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.
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.
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:
BRUSSELS (AP) — European leaders united in anger as they attended a summit overshadowed by reports of widespread U.S. spying on its allies — allegations German Chancellor Angela Merkel said had shattered trust in the Obama administration and undermined the crucial trans-Atlantic relationship. The latest revelations that the U.S. National Security Agency swept up more than 70 million phone records in France and may have tapped Merkel's own cellphone brought denunciations Thursday from the French and German governments.
ATHENS — The European Central Bank was checking up on how well Greece is meeting its international bailout obligations on Wednesday, a day after Germany’s finance minister said a third aid programme would be needed to keep Athens afloat.
Joerg Asmussen, a member of the ECB’s executive board, was to meet Greece’ prime minister, finance minister and central bank governor, and to have talks with Greek business leaders.
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.
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