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Austérité en Europe
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Danyves
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MessagePosté le: Mer 28 Nov - 13:00 (2012)    Sujet du message: Austérité en Europe Répondre en citant

DETTE Mercredi28 novembre 2012

Grèce, le pari impossible de 2020
Le réaménagement du plan de sauvetage de la Grèce redonne de l’oxygène au pays et protège la monnaie unique. D’ici à 2020, Athènes aura toutefois le plus grand mal à appliquer ce plan, mais ce «bricolage» permet surtout de gagner du temps


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Publicité






MessagePosté le: Mer 28 Nov - 13:00 (2012)    Sujet du message: Publicité

PublicitéSupprimer les publicités ?
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Danyves
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MessagePosté le: Mer 28 Nov - 14:14 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Markets Alert
from The Wall Street Journal


Spanish lender Bankia said it expects to post a loss of 19 billion euros ($24.6 billion) in 2012 and announced plans to cut 6,000 jobs.


The announcement came after the European Union gave a green light to 37 billion euros in funding for Spain's stricken bank sector. 


http://online.wsj.com?mod=djemalertMARKET


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Danyves
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MessagePosté le: Mer 28 Nov - 17:24 (2012)    Sujet du message: Austérité en Europe Répondre en citant

From COMPANIES 12:58pmBankia to cut 6,000 jobs in return for EU aidBrussels approves €37bn rescue package

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MessagePosté le: Mer 28 Nov - 17:45 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Un hombre amenazado de desahucio se suicida en Navarra
JAVIER LORENTE Pamplona 250
El fallecido, de 59 años, tenía una deuda por impago de alquiler de su vivienda de unos 4.200 euros


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MessagePosté le: Mer 28 Nov - 21:53 (2012)    Sujet du message: Austérité en Europe Répondre en citant

OPINIONS 19:53

La crise de l’euro, une leçon pour l’avenir de l’Union

Jacques Delors et Antonio Vitorino, anciens hauts responsables de l’UE, estiment que le Conseil européen doit faire progresser le débat sur l’union politique


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MessagePosté le: Jeu 29 Nov - 00:42 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Le 6 décembre 1992, les Suisses refusaient l’adhésion à l’EEE. Vingt ans plus tard, la Suisse est le pays le plus hostile à l’intégration. Quelles leçons tirer de ce vote historique et où conduit le chemin sinueux des relations entre Berne et Bruxelles? Le Temps invite une série d’auteurs pour en débattre (dernière mise à jour: 27.11.2012)

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MessagePosté le: Jeu 29 Nov - 00:47 (2012)    Sujet du message: Austérité en Europe Répondre en citant

From COMPANIES 8:00pmBankia debtholders face losses under bailoutRestructuring demanded by Brussels in return for aid



Deux commentaires :


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[*]VK_London | November 28 7:21pm | Permalink
Unfortunately the issue doesn't end with Bankia's return to profitability....a write off assets and subsequent return to profitability is easy off a low base! it's just the start of broader Spanish asset write-downs and a broader SME malaise.I see a 3-4 year downcycle starting.
[*]Report John M. D'Arecca | November 28 5:33pm | Permalink
Greece has been dominating the eurocrisis over the last few weeks, so now it is Spain's turn. The European Commission approved a €37bn payment to Spain's bank rescue entity FROB, which will give Bankia and three other basket case banks capital.

The banks have agreed to shed staff, branches and assets and reduce their business lines in the exchange for the money. They will fire about a quarter of their employees and shutter more than half their branches. Additionally, they will no longer make real estate loans focusing on retail, small and medium size business lending. 

The bankers and politicians associated with this deal are making wildly optimistic forecasts of a return to profitability by next year. How this will be accomplished amidst an economic depression in Spain and a severely constrained business line remains to be seen.

This deal has two major consequences. The funds are being disbursed from the ESM to Spain's FROB and then to the banks. This structure means that the bank rescue will raise Spain's debt to GDP ratio by about four points. The other unavoidable consequence is the evaporation of thousands of well-paying jobs in country with an unemployment rate of 25.4%. This round of layoff alone will raise the rate to 25.7%.

There is a report from the Oliver Wyman consulting group that claims Spain will only require €59.7bn to shore up its banks. The mainstream media repeats this number with no critical analysis. It is a virtual certainty that Spain will need over €300bn based on the amount of real estate loans in the system.

