Users Online Now:
Donate To GLP
Back to Forum
Back to Thread
REPLY TO THREAD
THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:RoXY:MV8xNTc4NDI2XzMyMDM3MDEyXzdBN0Y5QzFD] [b]Economic Crisis in Euroland: Deal to Bail out Spanish, Italian banks[/b] by Stefan Steinberg and Barry Grey July 1, 2012 The two-day European Union summit concluded Thursday with an agreement, reached after 14 hours of acrimonious talks, to provide short-term relief to besieged Spanish and Italian banks by allowing the EU bailout fund to directly aid euro zone banks. Previously, the rules governing the 500 billion-euro European Stability Mechanism (ESM), slated to come on line next month, restricted EU lending to national governments. With the banking systems of Spain and Italy, the fourth and third largest economies using the common European currency, under increasing pressure from the financial markets and credit rating agencies, and interest rates on the two nations’ government bonds climbing to unsustainable levels, the government heads of Spain, Italy and France, backed by Washington and the International Monetary Fund, were insistent on the need for immediate measures to shore up the banks. There was no time, they argued, for the protracted negotiations and bureaucratic delays involved in official state bailouts, such as those carried out in Greece, Ireland and Portugal. Going into the summit, Germany had reiterated its resistance to any such short-term measures until agreement had first been reached on a new political structure for the euro zone, in which national governments would subordinate their budgetary and taxing powers to an overarching authority in Brussels, tasked with policing euro zone member-states to enforce strict limits on budget deficits and national debts. In practice, Germany, as the strongest economy and biggest donor to regional bailout funds, would dominate the new “fiscal and political union,” and behind Germany the major international banks would exert their influence more directly than ever. German Chancellor Angela Merkel had also repeated her opposition to calls from French President Francois Hollande and his southern European allies for euro bonds or other measures to spread debt liabilities across the euro zone, and had roundly denounced before the German parliament a proposal submitted to the summit by European Council President Herman Van Rompuy to move toward euro bonds along with a banking union and centralized fiscal authority. [b]CONTINUE: http://globalresearch.ca/index.php?context=va&aid=31705[/b] [/quote]
Economic Armageddon and You
Wondering about the American economy? This animated video explains inflation, stagflation, recession and more, all in 5 minutes.
NB: UPDATES AT LAST PAGE
Pictures (click to insert)
Big Round Smilies
Aliens and Space
Friendship & Love
Misc Small Smilies
View All Categories
Next Page >>
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd. Godlike™
Website Design Copyright © 1999 - 2017 Godlikeproductions.com
Page generated in 0.004s (3 queries)