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Draghi cautions against complacency, says ECB has done its bit

5 Mar

      BRUSSELS (Reuters) – European Central Bank President Mario Draghi has warned the euro zone against complacency and told leaders who had delivered an upbeat message about corralling their debt crisis not to expect a further injection of long-term cash into their banks, according to officials. (more…)

Greece may need more help: Austrian chancellor

5 Mar

      (Reuters) – Greece’s second bailout may prove insufficient and a topping up of the euro zone’s permanent bailout fund cannot be ruled out, the Austrian Chancellor was quoted as saying in a newspaper on Sunday. (more…)

Europe’s recovery won’t slide away on Greece, but it could slip up over oil

5 Mar

      Oil prices closed at $123 a barrel on Friday, and the cost of petrol on Britain’s forecourts jumped to a record high. It was hardly the backdrop Europe’s politicians had hoped for as they gathered in Brussels to rubber-stamp their new tax and spending rules (while stressing that growth, not austerity, is […]

EU summit: European leaders focus on growth, not cuts

2 Mar

        European leaders are seeking to refocus their efforts to tame the financial and economic crisis away from the crushing austerity programmes hitting much of Europe and towards policies to boost growth. But while an EU summit in Brussels agreed on the need for growth, there were bitter disputes over the means […]

In 2015, 85% of Greece’s debt will be owned by European taxpayers

2 Mar

      Eurozone finance ministers have reached a partial agreement on the second Greek bailout and a restructuring of the country’s debt, but they postponed a final decision to next week. They will probably get there, but this remains a bad deal for both Greece and eurozone taxpayers. (more…)

Why the ISDA ‘No’ Vote on Greek CDS Actually Matters

2 Mar

      The decision by ISDA’s European determinations committee Thursday to not trigger CDS on Greek debt has been largely shrugged off, mainly because payouts are widely seen as being warranted in the event that Greece forces investors into its restructuring deal. That’s an outcome that many in the markets see as highly likely. […]

La dette de la Grèce estimée à 1 000 milliards d’euros

2 Mar

      L’organisation bancaire internationale IIF a chiffré à plus de 1 000 milliards d’euros le coût pour l’économie internationale d’une faillite incontrôlée de la Grèce, dans un rapport remis en février aux dirigeants européens, indique vendredi l’hebdomadaire grec Athens News. (more…)

Juncker Piles on the Pressure – Merkel Stuck in the Euro Firewall Trap

1 Mar

German Chancellor Angela Merkel has a problem. External pressure on her government to back an increase in the size of the permanent euro backstop fund, the European Stability Mechanism (ESM), is rapidly growing, with Berlin now virtually isolated among the G-20 and the euro zone, with the International Monetary Fund insisting as well. Even the […]

Les dirigeants européens espèrent que la crise est derrière eux

1 Mar

      Les dirigeants européens espèrent que la crise est derrière eux. Après le lancement du deuxième programme d’aide à la Grèce, les chefs d’Etat et de gouvernement vont profiter de l’accalmie sur le front de la crise de la dette souveraine, pour enfin discuter de la croissance et non plus d’austérité. (more…)

Pluie d’euros à durée limitée

1 Mar

        Ces 1.000 milliards d’euros n’existaient pas il y a trois mois. Et personne n’en avait besoin. Pourtant, ils reposent aujourd’hui dans les comptes de centaines de banques européennes ! Souvent critiquée, la Banque centrale européenne a joué ici un coup de maître. A l’automne, sur fond de crise grecque non résolue, […]