asterisk2a + francoishollande   35

Paris attacks | World news | The Guardian
bit.ly/1NA8O5d - Western interventions have an unhappy recent record. The world as a whole must unite against a force that makes an enemy of everyone else //&! bbc.in/1MiF7Yw - bit.ly/1Miy9D2 - Banlieue; allowing urban ghettoes to spring up in suburbs across the country, many home to unemployed & disaffected young immigrant men, she said. “This creates frustration,” she said. //&! bit.ly/1SxTRVe - Current Profile. Intelligence Agency had files on most of them, being radicalised, not integrated to society. Surveillance state/data collection does not prevent attack/crime! &! bit.ly/1SUoCVc &! bit.ly/1LiLhnA //&! Hollande giving war speech (against jihadi terrorism) to secure political survival - bit.ly/1RZG5up - France’s escalating problem of homegrown terrorism [...] ills of society //&! Followed by raid on everyone they have on file - bit.ly/1NAbcZZ - reactionary. this is not prevention/intervention. &! bbc.in/1MhUmBe UK beefing things up. &! one might be from Syria - bbc.in/1RZTTVN
War  on  Terror  ISIS  Islamic  State  radicalism  Islamic  Law  radicalism  extremism  Caliphate  Middle  East  foreign  policy  foreign  affairs  foreign  relations  Intelligence  Surveillance-Industrial  Complex  Drone  Strike  Drone  Warfare  Russia  USA  Hegemony  geopolitics  military–industrial  military  intervention  Iraq  War  Afghanistan  Taliban  al-Qaida  Iraq  Pakistan  Syrien  Syria  Religion  democracy  history  UK  Muslim  Islamophobia  Islam  immigration  immigrants  migration  Banlieue  France  society  Gesellschaft  Wertegesellschaft  western  society  radicalisation  radicalization  Vorratsdatenspeicherung  Snoopers  Charter  Dataretention  bulk  data  collection  Orwellian  State  surveillance  Makers  domestic  affairs  Sozialpolitik  integration  Integrationspolitik  FrancoisHollande  jihadist  Charlie  Hebdo  Career  Politicians  David  Cameron  Theresa  May  gwbush  georgewbush  bush  neoliberalism  neoliberal  neoconservatism  neoconservatives  racial  segregation  social  segregation  segregation  ghetto  social  cohesion  social  tension  social  mobility  income  mobility  Gini  coefficient  disenfranchised  refugee  crisis 
november 2015 by asterisk2a
Why Greece’s European Agreement Is Not a Bailout - YouTube
'Tsipras was digging his own grave.' That he goes home now with that deal that has to be passed by Parliament, this deal after the referendum no on bailout terms less harsh, that is tough. Demuetigung by Eurogroup and Co. To go home with even more stricter terms, the people that elected him on an anti-austerity platform and gave a resounding 61% no to the bailout terms given February 2015 after the election of Syriza.
Greece  Alexis  Tsipras  Yanis  Varoufakis  Syriza  referendum  democracy  bailout  2015  Eurogroup  Angela  Merkel  creditor  Politics  economic  history  IMF  Troika  Great  Depression  Career  Politicians  Wolfgang  Schäuble  ECB  Germany  FrancoisHollande  France  Grexit  austerity  Privatisation  debt  restructuring  haircut  sovereign  debt  crisis  debt  jubilee  common  sense  common  good  solidarity  BIS  World  Bank  ChristineLagarde  Jean-Claude  Juncker  MarioDraghi  European  Union 
july 2015 by asterisk2a
Killing the European Project - The New York Times
[3rd Bailout, post-referendum, even more austerity requests and liberal economic reforms and selling of state assets and privatisation - than Syriza had on its plate after it got elected on an anti-austerity platform, tried to negotioate, Eurogroup didnt budge, referendum was called and corralito/capital controls/bank holiday for now over 2 weeks, ... just to get money to pay off EFSF, IMF and ECB, ... ] Paul Krugman geht in der "New York Times" hart mit der Euro-Gruppe ins Gericht. Deren Forderungen gegenüber Griechenland seien verrückt. "Der Hashtag #ThisIsACoup bringt es genau auf den Punkt", so Krugman. Besonders Deutschland sei dabei, das europäische Projekt zu töten.
