EU-DIGEST

Mar 15, 2010

Safer Flying in Europe

I In the past EU member states' safety investigation authorities have cooperated with each other on an informal basis. A recently approved draft regulation will formalize this cooperation by creating a European network of civil aviation safety investigation authorities. The network will facilitate the exchange of information and sharing of resources.

The new rules clarify the roles of various actors. For example, the European Aviation Safety Agency (EASA) and the Commission will be involved in cooperation and information-sharing with the member states.

The regulation are expected to be adopted jointly by the Council and the European Parliament in accordance with the ordinary legislative procedures.

For more: CONSILIUM - Homepage

Labels: Aircrafy Safety, Airline Industry, EU

10:54 PM | Permalink | | links to this post

Sarkozy suffers loss in regional French elections

President Nicolas Sarkozy's camp suffered setbacks in several major cities in round one of French local elections Sunday, dealing a new blow to the right-winger as he battles a collapse in popularity.

Exit polls showed the opposition Socialists well-placed to score big gains over Sarkozy's Union for a Popular Movement (UMP), in next Sunday's decisive second round of a vote cast as a referendum on his presidency.

For more: France24 - Sarkozy's party suffers first round setback

Labels: EU, France Elections, Nicolas Sarkozy

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Mar 14, 2010

EU talks tough, but US banks and hedge funds unbowed

Britain and France say a deal is close on stricter financial regulations in the EU, including on speculative hedge funds, to reduce the chances of another economic crisis.

Though not yet finalized, Europe's plans are already causing tension with Washington. U.S. Treasury Secretary Timothy Geithner has written to the European Commission voicing concern that the plans discriminate against American investors, banks and investment funds.

For more: EU talks tough, but US banks and hedge funds unbowed - expert - RT Top Stories

Labels: EU, Hedge Funds, Regulatory

10:38 PM | Permalink | | links to this post

Italy - Ciao, baby! Why Italy just can't say no to Silvio Berlusconi

Ronald Reagan was known as the Teflon president, but Berlusconi's ability to shrug off misfortune beggars such metaphors. Ten months ago, as I was preparing to leave Rome, Berlusconi seemed doomed. It was his wife Veronica that had done for him: her announcement last April that she wanted a divorce seemed to break the spell in which he had held his country hypnotised for years. Suddenly, it seemed, people began to see him for what he was. Veronica's comments about him frequenting under-age girls, her condemnation of the "trash" – buxom showgirls – he wanted to put up for election to the European parliament, her cryptic remark that "my husband is not well" – all this from the woman who had stood by her man stoically for nigh on 30 years, cast him in a new and ghastly light. He might be mega-rich, brilliant, energetic, charismatic – but what a creep! What an appalling character to have thrown your lot in with! And what horrors might that pregnant phrase "non sta bene" – "he's not well" – contain? What raptures of megalomania, sadism or psychosis might the unlucky Veronica have been privy to?

For years Berlusconi has behaved more like a Roman emperor than an elected Prime Minister, but in the autumn of his years the tendency has become even more extreme. But the dismaying element today is the extent to which his adversaries let him get away with it: the last person to land a blow on him was the unbalanced character who hurled a bronze model of Milan's Duomo in his face at New Year. No one could claim that Italy was buoyant with Berlusconi at its head. Even the sort of phoney and palsied recovery that Britain experienced after the crash has eluded it. Industrial output plummeted by more than 17 per cent last year, and the nation's public debt of €1,663bn is the third highest in the world. Add this to the sleaze piling up on all sides and one would expect Berlusconi to get a terrible drubbing in the coming polls. Yet that is unlikely to happen – and not only because of the feebleness of the opposition. As a new book spells out, Berlusconi has a hold over a huge swathe of his electorate, who will vote for him no matter what.

According to the Italian writer Curzio Maltese, in The Bubble: The dangerous end of the Berlusconian dream, ever since he entered politics Berlusconi has appealed, more or less openly, to the nation's millions of tax evaders. And this is one constituency that he has never disappointed.

Italy today is devouring its own entrails. Private affluence and public squalor; constantly shrinking budgets which inflict vicious blows on schools and universities and hospitals and museums while the entrenched gerontocracies which preside over them are untouched; talented and vigorous youth who flee abroad to find study and work opportunities in ever-greater numbers, while their less-enterprising contemporaries struggle to make ends meet in jobs with miserable pay and no security; organised crime which constantly extends its reach; fear and hatred of immigrants, cynically encouraged by politicians in the government: this is Berlusconi's dismal legacy.

For more: Ciao, baby! Why Italy just can't say no to Silvio - Europe, World - The Independent

Labels: Democracy, EU, Italy, Mafia, Silvio Berlusconi

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English rules on free speech

Britain doesn't have a 1st Amendment, which explains today's news that a court has struck down the membership rules of the British National Party.

The BNP is a far-right party that opposes immigration -- particularly "coloured" immigration -- and used to require that members be white. That provision was removed after a challenge from the Equalities and Human Rights Commission, a government watchdog. But the BNP is still in trouble because of what American lawyers would call a race-blind provision: Although the whites-only clause was removed, a judge found that the party still discriminated because part of its credo is a belief in the "continued creation, fostering, maintenance and existence" of an indigenous British race.

The judge's decision on one level is common sense: An organization devoted to a white Britain, even if it's technically open to nonwhites, isn't likely to attract many. But in the U.S. it would violate the constitutional right of free association to order an organization to revise its basic beliefs, repugnant as they may be to many. I think we in the U.S. have the right take on this, but as in other areas -- news coverage of crime and national security, for example -- Britain is proof that culture as well as constitutional principles shape a country's attitude to free speech.

For more: English rules on free speech | Opinion L.A. | Los Angeles Times

Labels: Britain, EU, Facism, Free Speech

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Mar 12, 2010

Alternative Energy: EU on track to meet renewable energy target - by Leigh Phillips

The European Union is to surpass its target of 20 percent consumption of energy from renewable sources by 2020, according to national forecasts submitted to the European Commission.
The EU executive found that overall, the bloc will achieve a 20.3 percent share of renewables in its energy mix.

For more: EUobserver

Labels: Alternative Energy, EU

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The Netherlands: Dutch Labour (PvdA) leader Wouter Bos unexpectedly resigned. Job Cohen to succeed him.

Bos announced his resignation totally unexpectedly on Friday. He wants to have more time for his family in the coming years. He is no longer available for any political function.
Amsterdam Mayor Job Cohen is succeeding Bos. Cohen will become the PvdA's front-runner for the general elections on 9 June. Should the party win the elections, Cohen is virtually certain to be the next premier.
The decision by Bos came as such a surprise that even within his party, practically nobody knew about it. Last-minute speculation about some drama occurring within his private life was quickly crushed when Bos said he simply wanted to see his young children grow up.
Following a career at Shell, Bos entered politics as a somewhat timid 35-year-old in 1998. He became Finance State Secretary in 2000.

