asterisk2a + eurobond   15

In the loop October 2: Flemish separatism, F1 and the Juncker plan by POLITICO Europe
min 17 - behind-the-scenes fight in the European Parliament over the appointment of top managers for the so-called Juncker Plan: a €315 billion EU investment plan. // threat of White Elephants, roads and bridges to nowhere ... only politicians can put themselves in front of photojournalists for photo op. no productive investments into the future. renewable, smart grid, private public paternerships, carbon emission reduction projects ie urbanisation planning projects to half city traffic and put cycling network in place, and zero emission public transportation, ... --- no accountability, no oversight no transparency. risk of corruption, bribery, dirty handshakes, ...
European  Union  technocrat  bureaucrat  Jean-Claude  Juncker  infrastructure  investment  STEM  Research  R&D  underinvestment  fiscal  policy  Pact  fiscal  stimulus  public  investment  business  investment  Schuldenbremse  Politics  Career  Politicians  No  Representation  Brussels  European  Parliament  European  Election  2014  European  Commission  Eurobond  PIGS  PIIGSFB  Richard  Koo  secular  stagnation  Niall  Ferguson  Germany  Angela  Merkel  Wolfgang  Schäuble  Eurogroup  austerity  Grexit  business  confidence  consumer  confidence  excess  reserves  zombie  banks  zombie  corporations  zombie  consumer  ECB  QE  TLTRO  LTRO  monetary  policy  monetary  transmission  mechanism  monetary  stimulus  liquidity  trap  ZIRP  NIRP  corruption  ideology  dogma  campaign  promises  White  Elephant  productive  investment  productivity  Makers  policy  folly  social  contract  political  theory  accountability  transparency  oversight  2015 
october 2015 by asterisk2a
In the loop August 28: Google, Brexit lobby and Uber's expansion by POLITICO Europe
[My take, for EU to thrive, it needs 2 develop & integrate further the 6 killer apps of western nations history, but they dont do that. quite the opposite especially under pressure situations (refugee crisis response: bit.ly/1KkArk5 Merkel 'this is EU wide problem, not just Germanys') & that is very much something that speaks 4 Brexit as UK has 2 give up further powers & further struggle 2 be just a prosthetics (not even appendage like science can grow an ear on someones arm) 2 Europe, which gives other countries internal nationalism leverage 2 put barriers in way of really putting Europe on the map of the "world economy," developing/advancing the 6 killer apps 4 Europe. Brexit will be part of Merkel's legacy! Verwalten of status quo. No principles. No vision. No mission. No future.] bit.ly/1FW3Qgi // European integration itself is a Moonshot project & it looks like that crisis management leading to political crisis, doesnt help at all putting the rocket together in the first place.
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september 2015 by asterisk2a
Staatsverschuldung als Problem der Generationengerechtigkeit | Lars P. Feld | SWR Tele-Akademie - YouTube
henry paulson and tim geithner said they are in a moral hazard. put it the way to either nationalise (aka the end of American Dream, Failure part of capitalism) or bailout (gov loans and co like TARP). Rather the moral hazard was to either put current and future unborn generation in debt servitude they had nothing to do with and keep criminals private with all its benefits. Or really give a warning shot a privatise banks and end the profligacy of crony capitalism and Wall Streets shareholder value creation only and profit maximisation - without consequences. // and Europe looks towards USA and did the same; made banks whole again (because they were really - TBTF - and would pushed some EU countries into Great Depression/Insolvency. especially France & Belgium where bank liabilities were too big for public balance sheet) and took some of the debt onto its public balance sheet (and gave bailout loans) to be served by current & future unborn generation.
Generationengerechtigkeit  austerity  bailout  sovereign  debt  crisis  economic  history  Failure  zombie  banks  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  fiscal  policy  academia  academic  moralhazard  morality  American  Dream  GFC  policy  folly  policy  error  World  Bank  IBS  IMF  liberal  economic  reform  neoliberal  neoliberalism  PIIGSFB  PIGS  Greece  Grexit  UK  fiscal  sovereignty  Pact  Schuldenbremse  Career  Politicians  No  Representation  democracy  banking  crisis  history  henrypaulson  timgeithner  benbernanke  Ben  Bernanke  Makers  lobbyist  lobby  Lobbying  ideology  dogma  populism  fairness  manufactured  consent  propaganda  financialcrisis  FinancialCrisisInquiryCommission  media  conglomerate  corporate  state  European  Union  fiscal  transferunion  European  Eurobond  currency  Agenda  2010  hartz-iv  Stability  and  Growth  Pact  generational  conflict  social  tension  social  cohesion  Verteilungskonflikt 
july 2015 by asterisk2a
Greece debt crisis puts Germany's Merkel under pressure - BBC News
Of all of its creditors, Greece owes Germany the most - €68bn (£49bn; $75bn). // should compromise and change Germany internal debate whether we want to see 70% of our money or non at all in case of a Grexit in the next 5 years because Greece can no get back to economic growth and a real nationalistic and populistic elected gov that make Syriza look pale in comparison does elect to exit Euro voluntarily. Short sighted ideological national interest will bring worse than they can imagine - destroying the european dream and damaging europe as a whole as economy long-term (ie deflationary pressures ECB fights with more money, instead with political long-term resolution in the interest of THE EUROPEAN UNION, SOLIDARITY, they already did since GFC with their dither strategy, putting plasters on fault lines. Angela Merkel could have become the true Queen of Europe history would have remembered her. But she can only be national career politician & a lab worker (has science degree).
