Sunday, December 23, 2012

EU publication: State aid to banks 2008-2011 : 1616 bn Euro

(source:, Dec 21st 2012)

[update Dec 28th 2012]
(source:, h/t: @blicklog)(read:  3.1, page 9)

Here is some analysis (in German) of @blicklog on the subject:
(, Dec 27th 2012)

Announcement: There is yet another blog section available now

Dear reader,

you can also visit the new video section of this blog with lots of insights regarding the euro crisis starting from 2011.

Many countries EU countries covered, many interviews, insights from active & former political leaders, economists, citizens & business leaders.

Link to new section will be available: Jan 6th:

Video & audio (multiple languages) 
(beta + some more will be added during next couple of weeks)

Friday, December 14, 2012

Deutsche Bundesbank joins Twitter and starts tweeting

Dear reader,

the German central bank - Deutsche Bundesbank - joined Twitter some month ago, but so far this Twitter handle remained silent.

Apparently on December 12th 2012 they started to tweet.
Their initial two tweets explained in English and German what they intend to tweet in future.

Here is the English version: Press notice: Bundesbank on Twitter (, Dec 12th 2012)

Monday, December 10, 2012

The crisis 2010 - 2012 from Angela Merkel's perspective

This is another documentary showing the events starting Spring 2010 when Greece's PM Papandreou asked for help. All events told from the German perspective.

Interviews with: Ottmar Issing (fmr BuBa), Wolfgang Schäuble, Peer Steinbrück (SPD), Andrew Bosomworth (Pimco), Nikos Dimou (Greece), Jörg Asmussen (ECB), Jens Weidmann (BuBa), Peter Gauweiler (CSU), Michael Fuchs (CDU), A. Tsipras (Syriza,Greece)

Video featuring: A. Merkel, G. Papandreou, N. Sarkozy, M. Monti, A. Samaras

Was macht Merkel (public TV:ARD,Videostream, German language, 45minutes)

EU to accuse several banks over Euribor manipulation - WSJ

EU to accuse several banks over Euribor manipulation - WSJ (Reuters, Dec 10th 2012)
Banking Industry Squirms Over European Rate Probe (WSJ, Dec 10th 2012)

Sunday, December 9, 2012

Positions of the Bundesbank

Bundesbankpräsident:"Ich muss nicht von allen geliebt werden"  (Die Welt, Dec 9th 2012)
(President of Bundesbank: "I don't have to be loved by all")                  -  Interview -

Interview mit Jens Weidmann: "Wir sind nicht Ausputzer für Politikerversagen" ( Dec 27th 2012)

Financial Stability Review 2012 (Bundesbank, Nov 14th 2012)
Macroprudential supervision in Germany is given a legal basis – Bundesbank takes on key functions
(Bundesbank, Oct 25th 2012)

Germany and the euro crisis: Slow, but popular (The Economist,Dec 8th 2012)

related positions:
Banking union and ambiguity: Dare to go further  (S. Eijffinger & R.Nijskens,, Nov 23rd 2012)

some other statements
Statements of central bankers (Coere, Stark, Knot, Draghi, Wellink ... EZR compilation)

Monday, December 3, 2012

Euro crisis timeline

(prepared by Christophe Gouardo in cooperation with Jean Pisani-Ferry of

The director of Bruegel on Twitter:

Friday, November 30, 2012

Cyprus bailout: Memorandum of Understanding (MoU)

MoU with troika released to political parties, leaked to media (Nov 30th 2012, Cyprus Mail,pdf,29 pages)
(At bottom of page: either pdf or word file)