Does anyone remember the subprime crisis? The numbers were small at first, but within 18 months all the major U.S. banks were essentially nationalized by the federal government. Here is how Citibank's descent to insolvency unfolded:

10/2/2007: $5.9bn in mortgage write-downs announced. The New York Times reported, " Investors took the disclosures as a sign that the worst may be over for the banks and that any losses may be contained."
7/8/2008: $12bn more in write downs announced
10/16/2008: $13.2 more in write downs announced
11/24/2008: Citigroup is rescued by the federal government with a $20bn capital injection and a loss shield on an additional $300bn in bad assets.
Total Write Downs: $39.1bn

Once a banking crisis starts, losses become progressively worse and continue past everyone's worst case scenarios. This chart from ZeroHedge illustrates the Spanish banking crisis:

(Chart is here

http://dareconomic...banks-nytimes-com/ )

The gross amount of bad loans is €182.2bn out of about €1.7trn in total loans. Bad loans have doubled in the last year, and a conservative estimate has them doubling again in the next six months and rise even more from that point with the history of the American subprime crisis repeating itself. When all is said and done, Spain will need over €300bn to clean up its banking sector. At least Bankia will return to profitability next year.

[*]Report Frederick Hopson | November 28 4:57pm | Permalink
So,how much compensation are the executives in Valencia getting?
Surely if things were handled in a just manner they should share in the suffering?
The way this has been all swept under the table does not bode well for Spain or the other semi bankrupt Euro States.
Admittedly the UK has not been much better,it's record of rewarding failure is probably the worst!
The trouble in Spain,is that the banks are evicting owners and leaving the dwellings to rot.
So in essence the taxpayer is paying for the banks incredible stupidity twice!
If the banks were to forgive some of the debt (that they have already written off) then the situation would be slightly better(and the evicted owners might not feel like smashing in the windows in Madrid and Barcelona)
The banks however (just like in Ireland) are now selling of assets to vulture funds etc,and the poor voter is paying double for the dubious privilege that Spain can continue to pretend it is solvent.
If this is the spirit of capitalism then may God help us all!

[*]Report


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MessagePosté le: Ven 30 Nov - 00:26 (2012)    Sujet du message: Austérité en Europe Répondre en citant

ECB Exemption From Disclosures Is Bad for Euro
By The Editors Nov 29, 2012 9:52 PM GMT+0100


When did the European Central Bank learn that Greece was concealing the catastrophic extent of its debts? And what did it know about the quality of the collateral the Greek government used to secure loans from the bank?
A European Union court said today that the ECB can keep secret internal documents that might throw light on these vital questions. In doing so, it rejected the first legal challenge to the bank’s blanket exceptions to freedom-of-information rights and set a worrying precedent that will discourage openness.
The ruling by the General Court in Luxembourg makes a mockery of ECB President Mario Draghi’s statement in October that his bank -- one of the most powerful yet least accountable to democratic oversight in the developed world -- is “very transparent.” As the ECB prepares to receive new powers to regulate banks across 17 countries, its opacity is worrisome.
The decision, which can be appealed to the European Court of Justice, involves a freedom-of-information request from Bloomberg News reporter Gabi Thesing that the ECB rejected in October 2010. The request was for two documents that ECB staff drew up for a meeting of the bank’s executive board in March that year. The first document is titled “The impact on government deficit and debt from off-market swaps. The Greek case.” The second is “The Titlos transaction and possible existence of similar transactions impacting on the euro area government debt or deficit levels.”
Titlos refers to securities that the National Bank of Greece, the country’s largest lender, issued for use as collateral in securing credit from the ECB. The underlying asset that backed the securities was an interest-rate swap between the Greek bank and the government.
Financial Subterfuge
A note attached to the papers and obtained by Bloomberg News said they show how Greece used swaps to hide its borrowings, a subterfuge that ended in 2009 when a new government revealed that Greece had been underreporting its budget deficit by half. The result was an instant collapse in market trust that sent Greece’s borrowing costs soaring and pushed the country toward default.
The ECB said in its response to Bloomberg’s request that the documents had informed its policy -- leaving little doubt as to their importance. The bank also said releasing them could undermine confidence in Greece’s ability to pay its debt.
By law, EU citizens have a legal right to see any document that is produced by any EU institution. As always, there are exceptions for reasons of security and other valid concerns. Our discomfort is with the extent of the exceptions as they apply to Europe’s most powerful economic institution.
For instance, a 2004 regulation issued by the ECB allows it to withhold information to protect the public interest as it applies to its own proceedings; the financial, monetary or economic policy of the EU or a member state; and international economic relations. In 2011, another exemption was added for information that might threaten financial stability.
The upshot? Pretty much anything the ECB does is exempt, an unhappy state of affairs enshrined by today’s ruling.
How did the court come to this conclusion? It said it could challenge the ECB’s interpretation of the public interest only if the ECB was “manifestly” wrong on the facts. It also said it had no latitude to balance the ECB’s interpretation of the public interest (in this case, the risk that releasing seven- month-old data and analyses could affect already-turbulent markets) against any wider public interest. That broader interest is self-evident: Given the 240 billion euros ($311 billion) that the Greek collapse has already cost, Europe’s taxpayers and bond investors need to understand what the ECB knew, how it analyzed complex Greek collateral and what it accepted in return for loans.
Costly Losses
The law also specifies that if a legal challenge to the ECB’s decision fails, the challenger must pay the central bank’s legal costs. This ruling makes it unlikely that other media companies or interested parties will follow Bloomberg’s attempt.
There was a time when central banks made their decisions behind closed doors and publicly listed companies weren’t compelled to disclose essential commercial data. The U.S. Federal Reserve, for example, didn’t reveal its interest-rate targets until the 1990s. Since then, it has become clear that transparency is good for markets, good for consumers and good for competition. Those days of operating in the dark seem, at best, quaint.
The Fed and the Bank of England are now relatively quick to publish the minutes of their interest-rate deliberations. The ECB, however, isn’t required to publish its minutes for 30 years. The Bank of England also publishes a record of how each member of its Monetary Policy Committee voted. The ECB doesn’t even have to reveal whether a vote was taken. The news conferences that follow ECB rate decisions are a poor substitute for transparency.
As we’ve said before, the ECB’s secrecy limits the scrutiny that proper accountability demands. Secrecy makes it harder for markets to predict where interest rates are headed or what other policies may be coming from an institution that has, in fact if not in law, become the euro area’s lender of last resort. This lack of predictability hurts stability and makes it harder for a young bank, administering a young currency, to gain credibility.
The ECB should publish its minutes within a month and it should reveal the votes that its 23 members cast. We still don’t know what’s in the two documents at issue, but today’s court decision should serve as a warning that the exceptions the ECB has written for itself are too broad and should be tightened. The ECB should have less freedom to withhold information and judges should have more leeway to order its release.
Read more opinion online from Bloomberg View. Subscribe to receive a daily e-mailhighlighting new View columns, editorials and op-ed articles.
To contact the Bloomberg View editorial board: view@bloomberg.net.