Career  Politicians  compromise  Grexit  bailout  debt  restructuring  haircut  EFSF  IMF  ECB  ESM  Greece  sustainable  sustainability  economic  history  austerity  national  interest  European  Union  policy  folly  policy  error  Angela  Merkel  Sigmar  Gabriel  Wolfgang  Schäuble  Troika  ChristineLagarde  Eurogroup  MarioDraghi  common  sense  common  good  Great  Depression  lost  decade  lost  generation  zombie  banks  short-term  thinking  short-term  view  ideology  dogma  populism  propaganda  Nationalism  media  conglomerate  Lügenpresse  No  Representation  faultlines  structural  imbalance  GFC  recovery  solidarity  manufactured  consent  corporate  state  Gesellschaft  European  fiscal  transferunion  Eurobond  Leadership  vision 
july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
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july 2015 by asterisk2a
Münchau: Merkel zwischen Schuldenkonferenz und Grexit - SPIEGEL ONLINE
[ Groesste feigheit und intelectual cynicism of EU history. "Alternativlos." BIS warned, time was wasted. ] Mit ideologischer Verbohrtheit beharren die Deutschen darauf, dass Griechenland all seine Kredite zurückzahlen muss - was so oder so nicht geschehen wird. Höchste Zeit also für eine Schuldenkonferenz! // Case of history - Treaty of Versailles = Nationalism (Nazi) and Rechtsruck! Happened in Greece and Co. and in Germany. // People learned and after WW2 and came together to give Europe a chance! >> London Debt Agreement (German: Londoner Schuldenabkommen) "An important term of the agreement was that repayments were only due while West Germany ran a trade surplus, and that repayments were limited to 3% of export earnings. This gave Germany’s creditors a powerful incentive to import German goods, assisting reconstruction." - bit.ly/1exF0vY bit.ly/1ep1dvW - also periphery countries like France, Italy, Spain and Portugal were encouraged by Allies not to demand war reparations.
Greece  Grexit  PIIGS  PIGS  sovereign  debt  crisis  debtoverhang  ideology  propaganda  WW1  WW2  Treaty  of  Versailles  debt  jubilee  European  History  London  Agreement  Londoner  Schuldenabkommen  common  good  common  sense  Gesellschaft  dogma  populism  economic  society  austerity  trickle-down  economics  long-term  view  long-term  thinking  solidarity  Angela  Merkel  IMF  Troika  Wolfgang  Schäuble  World  Bank  Jean-Claude  Juncker  ChristineLagarde  academia  academics  sustainable  sustainability  Super  Cycle  debt  restructuring  haircut  debt  bubble  TBTF  too  big  to  jail  toobigtofail  crony  capitalism  Career  Politicians  No  Representation  Leadership  Legacy  vision  European  Union  fiscal  transferunion  Eurobond  lost  decade  lost  generation  GroKo  Sigmar  Gabriel  manufactured  consent  corporate  state  democracy  Lügenpresse  political  theory  political  error  political  economy  political  folly  policy  folly  policy  error  ECB  MarioDraghi  Makers  Great  Depression  GFC  recovery  output  gap  bailout  zombie  banks  banking  EuropeanSystemicRiskBoard  BIS 
july 2015 by asterisk2a
Gregor Gysi, DIE LINKE: »Sie wollen die linke Regierung in Griechenland beseitigen« - YouTube
[ "Alternativlos" & 'Jeder fuer sich selbst.' ] Die Rettungspakete galten nie den Bürgerinnen und Bürgern, sondern immer den Banken. Auch bei uns wurden 480 Milliarden Euro binnen einer Woche für die Rettung der Banken beschlossen. Wenn man mal 1 Million Euro für einen kulturellen oder sozialen Zweck braucht, dann bekommt man ein Nein, aber bei den Banken gibt es immer nur ein Ja. [...] Ich habe Ihnen zugehört, Frau Bundeskanzlerin. Ihre Rede kann ich wie folgt zusammenfassen: Die griechische Regierung hat alles falsch gemacht, und Sie, Herr Schäuble und die europäischen Institutionen, also der Internationale Währungsfonds, die Europäische Kommission und die Europäische Zentralbank, haben alles richtig gemacht. // via bit.ly/1R6V2yA
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july 2015 by asterisk2a
Griechenland: Euro-Gruppe trifft sich ohne Varoufakis - SPIEGEL ONLINE
[ putting national and own political interest (and perceived career) first second and third and then comes Europe. short-term interests. long-term catastrophe by making capital (borrowing) more expensive long-term because of perceived risk that it is not a Union, by markets. Period. ] Die Euro-Gruppe stoppt das Hilfsprogramm für Athen, die Finanzminister beraten ohne ihren griechischen Kollegen. Über Lösungen wird nicht mehr gesprochen. Es geht nur noch um Schuldzuweisungen. [...] Jetzt läuft das zweite Hilfsprogramm wie vorgesehen am kommenden Dienstag aus. Am selben Tag muss die griechische Regierung rund 1,55 Milliarden Euro an den Internationalen Währungsfonds (IWF) überweisen (siehe Grafik unten), hat aber bereits mitgeteilt, dass sie das nicht zahlen kann. Geht das Geld nicht beim IWF ein, könnte Direktorin Christine Lagarde umgehend den Zahlungsausfall feststellen. Möglicherweise müsste Griechenland dann in sehr kurzer Zeit den Staatsbankrott verkünden. // &! bit.ly/1TVea1c
Grexit  sovereign  debt  crisis  IMF  Troika  Leadership  democracy  Career  Politicians  Syriza  No  Representation  zombie  banks  austerity  Great  Depression  PIGS  ChristineLagarde  economic  history  Angela  Merkel  Wolfgang  Schäuble  Schuldenbremse  Fiscal  Pact  ECB  European  Union  haircut  banking  trust  trustagent  business  confidence  consumer  confidence  political  economy  national  interest  unintended  consequences  unknown  unkown  policy  folly  policy  error  Eurobond  currency  political  folly  political  error  EuropeanSystemicRiskBoard  banking  crisis  bank  run  bankrun  Greece  2015 
june 2015 by asterisk2a
Why the EU summit decisions may destabilise government bond markets | vox
!! Only the ECB can stabilise bond markets !!