Operation bailout: the dramatic backstage scenes (Nov 25th 2012, Cyprus Mail)
Aid tranche could come in January (Nov 30th 2012, Cyprus Mail)
First real taste of austerity unrest (Nov 30th 2012, Cyprus Mail)
Shiarly says deal a positive force for bold change (Dec 2nd 2012, Cyprus Mail)
Crisis: Cyprus inflation drops to 1,2% in November (Dec 7th 2012, Ansa (ita))
Shiarly urges MPs to ‘avert catastrophe’ (Dec 8th 2012, Cyprus Mail)
Gas profits should go to repay troika, says Antoniadou (Dec 8th 2012, Cyprus Mail)
Crisis: Cyprus, PIMCO report on lenders under examination (Dec 10th 2012, Ansa)
Just days away from a default (Dec 18th 2012, Cyprus Mail)
Shiarly: no issue of haircut (Dec 21st 2012, Cyprus Mail)
Russia might join solution of Cyprus’ financial problems – Russian president (Dec 21st 2012,Itar-Tass)
Mixed messages on Cyprus haircut (Dec 22nd 2012, Cyprus Mail)
Europe's Next Wild Card: Cyprus (Jacob F Kirkegaard podcast, Dec 22nd 2012, Peterson Institute)
Crisis: Cyprus unemployment rises to 12.1% in Q3 of 2012 (Dec 24th 2012, Ansamed)
Bank of Cyprus issues 2012 profit warning (Dec 27th 2012, France24)
Central Bank lashes out at critics (Dec 30th 2012, Cyprus Mail)
Moody's downgrades Cyprus's government bond ratings to Caa3 from B3; negative outlook
(Moody's, Jan 10th 2013)
Euro zone and Russia near debt compromise on Cyprus (Reuters, Jan 28th 2013)
Shiarly: we have nothing to hide (Cyprus Mail, Jan 29th 2013)
Cleanliness Meets Godliness as Russia Reeled Into Cyprus (Bloomberg, Jan 30th 2013)
Analysis: Small island, big problem: how Cyprus troubles the euro zone (Reuters, Jan 31st 2013)
ECB's Asmussen presses for Cyprus aid deal (, Feb 11th 2013)
To Be Ireland or Iceland?—The Real Choice Before Cypriot Voters (J. Kirkegaard, Peterson Institute, Feb 19th 2013)
Cypriot banks need up to 9 bln in aid (Ekathimerini, Feb 23rd 2013)
Eurogroup won't be rushed into decision on Cyprus -German Finance minister
(Reuters, Mar 2nd 2013)
Fiscal surplus of 61 million euros recorded in January (Cyprus Mail, Mar 2nd 2013)
Cyprus Needs to Find A Quick Debt Fix  (Simon Nixon,WSJ, Mar 3rd 2013)
Euro Chiefs Won’t Rule Out Cyprus Depositor Losses  (Bloomberg, Mar 4th 2013)
Money-Laundering Suspicion Stalls Europe's Latest Bailout  (WSJ, Mar 4th 2013)
Lenders want Cyprus capital gains tax, Russia could join bailout  (Reuters, Mar 7th 2013)
To bail-in, or not to bail-in: that is the question (now for Cyprus) (Z. Darvas, Bruegel, Mar 14th 2013)
EU finance experts burn midnight oil over Cyprus deal  (Reuters, Mar 15th 2013)
‘Gas for export now much more urgent’ (Cyprus Mail, Mar 15th 2013)
Russia may lose over $50 billion should Cyprus default (RT(Russia), Mar 14th 2013)
Cyprus set to receive international bailout (DW(.de), Mar 16th 2013)

You can follow Cyprus Mail on Twitter: @cyprusmail

'older' articles on Cyprus

Monday, November 19, 2012

France loses its 'AAA' rating

Moody's downgrades France's government bond rating to Aa1 from Aaa, maintains negative outlook (via @MoodysRatings)

Most certainly there will be some newspaper comments on this important decision by this one rating agency. Once they will become available they will be added here.

articles/pieces before Moody's decision:
Hugo Dixon: Is Hollande more like Rajoy or Monti? (Nov 19th 2012, Reuters)
Wolfgang Münchau:Five unfounded European fears (Nov 19th 2012,FT via BusinessSpectator)
France: 2012 Article IV Consultation--Concluding Statement (Oct 29th 2012,IMF)
Here's What's In That Economist Article That Has The Nation Of France Outraged  (Nov 17th 2012,BI)
France as Europe's next timebomb? Not with Hollande in charge (Nov 18th 2012, The Guardian)

and after:
Moody's abaisse la note de la France de "Aaa" à "Aa1" (Nov 19th 2012, LeMonde)
Moody's dégrade le « AAA » de la France (Nov 20th 2012,Les Echos)
Dégradation du triple A : Copé sonne l'heure de "la mobilisation générale" (Nov 20th 2012, Le Monde)
Pierre Moscovici: Mon point presse de ce matin suite à la décision de Moody’s
(Nov 20th 2012, his blog) =>engl.: My briefing this morning following the decision by Moody's
France is Downgraded, Europe Goes 'From Bad to Worse' (Nov 20th 2012, Businessweek)
EFSF Says Bond Sale Delayed After Moody’s France Downgrade (Nov 20th 2012, Bloomberg)
Noyer Says Moody’s Reasoning Wrong in France Rating Downgrade (Nov 29th 2012, Bloomberg)

related blog entries [EZR]:
Position(s) of France
French Investment Bank to launch in 2013
France and Germany 2007 - 2011; GDP, 10-year bond yield, unemployment, PMI, debt to GDP, deficit to GDP (charts by Thomson/Reuters) (10 charts by Thomson/Reuters)

