Two related stories from THE WALL STREET JOURNAL: Cyprus Gets New Bailout Deal Bid to Remain in Euro Imposes Bank Controls, Steep Losses on Large Depositors By Matthew Dalton and Gabrielle Steinhauser in Brussels and Alkman Granitsas in Athens Cyprus secured a bailout from its international creditors early Monday, ending a week of financial panic [...]
Archive of posts filed under the €urosclerosis category.
€urosclerosis: Cyprus, again
From THE WALL STREET JOURNAL: Clock Ticks on Cyprus Nation Aims to Restructure Bank to Secure Aid, Stay in Euro By CHARLES FORELLE, MATINA STEVIS and DAVID ENRICH | Updated March 21, 2013, 8:02 p.m. ET Cyprus, in an 11th-hour bid to unlock international aid, reopen the nation’s banking system and preserve membership in the [...]
An interesting juxtaposition Updated! Cyprus Parliament saves lawmakers’ lives rejects bank account levy
From First was a link to an article in Bloomberg: Europe’s Reckless Raid on Cyprus’s Savings By the Editors Mar 18, 2013 3:44 PM ET Of all the many steps that the euro area has taken to contain its debt crisis, the decision to force ordinary savers in Cyprus to contribute to their country’s bailout [...]
€urosclerosis: The bank account levy in Cyprus
When I first saw this story, I questioned its veracity, because it came from a source not always reliable, and it seemed just plain crazy. But this time, it’s from THE WALL STREET JOURNAL: Cyprus Races to Prevent Bank Crisis By ALKMAN GRANITSAS And MICHALIS PERSIANIS NICOSIA, Cyprus—Cypriot leaders on Sunday raced to prevent a [...]
€urosclerosis: Of what country is François Hollande president?
From The New York Times: Hollande Visits Greece to Show Support for Recovery Efforts By NIKI KITSANTONIS Published: February 19, 2013 ATHENS — During a quick visit to the Greek capital on Tuesday, President François Hollande of France expressed support for Greece’s efforts to revive its economy and called on French companies to invest in [...]
€urosclerosis: Paying for past follies
From Euro-Zone Economy Plunges By Brian Blackstone FRANKFURT—The euro-zone economy plunged last quarter at its fastest pace in nearly four years, as weakening global activity and deep recessions along the currency zone’s southern border gripped powerhouses such as Germany and France. The report on gross domestic product from the European Union’s statistics office highlights a [...]
Economics 101: Socialism does not trump real economics
Your Editor noted, appropriately enough on last Bastille Day, the promise of French Labor Minister Michel Sapin to “make layoffs so expensive for companies that they are not worth it.” The original noted this article as well: French president says Peugeot layoffs are unacceptable Associated Press, July 15, 20121 PARIS — President Francois Hollande on [...]
€urosclerosis: the socialist model of François Hollande is failing
President Barack Hussein Obama and our friends on the left want to address our economic problems with ever higher taxes and yet more government spending. House Minority Leader Representative Nancy Pelosi (D-CA) said that “It is almost a false argument to say we have a spending problem,” a statement so looney that even the White [...]
€urosclerosis: The more productive European nations are getting tired of carrying the less productive
From EU Leaders End Summit With No Deal on a Budget By Matthew Dalton and Vanessa Mock BRUSSELS—European Union leaders ended a two-day summit Friday without a deal on a common budget for the 27-nation bloc, foiled by clashes between nations that are net contributors to EU finances and those that receive more than they [...]
€urosclerosis: The Greeks don’t have to revolt, if they’ll just work harder; Lessons in the difference between working for private firms and working for the government
From The New York Times: Under Chinese, a Greek Port Thrives By Liz Alderman | 10 October 2012 PIRAEUS, Greece — The captain gazed from his elegant office overlooking this port on the Aegean Sea and smiled as towering cranes plucked container after container from a giant ship while robotic transport vehicles fanned out to [...]
