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.
With Greeks going to the polls to elect a new government in just over two weeks, concerns over a potential Greek exit or ‘Grexit’ from the euro is growing and this has led to the euro falling against the dollar and particularly gold. Speculation as to the consequences of a Syriza victory has caused the euro to fall to it’s lowest level against the dollar since 2010. Gold has surged to close to EUR 1,020 per ounce this morning – building upon the 11% gains seen in 2014.
MOSCOW — Russia’s government has pushed the country into an economic crisis by not tackling its financial problems fast enough, former finance minister Alexei Kudrin said on Monday, warning the full effects would be felt next year.
Kudrin — a darling of investors who is credited with building Russia’s $170 billion worth of sovereign wealth funds — added that sanctions over Ukraine, not falling oil prices, were primarily behind the collapse of the rouble and warned that Russia risked seeing its debt downgraded to junk status in 2015.
Follow ZeroHedge in Real-Time on FinancialJuice When it was suggested it was considered in the blazing battles of the bail-outs and the scraping of the bottom of the drawers for extra cash as the God-sent answer to all EU woes and worries.
Beijing (AFP) - A Pacific Rim summit on Saturday voiced cautious support for a vast free-trade zone proposal being pushed by China in the face of reported resistance from the United States, which is promoting its own regional trade pact.
Stephen Harper arrived Wednesday in Brussels for the G7 summit — but his first order of business was to kick-start his stalled free-trade deal with the European Union.
The prime minister met with European Commission President Jose Manuel Barroso, about an hour prior to the official opening of the G7 summit, where the Ukraine-Russia crisis was set to dominate.
But Harper appeared eager to make progress towards getting a final text of the Comprehensive Trade and Investment Agreement, or CETA.
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: