Monday, April 29, 2013

[update]Christine Lagarde (IMF) visited UvA (Amsterdam University) May 7th

Only a few weeks after interviewing Mario Draghi, Room for Discussion managed to invite ... 

Guest:  Christine Lagarde 
What:   Speech and Q&A session with students afterwards
When:  Tuesday , May 7th 2013, 10.30am CET
Where: E-hall, Roeterseilandcomplex. Roetersstraat 11, Amsterdam 

This time they won't have live questions asked by the audience. 

Please submit questions:
Twitter: @Room4Discussion

RTL Z NieuwsLagarde bij Room for Discussion 
(, video, approx 1h)

Christine Lagarde at 'Room for Discussion' (, Dutch)
Room for Discussion with IMF Managing Director Christine Lagarde  (, Apr 24th 2013)
Live op Christine Lagarde bij Room for Discussion (RTLZ, Dutch) <=livestreamimg !!

note: So far no link for live streaming of the event, but in the past video footage 'live' and/or 'on demand' was available

Tuesday, April 23, 2013

Toward a Stronger Eurozone: Fostering Growth and Completing the Architecture of EMU (IMF discussion)

A discussion panel at the IMF spring meeting in Washington last weekend

Moderator: Stephanie Antoine (France24) (@SAntoineF24)

David Lipton IMF First Deputy Managing Director 
Jörg Asmussen Member of Executive Board of the European Central Bank 
Ramon Fernandez  Director General of the Treasury and Economic Policy Directorate in France 
Adam Posen (@AdamPosen) President of Peterson Institute for International Economics 
Changyong Rhee Chief Economist of the Asian Development Bank 

Toward a Stronger Eurozone: Fostering Growth and Completing the Architecture of EMU 
(IMF, video, 58 minutes) (via @Piie_com)

Reactions/Questions by Twitter (IMF)

Saturday, April 20, 2013

German FinMin Schaeuble confirms: Cypus is template for future bail-ins

(He used the German word "Vorbild" which means example or better role model)
Schäuble: Nicht mehr als zehn Milliarden Euro für Zypern (, Apr 20th 2013)
Translation of bail-in template remarks by FinMin Schaeuble

German fining wants investors involved in future bailouts - report (Reuters, Apr 20th 2013)

Schäuble: Cyprus rescue is a template ( , Apr 20th 2013)(Dutch)

Zypern-Hilfe: Schäuble will Bankkunden an Rettung beteiligen via @welt

(wiwo's editor in chief) 

Dijsselbloem's bail-in doctrine - Template or not ? [EZR compilation, Mar 29th 2013]

note: It's highly likely that there will be a comment on this matter later (in the comment section of this blog)

Cross border exposures (BIS data)

Highlights of the BIS international statistics (BIS, pdf, 8 pages, March 2013)
BIS Quarterly Review March 2013: International banking and financial market developments (BIS, pdf, 85 pages, March 2013)

Highlights of the BIS international statistics (BIS, pdf, 10 pages, March 2012)
BIS Quarterly Review March 2012 International banking and financial market developments (BIS, pdf, 63 pages, March 2012)

Foreign Banks' Exposure to Spanish Banks (, Jun 4th 2012)

Highlights of the BIS international statistics (BIS, pdf, 14 pages, March 2011)
BIS Quarterly Review March 2011: International banking and financial market developments (BIS, pdf, 79 pages, March 2011)

Highlights of international banking and financial market activity (BIS, pdf, 12 pages, March 2010)

BIS Quarterly Review March 2010: International banking and financial market developments (BIS, pdf, 72 pages, March 2010)

NL > Spain

ING has 41bn € in Spain (, May 22nd 2010)(Dutch)
(pie chart: yellow=sovereign bonds, blue=mortgages, grey=real estate, light blue=banks, red=RMBS and other)
CPB Financial Stability Report (CPB, May 30th 2012)

Banks                 >Spain 1q 2012: 70.85bn€=92.105bn$ /4th q 2011: 73.16bn€=95.108bn$
Pension funds> Spain 1q 2012:    9.43bn€=12.259bn$ /4th q 2011:   9.93bn€=12.909bn$

source: We are involved with Billions in Italy & Spain (, Jul 6th 2012) 1€=1.30$,USD=own calculations

German GDP  3401.000bn$          4.81
Dutch GDP        706.955bn$               1    (both estimates 2012, Wikipedia)

NL > Cyprus

Dutch banks have 2 bn € in Cyprus (, Mar 22nd 2013)(Dutch)

Rise in the Dutch financial sector's exposures to foreign private parties (text + charts) 
(Dutch Central Bank - DNB,Jun 28th)

GER > Spain
Der spanische Fall  (Deutschlandfunk, audio, Apr 19th 2013)
State of Europe's Banks: Safe and Stressed (WSJ, Sept 24th 2012)

