Why the euphoria was not justified October 27, 2011 MARKETS are hugely preferable to central planning – but sometimes capitalism’s finest get it spectacularly wrong. Yesterday’s deluded jump in stock prices – the FTSE is now back up to 5,713.82 – was a gross over-reaction to the Eurozone’s deal. A sigh of relief that the outcome wasn’t worse would have been understandable; but there [...]
Sarkozy says Greece joining euro was a mistake as Osborne hints at IMF cash October 27, 2011 IT WAS a mistake to let Greece join the euro single currency when it did because its economy was not ready to form a monetary union with others in the club, French President Nicolas Sarkozy said yesterday. “It was a mistake,” Sarkozy said, when asked during a TV interview about having Greece adopt the euro [...]
€UROFUDG€ October 26, 2011 EUROZONE leaders once again put off finding a decisive remedy to the region’s debt turmoil last night, producing little but rhetoric on the most pressing problems in a crisis that threatens to throw the world into a new recession. After more than a week of delays, the summit of 17 euro nations produced merely the [...]
Tensions flare on eve of Europe summit October 25, 2011 A flare-up over the European Central Bank and political turmoil in Italy have kept the Eurozone on edge on the eve of a summit meant to confront the currency bloc’s worsening sovereign debt crisis. Just 24 hours before European leaders are due to adopt a plan to reduce Greece’s debt burden, fortify European banks to [...]
Berlusconi calls crisis meeting as Eurozone lurches towards deal October 24, 2011 EMERGENCY talks got underway in Italy yesterday as the country’s embattled prime minister Silvio Berlusconi belatedly decided to get to grips with the nation’s weak financial position. Nicolas Sarkozy and Angela Merkel have told Italy that urgent action is needed to improve its finances ahead of a euro-saving summit tomorrow. Berlusconi has previously promised to [...]
David Cameron has a point on Europe: We need a vote, but the time isn’t quite ripe October 24, 2011 YESTERDAY’S Tory backbench rebellion over a referendum on Europe has highlighted again how Conservative leaders seem effortlessly capable of creating a political crisis out of a drama whenever the EU edges to the top of the agenda. To be sure, none of the three main parties have a consistent or honourable record on the question [...]
Row engulfs crunch EU summit October 24, 2011 CRACKS appeared in Europe’s show of solidarity yesterday as politicians descended into bickering and again pushed back the deadline for presenting a rescue plan for the euro. Prior to a stark warning from Prime Minister David Cameron that the crisis is having a “chilling effect” on growth, French president Nicolas Sarkozy reportedly lost his cool [...]
Politicians fiddle while Rome burns October 20, 2011 SO Angela Merkel and Nicolas Sarkozy agree – there is a problem in the Eurozone, apparently, and something needs to be done about it. But as to what that should be, forget it. With this weekend’s get-together bound to fail, the EU’s so-called leaders may call yet another summit on Wednesday. The situation would be [...]
Merkozy fail to agree deal to save euro October 20, 2011 HOPES for a decisive breakthrough on a Eurozone rescue package at this Sunday’s summit collapsed as France and Germany failed to agree on the purpose of the European Financial Stability Fund (EFSF) yesterday. Officials said another summit might be held early next week to continue discussions on private sector involvement in a second Greek bailout, [...]
Summit hope plummets on bailout rows October 20, 2011 FRENCH president Nicolas Sarkozy flew to Germany last night for crisis talks ahead of this weekend’s summit, which aims to address the Eurozone’s woes. He wants the European Financial Stability Fund (EFSF) to become a bank, tapping the European Central Bank (ECB) for funds to help governments. Germany and the ECB oppose the suggestion, leading [...]