Paul  Krugman  European  Union  Grexit  Greece  2015  Syriza  Troika  Eurogroup  Wolfgang  Schäuble  Angela  Merkel  Jean-Claude  Juncker  IMF  ECB  MarioDraghi  ChristineLagarde  Germany  FrancoisHollande  France  Leadership  vision  Career  Politicians  No  Representation  compromise  political  error  policy  folly  austerity  dogma  ideology  haircut  debt  jubilee  debt  restructuring  propaganda  populism  manufactured  consent  corporate  state  media  conglomerate  economic  history  common  sense  Great  Depression  lost  decade  lost  generation  European 
july 2015 by asterisk2a
Athens capitulates to creditors - BBC News
"Greece: Prior Actions - Policy Commitments and Actions to be taken in consultation with the EC/ECB/IMF staff", it feels very familiar. That familiarity stems from its great similarity to the bailout proposals put to Greece by the creditors - the eurozone governments, the European Central Bank and the IMF - last month. Pretty much everything wanted by the creditors is there - with the odd tweak or softening, but nothing which looks as though it ought to be noxious to them. So there is a pledge for budget surpluses rising in steps to 3.5% of GDP or national income by 2018 [< in their dreams only]. // The referendum was a last ditch effort by Syriza to get better deal. Eurogroup, Troika, IMF, ECB called it a bluff and accepted a possible Grexit and according to Juncker did prepare for it. No we are where we were when Syriza was elected and had to negotiate for a new bailout tranche, to pay off other bailout tranches re-payment coming up (IMF, EFSF, ECB) &! bbc.in/1INY5Gu MPs to deceide
Grexit  referendum  Career  Politicians  Alexis  Tsipras  Yanis  Varoufakis  Syriza  Troika  Eurogroup  ECB  IMF  Jean-Claude  Juncker  European  Union  Wolfgang  Schäuble  Angela  Merkel  MarioDraghi  EFSF  ChristineLagarde  Jeroen  Dijsselbloemm  Germany  France  FrancoisHollande  No  Representation  economic  history  austerity  dogma  bailout  ELA  ideology  Great  Depression  lost  decade  lost  generation  ESM  debt  jubilee  debt  restructuring  European  bullying  transparency  accountability  Principle  haircut  creditor  sovereign  debt  crisis  sustainable  sustainability  debtoverhang  balance  sheet  recession  zombie  banks  Bank  of  Greece  insolvent  Insolvenzverschleppung  insolvency 
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,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
IMF Slams Germany, Says Greece "Needs Debt Restructuring" | Zero Hedge
on the ticker. IMF'S LAGARDE SAYS DEBT RESTRUCTURING NEEDED IN GREECE. IMF'S LAGARDE SAYS FUND REMAINS 'FULLY ENGAGED' WITH GREECE. IMF'S LAGARDE SAYS IMF CANNOT GIVE GREECE SPECIAL TREATMENT // Earlier today, confirming that Germany sternly refuses to change its tune about a Greek debt haircut or even a debt "reprofiling" of Greece and would not budge an inch on Tsipras tacit request for at least some debt leeway, we reported that "the German government does not see any reason to grant Greece either a classic debt haircut or any other measures that would slash the value of money on loan to the crisis-ridden country, a spokesman for the finance ministry said on Wednesday." // IMF has admitted it was wrong to advocate for austerity, now IMF admits it was wrong to hope that its approach (together with Troika) would help Greece. // an economic model is an economic model, not the real world and especially not able to predict the future. // "Alternativlos."
