IRELAND’S Budget 2012 document was not just mistakenly forwarded to the German Bundestag, it went to all member states on the EU’s Economic and Financial Committee, it was claimed today. http://www.spiegel.de/international/germany/0,1518,798588,00.html Erope’s “systematic crisis,” as EU Commission President José Manuel Barroso recently described the situation, has banks across the region preparing for widespread layoffs. Just this week France’s BNP Paribas gave word it’ll be letting 1,400 employees go. Ashton in Moscow: Russian WTO membership a real opportunity to develop economic ties http://www.dw-world.de/dw/article/0,,15540471,00.html Spain's prime minister pleads for help from EU and ECB as yields climb The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty
http://www.independent.ie/national-news/budget/leaked-budget-plans-went-to-all-eu-members-sources-2939065.html
http://www.worldcrunch.com/crisis-set-cost-100000-european-bankers-their-jobs/4111
18-11-2011
Catherine Ashton has said Russian Membership of the World Trade Organisation will be a real opportunity for the EU and Russia to develop a deeper economic framework, especially in support of businesses. “I think it will be to the benefit of Russia and to the benefit of the EU,” the EU High Representative for Foreign Affairs said in Moscow yesterday.
http://enpi-info.eu/maineast.php?id=27095&id_type=1&lang_id=450
Spanish prime minister José Luis Rodríguez Zapatero made a direct appeal for intervention by the European Union and the European Central Bank (ECB) on Thursday as the country's borrowing costs soared to levels widely considered to be unsustainable.
Referring to the sovereign powers ceded to those European institutions since Spain joined the euro club, Zapatero said: "That is why power has been transferred to them." His request appeared to have been answered by late in the day as pressure on Spanish bond yields relaxed amid reports that the ECB was buying Spanish debt. In the meantime, pressure was piling up on Mariano Rajoy, the People's party (PP) leader expected to take over as prime minister after Sunday's general election, to reveal his plans for saving the country from a bailout that might bring eviction from the eurozone.
Rajoy remained tight-lipped, however, as Spain's treasury was forced to borrow money at a rate of almost 7% on Thursday for the first time since 1997, declining to give further details of what is expected to be a major reform and austerity programme.
"I do not have a magic wand to fix these problems, nor can we expect that they will all be solved in one day," El País quoted the conservative leader as saying at a campaign rally.
http://www.guardian.co.uk/business/2011/nov/17/spain-eu-ecb-help-bond-yields-rise?newsfeed=true
The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.
http://www.zerohedge.com/news/entire-system-has-been-utterly-destroyed-mf-global-collapse-presenting-first-mf-global-casualty
What does this portend for future/options markets in broader context? Can we expect deleveraging in these ponzi paper markets?eu reform treaty Merkel tones down treaty change talk ahead of Cameron visit
Irish Times
Dr Merkel responded by talking about “limited treaty change”, allowing EU oversight of budgetary framework but not the details, and for rule breaches to be pursued in the European Court of Justice. Yesterday she appeared to qualify her call further. ...
See all stories on this topic »Merkel: still no quick fix to euro crisis
Boston.com
She insisted Europe must instead address the continent's problems at the root, and pushed her drive for reform to the European Union treaties to strengthen the currency union. "We have the choice now: you can have a . . . collectivization of everything ...
See all stories on this topic »Finland suggests alternative to German push for EU-treaty change
Monsters and Critics.com
Such a reform would need a treaty amendment, but the requirement could be circumvented by appointing the same person to the three different posts, the Finnish minister suggested. This would reduce the risk of divisions between the 17 euro members and ...
See all stories on this topic »Germany is not for turning on how to save the euro
Financial Times
The challenge is to manage this without creating a split within the EU. Does that mean squaring the circle? No. There are ways to ensure coherence of the union as a whole. Changing the EU treaty at 27 – however tiresome and difficult that may seem – is ...
See all stories on this topic »The debate over Europe's future
Spectator.co.uk
Echoing Merkel, he says we're going to need to ammend the EU treaty: 'Treaty change will require considerable political will. But if we fail to muster the courage to do this now, Europe will remain permanently vulnerable to crisis. ...
See all stories on this topic »
Friday, 18 November 2011
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