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 […]

For how long and at what cost can the ECB continue printing trillions to keep euro area going?

European Central Bank Governing Council meeting in Vienna Austria, 2 June 2016. (ECB audiovisual services).

Last Tuesday Eurostat, the EU statistical service issued a Press release revealing that the GDP of Eurozone (EU19) and EU28 rose in the first quarter of this year by 1.7% and 1.8% respectively, compared with the same three-month period of 2015. On the yearly developments platform, there is more good news. The same source revealed […]

Who cares more about taxpayers? The US by being harsh on major banks or the EU still caressing them?

The EU is quite pathetic about establishing a common deposit guarantee scheme in the European Banking Union. In this way the EBU remains always a phantom institution. The sorry state of affairs is pictured above, where the last concrete action towards creating a really European deposit guarantee system took place many months ago (last December). 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 (Fonds de Garantie des Dépôts et de Résolution - FGDR), Dirk Cupei, Head of the Department "Financial market stability" at the Association of German Banks (BdB - Bundesverband deutscher Banken), 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 (Association pour la Garantie des Dépôts Luxembourg - AGDL). Date: 03/12/2015. Location: Brussels - EC/Berlaymont. © European Union, 2015 / Source: EC - Audiovisual Service / Photo: Etienne Ansotte.

The world economy remains more or less motionless or even recedes six years after the financial meltdown, because the banking industry has not yet decided what’s best for its interests. Continue leveraging itself (borrowing) on central bank liquidity in a stagnating environment, or start deleveraging and send the world to another deep recession, if not […]

Why the financial scandals multiply?

Eamon Gilmore, Irish Deputy Prime Minister and Minister for Foreign Affairs and Trade, Enda Kenny,  Irish Prime Minister and José Manuel Barroso,  President of the EC  (from left to right). (EC Audiovisual Services). Inaugural meeting of the Irish Presidency of the Council of the EU. Ireland paid a dear price for the greed and carelessness of its banks.

Deutsche Bank discharged yesterday a number of medium ranking dealers, related to the Libor fixing ring, while along with other major European lenders Deutsche appears ready to pay fines of hundreds of millions. Yesterday the Royal Bank of Scotland, another “systemic” financial group, agreed to pay $600 million in fines to US and British authorities […]

Basel III rules relaxed: Banks got it all but become more prone to crisis

Bank of International Settlements building	
Aeschenplatz 1, Basel, Switzerland.

The European Commission through the most competent lips of its member, Michel Barnier, responsible for Internal Market and Services rushed to endorse the new unbelievably generous concession to banks all over the developed world. This time it was the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on […]

How Greece was destroyed

Angela Merkel watching Manuel Barroso lecturing George Papandreou

    Right from the beginning, the scenario of the Greek financial tragedy was criticised as fake. Towards the end of 2009, the newly elected government of George Papandreou, son and grandson of prime ministers, found out that his PASOK socialist party had won the election on populist promises that could not be fulfilled. Papandreou […]

EU summit: Are the London Tories planning an exit from the EU?

The British Prime Minister David Cameron bites its lips. Wonder why?

  It’s not the first time that the European Union leaders are divided between the paymasters and the receivers. However during their last Summit of Thursday and Friday 22 and 23 November the 27 heads of states and governments were divided in more than three groups and left the conference room blaming each other, for […]

Lagarde’s metamorphoses, not a laughing matter

IMF head Christine Lagarde speaking in Manila

International politico-economic relations is a tricky field, with the major players constantly changing stance, according to their short term interests, putting aside whatever honourable principles are left in their decision making procedures. And all that being discussed and decided upon, by a handful of people behind closed doors. If those people were not playing with […]

Is our brave new world about to burst?

Israeli armoured vehicle outside Gaza strip

“Splitting” is the magic word one hears nowadays all over the world in developed and developing counties alike, from Belgium, Spain, Scotland and Canada to Syria, Palestine, Iraq, Soudan, Libya and Turkey as if until now there were no divisions over national identity, incomes, wealth and natural endowments. Flemish, Flemish, Scots, Quebecois, Benghazies, Alawites, Kurds […]