Insight: Making France work again (Dec 9th 2012, Reuters)

Global shadow banking monitoring report 2012

Global Shadow Banking Monitoring Report 2012 (,pdf,engl,45 pages)
Shadow Banking: Economics and Policy  (IMF:Claessens,Pozsar,Ratnovski,Singh,pdf,37 pages)

'Shadow Banking' Still Thrives, System Hits $67 Trillion (Nov 18th 2012, CNBC)
Money out of the shadow (Nov 18th 2012,R. Fernandez (Dutch+some charts)(via @FTM_nl)
The Netherlands: Failing journos (Nov 22nd 2012, E.Engelen - @ewaldeng)
Dutch shadow banking sector smaller than it seems at first sight (Nov 29th 2012,Dutch Central Bank - DNB)

Wednesday, November 14, 2012

Transatlantic ties

Feb  26th 2013 EU-US trade deal is 'unique opportunity' (
Feb  18th 2013 Time to Breathe New Life into Ties with Europe (German Marshall Fund)
Feb    5th 2013 Obama seeks $5T European trade deal (The Hill)
Feb    5th 2013 US, UK leaders make push for trans-Atlantic trade deal (The Hill)
Dec   6th 2012 A free-trade agreement with Europe? (Op-ed,Washington Post)
Nov 29th 2012 Secr. Clinton: U.S. and Europe: A Revitalized Global Partnership (video,Brookings)
Nov 17th 2012 Converging world (The Economist)
Nov 17th 2012 Transatlantic Divergence (P. Krugman, NYTimes)
Nov 12th 2012 U.S. to Be World’s Top Oil Producer in 5 Years, Report Says (NYTimes)
Nov   8th 2012 Trans-Atlantic ties: Drifting together or apart? (
Nov   5th 2012 The Transatlantic Test (
Nov   6th 2012 Elmar Brok: 'EU and US need each other' (
Oct  27th 2012 German FM calls for EU-North America free trade zone (

Nov 12th 2012 World Energy Outlook 2012 (IEA)
Trade:Countries and regions-- United States (European Commission)
US & eurozone industrial production 2002 - 2012 by Scott Barber/Reuters (EZRcharts)

Friday, November 2, 2012

Hurricane Sandy - Emergency communication setup using Twitter

Dear reader,

as it was announced by a US grid operator that is unfortunately impossible to provide more info on Twitter about power outages or schedule for the restore of power to certain precincts here are some hints about Twitter:

1.) In a catastrophic event such as now effecting the entire Eastern Seaboard of the US, vital companies   must rewrite their 'textbooks' in order to cope with the suddenly and completely changed situation. As those brave men of Apollo 13 and their ground crew in Houston had to adapt rapidly to a situation unforeseen before the mission the moon started. Everything had to be rearranged in order to bring back those three astronauts back to Earth.

2.) When vital telecom & electricity grid infrastructure is damaged or completely down, everyone should take this new situation into account. It is not enough to rely on 'old' and 'proven' ways of communication, but one should be willing to adapt to every technology available at the time. Phone lines are 'old' bidirectional communication tools , while website are a bit 'newer', offer both uni- and bidirectional ways of communication.

3.) When there is no power available to citizens, trying to get in touch with their grid operators in order to restore service, it's rather necessary to understand that those who try to make contact have only a few Watt (hours) of power to their disposal to keep in touch with the outside world. If the mobile network is available at all, that is. So battery power of communication equipment is super precious, since it cannot be recharged while there is a wide-spread power outage.

When forced to make a call and perhaps even wait in line before any human being responds to the caller, some minutes may have passed draining the mobile phone's battery considerably. Even more so when some masts of the mobile network aren't working either, and so the phone increases output power in order to reach a cell station further away than usual. Most likely the phone will use it's maximum power in order to establish a cell connection. When it manages to hold that connection it uses some 3000-9000 Bits per second --for minutes-- in order to transmit the human voice back and forth (2-way communication) and when too many people try to call at once the network of limited bandwidth could get into difficulties. However the number of callers is limited, and by using Twitter which uses just roughly some 1400 Bit for 1 or 2 seconds, the bandwidth can be saved e.g. for urgent 911 or 311 calls.

