Tag Archives: Europe

Lyxor says it had ‘no choice’ in closure of Greek ETF

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“Lyxor, the Paris-based asset manager, has spoken out for the first time about its decision to impose a block on investors withdrawing money from its Greek exchange traded fund.  Lyxor imposed the block after the closure of the Athens stock exchange last Monday, with the crisis in Greece continuing to escalate.  The move fueled concern among critics, who fear ETF trading is vulnerable to disruption when market conditions become volatile. Lyxor’s decision has come under particular scrutiny because Global X, a US manager, has allowed investors to continue to trade its $322 million Greek ETF.”

http://www.cnbc.com/id/102810533

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260,000 Austrians sign EU exit petition, forcing referendum debate

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“Over 260,000 Austrians have signed a petition calling for the EU exit for the country, and now the Austrian parliament must discuss a referendum on the issue.  Overall, the 261,159 people who signed the petition represent 4.12 percent of the electorate.  The petition was most popular in the regions of Lower Austria (where 5.18 percent of potential voters signed it) and in Carinthia (4.85 percent).  The threshold for calling a debate on a potential referendum is 100,000 people. The petition was launched by 66-year-old retired translator Inge Rauscher, who composed a similar petition in 2000. On that occasion, it was signed by 3.35 percent of the electorate.”

http://rt.com/news/271279-austria-petition-eu-exit/

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Italy’s Beppe Grillo Pushes For Euro Referendum

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“Italy, which is just emerging from its longest recession since World War II, has a large component of anti-establishment and anti-euro parties and movements. Italian parties supporting the ‘no’ vote in Greece would beat the ‘yes’ front by 11 percentage points, according to Bloomberg calculations based on party leader indications and June 29 election polls by Istituto Piepoli SpA. In addition to Grillo’s party, which is the second biggest in Italy after Premier Matteo Renzi’s Democratic Party, the anti-immigration Northern League Party led by Matteo Salvini also supports a ‘no’ vote in Greece.”

http://www.bloomberg.com/news/articles/2015-07-03/italy-s-grillo-flies-greek-flag-to-push-for-referendum-at-home

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Greeks awake to shuttered banks on day after voters reject austerity

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“Greeks awoke Monday to the stark reality of the country’s accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout.  The results — 61% voted ‘no,’ compared with 39% for ‘yes’ — left the bankrupt country’s future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.”

http://www.foxnews.com/world/2015/07/06/greece-enters-uncharted-territory-after-referendum-no-vote/

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Greece defaults on $1.7 billion IMF payment

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“Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable.  Greece will now be cut off from access to IMF resources until the payment is made.  The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.  Greece asked for a two-year bailout from Europe, its third in six years.  Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67.”

http://money.cnn.com/2015/06/30/news/economy/greece-imf-default

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Greece Closes Banks and Stock Markets, Introduces Capital Controls

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“The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls.  The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money.”

https://bitcoinmagazine.com/21038/greece-closes-banks-stock-markets-introduces-capital-controls/

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Icelanders Protest in Their Thousands as Parliament Sealed Off

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“Icelanders protested in their thousands outside the parliament as police sealed off the building with steel fencing to protect lawmakers trying to finish the winter session and suspend for the summer break.  Police estimate that about 2,000 people gathered outside the Reykjavik-based legislature late on Tuesday, waving banners and demanding that the government step down.  The protest organizers, who arranged the event through Facebook, listed ’99 reasons for a revolution’ to attract people to their cause. The demonstration comes amid demands for pay increases as high as 50% in some industries as unions threaten employers with strikes affecting up to one-third of the labor force.”

http://www.bloomberg.com/news/articles/2015-05-26/icelanders-protest-in-their-thousands-as-parliament-sealed-off

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Student changes name by deed poll to avoid £220 Ryanair admin fee

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“A student has changed his name by deed poll because it was cheaper than paying a ‘ridiculous’ Ryanair charge for a booking error.  Adam Armstrong, 19, was presented with a £220 administration fee after his girlfriend’s stepfather mistakenly reserved a seat to Ibiza for him with the budget airline under the surname of West. Armstrong, who is studying for a foundation degree in digital marketing at Leeds City College, changed his name to West for free and drove to Liverpool to rush through a new passport for £103.  Several airlines charge more than £100 to make minor changes to bookings as highlighted by the Guardian in the past.”

http://www.theguardian.com/money/2015/jun/05/student-changes-name-by-deed-poll-to-avoid-220-ryanair-admin-fee

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Money laundering investigation stymied by China, Italy says

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“In April, China launched a new initiative, ‘Skynet,’ to trace fugitives and their overseas money and released a list of its 100 most wanted economic criminals. Forty of them are thought to be in the U.S, according to the party’s Central Commission for Discipline Inspection. Many of the transfers, fractioned into small sums to avoid scrutiny, were a way for Chinese immigrants to avoid paying taxes, according to hundreds of pages of court documents reviewed by The Associated Press. Other migrants were caught with heaps of counterfeit purses and shoes. Police also traced money to men running Chinese prostitution rings.”

http://news.yahoo.com/money-laundering-investigation-stymied-china-italy-says-050440484–finance.html

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In a World of Tax Hells, a New Haven Emerges

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“I don’t blame you if you’re skeptical. I was too, until I spoke with Vit Jedlicka, the founder and president of Liberland. It’s a slice of land on the edge of Serbia, Croatia, and the Danube River. Neither country has ever claimed it due to a border quirk. Under international law, that opened up the opportunity for Liberland.  Surprisingly, the reactions of Croatia and Serbia have been cordial instead of resistant.  Vit is in the process of securing diplomatic recognition.  More than 300,000 have applied for citizenship.  Serious investors have indicated they’d immediately put tens of millions of dollars into the new country. Liberland has real momentum. Soon it could reach a tipping point.”

http://www.internationalman.com/articles/in-a-world-of-tax-hells-a-new-haven-emerges

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