All posts by nedhamson
Interview with German Economist Peter Bofinger on Perils of Cyprus Bailout – SPIEGEL ONLINE
Bofinger: Shaking the confidence of depositors across Europe cannot be the solution. Those seeking to save the euro should be contributing true aid during an emergency.
SPIEGEL ONLINE: You mean they should give free money to Cyprus?
Bofinger: At the end of the day, it would be better to take charge and provide a billion euros to rescue the small-scale savers in Cyprus than to risk a collapse of the euro financial system.
SPIEGEL ONLINE: But that would also mean entering into a transfer union and breaking another taboo that is at least as big. Greece, Portugal, Spain and co. would want their money for free in the future, too.
Bofinger: That can be easily avoided. Cyprus is a special case, and it can be communicated as such. No other euro-zone country in Southern Europe has such a bloated financial sector. And there is no other country that could have a comparable domino effect in the euro crisis. Cypriot banks lent some €22 billion to Greek firms and private households, and they have suffered very high losses as a result of the restructuring of Greek bonds.
via Interview with German Economist Peter Bofinger on Perils of Cyprus Bailout – SPIEGEL ONLINE.
Kaleidoscope
Egyptian Aak (Week 11): When Fecklessness is An Attitude.
(Bakers protest in front of Ministry of Supply via Elijah Zarwan)
Main Headlines
Monday
- Shura Council seeks way out of electoral law stalemate
- Qatar says no more aid to Egypt for now
- Egyptian Copt dies in Libyan detention
- Police in Giza, and Cairo end strikes
- Egyptian protesters at the Libyan embassy burn flag, and smash entrance
- Shura council approves Sukuk draft law
- Diesel shortage leads to ministry reshuffle
- Brotherhood’s Shater seeks to invest in Egypt’s aviation sector
- Presidency says only police responsible for maintaining security
- National security banned film on Jewish community
- Army will not tolerate “political militias.”
- Egypt will not sign Emergency IMF loan
- Oil minister head of Misr Petroleum over fuel shortage.
- Islamists form community police militias community police militias
- EgyptAir losses up to LE6 billion
- Mubarak wants Egyptians to stand by “elected president” Morsi
- Egypt considers ban on sale of duty-free alcohol
- New election law will…
View original post 1,374 more words
This too shall pass
New gardening fashion
Just 4 billionaire tax exiles – friends of Cameron – will benefit from weak press regulation
Friendship has no limits it seems when it comes to doing favors against the public interest…
(not satire – it’s the UK today!)
The vote in parliament about press regulation tomorrow is not about freedom of speech or press freedom.
It’s about the right of exactly four billionaire press barons – most of whom don’t even reside or pay taxes in the UK – to freely lie and play fast and loose with the truth about whoever and whatever they want.
The majority of the national UK press is owned by just four people – Lord Rothermere, the two Barclay brothers and Rupert Murdoch.
These four people – all friends of David Cameron – think they are entitled to strongly influence political decisions made in a country most of them avoid paying their tax to.
After all – if these four people were all that bothered about freedom of speech – how come all four of them were so keen to propose limiting the…
View original post 237 more words
Reawakening beauty and love…
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