The new European Banking Liquidation Fund, another mechanism for transferring bank losses to the taxpayers.

The Ecofin (European Council for Economic and Financial Business) has agreed to create the fund for liquidating banks in Europe or, in other words, to insure depositors’ money, which will be called Single Resolution Mechanism (SRM). In this new pact there is, as there has been lately, a clear winner. Germany has assured itself that the…

Chypre : La troïka persiste et signe

20 avril par Jérome Duval Le premier « corralito » |1| européen Comme en Espagne, le modèle de développement avec le taux de croissance élevé des années 2000 en large partie dû au secteur de construction et du tourisme semble avoir atteint ses limites. Chypre est secouée par les politiques d’austérité qui traversent la Grèce, les attaques spéculatives…

Cyprus – whose crisis?

The economic crisis in Cyprus erupted during the second cycle of the European recession of 2011 as a result of harsh austerity policies imposed since 2010 in Europe. It is a new crisis born out of a failed response to the original European crisis. These policies were (and still are) a basis for the divergence…

#Greece: Crisis, Democracy, and the Euro

Source:  http://ilesxi.wordpress.com/2013/03/19/crisis-democracy-and-the-euro/ Τhree years after submitting to the Troika Memorandum, Greece is falling apart. GDP has contracted more than 21% according to IMF calculations, and it is expected to dive another 6% in 2013. Never in world economic history, since statistics began, was such a fall of production recorded without being preceded by a war…

The decision by Eurogroup is nothing short of economic plundering and destruction for Cyprus. It must be rejected!

The Eurogroup’s decision to confiscate 6.75% of deposits in accounts up to 100,000 euros and 9.99% for sums over 100,000 is a decision destructive to Cyprus’ future and manifests an attack on the current situation of thousands of Cypriots. It is a decision which: •    Is harmful to small depositors •   Aims to wipe Cyprus…