Grexit  sustainable  sustainability  Greece  PIGS  sovereign  debt  crisis  debt  jubilee  haircut  debt  restructuring  ChristineLagarde  economic  history  austerity  ideology  dogma  academia  KennethRogoff  carmenreinhart  academic  economic  model  economist  economics  economic  damage  neoliberal  neoliberalism  liberal  economic  reform  Troika  IMF  ECB  MarioDraghi  BuBa  Jens  Weidmann  Angela  Merkel  Wolfgang  Schäuble  Germany  France  FrancoisHollande  European  Union  Yanis  Varoufakis  Alexis  Tsipras  referendum  Career  Politicians  No  Representation  society  bailout  zombie  banks  Gesellschaft  fairness  GFC  recovery  European  Syriza  Podemos  Indignants  Indignados  lost  generation  lost  decade  trust  trustagent  Protest  Partei  Protest  Party  symptom  voter  turnout 
july 2015 by asterisk2a
Greek debt crisis: What next for the European Union dream? - BBC News
In a European Union that's currently dominated by eye-popping debt figures, last-minute debt talks and sharp-tongued insults, some people are wondering what happened to the idealism behind the European project: the "European idea"? // &! Greece debt crisis: Eurozone decision down to politics - http://www.bbc.co.uk/news/blogs-eu-33429622 // agglomeration of the symptoms and outcomes of our time have pushed weak career politicans in a corner where they can't admit a big academic/intellectual/economic mistake and at least re-orientate. thus keeping the destructive path they are on. because their national (political) interest (and that of their constituency) is them more important (their status quo career) than the greater good and stable integrated (& solidarity) future of Europe is so needs in an even more unstable and uncertain and competitive future. It all started when they said it was "Alternativlos" to bailout banks and transfer the debt (risk) on public balance sheet.
Grexit  PIGS  European  History  European  Union  Angela  Merkel  Jean-Claude  Juncker  ECB  MarioDraghi  Germany  France  FrancoisHollande  Leadership  Career  Politicians  No  Representation  Wolfgang  Schäuble  compromise  political  error  political  folly  political  economy  political  theory  Syriza  Alexis  Tsipras  Yanis  Varoufakis  austerity  dogma  ideology  IMF  ChristineLagarde  humility  humble  character  economic  Fiscal  Pact  Schuldenbremse  Gesellschaft  society  symptom  bailout  PIIGS  zombie  banks  PIIGSFB  GFC  recovery  2015  UK  neoliberal  neoliberalism  crony  capitalism  TBTF  toobigtofail  too  big  to  jail  Wall  Street  liberal  economic  reform  referendum  democracy 
july 2015 by asterisk2a
Alexis Tsipras im EU-Parlament: Viel reden, wenig sagen - SPIEGEL ONLINE
bit.ly/1IJwjL7 Greece needs much more time for reform implementation and to get to a stable economy, till it even can be considered debt repayment - even if all creditors block a substantial haircut/debt jubilee - they had (Germany). IF THEY (creditors) can not see a 'common sense' deal through, Greece will have to issue IOU in lieu of Euro paper money for Pensioners, Civil Servants & Contractors or break with ECB and issue unsecured loans to Banks via Bank of Greece. AND/OR as well as probably enact Plan B for a return to the Drachma ( bit.ly/1D16Rus ) AND THEN - Juncker threatens-claims Tsipras to have in-detail Grexit plan ( bit.ly/1gobU36) already. This only speak to the dogma & ideology creditors live in. No willing to compromise for the future of european union and actually use the crisis as an opportunity for more integration and solidarity. A union that Europe needs for its future, existence.
Greece  Grexit  referendum  creditors  IMF  Alexis  Tsipras  Syriza  Germany  EFSF  ECB  MarioDraghi  ChristineLagarde  Troika  Jean-Claude  Juncker  Angela  Merkel  Wolfgang  Schäuble  France  FrancoisHollande  zombie  banks  European  Union  European  History  Career  Politicians  No  Representation  Leadership  compromise  dogma  austerity  ideology  economic  economic  model  academia  political  economy  political  theory  political  error  political  science  political  folly  Governance  solidarity  fiscal  monetary  banking  transferunion  currency 
july 2015 by asterisk2a
BBC News - Ukraine: UK and EU 'badly misread' Russia
