Hordes of bankrupt French invade Switzerland to get their hands on their “stolen” money — such is the imaginary scenario cooked up by the Swiss military in simulations revealed over the weekend.
Carried out in August, the apparently outlandish army exercise was based on the premise of an attack by a financially stricken France split into warring regions, according to Matin Dimanche, the Lausanne-based daily. Continue reading
Southern Europe’s cash-strapped governments are courting wealthy Chinese homebuyers, seeking to bolster their battered real estate markets by offering visas to those who purchase prime properties.
Cyprus, Greece and Portugal are providing resident permits to foreign buyers, while Spain is about to adopt a similar measure. The chance to purchase a home at depressed prices in southern Europe and gain what’s known as a golden visa is mostly being sold to Chinese investors, according to brokers. Continue reading
Fitch Ratings has cut its credit grade for the European fund that provides rescue loans to Greece, Ireland and Portugal.
The agency says it lowered the rating for the European Financial Stability Facility – or EFSF- by one notch from AAA to AA+ as a result of its downgrade of France last week. The EFSF’s creditworthiness depends on that of the countries that provide its financing, which includes France. Continue reading
Although both items need to be constantly looked at (50/50), the fundamental data lately is seemingly overriding the technical data. Observing geopolitics on a regular basis shows you the big picture where you can use inductive reasoning to hammer out the specifics in planning your future, be it from an investment standpoint or personal.
Had anyone asked back in January what kind of risks you thought might be giving financial markets a jolt by mid-year, odds are that you would have talked about the Federal Reserve’s intentions with respect to quantitative easing, the outlook for economic growth and whether S&P 500 companies are delivering the kind of earnings that analysts had been expecting.
Perhaps, given recent history, you might have thrown out an additional concern: That some unforeseen event in Spain or Italy might buffet the Eurozone and spill over into North American markets—after all, that has become an almost routine summertime occurrence. Continue reading
Update (3:26 PM ET): Portugal’s governing coalition today saw its second major loss in two days, as Paulo Portas, the foreign minister and leader of the Democratic and Social Center-People’s Party (CDS-PP), tendered his resignation.
Meanwhile, EU authorities have given Greece three days to deliver on promises it’s made to the troika—the group composed of the International Monetary Fund (IMF), the European Central Bank, and representatives of European countries, which is monitoring the euro debt crisis.
Clearly, Greece and Portugal are fighting to be the most scary country in the euro this week. Continue reading
Among the many projects of international cooperation which Italy is currently involved seems it is appropriate to dwell on what Eurogendfor, or the European Gendarmerie Force. This is an initiative that involves in addition to our other 5 EU countries: France, Spain, Portugal, the Netherlands and Romania, but subsequently acceded to this project.
The purpose of the EGF to strengthen the management capacity of the future international crises and, more importantly, contribute to the common defense and security policy and may in all respects be considered a tool integrated approach to conduct police missions in several theaters, including those destabilized, in support of the European Union, NATO, the UN or any coalitions to create PURPOSE. Continue reading
The IMF report on Portugal’s implementation of an EU-brokered bailout plan aims to throw off the country’s constitutional court, says i.
Instead of including reforms in the 2014 state budget, the IMF wants to push directly into structural reforms, which assumes to be the most difficult part of the Portuguese adjustment program. Continue reading
The European Central Bank warned on Wednesday that the euro zone’s slumping economy and a surge in problem loans were raising the risk of a renewed banking crisis, even as overall stress in the region’s financial markets had receded. Continue reading
Union rejection of €1bn in spending cuts means the Irish government find itself forced to slash public sector pay by 7%
Cyprus was just an hors d’oeuvre. Portugal is readying itself for a convulsive moment when the government attempts to bypass a constitutional court ruling that bans many of its most caustic austerity measures. The situation worsens daily in Greece. And then there is Ireland. Continue reading
When Angela Merkel – to cut out the middlemen – feels entitled to arrest the bank accounts of individuals and institutions in another country and help herself to 10 per cent of their deposits, then the rule of law has become a folk memory in German-occupied Europe. Is this what was meant by negative interest rates? The sheer irresponsibility of risking a bank run, not just in Cyprus but potentially in Greece, Spain, Portugal, Italy and everywhere else the dominoes might topple, betrays the stupidity of those shoring-up the deluded euro project. Continue reading
Creating a foundation to project power through the Mediterranean and into the Middle East by wrestling Cyprus out of Russian hands is the goal.
Sometimes a non-mainstream observer of the world scene comes up with real food for thought. Such was the case this week when British blogger Alexander Boot reflected on the actions of Russia and Germany in regard to the Cyprus situation.
Boot asks an obvious question, “The question is why the ECB and IMF, which is to say Germany, made this raid a precondition for the bailout of Cyprus? After all, they were more lenient when bailing out Portugal, Ireland, Greece and Spain. Why single out Cyprus for rough treatment?” (March 19).
Attending to his own question, Boot retorts, “The answer is obvious: Cyprus is a floating refuge and laundromat for dirty Russian money.” Continue reading
First Greece was subjugated and forced to yield (still is) national sovereignty, now comes Portugal. One country at a time, the European continent is being captured via economic warfare. Be it the Troika or the EU itself, all roads lead back to Europe’s powerhouse, Berlin, and it’s Fourth Reich making the capture. With the Vatican undergoing a leadership transition and possible candidate elected this St. Patrick’s Day, we could likely soon see the revived Holy Roman Empire.
Little by little, the Portuguese state is going down in defeat. In April 2011, when the country got a loan of €78bn from the troika (EC, ECB and IMF) to avoid bankruptcy, it committed itself to privatisation. But under the leadership of Passos Coelho, a model student of the fiscal discipline demanded by the troika, the sell-off of the “crown jewels” – what’s left of them, that is – has sped up.
Losing control of their destiny
For the 80,000 or so inhabitants of Viana, like for the rest of the country, the powerful wave of privatisation is causing a lot of worry. “Some of these state enterprises are gems, others are junk buckets, but they’re all strategic assets. And we’re losing them forever,” worries Bernardo S Barbosa, head of the local weekly Aurora do Lima. The Socialist mayor, José Maria Costa, shares a growing national concern: the feeling that the country is losing its sovereignty. In a vast room at City Hall, this engineer by training reacts very angrily to the policy of the executive: “By taking away our public assets, which are so vital, to the benefit of foreign companies, and private interests at that, we’re losing control of our own destiny. I even fear that in the end it will affect our freedom and democracy.” Continue reading