According to Germany’s Finance Minister, Euro zone states must do more “at a European level” and work for budget setting and fiscal policy to European institutions to solve the debt crisis. Wolfgang Schaeuble to Focus, a German news magazine, that Italy is capable of resolving its problems. “The actual economic data is not so bad….
Author Archives: Derrik Brunner
Belgian Finance Minister: Taxing Financial Transactions
As the debt crisis in Europe becomes more severe, finance ministers throughout the region have conducted numerous meetings in hopes of coming up with a new solution. According to Didier Reynders, Belgian Finance Minister, EU finance ministers should consider methods of taxing monetary transactions in order to relieve the worsening debt crisis. “If it’s possible…
Greek PM George Papandreou Wins Vote of Confidence
Greek Prime Minister George Papandreou recently won a vital vote of confidence after pledging to hold power-sharing talks. Papandreou shocked EU leaders and jolted markets by calling for a referendum on an EU deal last week, and has since faced numerous accusations and an impromptu vote. In an address to parliament he ruled out snap…
EU Cuts Aid Funds to Greece, Euro Falls 0.3%
As European cut off all aid payments to Greece, the Euro has fallen to a three-week low. Asian stocks and U.S. equity futures also saw significant losses. German and French financial leaders now hold several emergency meetings in Cannes, France, and have withheld 8 billion euros of assistance. Greece was warned not to vote against…
China to Enhance Cooperation with the EU
As the EU struggles to find a solution for its devastating financial crisis, China has repeatedly expressed its desire to boost cooperation between the countries. “China is willing to enhance cooperation with the EU and expand cooperation in the areas of trade, investment, technology and finance,” said Jiang Yu, Spokeswoman for the Chinese Foreign Ministry,…
European Finance Ministers Cancel Wednesday’s Meeting
According to an EU spokesperson, European finance ministers have cancelled the meeting set for Wednesday, but the conference of EU and Eurozone leaders will continue as planned. Sources told Reuters that the meeting, called Ecofin, was canceled because various details which were to be discussed have not yet been finalized. Poland, who currently holds the…
Nordea Bank’s Christian Clausen Disapproves of European Commission’s Tax Proposal
According to the head of Nordea Bank AB, the European Commission’s suggested financial-transaction tax will undoubtedly push business out of Europe and further hurt its economic recovery. The proposal has already been approved by both Germany and France. “Right now we have very fragile financial markets, we know the funding markets are not working,” said…
European Shares Rebound
EU nations have announced that they are putting efforts into recapitalizing banks, causing European shares to rebound this Wednesday. Earlier this morning, London’s FTSE 100 index of top shares increased 1.68% to 5,027.72 points. In Frankfurt, the DAX gained 1.57%, and in Paris the CAC 40 rose 2.16%. Milan, despite a three-notch fall by Moody’s,…
Germany Contributes 211 Euro to the EU
In a recent interview, Wolfgang Schaeuble, German Finance Minister, stated that Germany will not contribute any additional funds to the EU after the 211 billion euros which were approved by parliament. He said: “The European Financial Stability Facility has a ceiling of 440 billion euros (or $590 billion), 211 billion of which is down to…
Marshall Auerback: Greece to Default by End of This Year
In a conference in Dublin late last week, Marshall Auerback of Colorado-based Madison Street Partners stated that Greece will default by the end of the year. The statement came after Greek Finance Minister Evangelos Venizelos said an orderly default may occur in the near future. “I think it will default by December,” Mr. Auerback said….