The House of Lords EU committee claimed Europe "sleepwalked" into the crisis. The EU had not realised the depth of Russian hostility to its plans for closer relations with Ukraine, it said. It comes as French President Francois Hollande and German Chancellor Angela Merkel spoke about the crisis at a joint news conference in Paris. Ill-equipped The committee's report said Britain had not been "active or visible enough" in dealing with the situation in Ukraine. It blamed Foreign Office cuts, which it said led to fewer Russian experts working there, and less emphasis on analysis. A similar decline in EU foreign ministries had left them ill-equipped to formulate an "authoritative response" to the crisis, it said. The report claimed that for too long the EU's relationship with Moscow had been based on the "optimistic premise" that Russia was on a trajectory to becoming a democratic country.
UK  EU  Europe  European  Union  Angela  Merkel  FrancoisHollande  Germany  hegemony  history  European  Russia  Crimea  Crisis  Ukrain  Ukraine  Putin  vladimirputin  Sotchi  2014  foreign  policy  diplomacy  foreign  relations  foreign  affairs  Cold  War  Baltic  States  geopolitics  Career  Politicians 
february 2015 by asterisk2a
Wolfgang Münchau: Die Gefahren des Jahres 2014 - SPIEGEL ONLINE
Beide Seiten haben Grund zu Pessimismus. Die strukturkonservative Bundeskanzlerin sieht mit Schrecken, dass Frankreich, Spanien und Italien keineswegs geneigt sind, deutsch zu werden. Euro-föderale Kritiker wie ich sind darüber enttäuscht, dass es weder eine Fiskalunion noch eine echte Bankenunion geben wird. Für uns ist das, was letzte Woche beschlossen wurde, keine Bankenunion, sondern nur ein schlechter Witz. Jedes Land bleibt für seinen eigenen Bankensektor verantwortlich. Das vorrangige ökonomische Ziel, die Risiken von Banken und Staaten zu trennen, ist dahin. Stattdessen ist die Bankenunion nur noch ein komplizierter administrativer Prozess.
Europe  europeanunion  banking  union  banking  crisis  bank  crisis  sovereign  debt  crisis  fiscal  sovereignty  austerity  2013  2014  France  Spain  Italy  liberal  economic  reform  greatrecession  greatdepression  lostdecade  lostgeneration  Japan  economic  history  history  Angela  Merkel  political  folly  political  error  FrancoisHollande  policy  error  policy  folly  ECB  creditcrisis  creditcrunch  M3  monetary  transmission  mechanism  monetary  policy  fiscal  policy  Richardkoo  reflation  deflationary  deflation  inflation  ZIRP  QE  LTRO  unintended  consequences  NIRP  negative  real  interest  rate  unconventional  monetary  policy 
december 2013 by asterisk2a
Ausschreitungen bei Demonstration gegen Homo-Ehe in Paris - SPIEGEL ONLINE
Die Einführung der Homo-Ehe samt einem gemeinsamen Adoptionsrecht für gleichgeschlechtliche Paare, ein Wahlversprechen vom sozialistischen Präsidenten François Hollande, spaltet die französische Gesellschaft. In den vergangenen Wochen gab es immer wieder Demonstrationen für oder gegen das Gesetz. Erst im Januar waren Hunderttausende in Paris gegen die "Ehe für alle" in Paris auf die Straße gegangen. Ab 4. April wird sich der Senat mit dem Entwurf beschäftigen. Gegen das Vorhaben stemmen sich vor allem die katholische Kirche und die konservative Opposition. Justizministerin Christine Taubira bezeichnet das Vorhaben als "Wandel der Zivilisation". Die Gleichstellung von Lesben und Schwulen mit heterosexuellen Paaren wird seit langem von der französischen Linken gefordert und war ein wichtiges Wahlkampfversprechen von Hollande.
France  gay  marriage  gaymarriage  Politics  FrancoisHollande  Religion  gayrights  gay  rights  LGBT 
march 2013 by asterisk2a
Euro-Krise: Moody's senkt Rating für französische Staatsanleihen - SPIEGEL ONLINE
Rückschlag im Kampf gegen die Schuldenkrise in Europa: Frankreich besitzt bei Moody's keine Top-Bonität mehr. Die Ratingagentur stuft die Kreditwürdigkeit des Euro-Landes um eine Note von AAA auf AA1 ab. Der Ausblick bleibt negativ.

