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Gene Ellis

German and French banks call the shots - European, Business - Independent.ie - 0 views

www.independent.ie/...ks-call-the-shots-2607577.html

german french banks ireland debt

shared by Gene Ellis on 11 Jul 12 - No Cached
  • German and French banks call the shots Print Email  NormalLargeExtra Large ShareNew  0  0   Also in European Debt crisis: European shares edge lower and growth worries persist Bank of England's Tucker 'wasn't encouraged to lean on Barclays' Draghi keeps door open to further interest rate cuts Marks and Spencers sales hit by summer deluge Spain's debt tops 7pc danger level as Madrid gets more time European Home "Shocking" 2012 HoroscopeWhat Does 2012 Have In Store For You? Shockingly Accurate. See Free!www.PremiumAstrology.comExpat Health InsuranceQuick, Compare, Trusted Website Expatriate Health Insurance Quoteswww.ExpatFinder.com/Instant-Quoteshttp://www.googleadservices.com/pagead/aclk?sa=L&ai=BMEejVeb8T8fDKoSG_QaAhrTCB-q_1OYBmoqphxvAjbcB0NkREAMYAyDgw6kIKAU4AFD4gumFAmCpsL6AzAGgAairsfEDsgESd3d3LmluZGVwZW5kZW50LmllyAEB2gFfaHR0cDovL3d3dy5pbmRlcGVuZGVudC5pZS9idXNpbmVzcy9ldXJvcGVhbi9nZX
  • d, for reasons best
  • known to itself, the ECB -- in clear contravention of both previous market precedent and financial logic -- has insisted that the senior bondholders be repaid in full and has lent the Irish banks, institutions which it must have known were hopelessly insolvent, €70bn to do so.
  • ...1 more annotation...
  • Top of the list are German banks, to whom we owe €92bn with a further €38bn of other exposures. Does the fact that Irish banks potentially owe their counterparts up to €146bn explain the German government's implacable opposition to any write-down of the Irish banks' debts? After the British and the Germans, it is the French banks -- with total Irish bank loans of almost €32bn and a further €23bn of other exposures -- who have the biggest exposure to Ireland. Does this provide at least a partial explanation for French president Nicolas Sarkozy's truculence when faced with Irish requests that senior bondholders be forced to accept a haircut?
Gene Ellis

http://www.sipri.org/media/website-photos/milex-media-backgrounder-2015 - 0 views

www.sipri.org/...milex-media-backgrounder-2015

shared by Gene Ellis on 29 May 15 - No Cached
  • Gene Ellis on 29 May 15
     
    Military spending in Europe
Gene Ellis

Op-Ed Columnist - The Making of a Euromess - NYTimes.com - 0 views

www.nytimes.com/...15krugman.html

Krugman Euro Spain Greece economics

shared by Gene Ellis on 24 Apr 13 - Cached
  • No, the real story behind the euromess lies not in the profligacy of politicians but in the arrogance of elites — specifically, the policy elites who pushed Europe into adopting a single currency well before the continent was ready for such an experiment.
  • Consider the case of Spain, which on the eve of the crisis appeared to be a model fiscal citizen.
  • But with its warm weather and beaches, Spain was also the Florida of Europe — and like Florida, it experienced a huge housing boom. The financing for this boom came largely from outside the country: there were giant inflows of capital from the rest of Europe, Germany in particular.
  • ...9 more annotations...
  • The result was rapid growth combined with significant inflation: between 2000 and 2008, the prices of goods and services produced in Spain rose by 35 percent, compared with a rise of only 10 percent in Germany. Thanks to rising costs, Spanish exports became increasingly uncompetitive, but job growth stayed strong thanks to the housing boom.
  • Then the bubble burst.
  • But the flood of red ink
  • was a result, not a cause, of Spain’s problems.
  • The nation’s core economic problem is that costs and prices have gotten out of line with those in the rest of Europe. If Spain still had its old currency, the peseta, it could remedy that problem quickly through devaluation — by, say, reducing the value of a peseta by 20 percent against other European currencies. But Spain no longer has its own money, which means that it can regain competitiveness only through a slow, grinding process of deflation.
  • Now, if Spain were an American state rather than a European country, things wouldn’t be so bad. For one thing, costs and prices wouldn’t have gotten so far out of line: Florida, which among other things was freely able to attract workers from other states and keep labor costs down, never experienced anything like Spain’s relative inflation. For another, Spain would be receiving a lot of automatic support in the crisis: Florida’s housing boom has gone bust, but Washington keeps sending the Social Security and Medicare checks. But Spain isn’t an American state, and as a result it’s in deep trouble.
  • None of this should come as a big surprise. Long before the euro came into being, economists warned that Europe wasn’t ready for a single currency.
  • What we’ll probably see over the next few years is a painful process of muddling through: bailouts accompanied by demands for savage austerity, all against a background of very high unemployment, perpetuated by the grinding deflation I already mentioned.
  • Yes, some governments were irresponsible; but the fundamental problem was hubris, the arrogant belief that Europe could make a single currency work despite strong reasons to believe that it wasn’t ready. More Articles in Opinion »
Gene Ellis

Immigration Math: It's a Long Story - New York Times - 0 views

www.nytimes.com/...18view.html

Migration

shared by Gene Ellis on 13 Jan 14 - Cached
  • Children of immigrants complete more years of education than their native-born counterparts of similar socioeconomic backgrounds.
  • Being a child of immigrants, he said, "sort of boosts your driv
  • Still, it can take several generations for poor immigrant families to catch up to American norms.
  • ...3 more annotations...
  • But despite the lag in education, Mr. Johnson said, Mexican immigrants and their families don't have much trouble finding jobs. "One of the paradoxes of Mexican immigration is that you have these workers with low skills but incredibly high employment rates," he said. "The second generation isn't able to maintain employment levels that are quite so high, but they're basically in the same ballpark."
  • By contrast, the children of recent arrivals face competition from successive waves of immigrants from numerous regions.
  • Professor Waldinger said that "the median for Indian immigrants is 16 years of schooling" and that, on balance, "the Indians, the Koreans, the Chinese — they're already successful." One reason, he added, is that society is "much more open to outsiders" in top jobs and at elite colleges than it ever was before.
Gene Ellis

Euro crisis could return this fall | Europe | DW.DE | 17.09.2013 - 0 views

www.dw.de/...a-17096250

shared by Gene Ellis on 29 Oct 13 - No Cached
  • “But on the other, we still haven't seen a reform breakthrough on a broad front and particularly not in the largest crisis country - Italy.”
  • Slovenia also threatens to become a problem child because of its banks, which are sitting on a mountain of bad debt.
  • Does all of this mean that Europe is headed toward a rocky fall and a return of the euro crisis? Commerzbank's Krämer doesn't rule out the possibility. For him, the causes of the crisis are far from resolved. “We have not seen reform efforts on a broad scale, and in the background we have the European Central Bank, which is camouflaging the crisis through its policy of cheap money and the prospect of government bond purchases.”
Gene Ellis

Ghana Flunks at Math and Science: Analysis (1) - 0 views

mobile.ghanaweb.com/...article.php

shared by Gene Ellis on 29 Oct 13 - No Cached
  • Since Ghanaian students took the test in English (the so-called official language of Ghana), those whose first language is non-English are at great disadvantage.
  • In some of the participating countries grade eight teachers have university education in mathematics, even some at the post- graduate level; while in others the teachers have an equivalent of two years university education in mathematics. In Ghana, a grade eight mathematics teachers may not have such a background in mathematics.
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