Last week five of the world largest banks, JPMorgan, Barclays, Citigroup, Royal Bank of Scotland and Union de Banques Suisses were fined by the American magistrates a total of $ 4.7 billion for rigging interest rate benchmarks. The banks had been setting those standards by themselves for five years after 2007. In another case the […]Big world banks to pay $ 4.95bn for cheating customers; Is it a punishment or a gentle caress?
May 25, 2015 by Leave a Comment
Last week five of the world largest banks, JPMorgan, Barclays, Citigroup, Royal Bank of Scotland and Union de Banques Suisses were fined by the American magistrates a total of $ 4.7 billion for rigging interest rate benchmarks. The banks had been setting those standards by themselves for five years after 2007. In another case the […]ECB’s €1.14 trillion again unifies Eurozone; Germany approves sovereign debt risks to be pooled
January 23, 2015 by 2 Comments
The long-awaited move of the European Central Bank finally came yesterday afternoon. Mario Draghi announced from ECB’s Press room in the Frankfurt tower that the Eurosystem, the central banking system of the euro area, will purchase bonds issued by governments and other European institutions at a rate of around €60 billion a month. Obviously the […]Why Eurozone urgently needs the ECB to print and distribute at least €500 billion
January 19, 2015 by Leave a Comment
Next Thursday 22 January the European Central Bank is expected to announce its new extraordinary monetary program (quantitative easing), under which the central bank or the 19 member state national central banks will buy up to 20%-25% of Eurozone’s government debt. According to Eurostat, the government consolidated gross debt is around €9 trillion. Theoretically then […]Negative inflation hits Eurozone, ECB to print and distribute one trillion euro earlier than expected
January 8, 2015 by 1 Comment
This week more indications emerged pointing to the possibility that the European Central Bank is to announce a government bond purchases programme sooner than expected. Negative inflation of -0.2% (deflation) in Eurozone during December (announced yesterday by Eurostat), brings this prospect much nearer. The latest information related to the government bond purchases by the ECB […]The banks first to benefit from the new euro trillion ECB plans to print
November 10, 2014 by Leave a Comment
Last week, all the major media reported a deep division in the Governing Council of the European Central Bank, over a Mario Draghi policy proposal to pump more freshly printed money into the struggling Eurozone economy. Nevertheless, the European Sting very early in the morning of Thursday 6 November, before the meeting of the Council, […]The EU Commission implicates major banks in cartel cases, threatens with devastating fines
May 22, 2014 by Leave a Comment
Three major international banking firms Crédit Agricole, HSBC and JPMorgan Chase came yesterday again under the watchful eye of the European Commission, for their role in financial sector cartels (interest rates and derivatives denominated in euro). It’s about financial products based on the Euribor (euro interbank offered rate), an interest rate benchmark. This interest rate […]The US banks drive the developing world to a catastrophe
January 31, 2014 by Leave a Comment
How is it possible that the good news of the growth of the American economy which has raised its gear, also brings forth crisis and possibly destruction in developing countries? Yet this is exactly what is already happening in our brave new world. The good news is that the US economy now grows at a […]ECB’s Draghi favours a cheaper euro to serve all Eurozone countries
November 29, 2013 by 2 Comments
György Matolcsy, the controversial Hungarian politician and economist, currently serving as governor of his country’s central bank, handpicked for the job by the equally controversial Prime Minister Viktor Orban, reported that the President of the European Central Bank, Mario Draghi has set the ceiling for the euro/dollar parity at 1/1.30. This is something Draghi has […]ECB guarantees the liquidity of the Atlantic financial volume
August 5, 2013 by Leave a Comment
There is no doubt that the European Central Bank is determined not only to continue supporting Eurozone’s real economy with liquidity at almost zero interest rate cost for as long as it needs to achieve tangible growth, but by the same token it appears ready to succeed the American Fed in keeping the western financial […]Appreciation of euro to continue
January 31, 2013 by Leave a Comment
This January’s upwards trend of the euro parity with the other major currencies, the dollar and the yen, led today at a quote very close to the upper benchmark of 1.35, triggering worries about Eurozone’s exports. During this first month of the year the single European currency has appreciated at least 15% with the dollar […]