[...]

Moody's begründete den Schritt damit, dass Frankreichs langfristige wirtschaftliche Wachstumsaussichten sich eingetrübt hätten. Das Land habe an Wettbewerbsfähigkeit eingebüßt, erklärte die Ratingagentur in Frankfurt. Der finanzielle Ausblick sei unsicher. Es sei auch immer weniger berechenbar, wie Frankreich künftige Schocks in der Euro-Zone verkrafte.
PIIGSFB  austerity  FrancoisHollande  liberal  economic  reform  greatrecession  Europe  sovereign  debt  crisis  2012  creditrating  France 
november 2012 by asterisk2a
France and the euro: The time-bomb at the heart of Europe | The Economist
THE threat of the euro’s collapse has abated for the moment, but putting the single currency right will involve years of pain. The pressure for reform and budget cuts is fiercest in Greece, Portugal, Spain and Italy, which all saw mass strikes and clashes with police this week (see article). But ahead looms a bigger problem that could dwarf any of these: France.

[Its] economy looks increasingly vulnerable as well.

http://www.economist.com/news/special-report/21566233-france-slowly-heading-towards-crisis-says-john-peet-can-country-be-reformed

As our special report in this issue explains, France still has many strengths, but its weaknesses have been laid bare by the euro crisis. For years it has been losing competitiveness to Germany and the trend has accelerated as the Germans have cut costs and pushed through big reforms. Without the option of currency devaluation, France has resorted to public spending and debt.

[...] [Yet,] Mr Hollande still seems half-hearted.
IMF  Spain  economic  history  economics  Italy  unemployment  FrancoisHollande  Politics  liberal  economic  reform  GFC  competitiveness  greatrecession  Euro  Europe  austerity  sovereign  debt  crisis  PIIGSFB  PIIGS 
november 2012 by asterisk2a
Rumor NY consulting shop says ECB could go to negative deposit rates in September | ForexLive
One of the catalysts for the latest move lower, it would appear.
Since the ECB cut the deposit rate to zero last week, deposits at the ECB fallen sharply. Rather than find their way into productive use, banks have been buying short-term government debt pushing rates in Germany and Holland below zero and to 0.03% in Finland.

***

- NIRP seems not to be the incentive to lend to real economy (lending, debt roll-over) or between each other ... easing the interbank credit crunch.
- Q for banks remain about outlook of Europe, and bc it is on the downside, they don't wanna do anything. its damage control of its balance sheet (Zombi banks, Zombi companies, NPL)
- Liquidity seems not the solution to structural problems (ie bank and sovereign linkage, competitiveness, EU wide divergence in local policies like labour, taxation and laws)
- http://www.zerohedge.com/news/clarifying-entirely-unremarkable-shift-ecb-deposits
Politics  France  Germany  sarkozy  FrancoisHollande  angelamerkel  greatrecession  GFC  liquidity-trap  liquidation  LTRO  QE  2012  PIIGS  Europe  zombie  banks  NPL  creditcrunch  confidence  trustagent  trust  sovereign  debt  crisis  debtoverhang  BIS  ECB  monetary  theory  monetary  policy  System  policy  error  inflation  deflation  ZIRP  NIRP 
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
Kommentar zu Merkels Rolle auf dem EU-Gipfel - SPIEGEL ONLINE
Nach EU Summit

