The European Parliament fails to really restrict the rating agencies

The European Parliament adopted yesterday tougher rules for the issuance of creditworthiness ratings on governments and private businesses by the relevant agencies. Obviously the new legislation was voted in relation with and aims to set new restrictions on the activities of the three largest of them, namely Standard & Poor’s, Moody’s and Fitch IBCA. But […]

At last a good price for the Greek debt!

Greece and its Eurozone masters once more took by surprise  all and every financial market, by offering a generous buy back price for the country’s outstanding debt held by the private sector, mainly banks, pension funds and speculators. In more details on Monday 3 December the Greek debt management agency (ODHX) announced that Athens calls on […]

European Union: From financial consolidation to deeper political division

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 […]