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This story is brought to you in association with the European Council – Eurogroup Completion of the fourth and final review and growth strategy The Eurogroup commends the Greek authorities for the completion of all the agreed prior actions of the final review of the ESM programme. We congratulate the Greek authorities and Greek people […]
Last Thursday morning this newspaper concluded that the “only EU institution with true European motives and vision remains the European Central Bank of Mario Draghi”. Just some hours later in that Thursday afternoon the European Sting was confirmed one hundred percent by Mario Draghi, the President of ECB, who said that “We have a mandate […]
The Lethal Deferral of Greek Debt Restructuring Written by Yanis Varoufakis ATHENS – The point of restructuring debt is to reduce the volume of new loans needed to salvage an insolvent entity. Creditors offer debt relief to get more value back and to extend as little new finance to the insolvent entity as possible. Remarkably, […]
During the third quarter of 2013 euro area government debt decreased in absolute terms for the first time since the end of 2007. According to Eurostat, the EU statistical service, at the of the third quarter of 2013, the government debt to GDP ratio in the euro area also decreased to 92.7%, compared with 93.4% […]
Borrowing on international markets is not at all a straightforward activity. Things are even more complicated when it comes to long-term debt paper with maturities spanning to decades. This little theory tells a lot about Eurozone’s creditworthiness. As a matter of fact, during the last few weeks the European Financial Stability Facility (EFSF) borrowed from […]
After Manuel Barroso, President of the European Commission, questioned loudly last Monday the one-sided character of the severe austerity policies currently applied in a number of Eurozone countries, yesterday it was the turn of Commission’s vice President Ollie Rehn, directly responsible for this tough strategy, to argue openly and clearly in favour of a relaxation. […]
The two days of unofficial meetings of the Ecofin and the Eurogroup councils staged in the historic scenery of the Dublin Castle completely missed their targets. For one thing today’s main story, by Suzan A. Kane, on the European Sting proves that the much-advertised target to arrest the €1 trillion tax evasion in the EU […]
Yesterday, José Manuel Durão Barroso, President of the European Commission, speaking in a farewell ceremony to honour the Cypriot Presidency of the European Union during the second half of 2012, made clear that the Commission has made the creation of the Single Supervisory Mechanism (SSM) for the EU banks as its utmost priority and will […]
The Organisation for Economic Cooperation and Development (OECD) considers that Eurozone banks need to strengthen their capital accounts by at least €400 billion in order to reach a viable capital to assets coverage ratio of 5%. The good news from OECD however is that its economist estimate that the single money EU zone seems to have […]
The European Stability Mechanism (ESM) issued yesterday its first short-term debt paper (bills), which met an unprecedented success in this capital market auction. The bid/cover ratio was 3.2. This means that for every euro of this debt issue, investors offered 3.2 euros. The bills mature on 4 April 2013. In detail this ESM’s bill issue […]
In June 2012 the 17 Euro-area leaders who made a giant step forward towards a closer Eurozone union, when back home, those on the giving side, namely Angela Merkel, pretended that nothing has changed, while the ‘winners’ made it look like a gift, which it was not. As for the 10 heads of states and […]
The details of Private Sector Participation (PSI) in the haircut of the Greek debt is presently the critical issue, on which will be judged not only the prospects of Athens regaining sometime in 2015 the possibility of self-financing its debts, but the outcome of negotiations over the PSI will also define the overall abilities of […]
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