Allies of German Chancellor Angela Merkel intensified their efforts to prevent a rebellion in their ranks two days before a crucial vote in Parliament on a new, €86 billion ($95 billion) bailout package for Greece, The Wall Street Journal reported. “I am fully convinced that it’s the right decision to vote in favor of it (the bailout), particularly because I didn’t make this decision easy for myself,” Finance Minister Wolfgang Schäuble said Monday in an interview on German television.
Read more
Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Global banks are facing billions of pounds-worth of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York,the Financial Times reported. Barclays, Goldman Sachs, HSBC and Royal Bank of Scotland were among nine banks revealed last Friday to have agreed a $2bn settlement with thousands of investors affected by rate-rigging in a New York court case.
Read more
At long last, European creditor nations and Greece have reached an agreement on a third bailout in five years, the International New York Times reported. The bailout, which was approved by Greece’s Parliament on Friday, included familiar details: In return for an infusion of 86 billion euros, or $95 billion, Greece has promised to increase taxes, cut spending and enact measures to make its economy function more efficiently. But there was one glaring omission.
Read more
German Chancellor Angela Merkel voiced optimism that the eurozone’s bailout of Greece was moving in the right direction in a television interview on Sunday. “One cannot yet speak of certainty,” Ms. Merkel told ZDF public television. But, she added, there was a “certain amount of hope,” in part because the Greek government had been performing better in recent weeks than it had in previous months. Ms.
Read more
Money doesn’t grow on trees, but in the middle of a forest deep in the Bavarian countryside it comes pretty close. An hour’s drive south of Munich hidden by spruces is Louisenthal, the mill and printing presses that help produce banknotes for about 100 currency zones, the Financial Times reported. Giesecke & Devrient, owner of Louisenthal, is one of a few companies competing to make the 160bn banknotes printed each year.
Read more
The European institutions overseeing Greece’s bailout have expressed “serious concerns” over the sustainability of the country’s debt, bringing them into line with the more pessimistic assessment of the International Monetary Fund, the Financial Times reported. Both the European Commission and the European Central Bank argue in a new analysis that debt relief measures, including extending repayment periods, would allow Athens to achieve debt sustainability, a solution advocated by the IMF. They say such moves would avoid the need for a full-scale debt haircut.
Read more
Dutch engineering services company Royal Imtech has been declared bankrupt and its Marine and Nordic divisions are being sold to private investors, the company and its administrators said on Thursday, Reuters reported. Imtech, which employs 22,000 people in 35 countries and has annual sales of roughly 4 billion euros ($4.5 billion), filed for protection from creditors on Tuesday after its German unit filed for insolvency.
Read more
Frankfurt prosecutors have charged eight current and former Deutsche Bank employees in connection with €220 million in sales tax evasion following a long-running investigation into Europe’s carbon emission certificate market, the Irish Times reported on a Financial Times story. Prosecutors did not identify the bank, but people familiar with the case say the accused are mid-ranking employees of Deutsche Bank, which was raided in 2012 as part of the investigation. Seven of the eight accused are still employed by Deutsche. A court must now decide whether to hear the case.
Read more
Germany softened its resistance to a third bailout package for Greece on Wednesday, raising the chances for speedy approval of the draft plan in time for the country to make a crucial debt payment next week, the International New York Times reported. While a political obstacle course still lies ahead, officials in Berlin and Brussels spoke of a markedly improved negotiating climate. Eurozone finance ministers scheduled a meeting on Friday in Brussels at which they could give their imprimatur to the bailout deal.
Read more
Revenue authorities need to be “vigilant” in monitoring the super-rich, according to research that called on many of them to improve their scrutiny of their richest taxpayers, the Financial Times reported. The study by the Paris-based OECD is a further sign of the pressure on tax departments to squeeze more revenue out of wealthy individuals. Cash-strapped governments are already clamping down on evasion and avoidance to shore up their public finances and respond to public anger over widening economic inequality and alleged tax dodging.
Read more