Tag Archives: Europe

Croatian Swiss franc debtors demand central bank governor resign

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“Thousands of Croatians holding loans denominated in Swiss francs took to the streets of Zagreb on Saturday, demanding local banks to restructure the debts and the central bank governor to step down for failing to take action. Some 60,000 Croatians hold around 27 billion kuna (£2.5 billion) worth of Swiss franc-denominated loans, mainly taken out during the 2000s when many in central and eastern Europe were attracted to low interest rates on the Swiss currency. The franc surged in January when the Swiss central bank scrapped its peg to the euro, driving the loans’ costs sharply higher. The Croatian government fixed the franc rate against the kuna at 6.39 for one year to put a cap on the mounting debts.”

https://au.news.yahoo.com/world/a/27350119/swiss-franc-debtors-march-in-croatia-demand-cen-bank-governor-to-resign/

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It’s Google’s Turn to Be Plundered

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hornberger1

“Let’s face it: raising taxes to fund Europe’s ever-burgeoning welfare state is not an easy process, politically speaking. It’s much easier to plunder and loot big, wealthy foreign companies. The process reminds me of how local communities here in the United States impose exorbitant taxes on hotels and motels under the idea that it’s politically better to tax ‘foreigners’ than one’s own residents. Or U.S. asset-forfeiture laws that enable cops to fund their departments with cash seized from highway travelers.  In the late 1990s, the EU went after Microsoft, which was the economic boogeyman at that time.  Microsoft ultimately was plundered to the tune of $2.3 billion.”

http://fff.org/2015/04/20/googles-turn-plundered/

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Angry bondholders storm Bank of Cyprus building, damage windows

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“Aggrieved bondholders who lost funds in Cyprus’s 2013 bailout caused damage to the headquarters of Bank of Cyprus on Monday when they tried to storm the building.  At least one window of the glass-covered building in the capital Nicosia was smashed and another three cracked when several people among around 200 demonstrators hurled stones and other missiles, witnesses said.  One woman was knocked unconscious during the protest and was taken to hospital. There was a heavy police presence in the area.  Hundreds of junior bondholders saw savings turn to nothing in the tumult of Cyprus’s financial bailout in 2013.  Cyprus received 10 billion euros in aid from the European Union and the IMF.”

http://www.reuters.com/article/2015/03/23/cyprus-bank-protest-idUSL6N0WP38220150323

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Cyprus passes foreclosure laws, clears IMF rescue program hurdle

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“Lawmakers in Cyprus on Saturday passed key insolvency laws designed to open the taps for more international bailout cash. The vote makes it possible to operate foreclosure laws that international creditors have demanded as a condition for extending more loans to Cyprus. Recession, high unemployment and declining incomes have produced defaults on more than half of all private loans. The new laws should make it easier for banks to demand payment or seize assets, thereby reducing the banks’ own liabilities.The International Monetary Fund has been withholding 88 million euros ($95 million) in rescue money, citing Cyprus’ delay in giving banks the legal tools to deal with bad debt.”

http://www.philly.com/philly/news/nation_world/20150418_ap_6ddf947f243e480590b693c8bb76167f.html

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Russia and Greece to ink Turkish Stream gas pipeline deal

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“Russia and Greece are to sign a memorandum of cooperation on the construction of a new pipeline in the Turkish Stream project which will deliver Russian gas to Europe via Greece, according to the Greek energy minister.  The minister said that Athens expected to ‘receive significant financial dividends for the pipeline’s operations,’ and that the pipeline will bring ‘extremely important profits to Greece, first of all, cheaper gas.’ Currently Russian gas covers 66 percent of Greece’s energy needs.  The Turkish Stream gas pipeline could help Greece become one of the main energy distribution centers in Europe, Russian President Vladimir Putin said during his meeting with the Greek delegation.”

http://rt.com/business/248629-greece-russia-memorandum-pipeline/

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Russia readies end to Greek food embargo: Economy Minister

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“Russia is also considering rescinding food sanctions against Cyprus and Hungary.  Greece has been hit especially hard by the ban, as more than 40 percent of Greek exports are to Russia. In 2013, more than €178 million in fruits and conserves were exported to Russia.  Up until the ban, Russia had been Greece’s biggest single trading partner worth $12.5 billion (€9.3 billion) by 2013, more than double the 2009 figure.  Russia’s agricultural food ban applies to EU countries and is not due to expire until August 2015, a year after the restrictions were imposed in response to Western sanctions. The ban also applies to the US, Australia, Canada, Japan, and Norway.”

http://rt.com/business/247853-russia-greece-food-embargo/

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Greece demands €278bn WWII reparations from Germany

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“Germany owes Greece no less than €278.7 billion in World War II reparations, Athens said, referring to the destruction wrought upon the nation during the Nazi occupation. The sum exceeds Greece’s total debt of €240 billion to the EU.  The figure was calculated by a parliamentary committee and the Greek supreme court.  In response, Gabriel Sigmar, Germany’s economy minister and vice chancellor, described Greece’s demand as ‘stupid.’ Many Greeks blame Germany, as the country’s biggest creditor, for the tough austerity measures and record high unemployment it faced after getting two international bailouts total worth 240 billion euros.”

http://rt.com/news/247353-greece-germany-reparations-billions/

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Finns Draw Up Plans To Expel Greece From Eurozone

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“Eurozone countries are drawing up secret documents to force Greece out of the single currency, a memo from the Finnish finance ministry has revealed.  Greece will be declared bankrupt next month unless the eurozone agrees to pay aid to the beleaguered country within the next three weeks.  The document warns of ‘very difficult political decisions’ this spring as the left-wing government flirts with Russia over financial assistance rather than continue to call on Germany.  Finland, Germany, Austria, the Netherlands and others are not prepared to release the cash until Greece’s left-wing government legislates on key austerity measures it was elected to oppose.”

http://www.breitbart.com/london/2015/04/10/finns-draw-up-plans-to-expel-greece-from-eurozone-as-tsipras-flirts-with-russia/

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Germany’s 10-year government bond yields are about to go negative

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“Germany’s benchmark for how much it costs the government to borrow money is plunging lower and lower — and on this trend, it’s just a matter of time before investors are actually paying to hold the government’s debt.  The 10 year bund yield, which is the most commonly used indicator of how much or how little a government is paying on its debt, is now yielding less than 0.1%.  Government debt doesn’t usually offer big returns for investors unless it’s a risky government — but it does usually offer something. Now we’re in a bizarre climate where investors will effectively pay — and lose money — to hold onto government debt, at least for some countries, because it feels safer than the alternatives.”

http://www.businessinsider.com/german-bonds-negative-yield-2015-4

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Can Freedom-Loving Czechs Build a New Nation on the Danube?

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“Tired of high taxes, meddling bureaucrats, and the military-industrial complex? Consider moving to the world’s newest (sort of) country, Liberland.  A Czech man named Vit Jedlicka proclaimed the new republic between Serbia and Croatia on the western bank of the Danube on Monday. With a land area of about 2.7 square miles, Liberland would be the world’s third-smallest country, after the Vatican City and Monaco. According to its website, it has a flag, a motto (‘to live and let live’), and an official language (Czech, which seems ill-advised). Jedlicka is taking applications for citizenship, though you’ll have to apply by email because there’s no post office yet.”

http://www.slate.com/blogs/the_slatest/2015/04/16/liberland_czech_libertarian_declares_new_nation_on_border_of_serbia_and.html

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