The only way to stabilise the government bond markets is to involve the ECB, either indirectly by giving a banking license to the ESM so that it can draw on the resources of the ECB (see Gros and Mayer 2010), or by direct interventions by the ECB. But the European leaders were unable (unwilling) to take that necessary step to stabilise the Eurozone.

The ECB is the only institution that can prevent panic in the sovereign bond markets from pushing countries into a bad equilibrium, because as a money-creating institution it has an infinite capacity to buy government bonds. The fact that resources are infinite is key to be able to stabilise bond rates. It is the only way to gain credibility in the market.

The SMP is the wrong precedent

**
My take, I am only buying half of the analysis. Outright bond buying would need a treaty change!? Another concern is rampant inflation expectations causing local bubbles.
bailout  greatrecession  inflation  expectations  IOU  fiscal  policy  Pact  lenderoflastresort  Eurobond  PIIGS  EMU  moralhazard  politics  Economics  monetary  theory  monetary  policy  trustagent  trust  ZIRP  QE  LTRO  SMP  ECB  EFSF  ESM  sovereign  debt  crisis 
july 2012 by asterisk2a
Wolfgang Münchau: Merkel hat auf dem Euro-Gipfel nichts aufgegeben - SPIEGEL ONLINE
Die Märkte waren in der Euro-Krise oft langsam, aber wenn sie erst einmal etwas geschnallt hatten, dann waren sie gnadenlos.