Internet websites
Although very useful, and even more so when phone network is down or congested, it's sometimes is tricky to load many of those modern websites filled with graphics and cross-links while using rather slow mobile networks. So again it's a bandwidth problem when loading some internet websites could involve some Megabytes of data being transmitted through the network. In 'normal times' less of a problem than in times of already reduced capacity and increased demand. So when a natural disaster wipes out some 20% of capacity of mobile networks, such websites would even take longer to fully show up on the user's screen.

Since this author also uses an Android based smart phone there is also a 'power consumption issue' with  browser based internet access: A Twitter client like Twicca app uses far less power than any browser app necessary to access websites.  Twitter client apps like Twicca only send/receive data when user confirms such an 'net update' by pressing a button. So the smart phone battery last at least twice as long on my smart phone when no browser is used to access the internet.

Organisations, corporations can create X additional Twitter handles e.g. for every borough or service area they want to cover.  They can send regional messages to all users of the designated area, and receive direct information from users living in that region and who are following that handle. By sending out very specific regional information it can also contribute to reducing number of help request, often only expressing a need for information. Thus perhaps this will even reduce number of callers currently congesting the phone lines of customer centers !

Those 'regional handles' can be announced from time to time by the 'known official account' and this main Twitter handle could also create a public list perhaps called 'Sandy emergency assistance'

Even if sensitive customer information is to be exchanged like exact address, phone number, customer ID number etc. the service center of a corporation can easily 'follow back' the customer in need and then afterwards use 'private mail' or 'direct mail' for exchange of non public information. 

known official Twitter handle:

emergency 'offsprings':
1. @PCStatenIsland
2. @PCConeyIsland
3. @PCHoboken

@PowerCompany can create list: 'Emergency assistance' consisting of: 1+2+3
and reminding their followers from to time that this new list is created.

if your Internet connection fails you send twitter messages via SMS:
Getting Started with Twitter via SMS (Twitter)
How to use Twitter when you lose Internet access (Washington Post)

please note: Data traffic rates are just 'rough estimates' by this author without having checked every detail. Just to make a point that reducing data traffic in fragile mobile networks is supporting availability and might prevent congestion or even collapse of such vital communication networks. 
Legal notice: You may copy all text or parts of it as you like. Would be nice if you mention source.

Technical references:
GSM 200 kHZ bandwidth

related articles:
Citizens of Munich kept informed mainly via Twitter (Nov 15th 2012,Hamburger Abendblatt)(German)
First lesson of Superstorm Sandy: Improve communication (Nov 13th 2012,The Hill)
Why Twitter helps during catastrophes like Hurricane Sandy (Nov 4th 2012, India Times)
Behind @ConEdison: The 27 Year-Old Preventing Panic, One Tweet At A Time (Nov 4th 2012)
Prevention strategies to limit impact of catastrophic events  (Nov 2nd 2012, EZRdevelop)

Last updated: Nov 4th 2012 20.30 CET or 2.30pm EST


(via Twitter @nycarecs)

Tuesday, October 23, 2012

Comparisons 1930s and present time

  • Miguel Almunia, 
  • Agustín Bénétrix, 
  • Barry Eichengreen, 
  • Kevin H. O’Rourke, 
  • Gisela Rua:
    1. From Great Depression to Great Credit Crisis: similarities, differences and lessons

    (,CEPR, CES,MSH) (via B_Eichengreen)

    B.Eichengreen & K. O'Rourke:

    Gauging the multiplier: Lessons from history (, Oct 23rd 2012)

    B. Eichengreen & Kris James Mitchener:
    The Great Depression as a Credit Boom Gone Wrong 
    ( @wonkmonk_)

    Interview with Barry Eichengreen 
    (An interview by Mark Sniderman,, May 24th 2013)

    Economic History, the Great Depression, and the Recent Financial Crisis 
    (Youtube,video, 6mins, ClevelandFed)

    B. Eichengreen & O. Accominotti:  
    The mother of all sudden stops: Capital flows and reversals in Europe, 1919-1932   
    ( Sept 14th 2013) (via @BruegelPisani)

    Paul Krugman: 
    Theory and the Thirties     (NewYorkTimes blogs, Oct 23rd 2012)(via @delong)