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MessagePosté le: Ven 30 Nov - 00:50 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Des experts indépendants plaident pour étaler les programmes d'austérité
29/11 | 19:43 | Michel de Grandi 
 
Trois organismes indépendants cherchent une autre voie au développement de l'Europe. Ils prônent plus de souplesse dans l'application des politiques d'austérité. 


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MessagePosté le: Ven 30 Nov - 00:55 (2012)    Sujet du message: Austérité en Europe Répondre en citant

MPÔTS Vendredi30 novembre 2012

Evadés fiscaux: la France durcit encore le ton
Le projet de loi de finances élargit les possibilités d’enquêtes pénales contre les fraudeurs. Les fiscalistes s’inquiètent pour les «délocalisés»


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MessagePosté le: Ven 30 Nov - 01:02 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Un ton gaullien :


©EPAFrom WORLD 10:52pmDutch PM calls on EU to review its powersMark Rutte says Brussels should consider returning some powers to members


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MessagePosté le: Ven 30 Nov - 08:58 (2012)    Sujet du message: Austérité en Europe Répondre en citant

In the End, Greek Crisis Will Hit Taxpayers
Analysis: The deal on Greece's debt points to an (almost) iron rule of sovereign-debt crises: Losses fall on taxpayers in creditor countries because debt originally extended by private creditors ends up on the balance sheet of the public sector. 6:02 AM 


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MessagePosté le: Ven 30 Nov - 19:13 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Pourquoi l’Europe se désagrège ?


La détérioration de la situation économique en Europe peut engendrer de nouveaux Etats. Le renforcement de l’intégration des pays-membres a suscité les tendances centrifuges au sein de ces Etats. →


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MessagePosté le: Sam 1 Déc - 19:08 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Spanish Retirees to Get No Inflation Adjustment 

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MessagePosté le: Dim 2 Déc - 00:36 (2012)    Sujet du message: Austérité en Europe Répondre en citant

Les Juifs rapellent aux Européens leur propriété perdue

Les anciens pays socialistes de l’Europe doivent rendre aux Juifs la propriété volée au cours de l’holocauste ou bien leur payer les récompenses, estime le président du congrès juif mondial Ron Lauder. Selon des experts, il s’agit des milliards d’USD. →

Un député hongrois propose de lister les Juifs dangereux
Allemagne : Angela Merkel soutient les juifs


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