Germany (banks in general)
German banks seek to shed over 600 bln euros in assets (Reuters, May 7th 2013) (via @cigolo)

Greece > Cyprus
Greek exposure to Cyprus: the unintended consequences of restructuring (, Aug 13th 2013)
(via @r)


note: some more detailed data of eurozone's cross country exposures might get added later

Sunday, April 14, 2013

Alternative für Deutschland (AfD) - new anti-Euro, anti-bailout party founded in Germany

Alternative für Deutschland: A German Eurosceptic movement? (DBresearch,Mar 4th 2013,via @Alea_)
Attack on united Euro front ( , Apr 14th 2013,via @Schuldensuehner) #
German anti-euro party holds founding conference (BBC, Apr 14th 2013)
Tories build secret alliance with new Eurosceptic party in Germany (Telegraph, Apr 14 2013,@AnneLaumen)

1,000 Germans abandon Angel Merkel for Eurosceptic party (Telegraph, Apr 14th 2013)
Analysis: Don't underestimate Germany's new anti-euro party (Reuters, Apr 14th 2013,@noahbarkin)
More than Euro criticism (Frankfurter Allgemeine Zeitung (FAZ), Apr 15th 2013)#

Coalition parties (& Labor) attack anti-Euro party (Spiegel, Apr 15th 2013)#
Wolfgang Münchau:Why the anti-Euro party endangers Merkel's election victory (Spiegel, Apr 17th 2013)#
Schäuble fears (CDU+FDP) votes could go to AfD (Sueddeutsche Zeitung, Apr 20th 2013)#
Achtung, Ms Merkel. Euro rebels could enter parliament (Focus, Apr 20th 2013)#
Anti-Euro party AfD - First ignored now combatted (, Apr 21st 2013, via @reuters_de)#
New German anti-euro party could enter parliament, poll suggests (Reuters, Apr 22 2013)
Anti-Euro party at 2% (survey) (, Apr 24th 2013) #
Hans-Werner Sinn distances himself from anti-Euro party (FAZ, Apr 27th 2013)#
FDP (Liberals) MP in Hessen (state parliament) defects to AfD (Die Welt, May 5th 2013)
Parties of the establishment lose almost 2800 members to AfD (, May 5th 2013)
Growing nervousness within the Conservatives (Rheinische Post, May 13th 2013)
Professor Starbatty joins the party (AfD) (AFP de, May 23rd 2013)
Five top economists against AfD (FAZ, Jun 1st 2013)
Lucke: "I deem a 2 figure (% election) result possible"(interview,, Jul 17th 2013) 
Elections: Starbatty warns of an European catastrophe (interview, Die Welt, Aug 19th) 

Video: Discussion with Dietmar Bartsch (Left party) and Bernd Lucke (AfD)
Für wen retten wir den Euro? UNTER DEN LINDEN am 22.04.2013
( , video (c) by Phoenix-TV, 44 minutes,Apr 22nd 2013)
(published 4/23/13, 5/6/13: 6625 views )
Frauke Petry bei Peter Hahne - Euro oder D-Mark - Brauchen wir die AfD? 

(Discussion with Volker Wissing (FDP - Liberals), Frauke Petry (AfD) and Peter Hahne (ZDF-TV)
(youtube, video, (c) by ZDF TV, Apr 21st 2013)
Hart aber fair "Den Euro einfach abwählen - entscheidet die D-Mark-Partei die Wahl?" (ARD-TV)
(Discussion: C Lindner (FDP), K Göring-Eckard (Greens), W Bosbach (CDU), B Lucke (AfD), M Friedman (lawyer)) 
(youtube, video, (c) by ARD, May 7th 2013) 
Interview mit Bernd Lucke AfD - Alternative für Deutschland (Phoenix-TV)
(Interview, Youtube, video, 35 minutes, (c) by Phoenix-TV, May 18th 2013)

Hans-Olaf Henkel (Wiki) #
Bernd Lucke (Wiki) #

Hans-Olaf Henkel article(s) in The Guardian
Europe’s Procrustean Nightmare (H-O Henkel, Project Syndicate, Apr 5th 2013)

Bernd Lucke interview: 'Why Germany has had enough of the euro' (Telegraph, Apr 7th 2013)
Bernd Lucke article(s) -

please note: since this party is officially starting today and already opinion polls suggest a large potential  for getting votes so far 'reserved' for other parties, there will be some more updates until German election day (September 22nd 2013) 
Meanwhile those who are interested can follow those two Twitter handles for constant updates of their party ("Alternative für Deutschland", #AfD) (presumably in German)

# = German language

note2: Since this blog entry describes a newly established political party, it's perhaps necessary to reiterate  that the author of this article isn't affiliated with any party. His own opinion is exclusively expressed in the opinion section of this blog !  => German elections 1: new anti-Euro party - Alternative fuer Deutschland (AfD)

