By Benjamin Shepherd: Since the European Union’s (EU) founding in the early 1990s, the currency union has been criticized for being just that: A monetary union that attempts to embrace fragmented fiscal interests and concerns. And while this monetary union might have worked initially with its 12 core member states, there are now 23 countries using the euro while pursuing their own fiscal interests.
A WEEK late and billions of euros short euro-zone leaders have knocked out a deal with Cyprus over its ongoing banking crisis. Charlemagne provides key details here. The agreement is significantly better than last week's hash in a few ways. Insured depositors will not face losses; instead stockholders will be cleaned out, bondholders will be bailed in, and uninsured depositors will face big losses:
By Stoyan Bojinov:Stocks drifted lower to start the week as resurfacing Euro zone debt woes brought back the bears. Domestic equity indexes retreated into red territory after European leaders put pressure on Greek lawmakers to meet and accept the conditions of the proposed $171 billion bailout.
MADRID (Reuters) - France's President Francois Hollande and German Chancellor Angela Merkel agree on the need for a clear and tight timeframe to build a European banking union, a French government source said on Thursday. The source had been briefed on talks between the two leaders before a summit of European Union heads of state and government in Brussels. "It was a discussion to check on the positions and see if we can reach a deal, and I think that's the case... We'll see how talks will go, but a deal is likely," the source said on condition of anonymity. ...
One might think the US and EU would have enough economic problems already to risk oil soaring to stratospheric heights by an embargo of Iranian oil.
Unfortunately, common sense never gets in the way of bureaucrats and fools or their foolish missions.
Bloomberg reports EU Governments Moving Closer to Iran Oil Embargo as Greece Lifts Objection
The heads of the Russian and the Ukrainian state gas companies Gazprom and Naftogas held talks under the aegis of the European Union in Brussels on Thursday. A first meeting in Moscow late on Wednesday night had achieved very little.