Der Rettungsschirm ESM soll künftig auch direkt Banken unterstützen können - das könnte vor allem Spanien helfen, denn so werden die ESM-Hilfen nicht mehr auf die spanische Schuldenlast angerechnet. Und Staaten sollen nun Geld aus dem Rettungsschirm erhalten können, ohne im Gegenzug ein strenges Überwachungsprogramm zu akzeptieren - das hilft vor allem Italien. Das hochverschuldete Land hat nun zumindest die theoretische Option, ESM-Geld zu beantragen, ohne sich dem Troika-Kuratel zu unterwerfen.

Doch direktes Geld an die Banken soll auch erst dann fließen, wenn eine wirksame Europäische Bankenaufsicht installiert ist. Das wird dauern.

Es war wichtig, Monti in Brüssel öffentlichkeitswirksam einen Punkt landen zu lassen.
EFSF  compromise  democracy  FrancoisHollande  Germany  angelamerkel  diplomacy  political  economy  political  ec  MarianoRajoy  Spain  Italy  mariomonti  Politics  Europe  Fiscal  Pact  ECB  ESM  2012  sovereign  debt  crisis  banking  crisis  PIIGS 
june 2012 by asterisk2a
Schumpeter: Adieu, la France | The Economist
France’s new Socialist government is embarking on a series of risky experiments in business

Most French business leaders don’t think that the government is deliberately targeting them. They reckon that its motives are purely political—and that the Socialists are simply not aware of the damage their plans will do (most ministers have hardly any experience of business).

Yet French bosses have partly themselves to blame for the way they are being treated. Almost all have benefited from the tight bond that exists between the top ranks of France’s civil service and the country’s senior executives. Many are alumni of the same grandes écoles, such as the Ecole Nationale d’Administration. Government aides are regularly parachuted into jobs, even at firms not controlled by the government. And some bosses later become ministers.

AND
http://www.economist.com/node/21557338
Investors beware: François Hollande is set to take France in the wrong direction even faster than you feared
meritocratic  Nepotism  meritocracy  meri  election2012  competitive  competitiveness  FrancoisHollande  France 
june 2012 by asterisk2a
The euro zone crisis: Old maid | The Economist
There is no "solution" to the debt crisis that is pain-free; we are merely arguing about how the pain is distributed.
davidcameron  GeorgeOsborne  barackobama  FrancoisHollande  sarkozy  angelamerkel  politics  Grexit  Spain  Italy  Greece  France  Germany  PIIGS  UK  USA  Europe  sovereign  debt  crisis 
june 2012 by asterisk2a
Draghi's message on how to mend the euro: It's the politics, stupido! | The Economist
Speaking last month when the ECB’s council met in Barcelona, Mr Draghi said that European leaders needed to set out a ten-year vision for the single currency, which would above all signpost how to secure the fragile monetary union with a workable fiscal underpinning. Mr Draghi spelt out today how such a long-term plan might help in the short-term. As was the case with the decisions of European leaders in Maastricht in December 1991 that paved the way to the euro in 1999, there would be a plan with clear deadlines and conditions. Just how important such a road-map was became clear, he said, when the Danes narrowly rejected the treaty in their referendum in mid-1992. By bringing into question the destination, that vote for a time upset the whole process, with interest rates jumping as the markets doubted that the journey would be made.
EMU  Euro  history  mariomonti  FrancoisHollande  sarkozy  angelamerkel  greatrecession  GFC  politics  PIIGS  2012  sovereign  debt  crisis  Europe  MarioDraghi 
june 2012 by asterisk2a
Those Revolting Europeans - NYTimes.com
It was actually kind of funny to see the apostles of orthodoxy trying to portray the cautious, mild-mannered François Hollande as a figure of menace. He is “rather dangerous,” declared The Economist, which observed that he “genuinely believes in the need to create a fairer society.” Quelle horreur!