In November 2002, after 'old politics' had lost heavily to maverick Pim Fortuyn, the youngster mounted the throne left behind by ousted PvdA leader Ad Melkert, who left politics as well as the country following the party's dramatic defeat in the May 2002 general elections. Bos turned out to be a favourite with the press, which helped the PvdA to make a remarkable comeback in subsequent elections.
Since last month's collapse of the government the polls have picked up again for the PvdA. Bos refused to extend the Dutch mission in Uruzgan, causing a breach with the Christian democrats (CDA).

For more: Dutch news - PvdA Leader Bos Resigns, Succeeded by Cohen

Labels: EU, Politics, The Netherlands

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Euro gains support from strong economic data in Europe

The euro gained support from strong economic data in Europe and more confidence that Greece will recover. The euro rose to $1.3760, paring an earlier gain though still above $1.3680 late Thursday. The shared currency is headed for its highest weekly close in seven weeks.

For more: Dollar declines, heads for weekly loss after data Currencies - MarketWatch

Labels: EU, euro

11:50 PM | Permalink | | links to this post

AIRBUS TANKER: Boeing or Bust: Europeans Cry Foul Over a Defense Contract - by Bruce Crumley

The announcement by French aero-defense group EADS that it was pulling out of the bidding process for a $35 billion contract to supply mid-air refueling planes to the Pentagon sent shock waves across Europe this week. EADS, which was partnering in the bid with the U.S. company Northrop Grumman, based its decision on its claim that the competition had been rigged in favor of archrival Boeing — an accusation that spurred charges of unabashed American protectionism in Europe. Now, with both sides digging in their heels, what began as a trans-Atlantic flap over the refueling aircraft business is starting to sound like a full-blown trade war.

The European Commission has warned that it would react sternly to any evidence of American protectionism favoring Boeing in the Pentagon bidding process. And British Business Secretary Peter Mandelson hinted that "the open market to U.S. producers we have in Europe" could be affected if the European Union felt that Americans were refusing to extend similar freedoms to their companies in return. Even some American observers groused that the EADS offer was clearly superior to Boeing's revised bids. U.S. Senator Richard Shelby, a Republican from Alabama, said "the Air Force had a chance to deliver the most capable tanker possible to our war fighters and blew it" by meddling with the process "to produce the best outcome [for Boeing]."

Note EU-Digest: When is the EU going to wake up to the fact that for the US its always a question of "do it my way, or take the highway" ?

For more: Boeing or Bust: Europeans Cry Foul Over a Defense Contract - TIME

Labels: Airbus Tanker, EU, US

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EU crack down on financial industry? - Politicians ultimately responsible for uncurbed speculative transactions in the financial world

The European Union hit back on Thursday against U.S. criticism of plans to crack down on hedge funds, saying its push for openness in the industry met a commitment also given by Washington and others.

A spokesman for EU financial markets chief Michel Barnier denied the legislation would put foreign funds at a disadvantage. "The EU decision to act on hedge funds is in line with a G20 decision to reinforce transparency," the spokesman, Amadeu Altafaj, said. "The new hedge fund rules do not discriminate against foreign players and are not protectionist.".

Brussels wants foreign investors -- such as New York hedge funds based in London -- to be more closely supervised as well as face stricter regulatory standards set in Europe.

Note EU-Digest: Despite frequent calls by several EU member states to put stricter rules in place to control the speculative practices of US based financial networks and Wall Street, nothing so far has been done to effectively curb these excesses.

Tom Landry the famous US football coach once said: "Most successful football players not only accept rules and limitations, I believe they need them. In fact I believe they are free to perform at their best, only when they know what the expectations are, and where the limits stand. I see this as a biblical principle that also applies to life. A principle our society as a whole has forgotten. You can not enjoy real freedom without limits".

It is high time politicians understand that they are ultimately accountable to the voters for the mess that is going on in the financial world and take action.

For the complete report: EU defends hedge fund rules against U.S. critics | Reuters

Labels: Britain, EU, financial speculators, Greece, US, Wall Street

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Mar 11, 2010

Slovaks protest against patriotic education law - World - Javno

About a thousand Slovaks, mostly students and teachers, marched through the capital Bratislava Wednesday to protest against a new law aimed at promoting the national flag, anthem and symbols in schools.

Last week, the Slovak parliament adopted a law which obliges state primary and secondary schools as well as universities to sing the national anthem at the beginning of every school week starting in April.

The law sparked wide public dismay in the ex-communist country after the far-right Slovak National Party, a junior coalition member, pushed for the reform ahead of a June 12 general election. More than a thousand people ranging in age from 12 to 60 sang the national anthem in front of the presidential palace in the Bratislava city centre in protest at the compulsory patriotic education. "We don't need a law to be patriots," read their banners.

F0r more: Slovaks protest against patriotic education law - World - Javno

Labels: EU

11:19 PM | Permalink | | links to this post

EU hits back at Geithner on regulation - by Nikki Tait

Top European Union officials hit back on Thursday at criticism from Tim Geithner, US Treasury secretary, who has accused Brussels of pushing ahead with rules to regulate managers of hedge funds and other alternative investment funds that could be protectionist.

A spokesman for Michel Barnier, the new EU internal market commissioner who is responsible for financial services regulation and to whom Mr Geithner addressed his concerns, said that the EU decision to act on hedge funds was in line with a G20 decision to reinforce transparency in the financial system.

The hedge fund rules will also need approval from the European Parliament, as well as individual member states.

For more: FT.com / Brussels / Business regulation - EU hits back at Geithner on regulation

Labels: EU, financial speculators, US

10:50 PM | Permalink | | links to this post

EU financial rift with Anglo-Saxons: UK, US lash out at France, Germany over hedge fund regulation

There is no case for emergency action to crack down on naked selling of credit default swaps, as called for by France and Germany, British authorities said on 10 March. At the same time, the US warned that EU plans to regulate hedge funds could cause a transatlantic rift.

Greece, Germany, France and Luxembourg have called for speedy action to limit or even ban naked credit default swap (CDS) contracts, whereby the buyer has no stake in the underlying asset being insured against default. Greece has blamed naked CDS contracts on its sovereign debt for amplifying its bond market woes as it grapples with a huge budget deficit. "We need to think about it and think about it clearly but, given that, it is not the key driver of what has gone on with perceptions of Greek risk," Britain's Financial Services Authority chairman, Adair Turner, told reporters. European Union finance ministers will discuss possible action in the CDS market on 16 March after the bloc's executive said on Tuesday it would consider a ban on naked selling.

Note EU-Digest: Has Mr. Adair Turner suddenly forgotten which role Goldman Sachs has played in the Greek Financial drama? Its high time to ban the Wall Steet bandits from the EU. If the Commission does not act the EU Parliament should.

For more: UK, US lash out at France, Germany over hedge fund regulation | EurActiv

Labels: EU, financial speculators, US

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Mar 10, 2010

Europe Finally Recognizes Wall Street is a Pariah

Wall Streets is headed toward international pariah status thanks to two recent actions by the European Union (EU). On Tuesday, the EU announced that it was banning Wall Street banks from the lucrative government bond business in Europe. They didn't express official concern or fire off a warning shot. They simply banned Wall Street from financing government bond deals like the one Goldman Sachs sold to Greece. The Guardian pointed out that Wall Street bond business from European governments has gone down over the last two years. Now the business is gone period. In effect, the EU has labeled Wall Streets business tactics as too dangerous for their governments to handle.

