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Content about Euro

April 18, 2012

Cost Of Insuring Spanish Debt Skyrockets

The Euro crisis continues to build as the European debt bubble becomes ever more fragile. While most of the media focus has been on Greece, Spain has been building its status as the next big collapse.

The cost of borrowing money from the markets has been yo-yoing around the 6% mark as so-called market sentiment passes judgement on Spain's outlook.

Yesterday the markets seemed to believe that Spain was a better bet than it has been, with the interest rates charged on its debt falling to 5.89 percent. Spain had planned to raise 3 billion euros in their bond auction, but managed to exceed expectations by raising 3.2 billion euros.

March 29, 2012

S&P Admits Greek Debt Will Have To Be Restructured Again

While Moritz Kraemer, head of sovereign ratings at Standard & Poor believes Greece will have to restructure its debt once more, the ECB calls for more regime change.

Speaking at an event last night at the London School of Economics, Kraemer said he believed that this time round, Greece would have to involve bailout partners such as the International Monetary Fund. Commenting on the likelyhood of a further restructuring, he siad:

I’m not predicting today when ... At that time maybe the official creditors need to come into the boat.

Perhaps he was alluding to the Titanic.

January 31, 2012

Greek Judge Writes Off €82,000 Personal Debt To Banks

In a landmark ruling in Hania, Crete, a Greek judge has wiped out the debt owed to banks by a full time employed civil servant.

According to Greece's Kathimerini newspaper, the judge at the Justice of the Peace court based his decision on a 2010 law that permits protection for people struggling to meet their financial commitments. To date, this law has only been used to provide relief to the unemployed.

The lady concerned is a full time civil servant with three children to support. She and her family have moved back with her parents. The court decided that she needs €350 per month to live on and that the remainder of her salary should be distributed between the four banks she owes money to.

January 23, 2012

European Finance Ministers Meet Today To Confirm Euro Collapse

European finance ministers will meet today to finalise the terms for Greek debt restructuring.

Resolving the issue of the Greek debt swap is considered key to keeping the Euro going for another few weeks. Under the terms of the deal, private investors will swap their current, unrepayable, Greek government bonds for some equally unrepayable bonds of lesser value. Private investors are expected to take a so-called "haircut" of between sixty and seventy percent.

January 17, 2012

Inflation Falls To 4.2% - Where's The Hyperinflation, Then?

The main cause of hyperinflation is a massive and rapid increase in the amount of money which is not supported by growth in the output of goods and services. The UK Column has been warning for a number of years now that we are staring hyperinflation in the face. So where is it?

It's there.

It's there in the half trillion Euros pumped into an already dead European financial system at Christmas by the European Central Bank. It's there in the half trillion Euros that the ECB is going to pump in next month. It's there in the trillions upon trillions of dollars pumped into the system by the Fed, and the hundreds of billions of pounds pumped into system by the Bank of England.

January 11, 2012

Inter-Alpha Group Banks - Hoarding ECB Hyperinflationary Bailout

On the 22nd December last year, the European Central Bank began lending some new money. 523 European banks borrowed €489 billion in one day.

The money was lent at 1% over three years. This was the biggest infusion of hyperinflationary credit by the ECB ever, and represents 5% of the GDP of the whole European Union. In one day.

The move was part of the ECB's package of measures intended to "stabilise" financial markets. The Association of German Banks said at the time that the cash injection would "decisively improve" the liquidity of European Banks, and help ward off potential credit shortages in the Euro zone.

So, has it achieved its objective?

September 26, 2011

Is Proposed Eurozone Bailout Illegal?

In order to create the European Union it became necessary for its major proposers and supporters to undermine the democracy of the people. It stole its authority by ignoring the will of the people in various referenda. Now, in order to save its flawed currency, it seeks to make itself immune from the rule of law.

According to reports

the International Monetary Fund last night issued an extraordinary warning that it might not have enough cash to stem the crisis engulfing the Eurozone, prompting fears that Britain could be forced to find billions more to bail out debt-stricken economies.

and that

September 18, 2011

Polish Finance Minister: "War In Ten Years" If Euro Rescue Fails

Born into a Polish exile family living in London, Former Tory Party member Jan Vincent-Rostowski is currently Finance Minster of Poland. He is utterly pro-Euro and extremely keen to see Poland join the Euro as soon as possible.

Speaking to MEPs in Strasbourg on the 14th of this month, and making reference to a recent UBS report entitled "Euro Break Up - The Consequences", he stated:

There is no doubt we are in danger. Europe is in danger.

October 6, 2008

Never Mind Lisbon, Europe Is Dead

Germany has joined Ireland and Greece in declaring that private citizens' savings will be protected by the state. In doing so, they seem to have dealt a massive blow to the very foundations of the Tower of Babel that is the Maastricht Treaty. At the very least, they have exposed European monetary union for the joke that it is.

Angela Merkel announced the guarantees after an emergency meeting of the Bundesbank and the financial regulator, called because Hypo Real Estate, Germany's second largest commercial property lender, is in trouble after a €35bn rescue plan collapsed.

The problem for the European elites is that they must have been drunk when they architected Maastricht.