Daily Press Summary
Slovenia refutes claims it is next in line for a eurozone bailoutIn a press conference yesterday, Slovenian Prime Minister Alenka Bratusek accepted that the country’s banking system is “problem number one” but insisted “we will solve our problems alone,” rejecting suggestions of a eurozone bailout. Meanwhile, in an auction of short-term debt yesterday, Slovenia failed to reach its target amount, with investors seemingly nervous following the OECD’s report warning of the risks in the Slovenian banking sector. Open Europe’s Raoul Ruparel is quoted by Dutch daily Volkskrant discussing the future of the eurozone crisis. EUobserver FT FT Lex FT Editorial CityAM WSJ WSJ Heard on the Street European Voice Euractiv FAZVolkskrantNew ECB figures place German households bottom of eurozone wealth rankingsThe ECB yesterday published figures on household wealth which show that German households are on paper the poorest in the eurozone with average assets valued at €51,400, behind Portugal on €75,200 and Slovakia on €61,200. Luxembourg came top on €397,800 followed by Cyprus on €266,900. However, the data comes from 2009 and 2010 and does not account for factors such differing rates of home ownership, household size, levels of indebtedness, ownership of businesses or living standards. FT WSJ FAZ FAZ: Steltzner Süddeutsche Der Standard Spiegel WeltA new Forsa poll for RTL and Stern puts Germany’s ruling CDU/CSU and FDP coalition on 47% compared with 46% for the SPD, Greens and Die Linke combined – meaning that, for the first time since 2009, the coalition would have an absolute majority in the Bundestag.Stern Spiegel Presse Welt6,000 individuals and firms pulled more than €100,000 out of Cyprus in two weeks before bailoutThe parliamentary investigation into the amount of money transferred out of Cyprus ahead of the bailout was halted yesterday, after the Central Bank of Cyprus only provided data of outflows for the first two weeks of March rather than for the whole year as requested by MPs. Nevertheless, the list contained the names of 6,000 individuals and firms which had pulled more than €100,000 out of Cyprus in those two weeks. Separately, Cypriot Finance Minister Harris Georgiades said yesterday that pension funds with deposits in Laiki Bank or Bank of Cyprus will face losses but will eventually be reimbursed using money from the €10bn eurozone bailout. In the interim, they will be compensated with shares of the banks, which the government will eventually swap for cash. Kathimerini Cyprus Mail Famagusta Gazette Cyprus Mail 2 Famagusta Gazette 2 Cyprus Mail 3 Famagusta Gazette 3 Famagusta Gazette 4Discussions between the Greek government and the EU/IMF/ECB Troika are yet to yield an agreement, with the two sides still split on the issue of civil service job cuts. Der Spiegel reports that, according to a study, over 120,000 doctors, engineers, scientists and computer-experts have left Greece since 2010.Kathimerini FT Kathimerini 2 SpiegelEl País reports that the European Commission will today again warn Spain over its “serious” macroeconomic imbalances, but will stop short of opening an Excessive Imbalance Procedure – which can ultimately lead to fines.El País El Mundo El Economista Cinco DíasAccording to the Irish Independent, a draft paper by the EU/IMF/ECB Troika suggests that Ireland and Portugal should get seven more years to repay their bailout loans. Eurozone finance ministers will meet in Dublin on Friday and Saturday to discuss the possible extensions.City AM Irish IndependentBloomberg reports that the price of EU carbon permits has fallen further after the biggest political group in the European Parliament, the EPP, reaffirmed its opposition to plans to temporarily withhold supply from the market in a vote due to be held next week.BloombergIn a speech on the eurozone crisis delivered at the Centre for Financial Studies in Frankfurt yesterday, billionaire investor George Soros argued, “My first preference is Eurobonds; my second is Germany leaving the euro.” He added that, in his view, Germany itself would be in recession by September’s federal elections.Times Guardian FAZ Süddeutsche DWNThe ten ‘wise men’ appointed by Italian President Giorgio Napolitano to draw up a reform agenda which can be used as a basis for a coalition government are expected to unveil their proposals on Friday.IHT Corriere della Sera Il Sole 24 Ore Repubblica Corriere della Sera 2 Il Sole 24 Ore 2 Repubblica 2 La StampaThe FT reports that EU Trade Commissioner Karel De Gucht is seeking new powers to launch trade investigations even when there have been no formal complaints from EU industry. The proposals are aimed to address concerns that the EU fails to investigate cases of Chinese ‘dumping’ because EU companies shy away from filing complaints for fear of retaliation.FTThe UK, Germany, France, Italy and Spain (G5) have agreed to deepen cooperation to tackle tax evasion. “The finance ministers of the G5 express in their letter [to the European Commission] the expectation that other EU member states will join”, the German Finance Ministry said.Reuters EUobserver FT TelegraphFrance’s former Budget Minister Jérôme Cahuzac was expelled from the Socialist Party yesterday. He admitted last week to hiding some €600,000 in a secret Swiss bank account.Le Monde Libération Le Point
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