Then on Wednesday, the President of the European Commission said that the EU was considering a ban on government debt speculation through Credit Default Swaps (CDS) President José Manuel Barroso announced that, "the Commission will examine closely the relevance of banning purely speculative naked sales on Credit Default Swaps of sovereign debt." While not an outright ban, the threat of banning CDS on national debt would be a major loss for the world's financial speculators, particularly those in the United States and Great Britain. These two hostile moves toward Wall Street by Europe were discussed by officials in the context of the current Greek debt crisis. Wall Street firm Goldman Sachs has been implicated in helping the Greek government hide the true nature and size of the debt. Discovery of this sleight-of-hand action exacerbated an already challenging crisis.

In January, public opinion polls in Iceland showed opposition to the bailout in the mid 50% range. The 93% opposition vote Saturday was a startling and bold statement of citizen opposition to subsidies for the private sector. It has becomes increasingly difficult to explain socialism for the financial elite and survival of the fittest for the rest of us. Despite promises of trickle down benefits from policies that benefit only those at the top, the record since the 1970’s has been one of declining living standards and benefits for those who produce the wealth through their hard work. Merkel and Sarkozy are hardly heroes of working men and women. They're reacting to the excesses of Wall Street as those excesses threaten the Euro currency and its beneficiaries, not their people. To a greater degree, no doubt, their actions reflect fear among the European elite that the entire continent might rise up in a rage if they continue policies that turn the vast majority of citizens into indentured servants.

For more: Economic Warfare? Europe versus Wall Street

Labels: EU, Wall Street

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EU-US tanker contract spat to have 'consequences': France

Claims the Pentagon skewed bidding rules for a tanker jet contract in favor of an American manufacturer will have serious consequences for EU-US relations, a French minister said Wednesday.

"This is a serious matter," Pierre Lellouche, France's minister for Europe, told reporters after a meeting of President Nicolas Sarkozy's cabinet. "Naturally, we're talking about the arms market, so it's not a classic matter of international law and the World Trade Organisation, but we're going to respond," he said, without saying what France's response would be. "I can assure you that there will be consequences. The president will act on the matter at the appropriate time. This matter is in no way finished.

For more: SGGP English Edition- EU-US tanker contract spat to have 'consequences': France

Labels: Airbus Tanker, EU, France, US

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When America looks at Greece it reflects the future for America

The Greek prime minister is in Washington this week as part of a world tour seeking help for his beleaguered homeland. Greece is broke, its government on the verge of default. As Papandreou landed in Washington, there were strikes in the streets of Athens over his tax increases, his wage cuts for government workers and his scaling back of retirement benefits.

As he and Secretary of State Hillary Clinton faced the cameras Monday, she spoke of the weekend's election in Iraq. "Greece is the birthplace of democracy, so anytime there's a democratic election anywhere in the world, Greece should get a royalty, Prime Minister," Clinton said.cratic election anywhere in the world, Greece should get a royalty, Prime Minister," Clinton said.

To pull Greece back from the edge, Papandreou has promised to cut the deficit to 3 percent of GDP by 2012. For the U.S. government to make an equivalent cut, it would have to shut down the Pentagon and a few other agencies: the departments of Agriculture, Commerce, Education, Health and Human Services, Energy, Homeland Security, Housing and Urban Development, the Interior, Justice, Labor, State, Transportation, the Treasury, and Veterans Affairs, plus the Environmental Protection Agency and NASA -- and even then we'd come up a few dollars short. Greece had to hit bottom before it acted. The United States seems determined to do the same.

For the complete report: Dana Milbank - From Greece, an economic cautionary tale for the U.S. - washingtonpost.com

Labels: EU, Financial Regulatory Controls, Greece, The Financial Meltdown, USA

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Mar 9, 2010

Israel agrees United Nations secretary general and the European Union's foreign policy commissioner to visit occupied Gaza Strip

Israel has agreed to grant United Nations secretary general and the European Union's foreign policy commissioner entry visas to their occupied Gaza Strip, the first time it has acceded to such a request from international officials since Operation Cast Lead in December 2008.

The Foreign Ministry announced on Monday that the two unusual entry permits were granted to the United Nations Secretary General Ban Ki-moon and the European Union's foreign policy commissioner Catherine Ashton.

"In response to the unique requested submitted by the UN chief, Mr. Ban Ki-moon, and the EU Foreign Policy commissioner, Lady Catherine Ashton, Israel has decided to permit their entrance into the Gaza Strip for close inspection of humanitarian aide work," the Ministry's statement wrote. Israel has agreed to grant United Nations secretary general and the European Union's foreign policy commissioner entry visas into the occupied Gaza Strip, the first time it has acceded to such a request from international officials since Operation Cast Lead in December 2008.

Labels: EU, Gaza, Israel Palestine, UN

11:42 PM | Permalink | | links to this post

EU urges US to join in action against speculators - by Aofi White

European officials urged the U.S. to join in a crackdown on speculators who bet against Europe's currency union, warning they might ban some credit default swaps — opaque financial instruments blamed for worsening the world financial crisis.

German Chancellor Angela Merkel said Tuesday that "quick action is needed," calling on the U.S. to "make a gesture" and curb the trades. Greek Prime Minister George Papandreou, in Washington, DC to meet with President Barack Obama, is also calling for curbs on speculation which he blames for making his country's debt crisis worse.

The European Commission threatened to ban "purely speculative naked sales on credit default swaps of sovereign debt" and said it would ask for a similar move globally at the Group of 20 summit of leading and emerging economies in June. Papandreou on Monday compared the practice of selling naked credit default swaps to buying insurance on a neighbor's house and then burning it down to collect.

Note EU-Digest: when is the EU Commission finally going to realize that talking about the issue to the US makes no more sense, because the US has basically caved in to accepting the financial industry and Wall Street's financial manipulations. Instead the EU needs to act immediately and unilaterally ban "purely speculative naked sales on credit default swaps of sovereign debt".

For more: The Associated Press: EU urges US to join in action against speculators

Labels: EU, financial speculators, Greece

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AIRBUS: Europe sounds warning bell over US refuelling tanker deal

The European Union's executive sounded a warning over US military procurement policies on Tuesday after a part-European consortium pulled out of the running to supply the US with a new refuelling aircraft, amidst claims of American prejudice. European military giant EADS and US partner Northrop-Grumman had won a 35-billion-dollar tender in 2008 to build the next generation of aerial refuellers for the US air Force. But the award was cancelled after intensive lobbying from rival Chicago-based company Boeing. On Monday, EADS and Northrop-Grumman pulled out of the repeat bidding process, arguing that the new tender terms favoured Boeing. "The European Commission would be extremely concerned if it were to emerge that the terms of tender were such as to inhibit open competition for the contract ... (and) will be following further developments in the case very closely," a commission statement said.