    Nicholas Crafts:
    Returning to growth in the UK: Policy lessons from history  
    (, Oct 27th 2012)(via @lindayueh)

    Christopher L. Colvin & Abe de Jong & Philip T. Fliers:

    Nick Taylor:
    A Short History of the Great Depression (The New York Times) 

    latest update: Sept 14t 2013 13.15CET
    note: As usual you might find some related pieces added to this blog entry during the next couple of weeks &a new blog concerning European economic history may start during  2014

    Sunday, October 21, 2012

    Interview Dutch Central Bank president and ECB's Klaas Knot

    Dear reader,

    after Mr Knot gave an interview to German newspaper "Die Welt" on Saturday 20th, he was interviewed live¹ on Dutch public TV (Nederland 1), where he elaborated not only on the announced OMT program of the ECB, but also gave insights concerning:

    - The situation of Spain and Spanish banks (and whether PM Rajoy should apply for ESM or not)
    - The situation of Greece
    - Imbalances in the EMU (he was ruling out "transfer union")
    - Latest summit results and banking union
    - The need and time frame for financial support of Southern Europe
    - The re-positioning of the IMF re fiscal multipliers and sensibility of austerity
    - The Dutch housing market
    - Dutch dependence on exports to other EMU countries
    - The current lack of consumer confidence in NL

    Interview "Die Welt":
    ECB's Knot backs call for EU commissioner (The Telegraph, Oct 21st 2012)
    ECB’s Knot Backs Schaeuble Call for Stronger EU Budget Power (Bloomberg, Oct 21st 2012)
    "Draghi ist unsere Stimme" (Die Welt, Oct 21st 2012) #
    Notenbankchef Knot:"Ist die Preisstabilität gefährdet, greifen wir ein” (Die Welt, Oct 20th 2012) #

    Interview Dutch public TV:

    Uitzending gemist: Buitenhof Oct 21st 2012 (video, approx 30minutes) *
    (note: Microsoft (c) Silverlight 2.0 required) 

    (First part of program is with Klaas Knot and approx. after 30 minutes other guests talk about privacy protection)

    # = German , * = Dutch language

    ¹= assumption of this author

    related article:
    Rutte calls for budgetary discipline commissioner (, Sept 8th 2011)

    Dutch debate on inflation/deflation in the euro area

    Dear reader,

    this blog here is supposed to give the facts only, so before commenting¹ on the latest discussion in The Netherlands here are the related pieces:

    * Where is that inflation ? (Follow the money, Apr 20th 2012) (via @edinmujagic)
    * Rising inflation isn't a conceivable danger, but a fact (, Oct 19th 2012) (via @SCWEijffinger) 
    * Deflation myths exposed (De overheidsschulden crisis) (via @HansvanVliet2)
    * Inflation or deflation, a bit nuance, please ... (, Oct 20th 2012) (via @StHFC)
    * What Sylvester Eijffinger and Edin Mujagic don't know about inflation (, Oct 21st 2012)
    * Inflated reputations (Follow the money, Oct 22nd 2012)(via _basjacobs)
    * Money, prices and deflation in Greece.
       An answer to the question of Eijffinger and Mujagic   ( , Oct 22nd 2012)(via @MerijnKnibbe)
    * Chart of the day:The effect of VAT hikes on inflation in the EU (, Oct 31st 2012)
    * Faith and flation gurus ( , Dec 3rd 2012)(via @hanswstegeman)

    * = Dutch language

    ¹=hint: it will be very close to Robin Fransman's opinion for all parties involved

