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Gene Ellis

German Bundesbank Opposes Euro Crisis Strategy - SPIEGEL ONLINE - 0 views

www.spiegel.de/...-crisis-strategy-a-852237.html

german euro crisis strategy spiegel online

shared by Gene Ellis on 29 Aug 12 - No Cached
  • Gene Ellis on 29 Aug 12
     
    Good Der Spiegel article of late Aug 2012
Gene Ellis

Eurocrisis: on towards total catastrophe - Mail Online - M E Synon's blog - 0 views

synonblog.dailymail.co.uk/...towards-total-catastrophe.html

shared by Gene Ellis on 04 Sep 12 - No Cached
  • Gene Ellis on 04 Sep 12
     
    "catastrophe This is an edited version of my column in Monday's Irish Daily Mail -- "
Gene Ellis

Central Bank Sets Bond Plan Meant to Ease Euro Debt Peril - NYTimes.com - 0 views

www.nytimes.com/...unchanged-at-0-75-percent.html

central bank sets bond plan ease euro debt nytimes nytimes com com

shared by Gene Ellis on 06 Sep 12 - No Cached
    • Gene Ellis
      Gene Ellis on 06 Sep 12
       
      ON the open market, mimd
  • The European Central Bank said Thursday it had agreed on a framework for buying the bonds of troubled euro-zone countries on the open market in unlimited quantities, but left the timing unclear.
  • In essence, the bank left the next step to the beleaguered governments. They would be required to ask the E.C.B. formally to begin buying their bonds in the open market and would have to agree to follow detailed conditions for paying down their debt and hewing to fiscal discipline. It would be up to the E.C.B. to determine whether the terms of the agreement were acceptable, and whether the government was meeting those conditions over time.
  • ...2 more annotations...
  • Small companies in Spain and Italy pay more than 2 percentage points more for loans than their German counterparts, according to E.C.B. data.
  • The E.C.B. has already indicated that it will concentrate on buying bonds that mature within two or three years, rather than longer-term bonds.
Gene Ellis

Economist Sinn Rattles Merkel Laboring to Save Euro - Businessweek - 0 views

www.businessweek.com/...s-merkel-laboring-to-save-euro

shared by Gene Ellis on 11 Sep 12 - No Cached
  • Gene Ellis on 11 Sep 12
     
    clear article on Sinn's analysis of TARGET2
Gene Ellis

Eurozone has crossed the Rubicon | DAWN.COM - 0 views

dawn.com/...rozone-has-crossed-the-rubicon

shared by Gene Ellis on 18 Jul 12 - No Cached
  • It is now a fair guess that the European Monetary Union (or the eurozone) has crossed the Rubicon and is heading towards breakup or collapse. In the periphery of Greece, Portugal, Ireland and Spain, there is despair at the ever-deepening recession. In France and Italy there is burgeoning opposition to long-term austerity. In Germany there is frustration at feckless southerners.
  • The disaster is likely to start in Greece. The country is in the midst of an unprecedented depression, made largely in Brussels.
  • Yet the EU is insisting that the country should stick with the failed programme by imposing huge cuts in public expenditure in 2012-14.
Gene Ellis

Greece to Slash Benefits Paid to Retired Civil Servants:Union Group - WSJ.com - 0 views

online.wsj.com/...BT-CO-20120719-715036.html

shared by Gene Ellis on 21 Jul 12 - No Cached
  • After meeting with Greek Labor and Social Security Minister Yiannis Vroutsis, Adedy cited the minister as telling them that Greece's coalition government plans to slash the payments by 22.7% after having already reduced the amount by 20%.
  • "I cannot accept the financing of the fund's deficits from the state budget by either imposing new taxes or additional social security contributions on the new generation of workers so that older workers can receive sums that are not in line with their contributions," said Mr. Vroutsis.
Gene Ellis

ECB Raises Pressure on Greece - WSJ.com - 0 views

online.wsj.com/...4097904577538873386439442.html

shared by Gene Ellis on 21 Jul 12 - No Cached
  • FRANKFURT—The European Central Bank said it would reject Greek government bonds as collateral for its normal lending operations beginning Wednesday,
  • Government bonds and other debt securities backed by Greece "will become for the time being ineligible for use as collateral" in the ECB's monetary policy operations, the bank said in a statement.
  • Greek banks, which are largely shut out of private markets for financing, depend critically on cheap ECB loans to meet their daily funding needs. In June, Greek banks tapped the ECB and Greece's central bank for a combined €136 billion ($166 billion) in loans through normal refinancing operations and emergency credit, an amount roughly equal to two-thirds of the country's gross domestic product.
  • ...3 more annotations...
  • Banks can still access emergency funds through the Greek central bank, but at a higher interest rate than normal ECB loans. The credit risk stays on Greece's books and isn't spread throughout the 17-member currency bloc,
  • It is the second time the ECB declined to accept Greek bonds as collateral. The first was in February, after Athens imposed steep losses on private creditors in a debt restructuring. That suspension ended after a little more than an week, when the ECB received guarantees from euro-zone governments that Greek bonds posted to the ECB as collateral would be repaid.
  • For banks, which are already under intense pressure, it means that they will have to resort to emergency liquidity assistance which will lend them with a higher rate.It is bad news and all we can hope for is that it won't last for long," a senior Greek banker said.
Gene Ellis

Research - 0 views

econ.worldbank.org/...65141~theSitePK:469382,00.html

research

shared by Gene Ellis on 02 Mar 12 - No Cached
  • Gene Ellis on 02 Mar 12
     
    Lists of research available and links
Gene Ellis

Central banks prepare for turmoil after Greek vote | Reuters - 0 views

www.reuters.com/...e-crisis-idUSBRE85D0CA20120616

central banks turmoil greek vote reuters

shared by Gene Ellis on 16 Jun 12 - No Cached
  • ECB President Mario Draghi, one of many policymakers gearing up for trouble after Sunday's vote in Greece, said his bank was ready to step in and fund any viable euro zone bank that gets in trouble.
  • At best, we are going to have a situation that is extremely serious on Monday," Swedish Finance Minister Anders Borg told journalists. "In all likelihood, whatever the outcome, we are going to have a government which is going to find it hard to live up to the agreements they (the Greeks) have signed up to."
Gene Ellis

Research - Social Accounting Matrices for the Regions of Russia, 2001 - 0 views

econ.worldbank.org/...14943~theSitePK:469382,00.html

shared by Gene Ellis on 07 Jan 14 - No Cached
  • Social Accounting Matrices for the Regions of Russia, 2001
Gene Ellis

U.S. Pressure Rises to End Bangladesh Trade Status - NYTimes.com - 0 views

www.nytimes.com/...d-bangladesh-trade-status.html

u s pressure bangladesh trade status nytimes

shared by Gene Ellis on 10 Jan 14 - No Cached
  • Bangladesh’s garment sector represents roughly $19 billion in annual revenue and employs nearly four million workers, most of them women. It sells more than $4.5 billion worth of goods to the United States each year. 
Gene Ellis

We still need to learn the real lessons of the crisis - FT.com - 0 views

www.ft.com/...3a-11e3-a5f9-00144feabdc0.html

EUROCRISIS

shared by Gene Ellis on 09 Jan 14 - No Cached
  • We still need to learn the real lessons of the crisis
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