For more: Europe sounds warning bell over US refuelling tanker deal : Business

Labels: Airbus, Airbus Tanker, EU

11:19 PM | Permalink | | links to this post

The Netherlands: Security Measures Amsterdam Schiphol Airport Inadequate - by Doreen Carvajal

A Dutch investigative journalist breached security checks at Schiphol Airport in Amsterdam, smuggling a refilled liquor bottle aboard passenger jets bound for London and Washington, prompting airport officials to impose new restrictive measures. Alberto Stegeman, a television reporter, has boasted of a history of exposing security flaws at Schiphol, where Umar Farouk Abdulmutallab boarded a flight to Detroit on Dec. 25, allegedly with explosives hidden in his underwear. This time

airport security

guards recognized him, Mr. Stegeman said, and ordered him to show them what he had filmed with his camera. But he said they overlooked his sealed bag with a Bacardi bottle from a duty-free shop in the airport.

Mr. Stegeman, whose report was broadcast on Sunday, said he purchased a bottle of rum, emptied it and refilled it with water before returning it to the store. Then he returned to the same shop and “bought” the refilled bottle, which the shop sealed in a bag with a receipt, allowing him to take it through security checks and on to a plane that landed in London, where he transferred to a flight to Washington. “This was a real big security gap, and the system failed,” said Mr. Stegeman, who was recognized by security staff because of his previous stories where he had posed as a worker for three months and then passed through security unchecked.

“When they recognized me, they had a lot of extra security guards and asked a chief to come and look at me. Still, they didn’t look inside the bag. They looked at the bag, checked the flight number, but that was it,” Mr. Stegeman said.

For more: New Security Breach at Amsterdam Airport - NYTimes.com

Labels: Airport Security, EU, Schiphol, The Netherlands

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Marriott to Double Properties in Europe - by Alexandra Berzon

Marriott International plans to more than double the number of its properties in Europe in the next few years.

If successful, that would mean 40,000 more hotel rooms on the Continent would have Marriott brand names. The company now has 174 hotels in 24 countries in Europe that operate under the Marriott, Ritz Carlton and Renaissance brands, among others.

Marriott is to announce its new target Tuesday at the Hotel Investment Forum, a conference in Berlin. The company's first hotel in Europe opened 35 years ago in Amsterdam.

For more: Marriott to Double - WSJ.com

Labels: EU, Hotel Business

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Mar 8, 2010

Greece will come through crisis without bailout, IMF head says

The head of the International Monetary Fund believes Greece will resolve its debt crisis without an IMF bailout, and today dismissed fears that other European nations will be engulfed by the crisis.

Dominic Strauss-Kahn insisted this morning that other eurozone countries with large public deficits would not be forced into the same predicament as Greece. Speaking to Reuters in Nairobi, Strauss-Kahn said the wider European econo,my was still strong - despite fears that Greece might default on its debts. While the IMF is poised to assist Greece if needed, Strauss-Kahn remains confident that Europe's leaders could resolve the issue.

"The eurozone wants to deal with the problem itself, and I can understand that," he said. "I think they can do it … and we're just here to help."

For more: Greece will come through crisis without bailout, IMF head says | Business | guardian.co.uk

Labels: EMU, EU, Greece, IMF

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Geert Wilders and Nigel Farage abusing the liberties of free speech

Nigel Farage has been fined 10 days' MEP allowances – about £2,700 – following his attack on the credentials of the European council president, Herman van Rompuy, last week.

The Ukip MEP was today summoned to see the European parliament's president, Jerzy Buzek, who demanded that he apologise to Belgium, its people and its former prime minister for his remarks.

When Farage refused, Buzek said he was considering sanctions, including possible suspension from the chamber, against him.

Note EU-Digest: Geert Wilders and Nigel Farage are abusing the liberties free speech provides to them and as such show their contempt for the democratic system they claim to protect. They consider the ability to make personal and public insults about peoples appearances, customs and religion a part of free speech. In that respect it is not much different from the days of Adolf Hitler and his followers, who continuously ridiculed and warned against the Jewish race in the Reichstag (German Parliament), public gatherings and in the press. We all know how that ended...

For the complete report from the Guardian click on this link

Labels: EU, European Parliament, Free Speech, Geert Wilders, Nigel Farage

2:37 PM | Permalink | | links to this post

Lamfalussy says euro zone stable despite Greece

The euro zone is stable despite the financial woes of Greece, which are far more serious than economic challenges faced by any other member states, economist Alexandre Lamfalussy said on Sunday. Lamfalussy was founding president of the European Monetary Institute, which became the European Central Bank. He reacted to concerns voiced by investors including billionaire Gyorgy Soros who has said the euro currency's future was in question even if Greece is rescued as Spain, Italy, Portugal and Ireland also had economic problems.

"No other (euro zone member) state is in a situation comparable to Greece," said Lamfalussy, who was born in Hungary like Soros.

Lamfalussy says euro zone stable despite Greece | Reuters

Labels: EMU, EU, George Soros

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Germany praises deal on financing of Airbus A400M

Germany's Defense Minister is praising the agreement on the financing of the troubled Airbus A400M military transport plane as "good news." Karl-Theodor zu Guttenberg told broadcaster MDR on Saturday the deal will close a gap in crucial military equipment and secure many jobs in the German industry.

The A400M is to replace Germany's aging fleet of Transall transport planes, whose increasing maintenance costs Guttenberg called "exorbitant." "This is good news, especially as it helps secure many jobs," Guttenberg added.

The seven nations that ordered the A400M and manufacturer EADS struck a deal on the financing on Friday in Berlin.

For More:Germany praises deal on financing of Airbus A400M - BusinessWeek

Labels: A400 military transport aircraft, Aircraft Industry, EU

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Mar 7, 2010

Ultra-modern Chopin museum opens in Poland

A high-tech museum dedicated to the Polish composer and pianist Frederic Chopin opened in Warsaw on Monday to mark the bicentenary of his birth. "It is among the world's most modern museums," Poland's Culture Minister Bogdan Zdrojewski told reporters at the opening ceremony.

Located in Warsaw's revamped 17th century Ostrogski Palace, perched on a hill near the Vistula River, the museum is designed to plunge visitors into Chopin's universe via cutting-edge audiovisual and interactive technologies.

For More: Ultra-modern Chopin museum opens in Poland - News, Art - The Independent

Labels: Chopin, EU, European Culture, Poland

11:55 PM | Permalink | | links to this post

Germany Backs European Version of IMF - by Marcus Walker and Bob Davis

Germany expressed support for creating a "European Monetary Fund" that could bail out indebted nations in the euro zone, showing how Greece's debt crisis is forcing Europe to rethink the institutional design of its common-currency area.

German Finance Minister Wolfgang Schäuble said he would "present proposals soon" for a new euro-zone institution that has "comparable powers of intervention" to the International Monetary Fund.

In an interview with German newspaper Welt am Sonntag, Mr. Schäuble said the euro zone should draw lessons from the Greek crisis, which has exposed the region's lack of tools for dealing with a member country at risk of defaulting.