    last updated: Oct 22nd 2012 2120 CET

    Wednesday, September 19, 2012

    Spain's government still reluctant

    Why Spain Will Seek Help—and Why the ECB Retains Its Leverage (JF Kirkegaard, Peterson Institute)
    The Pain in Spain                  (J BADCOCKForeign Policy, Oct 1st 2012)
    Spanish borrowing costs fall (, Sept 18th 2012)
    Mariano Rajoy waiting for markets to force his hand (, Sept 19th 2012)
    UPDATE 1-Spain's banks stress test to show up to 60 bln needed (Reuters, Sept 20th 2012)
    Spain in no rush to seek aid, banks to need 60 bln eur - EconMin (Reuters, Sept 22nd 2012)
    Ambrose Evans-Pritchard: Europe's betrayal of Spain (Telegraph, Sept 28th 2012)
    Editorial: Unanswered questions (El Pais, Sept 28th 2012)
    Spain's banks may need 59.3 billion euro in extra capital (Reuters, Sept 29th 2012)
    Popular suspends dividend payment to meet capital requirement (El Pais, Oct 1st 2012)
    Spain's Popular resists state aid with 2.5 billion euro share issue (Reuters, Oct 1st 2012)
    EXCLUSIVE - Spain ready for bailout, Germany signals "wait" - sources (Reuters, Oct 2nd 2012)
    Need More Capital Than Tests Find, Moody’s Says (Bloomberg, Oct 1st 2012)
    Insight: Spain bank rescue signals legal battle for duped savers (Reuters, Oct 16th 2012)
    Rajoy Still Has a Debt Mountain to Climb (S. Nixon -WSJ, Nov 19th 2012)
    “The solution for Spain is simple: we have to sell more goods abroad” (El Pais, Nov 19th 2012)
    Desperation, hopelessness mark Spain’s economic pain (E.Reguly, Globe&Mail Nov 21st 2012)
    Bankia to make record of loss of 19 billion euros This Year (El Pais, Nov 28th 2012)
    Spain Recession Scars Exposed as Jobless Seen at 6 Mln (Bloomberg, Jan 21st 2013)

    Spain Sells 4.8 Billion Euros of Bonds, Most Since January (Bloomberg, Sept 20th 2012)

    Catalonia's independence:
    Rajoy fronts up to Catalan independence ahead of Mas meeting (El Pais, Sept 19th 2012)
    Spain risks break-up as Mariano Rajoy stirs Catalan fury (The Telegraph, Sept 20th 2012)
    Catalan leader fixes date for early election showdown (El Pais, Sept 25th 2012)
    Catalan Banks Owing ECB $77 Billion May Stall Independence Drive (Bloomberg,Nov 21st 2012)
    Language and nationalism: Catalonian confusion (The Economist,Nov 27th 2012)

    Spain: a tale of two crises  [on capital flows] (S. Merler,, Sept 21st 2012)
    O. Wyman report [on Spanish banks]         (pdf, Sept 28th 2012, via @raluca3000)

    Charts re: Spain (EZRcharts)
    label: Spain

    last updated: Jan 21st 2012, 18.45 CET

    Sunday, September 9, 2012

    European success stories

    Eastern Europe
    Sept   7th 2012 An East European Perspective on the Euro Crisis (Author: A. Aslund, Peterson Institute)
    Sept 13th 2012 Paul Krugman's Baltic Problem (A. ÅSLUND,
    Oct  14th 2012 Austerity-hit Lithuania votes in general elections (
    Feb 20th 2013  Fitch: Baltic Economies Recover Strongly; Volatility a Long-term Challenge (Fitch)

    June 8th  2012 Iceland economy grows at fastest pace in four years (Reuters)
    Dec 16th 2010 Lessons from Iceland: Coming in from the cold (The Economist)
    Feb 21st 2012  The lesson from Iceland’s recovery: let banks go bust (Moneyweek)
                             Iceland GDP Annual Growth Rate (
    Jul 8th    2012  The Times Does Iceland (P.Krugman, NYTimes)

    Faroe islands 
    Sep 11th 2012  The first sovereign debt crisis in the EU (J.Danielsson & H.Oskarsson,

    Sep 22nd 2008 Stopping a Financial Crisis, the Swedish Way (NYTimes)

    Friday, August 10, 2012

    Dexia Bank (Belgium)

    EZR Dexia
    Aug 11th 2012 *
    Coene [CB] fears a new recession in Belgium (De Standaard)
    Aug 29th 2012

    Credit Suisse: "Belgium's exposure to Dexia is 72,5 bn Euro"
    Aug 10th 2012

    Dexia 'may need recapitalisation'
    Aug 10th 2012

    Belgian central banker says Dexia may need capital soon (AFP)
    Aug 10th 2012 *
    America, the forgotten time bomb under Dexia (De standaard)
    Aug 10th 2012 *
    New round of recapitalization looms for Dexia (De Tijd)
    Aug 4th 2012 *
    From bad to worse with Dexia (De Standaard)
    Aug 4th 2012

    Dexia losses add to bill for France and Belgium
    Aug 3rd 2012

    Dexia posts 1.2 bn euro first-half loss (AFP)
    Aug 3rd 2012 *
    New Dexia chief earns 600.000 € yearly (
    Aug 3rd 2012 %
    Dexia : lourdes pertes et départ de la direction
    Jul 25th 2012

