EU Banks still get subsidies from impoverished citizens

Five years after the melt down of the western financial system, triggered by the bankruptcy of Lehman Brothers in September 2008, and the European taxpayers still pay the price. According to European Commission’s estimates the cost of government (aka taxpayer and all citizens) support to failing banks in Eurozone reached €4.5 trillion during the first […]

ECB indicates south Europeans can endure more austerity

According to a European Central Bank report which was published yesterday, the average household in south European countries like Cyprus, Greece, Spain and Italy possess more net wealth than their peers in the north (net wealth is defined as the difference between total assets and total liabilities). The obvious conclusion is that they can endure […]

EU Directive makes haircut on uncovered deposits a standard in bank bail-ins

What happened in Cyprus was neither improvised nor exceptional. Peoples’ bank deposits above the secured benchmark of €100.000 were confiscated according to a very important proposal for a Directive which was forwarded from the Commission to the European Council and the European Parliament last June under the name of “Proposal for a DIRECTIVE OF THE […]