The Cypriot parliament passed bailout measures today, but they are not quite the measures that Her Highness, Angela Merkel approves. They are not measures Cypriot citizens will approve of either.
Let's take a look at the present state of blackmail, as passed by Cyprus and reported by the BBC.
TODAY'S biggest news is the word that the European Central Bank is intervening in European debt markets in force, buying up Spanish- and Italian-government debt. The ECB spent last week expressing reluctance to take this step, but without it, the euro crisis threatened to spin irretrievably out of control. What are these purchases all about, and will they work?
LONDON (Reuters) - Last year was the least tumultuous for the euro zone since Greece revealed a vast hole in its books back in 2009. The consensus is that 2014 will be just as calm - a view held by some who were predicting the currency bloc's demise little more than a year ago.
The markets gave a high-five to an ECB statement last week by Mario Draghi "The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time."
I fail to see why this was news even though the ECB has never issued such a pledge before. Did anyone really think the ECB was going to hike rates soon?
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The European Central Bank is prepared to cut off funding to Cyprus and let the Mediterranean island succumb to financial meltdown if it has to, confident it has unlimited firepower to protect the rest of the eurozone.
Cyprus propelled the 17-nation bloc into uncharted waters on Tuesday by rejecting a proposed levy on bank deposits as a condition of a 10-billion euro (US$12.9-billion) EU bailout.
Without the aid, much of it to recapitalize Cypriot banks, the ECB says they will be insolvent, and it requires banks to be solvent for them to receive central bank support.
Few statistics are more debated than unemployment numbers. The former head of the Bureau of Labor Statistics (BLS), the agency publishing unemployment numbers, estimates the figures are probably 3% too low. The unemployment numbers are based on people actively looking for work. The first figure shows the percentage of labor force participation. Each horizontal line on this chart represents 2 million people. Since the official start of the 2008 recession, 6 million fewer people are labor participants. Four million fewer participate since the recession officially ended in mid-2009.
FRANKFURT/BRUSSELS (Reuters) - As the euro zone ponders a possible Greek exit, policymakers have not yet built a shield robust enough to prevent a bank run in one country sending others in the bloc deeper into crisis. A push by the European Central Bank for the euro zone to stand behind struggling lenders is slowly gaining traction with government leaders but the bloc has yet to build backstops to prevent, or cope with, a sudden collapse of confidence in banks. ...