    Dexia Sale of Luxembourg BIL Unit Approved by EU Regulators
    Jul 17th 2012

    Belgian debt surpasses GDP
    Jul 5th 2012 *
    Dexia France could cost Belgium Billions (
    Jun 22nd 2012
    Dexia situation under control: Belgian central bank chief
    Jun 21st 2012
    Belgium, France Risk Billions on Penny Stock Dexia
    May 23rd 2012 *
    France and Belgium want to extend guarantees for Dexia ( )
    Apr 26th 2012 *
    “Dexia could derail state debt” (de
    Mar 1st 2012
    Dexia Bank Belgium rebrands as Belfius Bank & Insurance as it reveals 2011 losses
    Feb 24th 2012 *
    Belgium and France have a new Dexia deal (
    Feb 1st 2012 *
    Dexia commission: Only experts may look into NBB & FSMA documents (De Standaard)
    Jan 9th 2012

    Decommissioning Dexia — a collateral story
    Oct 9th 2011 *
    Belgium and France reached agreement on Dexia
    Oct 4th 2011 *
    Belgian CB: “Savings of Dexia clients completely save” (De Morgen)
    Sep 30th 2011 *
    'France and Belgium will help Dexia' (de Tijd)
    Jul 15th 2011

    KBC Bank and Dexia Capital Update - EU Wide Stress Test Results
    Dec 9th 2008

    Guarantee Agreementbetween the Belgian State, the French State, the Luxembourg Stateand Dexia SA/NV

    chart Dexia assets as percent of GDP 1995 - 2011 by Scott Barber/Reuters

    Dexia (video features in Dutch by NOS/NL) *2013 new*

    * = Dutch ,% = French language

    cat= Dexia, Belgium

    chapter= none

    last update: Jan 22nd 2013

    Sunday, July 29, 2012

    Libor scandal: European developments

    Eurozoneremarks - Libor compilation

    Dear reader,

    there has been some reporting on the Libor. Here are some of those developments:

    Oct 2nd 2012
    NL Dutch Justice dept examines Rabobank's role in Libor: report (
    Jul 26th 2012 * Belgium Dexia and Belfius considering [legal] steps against Libor scandal []
    Jul 26th 2012 * Belgium Dexia hopes to get money from Libor fraudsters [de Standaard]
    Jul 24th 2012
    EU Libor Fixers May Face Jail In Future Under EU Markets Plan
    Jul 25th 2012
    EU EU Commission pushes for clampdown on Libor-style rigging
    Jul 24th 2012
    Germany Deutsche Bank's own Libor probe clears board-sources
    Jul 20th 2012 * Germany 'Internal investigation at Deutsche Bank on Libor' [De tijd]
    Jul 28th 2012
    UK Britain to flesh out framework for Libor review
    Jul 27th 2012
    NL Dutch Central Bank DNB investigates Rabobank

    * = Dutch, # = German, % = French language

    Jul 4th 2012
    Opinion: Worry about idiocy not inflation (part5-II) Undetected risk - Humans

    note: as usual there will be some updates during the next couple of weeks

    Saturday, July 14, 2012

    Germany: Economists and public divided (ESM debate)

    Eurozoneremarks - German ESM debate

    Dear reader,

    The German constitutional court was addressed by some plaintiffs recently who wanted the court to declare German ESM participation unconstitutional (and thus void). The ESM is now very much in the focus of German public and economists alike. The publication by 170+ economists led by professor Sinn sparked a heated debate in Gerrmany. In order to stay informed here are some of the most important newspaper articles and blog entries contributing to this debate:

    Jul 5th 2012 #
    Should the debate on the euro crisis get broader (Blicklog) [also containing a compilation of links]

    Jul 28th 2012 #
    Schaeuble accuses Ifo-helm of using „thumb calculations“ (FAZ)
    Jul 25th 2012 #
    Krämer wants peace (Handelsblatt)
    Jul 25th 2012 #
    Economists' debate about euro crisis escalates (t-online)
    Jul 19th 2012 *
    Peter Bofinger and Lex Hoogduin discuss euro crisis solutions (University of Amsterdam public event)
    Jul 17th 2012
    Spiegel: Is German Economist Exacerbating Euro Crisis?
    Jul 15th 2012
    Guardian Is Europe ready to give up national autonomy for the sake of the euro?
    Jul 14th 2012

