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New on the Open Europe Blog Is Cyprus eyeing up an exit from its capital controls?  Open Europe Blog Q&A: All you need to know about Berlusconi's tax fraud trial and its potential implications for the Italian Government Open Europe Blog A shift towards greater transparency at the ECB?  Open Europe Blog
Daily Press Summary New business poll: Remaining in the EU with powers returned to Westminster is favoured option; Three quarters of businesses support an EU referendum The British Chambers of Commerce’s latest business barometer poll of 4,000 businesses has revealed that 77% of businesses support a referendum on EU membership, compared with 14% against and 9% unsure. In terms of timeframe, nearly half of businesses (43%) believe that a referendum should only take place after negotiations have run their course, compared with 34% who feel that a referendum should be held before 2017. The option to ‘Remain in the EU, but with specific powers transferred back from Brussels to Westminster’ received the highest positive impact rating, with 61.4%. Meanwhile, the Sun laid out its position on numerous policy areas including Europe, saying, “We have long been Eurosceptic and we will hold David Cameron, if he’s re-elected, to the referendum he has promised. But it is not a given the Sun would want out. If Cameron pulls off the radical reforms he speaks of — and that’s a big “if” — we might get the best of both worlds.” Mail BCC CityAM Sun In an interview with Süddeutsche Zeitung, ECB President Mario Draghi said, “I think [publishing ECB meeting minutes] is a necessary next step. Therefore the ECB Executive Board will present a proposal to the ECB Governing Council accordingly”. Süddeutsche: Draghi FAZ AFP Handelsblatt Welt Bank of Cyprus exits restructuring but only after uninsured deposits are locked in for fixed period Following the conversion of 47.5% of uninsured deposits into bank shares, the Bank of Cyprus has exited its restructuring process. However, only 12% of the remaining frozen uninsured deposits will now be released, with the rest converted into fixed term deposits (of between six and twelve months, with the possibility of extending the period). Depositors will be compensated with slightly higher interest rates on these deposits. Open Europe’s blog, noting that the motivation for this was likely to stop deposits fleeing once capital controls are removed, was cited by the Telegraph live blog. Open Europe blog Cyprus Mail Cyprus Mail 2 Famagusta Gazette FT Telegraph: Live blog The WSJ notes that EU foreign policy chief Catherine Ashton’s review of the EU’s External Action Service suggests giving the EEAS greater influence over many areas of EU policy, from EU foreign-aid allocations to the implementation of EU sanctions. WSJ Brussels Beat Italy’s Supreme Court prosecutor has requested that Silvio Berlusconi’s public office ban for tax fraud be cut down to three years, while upholding the four-year prison sentence. The verdict is expected this evening or tomorrow morning. Open Europe’s blog discussing the ruling’s possible impact on the stability of the Italian government featured on the Guardian’s live blog. Open Europe blog Guardian: Live blog Corriere della Sera Il Sole 24 Ore Repubblica La StampaSüddeutsche Bild The deficit of the Spanish central government stood at 3.8% of GDP at the end of June – reaching the limit fixed for the entire year. Separately, Spanish Budget Minister Cristóbal Montoro will today propose differentiated deficit targets for Spanish regions instead of the single overall target currently in place. However, he is likely to face opposition from several regional governments.  El País El Mundo El Mundo 2 Spanish government’s PR Expansión The Demos think tank has suggested that the UK should push for a two-year limit on benefits for EU migrants, the right to reserve apprenticeships for British youth and restrict employment boosting tax-breaks for those that take on native workers. Times Open Europe research The ECB is expected to hold interest rates at its monthly meeting tomorrow following recent encouraging economic data showing a potential pick up business and household confidence as well as private sector production. Open Europe’s blog titled ‘Turning a corner in the eurozone? Not quite yet…’ is cited by FT Alphaville.  Open Europe blog WSJ EUobserver FT Alphaville Kathimerini reports that the Greek government has stepped up the pace of civil servant sackings as it pushes to meet its latest bailout targets but also that the latest EU/IMF/ECB Troika review highlights up to 95 reform measures which Greece has failed to implement.  Kathimerini Kathimerini 2 Kathimerini 3 FT Irish Minister for Communications Pat Rabbitte has hardened the Irish Government’s criticism of the ECB/IMF/ECB Troika over its insistence on a €3.1 billion adjustment in October’s budget, accusing it of moving the goalposts to impose an “arbitrary” target. Irish Times Dutch magazine Elsevier reports that, according to credit rating agency S&P, house prices in the Netherlands are expected to fall by 5.5% in 2013.  Elsevier S&P Report