EU Bailout May. The euro is not only a monetary arrangement but a core political project of the European Union. FT Greece in depth. The French president also got written into the draft a phrase that mentioned "the economic government of the European Union". It was the Irish, initially, that choked on the words.
The Dutch and the British were not far behind. Officials emerged to say there had been "asymmetrical translation" and the word "government" was replaced by "governance". In truth the
Pojke dod i svininfluensa and French mean different things by the words "economic governance". The Germans want a tougher regulatory regime that won't tolerate cheats. The French want to see closer economic co-operation. German taxpayers are fiercely opposed to bailing out Greece, which is burdened by debt of nearly bn euros and a public deficit of It is also having to refinance its debt.
And in Athens in the meantime, they are burning the flags of Europe. Clearly that is not a good thing. But in this you can also see the meaningful role that Europe now plays. The sad reality is that Greece's domestic and external imbalances have reached such a dimension that their correction within the straightjacket of Eurozone membership will necessarily involve many years of painful deflation and of deep economic recession. Lacking its own currency, Greece cannot restore international competitiveness through currency depreciation.
Nor can it use Pojke dod i svininfluensa rate devaluation to stimulate its export sector as a means to offset the negative impact on domestic demand of massive budget consolidation. Groucho Marx famously observed that he would not join a club that would have him as a member. As the Greek economic crisis heats up, one wonders whether Greek policymakers are not thinking the same about Greece's Eurozone membership.
Not only does its Eurozone membership seem to be condemning Greece to many years of deep economic recession and deflation. Rather, Greece's present economic travails are now raising serious questions about the longer-run viability of the Eurozone in its present form. Chancellor Angela Merkel has halted at the Rubicon. Has Germany just killed the dream of a European superstate?
So after weeks of Euro-bluff it looks ever more like an IMF rescue for Greece Pojke dod i svininfluensa all, and "Pojke dod i svininfluensa" for any other eurozone nation driven to ruin by the wrong monetary policy.
They hoped that the Germans would not realize fully what was being done to them until too late. Chancellor Angela Merkel appears to have balked at this. We have the worst of the IMF and none of the advantages of the eurozone. This is where Europe must come in and provide what the IMF can offer. Or Greece will have to go to the IMF, we hope that will not be necessary. I am shocked, shocked, that he could say such a thing. IMF a devaluation of 30pc or so to offset the pain of fiscal austerity and to allow the country to claw its way out of its hole through exports and import substitution.
This is obviously Verboten in euroland. This is a extraordinary story. Here was the European Council making a political declaration that they would be ready to stand by Greece, and now Germany wants Greece to turn to the IMF for aid. Det skedde senast i tisdags morse i en intervju i
Pojke dod i svininfluensa i Sveriges Radio. Does nobody read German any more? FT Editorial March 15 FT March 15 If life in the eurozone becomes intolerable, exit will become the default resolution mechanism.
And when you include the legal possibility of an exit, the whole political and economic dynamic changes, and the threat of an exit might turn into a self-fulfilling prophecy. This does not apply only to Greece, but to a number of countries that have lost competitiveness to Germany. Vad betyder veckans generalstrejk? Vikarierande programledare, Staffan Sonning, Sveriges Radios ekonomikorrespondent. French Finance Minister Christine Lagarde said no such plan would emerge if Greece doesn't default on its debt.
Lagarde said that "technical experts" at the EU have been working on a contingency plan, so "Pojke dod i svininfluensa" if the need arose, "all we would have to do is press the button. Lagarde gave only guarded support for the creation of a European Monetary Fund, a new project currently under debate within the European Commission.
Ekot 13 mars The analysis shows that Greece, Portugal, Ireland, Italy, and Spain are the most vulnerable to external shocks, in that order. Greece last week solved its fiscal problem by creating a private sector problem of identical size. This scenario would greatly increase the probability of a eurozone break-up at some point in the future.
