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Tag Archives: ecb

Ex ECB official: “Merkel toyed with the idea of Grexit but she was convinced otherwise” by the Chinese?

“German Chancellor Angela Merkel toyed with the idea of forcing Greece out of the euro until the autumn of 2012.” These claims are raised by Lorenzo Bini Smaghi, until recently one of the six-man executive council  at the European Central Bank and for many years Italy’s man in Frankfurt” In …

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Greek gov’t reports €1.5 billion primary surplus

The impossible became possible. Thanks to efforts of the Samaras’ coalition governments, of course. For the first time, Greek finance ministry a primary budget surplus of 1.5 billion euro. “Figures ‘make the goal of achieving a primary general government surplus by the end of the year increasingly feasible,’ says Alternative …

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ECB representative: “Greece will most likely need two more bailouts”

Not one, not two bailouts were enough to solve the Greek debt crisis. While German Finance Minister Wolfgang Schaeuble opened the discussion for an additional bailout a couple of weeks ago, a member of the Governing Council of the European Central Bank – one of Greece’s lenders, the Troika – …

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German Bundesbank still sees risk of Greek euro exit

Germany’s central bank Deutsche Bundesbank sharply criticized the European Central Bank for the ways it handles the eurozone rescue and still sees risks for Greece to exit the euro area. In a 29-page report the Bundesbank analyses the risks of the euro rescue policies.  The report was prepared by DB …

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ECB urged Cyprus to vote levy Sunday, “to avoid problems with banks

A European Central Bank official on Sunday asked President Anastasiades for a decision on a levy on deposits to be taken today, so that commercial banks open on Tuesday, the Cyprus News Agency has reported. CNA said the request was made as the president was briefing the House Finance Committee …

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ECB wins court case to conceal Greek debt secrets

 Secret documents revealing the extent of the European Central Bank’s knowledge of Greece’s concealed debt issues prior to its €240bn (£195bn) tax-payer funded rescue have been withheld in a “disturbing” EU court ruling. Internal papers, which detail Greece’s use of complex financial trades to hide its level of debt, were …

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Greek PM: Money Available ‘Till End of November, Democracy at Risk if Gov’t Collapses

 Greek prime minister Antonis Samaras hit dramatic tunes about the state finances and the social situation of the country. Speaking to German daily Handelsblatt, Samaras stressed the necessity of the 31-billion-euro bailout tranche saying that Greece has money until the end of November. “Then the cash box is empty,” Samaras said. “Antonis Samaras told …

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IMF Applauds Itself for the Success its Bailout Programs

No, it’s not a joke. In IMF’s scores-reviews published on Monday, International Monetary Fund among other “applauded itself for the success of its bailout programs”… Hm… should I mention the wrong predictions on recession? The bailout programs that crash the health care system?  The end of welfare state? The grabbing of social contributions translated into sharp pension …

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ECB-Draghi Calls On Bailout Countries to Further Lower Minimum Wages

Mario Draghi, head of European Central Bank found the solution to to production, especially in the bailout countries of the Euro Zone. “Urgent need to improve competitiveness and have labour forces work for dumping prices through further lowering the minimum wages” is the magic formula proposed by the ECB-chief. In the monthly …

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Open Letter to Mario Draghi (ECB): Difficult to Save the Euro, When…

Head of European Central Bank, Mario Draghi, is expected to announce some measures to save the euro. While the markets anticipate to hear the news, normal citizens and taxpayers of the European Union and the euro zone try to figure out what’s the importance of Draghi’s intervention and how these will affect …

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EU Investigates ECB Chief Mario Draghi Over Alleged Conflict of Interest

Hardly had we found a euro zone savor,  i.e. ECB-Chief Mario Draghi, it looks as if we may lose him again. The European Union saw itself  enforced to investigate allegations raised against Draghi by NGO Corporate Europe Observatory, an EU-focused lobbying tracker. CEO accused Drahi of  lacking of independence because of his membership to …

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ECB Stopped Accepting Greek Bonds & Other Collateral

  The European Central Bank turned up the heat on Greece on Friday ahead of a review of its bailout programme, saying it would stop accepting Greek bonds and other collateral used by Greek banks to tap ECB funding, at least until after the review. The ECB move, which analysts …

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EU, ECB Have a “Master Plan” to Save Euro Zone

 The four Musketeers, Barroso (EC), van Rompuy (EC), Juncker (Eurogroup)and Draghi (ECB) are reportedly working on a …secret plan to save the euro zone from the crisis. The ambition plan that will be implemented first to EZ member countries foresees among others more EU control over national budgets, a “bank union”,  …

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IIF Dallara: Greek Euro Exit Would Destabilize World Economy, ECB

Greece’s euro exit would destabilise world economy, the European Central Bank and the contagion will affect other countries like Italy, Spain and Portugal, too, head of Institute of International Finance (IIF) Charles Dallara said in an interview. He urged a European realistic approach to austerity. The head of the global banking …

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ECB:No Alternative to Bailout Programme, if Greece Wants to Remain in EZ

Alexis Tsipras governance priority to rip out the “barbaric” austerity programme prompted a reaction by the European Central Bank on Tuesday. Joerg Asmussen, ECB Executive Board member, raised for the first time the possibility of a Greek exit from the euro zone. “Greece needs to be aware that there is …

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Greek PSI: First Deal in the Next Hours? “Not Really” says IIF

A first deal on the PSI is “a matter of hours”a senior member of Greek Finance Ministry has by quoted to have said on Wednesday noon, according to Greek economic news portal Capital.gr. The final notices of exchange and bonds for the new programme is planned to be announced on …

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Samaras Sends Letter with Signature to Greece’s Lenders

Greek provisional coalition government partner, Antonis Samaras, the leader of conservative New Democracy, had to bow to the blackmailing of Eurogroup Juncker and Germany’s Merkel “Sign or No 6th aid tranche”. Samaras had to sit down and write a letter of commitment to the October 26th loan agreement. At the end of …

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ECB: Stark goes, Asmussen comes?

So, he is gone! German Juergen Stark, Executive Board member at the European Central Bank. He submitted his resignation from his post officially due to personal reasons. Unofficially due to ECB’s controversial bond-buying programme. Precisely, “two sources told Reuters, that the resignation was related to the bond-buying that has rescued …

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