What is true is that Mr. Hollande’s victory means the end of “Merkozy,” the Franco-German axis that has enforced the austerity regime of the past two years. This would be a “dangerous” development if that strategy were working, or even had a reasonable chance of working. But it isn’t and doesn’t; it’s time to move on. Europe’s voters, it turns out, are wiser than the Continent’s best and brightest.

What’s wrong with the prescription of spending cuts as the remedy for Europe’s ills? One answer is that the confidence fairy doesn’t exist — that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted ...
economic-thought  2012  debt  bubble  debtoverhang  sovereign  debt  crisis  ECB  politics  election2012  PIIGSFB  PIIGS  austerity  sarkozy  angelamerkel  FrancoisHollande  paulkrugman 
may 2012 by asterisk2a
Präsident François Hollande muss Frankreich enttäuschen - SPIEGEL ONLINE
Hollande wird Präsident eines wirtschaftlich kranken Landes. Die Staatsschuld beträgt 90 Prozent des Bruttoinlandsprodukts, es hatte seit 1974 kein ausgeglichenes Budget, und es hat mit knapp 57 Prozent die höchste Staatsquote der Euro-Zone. Die Arbeitslosigkeit liegt bei 10 Prozent, und es gibt eine ganze Generation von Einwandererkindern, die in ghettoartigen Vorstädten aufwächst und mit dem Arbeitsmarkt kaum in Berührung kommt. Im Wahlkampf spielten diese Probleme eine Nebenrolle - aber für den neugewählten Präsidenten werden sie im Zentrum stehen.

Auf den Präsidenten und das Land warten harte Zeiten. Im Wahlkampf hat Hollande immer wieder die Größe Frankreichs beschworen. Doch diese Größe wird von genau jener ökonomischen Schwäche bedroht, gegen die Hollande nun angehen muss. Die französische Tradition des Schuldenmachens wird er nicht fortführen können, und den Staat umzubauen, das wird nicht gehen, ohne viele der Menschen gegen sich aufzubringen, die ihn gewählt haben.
politics  election2012  FrancoisHollande 
may 2012 by asterisk2a
The Problem With Hollande - WSJ.com
The following is signed by 21 French economists ahead of this Sunday's presidential elections. The authors attest that they belong to no political party, and the views expressed here are their own and do not necessarily reflect the views of their institutions.

"Socialism has never succeeded in its extreme form, communism. As the past several years in Europe have shown, it does not work in its milder form of social democracy either. If European history teaches us anything, it is that prosperity is closely correlated to economic freedom.

[...]

It is tragic that anyone can still think that one man's life can be improved by robbing another. We are all united, as French citizens and as a human society. It is in all our interests to encourage each other to give the best of ourselves, and to defend each other's right to the just rewards."
FrancoisHollande  sarkozy  election2012  France 
may 2012 by asterisk2a
Sarkozy und Hollande im TV-Duell: Verachtung und Abscheu - SPIEGEL ONLINE
After the 3hour long televised debate ... Sarkozy can only hope for a little wonder.
sarkozy  election2012  politics  France  FrancoisHollande 
may 2012 by asterisk2a
Richard Koo On The Three Problems With Bullish Speculation On Europe | ZeroHedge
Monetary policy is largely ineffective in this type of recession because those whose balance sheets are underwater are not interested in increasing their borrowings at any interest rate.