For more: Germany Backs European Version of IMF - WSJ.com

Labels: Economy, EU, Germany, Greece, IMF

11:05 PM | Permalink | | links to this post

A Farewell to Europe? Not So Fast - by paul J. Lim

It may be tempting to ditch European stocks. After all, Europe is expected to be one of the slowest-growing areas of the world in the next several years. (Its economy is expected to grow just 1 percent in 2010, compared with 3 percent for that of the United States.)

Moreover, stock markets in that region have become highly correlated with the Standard & Poor’s 500-stock index, thanks to the increasingly interconnected global economy. That means European stocks aren’t likely to zig when domestic stocks zag.

Nevertheless, many market strategists warn that jettisoning stocks from such a big chunk of the world, which represents more than a quarter of global stock market value, would be a big mistake.

For more: Fundamentally - A Farewell to European Stocks? Not So Fast - NYTimes.com

Labels: Economy, EU, Stock Market

12:08 AM | Permalink | | links to this post

Mar 6, 2010

Future of Airbus A400M is safe for now

A tentative agreement has been reached in the fight over additional financing for the much-delayed military transport plane A400M, the Spanish defense minister said on Wednesday.

"We reached an agreement in principle between the seven nations in the project and EADS," said Carme Chacon, referring to the European Aeronautic Defense and Space Company, parent company of A400M manufacturer Airbus. "The Airbus project will be a success for Europe."

Chacon did not give any details as to how the countries would resolve the financing dispute surrounding the late and over-budget project, but added that more information would be released on Thursday, following an EU defense meeting in Mallorca.

For more: Future of Airbus A400M is safe for now | Europe | Deutsche Welle | 24.02.2010

Labels: A400 military transport aircraft, Airbus, Aircraft Industry, EU

6:09 PM | Permalink | | links to this post

Battle Lines Drawn Over CDS In Europe

European governments are pushing forward with a proposal to limit credit default swaps (CDS) on sovereign debt, but it remains to be seen if financial institutions will push back on the measure.

The European Commission summoned representatives from banks, hedge funds, crediting rating agencies and regulatory bodies to a meeting in Brussels Friday, to discuss the measures needed to rein in speculation in the derivatives markets.

"A ban on sovereign debt CDS may not be a panacea in putting an end to speculative bets against the external debt of a country, but it can be a helpful step in cooling the current strong negative sentiment against the most heavily indebted Eurozone countries," according to Anthony Karydakis, an economics professor at NYU's Stern Business School.

Note EU-Digest: Its high time something gets done to put some clarity into the nebulous financial markets.

For more: Battle Lines Drawn Over CDS In Europe - Forbes.com

Labels: Economy, EU

6:07 PM | Permalink | | links to this post

Mar 5, 2010

Germany passes budget with record debt

The first budget passed by Germany's new ruling coalition of Christian Democrats and Free Democrats - doubles the record debt set in 1996.

The original plan for the 2010 budget foresaw 85.8 billion euros in net debt, but assumed economic growth of just 1.2 percent, and higher jobless numbers. The budget that passed calculated 1.4 percent growth and fewer jobless. Altogether, Berlin has set its sights on spending 319.5 billion euros in 2010, with 28.3 billion of it going to new investment.

Germany passes budget with record debt | Germany | Deutsche Welle | 05.03.2010

Labels: Economy, EU, Germany

9:47 PM | Permalink | | links to this post

Greece is reaping what it has sown - by Kat Christofer

Despite 75% of Greeks saying that drastic cuts are necessary and that they oppose strikes during a crisis, protesters took to the streets of Athens within hours of austerity measures being announced on Wednesday. This predictably escalated to another strike today that has disrupted travel and public services. There is also no denying a need to clean up government mismanagement and a black economy estimated at 30% GDP, but the most obvious bulge in the budget concerns a Greek public sector administration that wastes €18bn annually and ranks least efficient of 23 OECD countries. The International Labour Organisation logged 1,022,100 employees in 2008, accounting for 22.3% of the total workforce, while other countries do the same job with just 14%. Greek civil servants often get jobs through connections and admit IT illiteracy , yet salaries and pensions increased 30% and the public sector wage income bill jumped 88% since 2001, far above the rate of GDP growth or productivity. Public sector employees cannot be fired, so the government's only option was to reduce salaries and supplements.

It is true that the whole world has problems, but Greeks like to point out that they work to live, while the rest of us live to work. This alone is enough to anger nations like Germany, which funded the majority of EU subsidies collected by Greece as top beneficiary; and America, whose tourists spend the most money per trip.

Note EU-Digest: Its time to tighten your belt Greece. You can't have your cake and eat it too...

Greece is reaping what it has sown | Kat Christofer | Comment is free | guardian.co.uk

Labels: EU, Greece

9:42 PM | Permalink | | links to this post

The Financial Market Swindle Continues: Banks' Record Profits Are a Political Matter - by Thomas Piketty

The profits of the ten largest European banks approached 50 billion euros in 2009. When we add in the ten biggest American banks, total profits reach 100 billion euros. Where do these profits come from, when the entire region was in recession in 2009? The most obvious explanation is that, during the crisis, central banks lent banks money at very low interest rates, money the banks used to lend on at higher rates to other actors: households, companies and, most especially, governments.

Let's attempt a small calculation, approximate and imperfect, but that at least has the merit of illustrating the magnitude of the sums in play. Between September and December 2008, the European Central Bank (ECB) and the American Federal Reserve (Fed) created close to two trillion euros of new money (close to ten percent of American and European GDP). This money was loaned to banks at rates of around one percent, for three to six month periods. The loans were more or less renewed throughout 2009: the February 2010 balance sheets of the ECB and the Fed are barely reduced from the record levels achieved at the beginning of 2009. Let's suppose that these 2 trillion euros loaned to the banks brought in an average return of 5 percent, either because they loaned the money at 5 percent to other actors or because that allowed them to reimburse debts that would have cost them 5 percent - which amounts to the same thing. The gross margin realized would be 80 billion euros (4 percent of 2,000), or the equivalent of 80 percent of the profits earned by the banks in 2009. Even allowing for a lesser margin, this would explain a good part of the total profits.

As long as governments now succeed in imposing strict financial regulations allowing the repetition of similar disasters to be avoided, succeed in demanding an accounting (and taxes) from banks ... and, incidentally, succeed in getting rid of the debt they've contracted with the banks.

In the absence of which citizens are likely to quite logically conclude that this whole sequence is an economic absurdity: bank profits and bonuses take off, jobs and salaries remain at half-mast and now we have to tighten our belts to repay public debt, itself created to soak up the bankers financial follies ... bankers who, moreover, have returned to speculating, this time at the expense of governments, with interest rates of close to 6 percent imposed on Irish and Greek taxpayers. Greek taxpayers, who, moreover, have unknowingly paid 300 million euros in fees to Goldman Sachs for dressing up their own public accounts.

For more: Banks' Record Profits Are a Political Matter | NewsClick

Labels: EU, Financial Reforms, Financial Regulatory Controls

9:16 PM | Permalink | | links to this post

Failure is Not an Option For Europe - by Georges Ugeux

All eyes are on Europe to see how it responds to the crisis in Greece. This provides a valuable opportunity for the Eurozone countries to act with solidarity especially since Greece is not asking for money from Germany but rather its political support. The Eurozone's sixteen countries are bound by a written pact, a common currency and central bank but above all a pact a solidarity.