Das Problem ist, dass die Bundeskanzlerin sich in eine Ecke manövriert hat, aus der sie kaum wieder herauskommt.

[...] Und just zu diesem Zeitpunkt (2H 2012/1H 2013) schwächelt die Weltwirtschaft, von den USA bis nach China. Das bedeutet, dass sich die Krisendynamik zunächst verschlimmern wird. In den Problemstaaten der Euro-Zone werden die haushaltspolitischen Ziele in diesem Jahr alle verfehlt, und die Schulden steigen weiter an.

Ich sehe keine Lösung, außer der Einführung von Euro-Bonds oder zumindest einer kurzfristige Ausweitung der Rettungsschirme. Beides wird es nicht geben, solange sich die politische und juristische Meinung in Deutschland nicht ändert.

Ich komme daher zu dem Schluss, dass die Wahrscheinlichkeit eines Auseinanderbrechens des Euros seit dem Gipfel eher noch gestiegen ist.
EFSF  ECB  ESM  greatrecession  2012  Eurobond  sovereign  debt  crisis  Europe  EMU  PIIGS  Germany  MarianoRajoy  FrancoisHollande  mariomonti  angelamerkel 
july 2012 by asterisk2a
"Which Eurobonds?" by Jeffrey Frankel | Project Syndicate
The introduction of Eurobonds – joint, aggregate eurozone liabilities – could be part of the solution, if designed properly. There is certainly demand for them in China and other major emerging countries, which are desperate for an alternative to low-yielding US government securities.
CommentsBut Germany remains opposed on moral-hazard grounds: a joint guarantee of Eurozone members’ liabilities would strengthen individual national governments’ incentive to spend beyond their means. Indeed, this version of Eurobonds would fail, both economically and politically.

But a different version has begun to gain traction in Germany. The German Council of Economic Experts has proposed a European Redemption Fund (ERF). The plan would convert into de facto 25-year Eurobonds the existing sovereign debt of member countries in excess of 60% of GDP.

[But there is still moral hazard left even with this solution .. at the 60% margin.]
PIIGS  Europe  EMU  debtoverhang  history  default  ERF  European  Redemption  Fund  moralhazard  eurobond 
june 2012 by asterisk2a
Going Dutch – One Possible Solution To the Euro Debt Crisis? by Edward Hugh
While the new higher interest rates won’t have a huge impact in the short term, as existing debt needs to be steadily refinanced the extra cost will simply mount and mount. Which is why the Italian government is in a huge bind. It doesn’t have a debt flow problem, it has a debt stock problem, and as the risk premium charged on Italian debt rises and rises, and as the growth outcomes fail to meet the often optimistic targets, then the snowball of debt steadily slides its way down the mountain side with little the government can do to stop it growing as it moves.

However the present debate about creating Eurobonds is resolved, these alone will not solve the problem at this point, and, as many observers are noting, may even make matters worse by weakening the sovereign credit ratings in the core. In the longer run they could form part of a more general solution, but the moral hazard dimension they entail ...
sovereign  debt  crisis  2011  August  PIIGS  italy  competitiveness  competitive  germany  eurobond  transferunion  europe  Euro  scenario  outlook 
august 2011 by asterisk2a
European Central Bank Chief Economist: 'Everyone Is a Sinner at the Moment' - SPIEGEL ONLINE - News - International
The country has no other choice. Part 3: Greece 'Must and Will Make It'

SPIEGEL: How do you feel, for example, about the idea of all countries issuing a joint euro bond?

Graphic: Euro-dollar exchange rate
Zoom
DER SPIEGEL

Graphic: Euro-dollar exchange rate
Stark: It was already discussed a while ago. But it would not solve the structural problems of countries like Greece at all. Besides, it would require some euro countries to take responsibility for the debts of others. Interest rates would rise in the euro countries that have managed their economies effectively and would fall in the other countries.
europe  euro  europe-flu  debt  greece  PIIGS  EMU  greatrecession  recession  contagion  ECB  comment  opinion  2010  outlook  CDS  public  government  austerity  society  unrest  eurobond 
february 2010 by asterisk2a

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