    German court must decide on rescue fund by Sept: Juncker
    Jul 14th 2012 #
    Regling²:'States have no liability for bank rescues' (FAZ) ²= current EFSF and future ESM chief
    Jul 14th 2012 #
    Direct help for banks: future ESM chief contradicts Schäuble (Die Welt)
    Jul 14th 2012 #
    Economist debate: 'Germany worsened the downturn' (Die Welt)
    Jul 14th 2012

    Germany’s government: On the home front
    Jul 14th 2012 #
    HW Sinn: crisis states should be able to leave the eurozone temporarily (Die Welt)
    Jul 13th 2012
    Audio: Paul de Grauwe (Interview): Trust between Eurozone leaders can create self-fulfilling positive outcomes
    Jul 11th 2012 # Austria Economist Felderer views ESM skepticly (Der Standard)
    Jul 11th 2012
    CNBC: A 10-Hour Day in a German Court, Boring? Think Again
    Jul 11th 2012 #
    Professor Paul Kirchhoff: We are playing with fire (FAZ)
    Jul 11th 2012
    Telegraph: Ambrose Evans-Pritchard: Merkel breaks German law on ESM rescue
    Jul 11th 2012
    WSJ: Euro Rescue in Limbo: German Constitutional Court Wants to Help Berlin
    Jul 11th 2012

    EIR: German Economists Mobilize Against ESM
    Jul 10th 2012 #
    Sinn takes on Merkel: (
    Jul 10th 2012 #
    Bundesbank president doubts the ESM rules (FAZ)
    Jul 10th 2012
    WSJ: Why Germany's Court Won't Kill the Bailout Fund
    Jul 10th 2012
    DW: German court may take its time over European Stability Mechanism
    Jul 10th 2012
    Spiegel: Bigger Delay to ESM: Court May Take Longer to Rule on Euro Measures
    Jul 10th 2012 * NL: Schäuble:'Delay of ESM could cause more unrest' (RTLZ)
    Jul 10th 2012
    VoxEU EU banking union disunites German economists
    Jul 10th 2012 * NL: Karlsruhe' judges upon ESM (NOS)
    Jul 10th 2012

    FT Alphaville: Whose recap is it anyway?
    Jul 9th 2012
    Reuters: Analysis - Euro zone fragmenting faster than EU can act
    Jul 9th 2012
    NYTimes Paul Krugman: Sinners, Repent !
    Jul 9th 2012 #
    [German parliament president] Lammert critizes economists' debate (Focus)
    Jul 9th 2012 #
    Eichengreen vs Sinn: German appeal outrages star economist (FTD)
    Jul 9th 2012
    VoxEU In support of a European banking union, done properly: A manifesto by economists in Germany, Austria and Switzerland
    Jul 8th 2012 * NL: War of economists in Germany (BNR)
    Jul 8th 2012 #
    Crisis policy: Gauck¹ demands more clearity from Merkel (Die Zeit) ¹=German president

    Telegraph: Angela Merkel is wrong, say 172 economists
    Jul 7th 2012 # Switzerland The Euro can't be saved with money (Tagesanzeiger)
    Jul 6th 2012 #
    Heated debate about banking union: Schäuble calls it 'horror reports' (FAZ)
    Jul 5th 2012
    WSJ: German Economists to Launch Protest Against Latest EU Agreements
    Jul 5th 2012 #
    Economists defend Merkel's course (Der Spiegel)
    Jul 4th 2012 * NL: ESM: a political lie ? (DFT)
    Jul 2nd 2012
    Spiegel: Decision on July 10: German Court Could Issue Injunction against ESM
    Jun 19th 2012 #
    German constitutional court: The price of democracy (FAZ)
    Jun 18th 2012 #
    The ESM: savior fund or bad bank ? (FAZ)

    # = German , *= Dutch language

    note: as usual there will be some updates in the upcoming days, weeks, months

    last updated: July 29h 2012 13:00 CET

    Some comments found on Twitter:

    @pdegrauwe: (via Twitter)
    Jul 7th 2012
    1.23 pm In 2008 German public money was used to bailout German banks. 160 German economists did not protest. Now they do: banks are not German
    Jul 6th 2012
    11.25 am It's very sad how so many German economists are carried away by collective mood of nationalism and stir nationalism in Germany
    Jul 6th 2012
    10.18 am 150 German economists protest against European bailout of European banks. How many of them protested against German bailout of German banks?