Angela Merkel's challenge now is to manage German public opinion while helping Greece alter its behaviors. However if she does not accomplish this, the other Eurozone countries will not act. It is even more complicated given that much of Greece's debt is in the hands of European banks and default on this debt brings even more strain on these already battered banks. Disengagement with Greece is not an option. This leaves Germany and Greece only one path - forward.

On the market front, the $ 7 billion issue launched yesterday was well received. However it only represents a stabilization of the market perception: at 6.25%, Greece pays twice as much as Germany. Since only a few shorters try to spread the unrealistic rumor that Greece might be in default, the 3% spread is definitely a good remuneration for investors and the highest paid by Greece.

For the complete report: Georges Ugeux: Failure is Not an Option For Europe

Labels: EU, Greece

9:07 PM | Permalink | | links to this post

Striking a blow for wind power

Nineteen miles off the coast of mainland Denmark, 91 turbines reach 114 meters above the turbulent waters of the North Sea. Together they form Horns Rev 2, the world's biggest offshore wind farm, which can generate enough electrify to power 200,000 homes.

Anders Eldrup is CEO of Dong Energy, which operates Horns Rev 2. He told CNN that Denmark's trailblazing efforts in wind power are the result of the country's energy crisis during the 1970s.

"The Danes were totally dependant on oil imported from the Middle East. Suddenly there was an embargo, so no oil. We learnt the lesson the hard way that you have to have diversified supplies of energy."

Danish company Vestas is the world's biggest supplier of wind turbines. Its president for Northern Europe, Klaus Mortensen, told CNN, "We are very focused on providing the lowest cost of energy. With the present system we are competitive with oil at $50 a barrel."

For more: Striking a blow for wind power - CNN.com

Labels: Denmark, EU, Windfarms

7:40 AM | Permalink | | links to this post

Mar 4, 2010

Three eight meter high waves slam into cruise ship in the Mediterranean

Freak waves that smashed into a Mediterranean cruise ship flooded cabins, broke windows in a restaurant and terrified many travelers in an ordeal that claimed two lives, a passenger said Thursday.

Claude Cremex, 73, of Marseille, France said he was in his cabin resting because of the rough seas when walls of water hit the Cypriot-owned cruise ship Louis Majesty, which was carrying 1,350 passengers and 580 crewmembers off the coast of northeastern Spain.

The company Louis Cruise Lines said the ship was struck Wednesday by three "abnormally high" waves up to 26 feet (8 meters) that broke glass windshields in the forward section.

For more : The Associated Press: Passenger on cruise ship: Wave ordeal terrifying

Labels: Cruise Line Industry, EU

10:56 PM | Permalink | | links to this post

Why France is selling Warships to Russia - by Bruce Crumley

As Russian President Dmitri Medvedev wound up a three-day state visit to Paris on Wednesday, he had to be pleased with the results. After all, he virtually cinched an unprecedented military deal, bagged a significant gas contract and watched his French host, President Nicolas Sarkozy, dismiss American and European misgivings about his embrace of Moscow by treating Medvedev like his newest best friend forever. There wasn't a whole lot for the Russian leader not to love.

But what's behind Sarkozy's Russophile display? Most observers agree that it marks a rapid acceleration of the pragmatism that has been steadily influencing French policy toward Moscow and that it's a signal that Paris is ready to interact with Russia without the usual qualifiers. Gone are Sarkozy's early promises to make a respect of human rights and democracy central to all French foreign relations. Also gone is Sarkozy's former mocking of realpolitik as a political cop-out of cynical diplomats without principles. France is now eager to work with Russia on common security and economic interests — and it doesn't want to hear any sniping or criticism from other countries, s'il vous plaît.

For more: France-Russia Talks: Europe Wary Over Warship Sale - TIME

Labels: EU, France, Russia

10:47 PM | Permalink | | links to this post

Russia and France lose their “ideological border” - RT

President Dmitry Medvedev and his French host President Nicolas Sarkozy stressed their consistency on such burning issues as Iran’s nuclear program, European security reforms and global warming. Medvedev and Sarkozy addressed the media after their bilateral meeting in Paris Monday and summarized the results of the talks.

For more: Russia and France lose their “ideological border” - RT

Labels: EU, France, Russia

10:46 PM | Permalink | | links to this post

Court jails four Islamists for failed bomb plot in Germany

Two German converts to Islam were jailed Thursday for 12 years each for leading an Islamist conspiracy by four men aimed at blowing up US army bases. Police arrested the four plotters in September 2007 and seized nearly a ton of materials to make bombs before the group could act. The four admitted association with a group called the Islamic Jihad Union (IJU), an affiliate of al-Qaeda, during a 10-month trial in a heavily guarded courthouse in Dusseldorf. Fritz Gelowicz, 31, and Daniel Schneider, 24, both Germans who were brought up as Christians but converted to Islam, were given 12 years, avoiding a maximum 15-year term because they gave detailed evidence about the IJU.

For more: Court jails four Islamists for failed bomb plot in Germany - Summary : Legal General

Technorati Tags: Terrorism, EU, Germany

Labels: EU, Germany, Terrorism

4:45 PM | Permalink | | links to this post

The Netherlands: Right -Wing anti - Islam Geert Wilders gets 21.6 % of the vote in Almere and ends second in the Hague

Returns posted by the NOS state broadcaster showed Geert Wilders' Freedom Party winning in the town of Almere and coming in second in The Hague, the only two races it ran out of 394 cities and towns that elected local councils. If the outcome is any indication of the parliamentary vote in June, Wilders could emerge as a king-maker on the national stage. The Freedom Party, which Wilders founded four years ago, had not previously put up candidates in municipal elections.

"We're going to take the Netherlands back from the leftist elite that coddles criminals and supports Islamization," said Wilders, who campaigned in Almere for banning Muslim women from wearing headscarves in public.

Political analysts said the results indicated a deadlocked electorate. Unless voters swing in the next few months, no combination of parties is likely to be able to form a working majority in the next parliament. That result would leave Wilders in potent position to push his platform, possibly in exchange for a promise to support a minority Cabinet without actually joining it.

Wilders, 46, faces criminal charges for inciting hatred. He has denounced Islam as antidemocratic and compared the Quran with Hitler's manifesto "Mein Kampf." He has proposed imposing a tax on clothing commonly worn by Muslims, such as headscarves, because they "pollute" the nation.

EU-Digest

Labels: Elections, EU, Geert Wilders, The Netherlands

4:06 PM | Permalink | | links to this post

Mar 3, 2010

US Justice Department probes Hedge Funds manipulations against euro

The Wallstreet Journal reported that the US Justice Department has asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co. to retain trading records and emails relating to the euro.The letter requested that the funds "preserve all documents" and electronic communications relating to agreements to trade the euro or communications about agreements to trade currencies, the source said.The Justice Department's letter said the antitrust division "has opened an investigation into agreements among various hedge funds that trade euro contracts," the newspaper quoted a source as saying.