Thursday, April 4, 2013

Cyprus - bail-in warnings before Eurogroup meeting & rescue delays from Berlin

German/English language:

Shiarly: haircut was never on the table (Cyprus Mail, May 3rd 2013)

Streit um Finanzhilfen: Zypern drängelt, Merkel bremst (Der Spiegel, Mar 15th 2013)

Rehn warns against Cyprus' eurozone exit (Euractiv, Mar 4th 2013)

Schäuble gibt bei Zypern-Hilfe nach (Sueddeutsche, Feb 25th 2013)

Schäuble verunsichert mit gewagter Taktik (Sueddeutsche, Feb 25th 2013)

GELDWÄSCHE-VORWÜRFE: Zypern muss Kontolleure ins Land lassen
(Manager Magazin, Feb 12th 2013) 

Eurogroup ministers raise the stakes for Cyprus (DW, Feb 10th 2013)

The most obvious warning, yet .. including the knowledge of those who later imposed this option on Cyprus ...of the enormous risks: 
(Thanks, @euronomist_blog, link added May 4th)
Radical rescue proposed for Cyprus 
(Peter Spiegel & Quentin Peel, FT (paywall!), Feb 10th 2013)

Mario Draghi confronts Berlin over contagion from Cyprus default (Telegraph, Jan 29th 2013)

ECB's Draghi, German FinMin at odds over Cyprus-Spiegel (Reuters, Jan 27th 2013)

German Finance Minister Schaeuble says the Troika worry about drastic developments in Cyprus
(Jan 22nd 2013)

>>Cypriot banking sector  is ‘noticeably oversized’<<
         German FinMin Schaeuble: Not Ready To Decide Over Aid For Cyprus (Jan 21st 2013)

Schäuble setzt Zypern die Pistole auf die Brust (Focus, Jan 21st 2013)

Russia-Cyprus Money Flows Imply Laundering, Schaeuble Says (Bloomberg, Jan 21st 2013)

Russia Must Be Part of Cyprus Bailout, Schaeuble Tells Lawmakers (Bloomberg, Jan 15th 2013)

WOLFGANG SCHÄUBLE ÜBER DIE EUROKRISE: „Wir haben das Schlimmste hinter uns“ (Bild, Dec 27th 2012)

Schaeuble’s Comments on Cyprus Were Misinterpreted, Shiarly Says (Bloomberg, Nov 1st 2012)

German minister drops Cyprus bombshell (Cyprus Mail, Nov 1st 2012)

Schaeuble says "considerable progress" on Greece (Reuters, Oct 31st 2012)

Germany’s Schaeuble Cautions Spain Against Aid Bid (Bloomberg, Sep 13th 2012)

                           June 27th 2012:
>>The Eurogroup welcomes the request of the Cypriot authorities for financial assistance
from euro area Member States in view of the challenges that Cyprus is facing, in
particular due to distress in the banking sector and the presence of macroeconomic
imbalances. The Eurogroup acknowledges that an adjustment programme seems
warranted at this stage and considers responding favorably to it. The Eurogroup also
welcomes the request of Cyprus for financial assistance from the IMF, which in turn
would be considered in line with its internal procedures. Ministers invite the
Commission, in liaison with the ECB, and the Cypriot authorities and the IMF to agree
on a programme, including the financing needs, and take appropriate action to
safeguard financial stability, in light of the current very challenging external
environment and spill-over effects from sovereign market turbulence.
Based on a needs assessment, the euro area financial support would be provided in the
framework of a comprehensive adjustment programme, building on the measures
already taken by the Cypriot authorities and the recommendations put forward by the
European Commission on 30 May under the European Semester. The programme will
be negotiated by the Commission, in liaison with the ECB, with the Cypriot authorities
and the IMF. After an agreement has been reached with the Cypriot authorities, the
programme would be endorsed by the Eurogroup, in line with national procedures, on
the basis of an assessment by the Commission, in liaison with the ECB, and the IMF,
of the financing needs and the conditionality that shall accompany the assistance.
The Eurogroup is confident that the implementation of this programme would address
the financial, fiscal and structural challenges of the economy in a decisive manner and
should allow Cyprus to return to a sustainable growth path.
The programme will be based on:
- Ambitious measures to ensure the stability of the financial sector by addressing
 expected capital shortfalls and preserving the soundness of financial institutions,
including restructuring and downsizing where needed.
- Determined action to carry out the fiscal adjustment to support the ongoing process
 of fiscal consolidation.
- Structural reforms to support competitiveness and sustainable and balanced growth,
 allowing for the unwinding of macroeconomic imbalances.
The financial assistance package shall be provided by the EFSF or the ESM on the
basis of its financing instruments. The Eurogroup looks forward to a swift response
from the IMF to the Cypriot request after having completed its required internal
procedures. <<
           source: Statement by the Eurogroup  
         (pdf, 1 page,, Jun 27th 2012 )(via @ALeipold)