Online tool created by Institute of Economic and Social Studies shows complete breakdown of member states’ costs and guarantees for the rescue of the Eurozone.
The fiscal storms of 2010-2012 are gone, but the crisis in Eurozone is far from being a history. Continuous fiscal problems in Greece, banking problems in Portugal, or repeatedly missed deficits in France signal continuous struggle.
The first “rescue round” of 2010-2012 was heavily felt by the citizens of the rescued countries. Despite providing hundreds of billions worth help, the citizens of the core were shielded from the imminent impact. ECB, EFSF and ESM enabled to summon the money without seriously affecting national budgets.
However, the bailout guarantees provided by the member state tax payers may come back to the headlines very swiftly in the moment when one of the PIIGS countries finds repaying the bailout impossible – or unwilling.
Viac o Bill for saving the Eurozone
To the polls! Less of smoked. Bargain in the bank. Sputnik takes off.
Here we go. Leaflets falling out from newspapers and videos falling out from websites – convincing us about the rightness of a particular candidate but also about the civic duty to vote the Euro representative. It somehow reminds a bit of an ambitious gold digger, which buys a seductive lingerie with her husband’s credit card, hoping that the ignorant husband will notice it.
The European Parliament is happy to spend its resources on its own promotion. From all of the cases, we can mention for instant, a visitor’s center – Parlamentarium for nice 20.5 million euros or 56-million museum called The House of European History. It is therefore no surprise that Parliament’s budget increased by more than 20% in last 6 years while the number of members decreased.
Viac o Careful with CoCos – Budiž Euro! 21/2014
Vanishing unemployed. The patch has its cost. The U.S. of Europe from Italy.
Recent months registered a return of bankrupt states to financial markets. Ireland, Portugal and even Greece, with hopeless national debt of 175% and five-year recession, sold a new debt to some fools. The only question now is, whether those fools are investors or all of us who have promised to purchase that new debt through the ECB, in case of problems.
Most recently, the group was enlarged by bankrupt Cyprus, which sold a six-year bonds worth 100 million euro with the interest of 6.5%. Portugal already has a plan to leave the rescue program and even without the assistance of a credit line, which would be „on hand“ in case of problems. According to the Minister of Finance, the country has a financial supply for one year.
Viac o Great Plan – Fiat Euro! 19-20/2014
On a visit. Deserved retirement. French test. Made in Mexico.
Slovakia was honored with an important visit. Soon leaving president of European Commission – Barosso, praised our country and in return, was given the Order of the White Double Cross of the II. Class from the president Gašparovič. For outstanding merit in strengthening the position of Slovakia in international relations. And since he probably will not visit us as a retiree, we enclosed also a title of Doctor Honoris Causa from the University of Economics. After all, every other line in CV is good!
Viac o Golden Goodbye – Budiž Euro! 18/2014
European elections at the door. New derby Brussels vs. Moscow. Euro party continues.
Do you know how the euro crisis will end? People will probably just get used to it. Or they will find another, more acute one. That is what is happening in recent weeks. Russian Federation annexation of Crimea rewrote the map of Europe and whole EU is on pins and needles whether Russians have the ambition to „protect“ Russian minority in other parts of Ukraine as well. According to information from the top NATO command positions, there are tens of thousands of Russian soldiers already gathered in the border areas, waiting only for warrant, after which they can enter the territory of Ukraine almost immediately.
Viac o The Crisis is Over (Again) – Fiat Euro! 15/2014
Ukrainian billions. European referendums. Army parade of ECB. Hair mousse or die.
This month we celebrate five years of historically longest continuous growth. You guessed it right, not the economic one. Even though the reaction of central banks to the crisis (especially the one of the American FED in the form of unprecedented influx of new money to the market) did not solve the crisis, but at least it started the bombastic growth of the stock market (some might say inflation). Index Dow Jones Industrial Average increased after those five years by 180%.
Viac o Weapons’ exposition – Budiž Euro! 13/2014
Saint Patrick did not help. Millions from a bank. Billions from all the banks.
The beginning of this article is dedicated to our beloved Silvio. Kicked out through a door, he is coming back through a roof window. His adviser has announced, that the Italy’s former PM plans to run in European Parliament elections. Yet afterwards, Italy’s highest appeals court confirmed a two-year ban from public office for him. There are no one-act comedy plays in Italy, so it is still possible that Brussels will once enjoy BungaBunga parties.
Viac o Breakaways – Fiat Euro! 12/2014
Austria on the edge. Italian plans. Higher salaries for officers. Successful elections.
The amount of black sheep is increasing. Austrian Central bank governor Ewald Nowotny admitted that neither his country may not meet the 3% deficit rule. He blames the additional costs of the bankrupt and nationalized bank Hypo Alpe-Adria. The costs should increase about 3.6 billion euro, what together with taking over bad assets will kick the state’s national debt from current 74.4% of GDP to somewhere around 80% of Austrian GDP. Although the number is not official yet, the opinion of the head of central bank cannot be ignored. Dreamers and utopians can further reflect on respect for common rules, thanks to which the Eurozone will work one day, however, we ask: When will Slovakia also give up?
Viac o Time machine discovered in Brussels – Fiat Euro! 11/2014
Germans again. A Greek idea again. A need to pay again.
Another prominent politician has been sentenced to jail in Italy. Comedian and the head of Five Star party Beppe Grillo has been found guilty of breaking police seal on building in 2010. But he has no reason to worry about that, since it’s not very common for politicians to go to jail in Italy. Berlusconi knows that.
Viac o Delayed invoices – Fiat Euro! 10/2014
Ghost towns. Spanish minimum. Broken rules.
This week’s headlines from Europe are dominated by the wild situation in Ukraine. The man with a gold-plated toilet brush and a pirate ship is lost somewhere and so the way for the European help (practically bankrupt country needs $ 35 billion for the coming years) is open. We can only hope that the situation will not turn out like the one in Egypt, where a billion-worth European aid became a (tear) gas.
Viac o The full balance of empty houses – Fiat Euro! 9/2014