The euro has come under selling pressure during the Greek debt crisis, losing over 10 percent since November, and the newspaper said the request, dated February 26, coincided with its article describing gatherings of hedge fund managers where the euro was discussed.

One of the questions investigators are likely to examine is whether such information-sharing amounts to collusion, the Journal quoted the sources as saying.

The reported Justice Department probe comes at a time when financial institutions are facing scrutiny over their role in the Greek financial crisis.

NOTE EU-Digest: With the proper regulations in place this could not happen. When will these regulations be in place which have been promised by political leaders around the globe since last year.

For the complete report: U.S. probes hedge fund bets against euro: report | Reuters

Labels: EU, euro, Greece, Hedge Funds, US Financial Sector

12:31 PM | Permalink | | links to this post

Mar 2, 2010

Soccer: Netherlands - USA: Last chance for US players to impress Bradley

American players hoping to make an impression on U.S. coach Bob Bradley before he picks his World Cup roster have one last chance Wednesday night in Amsterdam playing the Netherlands.

In its final match before the World Cup team gathers in mid-May, the United States plays an exhibition at the Netherlands Amsterdam Ajax stadium, against the world's third-ranked team. The Dutch and Spain were the only teams in European qualifying with perfect records -- the Netherlands was 8-0 and outscored opponents 17-2 in coasting to first place in Group Nine. Even with Robin van Persie still sidelined after tearing ankle ligaments in November, Dutch coach Bert van Marwijk could start Klaas-Jan Huntelaar, Arjen Robben and Dirk Kuyt up front in a stiff test for the U.S. defensive line and goalkeeper Tim Howard.

"My last memory playing Netherlands in Amsterdam Arena was not the best," midfielder Landon Donovan said. "I think we chased the ball for probably 90 minutes, so it's hopefully a little different this time. Hopefully, we have a little more of the game. It's really our last chance against a top, top, team before the World Cup and so we want to make the most of it."

After this game, the Americans gather in mid-May and play exhibitions against the Czech Republic (May 25, possibly in East Hartford, Conn.) and Turkey (May 29 at Philadelphia), with a June 5 exhibition against Australia in Johannesburg also possible. After playing England, the U.S. meets Slovenia on June 18 before finishing the first round five days later against Algeria.

For more: Last chance for US players to impress Bradley - USATODAY.com

Labels: EU, Soccer, US

9:42 PM | Permalink | | links to this post

AIRBUS: Pentagon launches contest for aerial tanker contract

The Pentagon on Wednesday officially launched a competition to replace its aging, aerial refueling tankers. It released the requirements needed to fulfill a contract potentially worth $35 billion.

Two aerospace giants were expected to vie for the contract to build 179 tankers -- Chicago-based Boeing Co. and a team composed of Century City-based Northrop Grumman Corp. and Airbus parent European Aeronautic Defense & Space Co. The companies have 75 days to submit bids.

In recent weeks, however, Northrop threatened to stay out of the competition, arguing that the requirements may favor Boeing.

For more: Pentagon launches contest for aerial tanker contract - Los Angeles Times

Labels: Airbus, Airbus Tanker, Aircraft Industry, EU, US

9:17 PM | Permalink | | links to this post

Eurozone inflation drops to 0.9 percent in Feb

Inflation in the 16 countries that use the euro fell in February, official figures showed Tuesday, in a further sign that price pressures remain subdued in the wake of the recession.

Eurostat, the EU's statistics office, said that eurozone prices are estimated to have risen by 0.9 percent in February from the year before. That rate is down from the 11-month high of 1 percent recorded in January.

The decline was unexpected — the consensus in the markets was for inflation to hold steady at 1 percent. No further details were provided, but more information will come when Eurostat publishes its full release on March 16.

For more: The Associated Press: Eurozone inflation drops to 0.9 percent in Feb

Labels: EU, Inflation

9:13 PM | Permalink | | links to this post

EU unemployment rates hold steady

Unemployment in the 27-member European Union held steady in January, the region's statistical office said Monday. The rate of 9.5 percent in January, the region's statistical office said Monday.

The rate of 9.5 percent in January, was unchanged from December, Eurostat said.

In the eurozone, which is made up of the 16 countries that share the euro as currency, unemployment held steady at 9.9 percent in January, the European Union's statistical office said.

For more clickhere : EU unemployment rates hold steady - UPI.com

Labels: employment, EU

9:08 PM | Permalink | | links to this post

Greece Set to Outline New Austerity Measures Wednesday - WSJ.com

The Greek government is expected to outline Wednesday a new austerity package of about €4 billion ($5.42 billion) in an effort to cut its huge budget deficit by four percentage points this year, government officials said Tuesday.

"The new package will most likely be announced on Wednesday. First there will be a cabinet meeting to seal the measures and an announcement will follow," one official said.

Another official said Greece's debt management agency is preparing a 10-year bond hoping to raise between €3 billion and €5 billion, taking advantage of the expected positive market reaction after the measures are announced.

For more: Greece Set to Outline New Austerity Measures Wednesday - WSJ.com

Labels: EU

9:02 PM | Permalink | | links to this post

Germany's Merkel: Euro Helped Euro Zone Through Crisis

The strength of the euro helped European countries that share the common currency overcome the economic crisis, Germany's Chancellor Angela Merkel said Monday.

"The euro brought us through the crisis," Merkel told attendees of a technology fair in Hannover.

Merkel added that euro zone nations must support the strength of their currency with responsible fiscal policies, and mentioned that Greece, in the midst of a budget crisis, must make tough decisions to steer toward responsibility.

Greece has been under intense pressure from the EU and financial markets since revealing late last year that its 2009 budget deficit was forecast to reach 12.7% of gross domestic product--four times above EU limits.

For more: Germany's Merkel: Euro Helped Euro Zone Through Crisis - WSJ.com

Labels: EU, euro, Germany

6:32 AM | Permalink | | links to this post

UK's Prudential buys AIG's Asian unit for $35.5B

British insurer Prudential PLC said Monday it will buy the Asian unit of bailed out American International Group Inc. in a deal worth $35.5 billion that will allow AIG to pay back some of the money it owes U.S. taxpayers.

AIG, which was kept alive by a $182.5 billion rescue by the U.S. government in September 2008, will get $25 billion in cash — $20 billion of that from a Prudential rights issue — and $10.5 billion in new shares and securities for the sale of AIA Group Ltd.

The combined group will be the leading life insurer in Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines, as well as the biggest foreign life insurer in China and India, Prudential said.

AIG said it would use cash from the sale to redeem $16 billion worth of preferred interests held by the Federal Reserve Bank of New York and to repay about $9 billion to a Fed credit facility. Prudential securities would be sold over time to make additional payments on debt, AIG said.

For more: UK's Prudential buys AIG's Asian unit for $35.5B - Yahoo! News

Labels: AIG, Britain, EU, Insurance Industry, USA

1:00 AM | Permalink | | links to this post

Mar 1, 2010

The EU approves emergency aid of three million Euros for Chile

The European Commission (EC) has approved three million euros of emergency aid in response to the situation caused by the earthquake that shook Chile on Saturday and has caused over 300 deaths.