Three problems with bullish speculation on eurozone

But there are three problems with this view. First, the experiences of Japan, the US, and the UK show that monetary accommodation cannot stimulate the real economy when the private sector is seeking to minimize debt in spite of ultra-low interest rates during a balance sheet recession.
Second, fiscal stimulus is the only tool a government has for maintaining aggregate demand when monetary policy has lost its effectiveness. Yet Germany and other countries of the eurozone are actively pursuing fiscal retrenchment.
Third, eurozone members hope that structural reforms will lead to growth, but the examples of Japan and the US show that such policies will not have a positive impact on growth for at least five to ten years.
fiscal  policy  monetary  policy  MarioDraghi  mariomonti  trichet  ECB  FrancoisHollande  France  politics  Greece  angelamerkel  democracy  UK  USA  austerity  GFC  greatrecession  PIIGS  Europe  balance  sheet  recession  richardkoo 
april 2012 by asterisk2a
Europe's New Entente Discordiale: The Other French Connection | ZeroHedge
France is no longer any form of economic supporter or ally of Germany, but only of the PIIGSB or “Garlic Belt”.
Not only the Socialists, but close to virtually everybody in France supports economically destructive and dysfunctional policies and there is no intention or tradition to adapt to their lacking in competitiveness.
Instead, demand stimulation through increased deficits and monetary debasement.
The cultural background of this is that the French react to economic decline with irrational and destructive political aggression and revolts (expropriation of the rich, protectionism, severe public sector strikes, etc) rather than in an adaptive manner (the poverty in England and the US has never led to serious political revolt, to common knowledge).

The idea that somehow, pragmatic voices will stop this political groundswell is entirely misplaced: this destructive belief set has started to run its course.
unintended  consequences  policy  folly  policy  error  Europe  society  culture  democracy  politics  angelamerkel  sarkozy  FrancoisHollande  election2012  France  sovereign  debt  crisis  PIIGSFB  PIIGS 
april 2012 by asterisk2a
The French election: An inconvenient truth | The Economist
Today France continues to behave as if it enjoyed Sweden’s or Germany’s public finances, when in truth they are closer to those of Spain. Although France and Germany have comparable public-debt levels, at over 80% of GDP, Germany’s is now inching downwards whereas France’s is at 90% and rising. One rating agency has already stripped France of its AAA credit rating over worries about high debt and low growth. The country’s auditor, the Cour des Comptes, chaired by Didier Migaud, a former Socialist deputy, has warned that unless “difficult decisions” are taken this year and next on spending, public debt could reach 100% by 2015 or 2016.

The underlying problem is that, over the past ten years, France has lost competitiveness. et al

Put simply, France is about to face the tough choices that Gerhard Schröder, Germany’s former chancellor, confronted in the early 2000s or that Sweden did in the mid-1990s, when its own unsustainable social system collapsed.
politics  society  culture  debtoverhang  social-contract  social-safety-net  germany  competitiveness  Europe  socialism  FrancoisHollande  sarkozy  election2012  2012  sovereign  debt  crisis  economy  France 
march 2012 by asterisk2a
France's future: A country in denial | The Economist
France has many problems, next to some bright spots but the fundamentals are much grimmer. France has not balanced its books since 1974. Public debt stands at 90% of GDP and rising. Public spending, at 56% of GDP, gobbles up a bigger chunk of output than in any other euro-zone country—more even than in Sweden. The banks are undercapitalised. Unemployment is higher than at any time since the late 1990s and has not fallen below 7% in nearly 30 years, creating chronic joblessness in the crime-ridden banlieues that ring France’s big cities. Exports are stagnating while they roar ahead in Germany. France now has the euro zone’s largest current-account deficit in nominal terms. Perhaps France could live on credit before the financial crisis, when borrowing was easy. Not any more. Indeed, a sluggish and unreformed France might even find itself at the centre of the next euro crisis.

Voters belief in the states benevolence and the market’s heartless cruelty & see globalisation as a thread.
Politics  economy  FrancoisHollande  sarkozy  society  culture  election2012  2012  sovereign  debt  crisis  France 
march 2012 by asterisk2a

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