two years. Understandably, they think that the stagnating and almost deflationary euro area is leaving behind its grim past, aided by ECB’s liquidity injections of €80 […]

The Americans are preparing for the next financial crisis

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, the central bank of the United States. (September 2014. US Governmnet work. No known copyright restrictions).

Last week, Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, in more than one ways revealed that the American central bank prepares to confront the next financial downturn. On Wednesday, 28 September, speaking at the House Financial Services Committee in Washington D.C. , she defended the Fed’s rigorous supervision over […]

Draghi left alone with no hope of boosting EU growth as Merkel just focuses on next elections

ECON committee meeting. Monetary Dialogue with President of the European Central Bank.
Copyright: © European Union 2016 - Source : EP Audiovisual Service . Location: Brussels, Belgium.
Date: 26/9/2016

It was last Monday when the president of the European Central Bank (ECB) discussed with members of the economic and monetary affairs committee at the European Parliament (EP) about the EU economy in the aftermath of the UK referendum, revealing that the euro area economy shows notable adjustment properties to the global economic and political uncertainty. […]

Deutsche Bank again in the middle of the US-EU economic skirmishes

Deutsche Bank Towers – Headquarters in Frankfurt am Main, Germany. Taking a look into the lobby. (Deutsche Bank Audiovisual Service).

The US government is reacting in many ways against the fine in back taxes of €13 billion which the European Commission imposed on Apple. Firstly, Jack Lew, the American Secretary of the Treasury, accused the EU of grabbing tax incomes which belong to the US. On 31st August he said, “What’s not appropriate is for, […]

The EU responds to US challenges by fining Apple with €13 billion

Apple logo

Last Tuesday, the White House and the US Treasury in concerted actions issued farfetched statements against the EU Commission. The EU executive’s decision ordered the US giant technology company Apple Inc. to pay additional taxes of up to €13 billion in Ireland. These instant and strong reactions clearly denote that the US sees this Brussels […]

Deutsche Bank: the next financial crisis is here and the lenders need €150 billion from taxpayers

Deutsche Bank Towers – View of the entrance. Headquarters in Frankfurt am Main. (Deutsche Bank Audiovisual Services).

Last Monday David Folkerts-Landau, the chief economist of Deutsche Bank, the ailing largest lender of Germany, in an interview with the prestigious newspaper ‘Die Welt’ stated that European banks must be subsidized with €150 billion in rescue money to recapitalize. Obviously, it will be the taxpayers to once more provide the capital the euro area […]

Deutsche Bank slammed by the US-based trio of IMF, Fed and Moody’s

Deutsche Bank. Overview of the trading floor in Frankfurt am Main, Germany. (Deutsche Bank audiovisual Services).

Last Thursday morning the International Monetary Fund and the American central bank, the Fed, simultaneously but in the face of it independently, issued warnings about the health of the largest German lender, the long ailing Deutsche Bank. A few days before that the US rating agency Moody’s had degraded the creditworthiness of the bank close […]

Can the next financial crisis be avoided?

High-level seminar of the European Political Strategy Centre on the European Deposit Insurance Scheme (EDIS). From left to right, Mejra Festić, Vice-Governor of the Central Bank of Slovenia, Thierry Dissaux, Chairman of the Board of the Guarantee Fund for Deposit and Resolution, Dirk Cupei, Head of the Department "Financial market stability" at the Association of German Banks, Alex Kuczynski, Coordinator of the EU Committee of the European Forum of Deposit Insurers (EFDI), Giuseppe Boccuzzi, Director General of the Italian Interbank Deposit Protection Fund, and Joseph Delhaye, Chairman of the Guarantee Deposit Association Luxembourg. (Date: 03/12/2015, Location: Brussels – EC / Berlaymont, © European Union , 2015/Source: EC - Audiovisual Service/Photo: Etienne Ansotte).

The descent of prices in the world capital markets continued almost unhindered this past week and only last Friday financial, oil and commodity values gained some limited grounds. Altogether however, the major stock markets have erased trillions off their capitalization since last June, when the dark clouds gathered above the Chinese mega-cities of Shanghai and […]