“As an act of solidarity with the Chilean people, we have immediately earmarked three million euros for the organisations working on the ground there, so that they can provide help in the first and most critical days after the earthquake”, the EU Humanitarian Aid Officer, Kristalina Georgieva said in a press release.

For more go to: PENKI.LT::News: News: Abroad

Labels: Chile, Earthquake, EU, EU Aid

10:19 PM | Permalink | | links to this post

EU Urges New Greek Cuts - by Ingrid Melander and Harry Papachristou

The European Union urged Greece on Monday to agree additional austerity measures within days to tackle a fiscal crisis that has shaken the euro zone and promised to help Athens overcome its debt problems.

EU Economic and Monetary Affairs Commissioner Olli Rehn said after a day of talks with Greek leaders that financial markets would be convinced the country will meet its deficit-reduction targets once they saw precise new measures.

Hours after Rehn's comments, the office of Greek Prime Minister George Papandreou announced a cabinet meeting for Wednesday to "take decisions about the economy."No further details about the meeting were provided, but the announcement appeared to signal that Athens is poised to take new savings measures in the hopes of winning EU support, most likely in the form of guaranteed debt purchases.

For the complete report: EU Urges New Greek Cuts - ABC News

Labels: EU, Greece

10:13 PM | Permalink | | links to this post

Almere Municipal Elections - test case of what lies ahead for Netherlands Politics

by- Rick Morren

The latest political poll published in the Netherlands shows left and right wing parties would each control about 50% of the vote if a general election was held today. Obviously this would mean a prolonged cabinet formation requiring several parties to form a coalition government. In another poll taken right after the fall of the Balkenende coalition government on February 20, the results also showed that the neo-conservative PVV ( Party For Freedom) had become the Netherlands largest party.

Since general elections won't be held until June 9 this year it won't become immediately apparent what this has done to the Dutch political landscape. This means that all eyes are now fixed on Wednesday's Dutch municipal elections, where the controversial far-right PVV of “Muslim hater” Geert Wilders will participate in the cities of the Hague and Almere.

Wilders chose Almere and the Hague because these two cities, in addition to Rotterdam and Amsterdam, have the largest concentrations of immigrants. In the case of Almere ( population 170.000 plus) the population is composed of 38 percent Suriname immigrants, 10 percent Turkish, 8 percent Moroccan, 3 percent from the Netherlands Antilles, 2 percent immigrants from other countries and 39 percent of Dutch origin. Together these immigrants come from some 181 nations, making Almere not only one of the most modern, because of its avant-garde architecture, but also one of the most culturally diverse cities in Europe.

Wilders immediately went on the attack when he recently spoke in Almere , “dear people, first, a general notice. If people from the PvdA (Labour party) are present here tonight: here is a message for you. At the end of the speech, I will hand out my speech in Arabic and Turkish so that you can understand what I have said, because the party of Wouter Bos speaks mainly Arabic and Turkish. By now you will certainly have read about the PvdA election pamphlet being distributed in Arabic and Turkish. But do you also know what it says? Have you been able to read it? Probably not. Well, I have tried to translate it for you, and it says something like this: “immigrants bring over your whole family, because money grows on trees here” and he went on, “the PvdA takes good care of its voting-cattle.” Wilders also announced in Almere that if his party wins there he will forbid the wearing of headscarves in public buildings, forbid the building of new Mosques and cut the municipal civil service staff budget by 15 percent.

Obviously, with such large concentrations of immigrants in Almere and the Hague, Mr. Wilders is taking a calculated risk by expecting that the immigrants will not turn out in mass to vote against his party. Right now all the bets seem to be in his favor. Statistics from past elections show that most immigrants have stayed away from the voting booth when it comes to election time. If this happens again during the March 3 municipal elections, preliminary polls show that the PVV of Wilders' will win 30 percent of the vote in Almere, followed by the Labour Party ( Socialist) with 20 percent. In case, however, if the D66 (Democrats 66) and the CDA (Christian Democrats) together get the expected 35 percent of the vote, they could probably still stop Geert Wilders in getting a foothold in the Almere's municipal council, by forming a coalition with the PvdA Labour Party. But nothing is certain.

The word that must go out to all immigrants in the Netherlands, and specifically those in Almere and the Hague is that they have to use their democratic right to vote this Wednesday. Immigrants have chosen to live in the Netherlands, where everyone's vote is counted. No one is excluded. By using their right to vote, legal immigrants by their numbers and convictions can participate in stopping any onslaught of double standards and fear in the Dutch political system. John Kennedy once said: "The great enemy of truth is very often not the lie, deliberate, contrived and dishonest; but the myth, persistent, persuasive and realistic".

EU-Digest

Labels: Almere, Elections, EU, Geert Wilders, The Netherlands

2:55 PM | Permalink | | links to this post

EU Royalty - Isn't it time to close down those costly symbols of the past?

Meetings between the Spanish king and government officials are usually kept under wraps - but recently the royal palace has embarked on a campaign of openness in an attempt to cement support for the monarchy. Spaniards previously knew little about whom 72-year-old King Juan Carlos received at his office, with the Zarzuela palace only releasing information on high-level royal activities with photo opportunities. However, the monarchy's position is deemed by some to have become weaker in recent years, and now "Juan Carlos wants all Spaniards to know about his work," as new palace communications chief Ramon Iribarren told the daily El Pais. Media have consequently been able to report on the recent meetings held between the king and Economy Minister Elena Salgado, as well as with bank and trade union representatives.

Note EU-Digest: Given the political changes and economic realities being realized by the EU, one should seriously start looking at the effectiveness versus the taxpayer investments, to sustain the nine remaining EU member state monarchies in the EU. Isn't it time to retire all these royals who basically produce very little return on the money invested in them by the taxpayer?

For more: Spain's royal palace opens up to improve image - Feature : Europe World

Labels: EU, Royalty

6:31 AM | Permalink | | links to this post

Europe: Learning Lessons from the Crisis

In its recent update of the World Economic Outlook, the IMF forecast GDP growth of 1 percent in 2010 for the euro area, while central and eastern Europe is expected to grow at 2 percent of GDP.

During the crisis, countries inside the eurozone benefited from the relative stability of the euro. Emerging market countries ranging from Latvia to Hungary and Romania had to seek emergency assistance from the European Union and the IMF. Today, with the worst of the crisis behind us, markets are taking a new, critical look at countries within the eurozone, with Greece, Spain, and Portugal currently in the headlines. Where this reappraisal will lead remains to be seen. New challenges are also arising for many emerging economies. While the exact nature of those challenges differs substantially from country to country, there are common themes.

In a recent series of blog posts, the Director of the IMF’s European Department, Marek Belka, himself a former finance and prime minister, offers his take on the lessons policymakers should learn from the crisis. Below is a short summary of each of his six postings.

For more: IMF Survey: Europe: Learning Lessons from the Crisis

Labels: EU, Greece

5:41 AM | Permalink | | links to this post

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