Rolf Englund blog Utan detta politiska klister faller till slut pengarna samman. Alla valutaunioner i historien har antingen lett till en stat eller spruckit. However, the interest rate the country has been forced to pay to attract investors is 6. On the other hand, as he has also pointed out, Greece cannot afford to go on borrowing indefinitely at basis points over Germany.
The gains from austerity measures could be swallowed up such a high debt premium. The Economist print Mar 4th The German constitutional court ruled two decades
Pojke dod i svininfluensa that the Maastricht treaty was acceptable only if its no bail-out provisions were respected—so any bail-out would have to be disguised to avoid legal challenges.
Yet German banks are on the hook for so much Greek and other Mediterranean debt that some kind of taxpayer support may be unavoidable. We've got a treaty that does not include any provision for bailing states out, to help them out of a jam. German Chancellor Angela Merkel. Millions of migrants have arrived in Greece, Italy and Spain over the past decade.
To avoid serious social problems, those countries need to do a better job of making them feel welcome Time Magazine March 1st So we now know the trick. Charles Wyplosz, FT February 22 If not, what will be the other trick? By holding Greek debt, they first receive attractive yields, a reflection of the risk that they take. If the risks are then underwritten by European support, banks keep the yield and make capital gains "Pojke dod i svininfluensa." Grekland One banker said the situation was surreal.
Theodoros Pangalos said the current crop of EU leaders were of "very poor quality" and had botched this month's crisis summit in Brussels. Officials have said they will support Greece, but they haven't said how.
This has some skeptics of the euro project wondering if the rich, thrift-minded EU states ultimately can be counted on to come to the aid of poorer and heavily indebted ones.
The Politics of the New Global Currency. Fortune February 19, The Economist print Feb 18th The premium investors demand to hold the bonds over their German equivalents narrowed to basis points from basis points in the same period. My concerns were always just what they are now: I just never dreamed how bad it would get. The writer is professor of economics at Harvard and president emeritus of the National Bureau of Economic Research.
There is a better idea that could preserve the single currency while helping the beleaguered country to adjust its twin deficits. The rest of the eurozone could allow Greece to take a temporary leave of absence with the right and the obligation to return at a more competitive exchange rate. The worst "Pojke dod i svininfluensa" could happen now is a leap into the imaginary world of soft options.
That would be the end of the eurozone. The EU has issued a political pledge to rescue Greece — and by precedent, all Club Med — without first securing a Pojke dod i svininfluensa from the parliaments of creditor nations. Europe's leaders still refuse to face the awful truth: The last two weeks have cruelly exposed the Original Sin of monetary union: This will be tested again and again by bond vigilantes until such a mechanism is created.
The Frankfurter Allgemeine summed up German feelings when it asked why taxpayers should bail out a country that thinks it an outrage to raise the retirement age to That different labour markets, different sensitivities to interest rates, different economic structures, have caused the gap between North and South to grow ever wider; that a chunk of Europe is priced out of EMU by 30pc, has swung from boom to bust, and is on the cusp of a debt-deflation spiral.
Spanish unions have accepted a 1pc pay deal this year, only to be undercut by reports that Germany's IG Metall may accept zero. Must Spain slash wages to close the gap? What would that do to a country with 19pc unemployment and total debt near pc of GDP? Rolf Englund blog 27 mars Euro Currency Union Showing Strains Rolf Englund, a Swedish economist who campaigned vigorously against the euro in a referendum whether to adopt it there, said the current crisis underscored why resoundingly decided to keep the krona.
They're helpless now, and they have no instruments to fend it off. PIGS is a horrible acronym. But this is how the financial markets refer to the troubled and heavily-indebted countries of Europe - Portugal, Ireland, Greece and Spain.
BBC 11 February 1Since November 18, the Ukrainian ministry of health publishes no separate statistics on . Furthermore, their six-year-old daughter, who did not stay in New York, had been "SvD – Pojke med svininfluensa avled" (in Swedish). profilo-servis.info To him, childbirth was an uncomplicated natural process, and he did not Efter att deras lille pojke Alexander hade dött, försökte dessa föräldrar ta reda på av genetiskt material från svininfluensa, människoinfluensa och fågelinfluensa.
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