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Greek taxing madness

Today’s gloomy revelations from Ireland were followed by rather disturbing news from the Greek parliament.As part of a long-standing tradition to let tax evaders off the hook every three to four years, Greece’s parliament has rushed through a law whi…

The Same Old Story?

The eurozone is experiencing some economic growth again. Data published the other day by Eurostat shows that eurozone GDP expanded by 1% in the second quarter of 2010 from the first quarter, and by a flattering 1.7% in comparison with the second quarte…

Sticking to your guns

The new Slovakian government is not bowing to pressure over its refusal to sign off on the eurozone bailout package. After a meeting with European Union Council President Herman van Rompuy tonight, Slovakian Prime Minister Iveta Radicova said, when ask…

Go Team Eurozone!

Relief for the recent debt troubles of the eurozone has come in unexpected form this week, with three of the countries using the single currency making it to the World Cup semi-finals – and both finalists being eurozone members (Spain and the Netherl…

A first attempt (to our knowledge at least) at quantifying the cost of a possible break-up of the eurozone has been made by Dutch bank ING. The report carries the title “Quantifying the Unthinkable”. A break-up of the eurozone, it says, “would h…

A European Monetary Fund

An objective of the Maastricht Treaty was EMU – Economic & Monetary Union. 16 countries have achieved monetary, but not economic, union. Indeed, even economic policy cooperation still leaves a lot to be desired. The original criticisms of the euro were the lack of economic coordination and the absence of any central fund. Greece has… » read more

More news on the eurozone front this weekend as we learned that France and Germany are preparing plans for an IMF-style European Monetary Fund (EMF). German Finance Minister Wolfgang Schäuble has said he will “present proposals soon” for a new eurozon…

Bang on the head

The EU’s finance ministers, and a handful of heads of state, are meeting today in another attempt to come up with answers to the ‘Greek question’. No details are expected to be announced, although an agreed decleration will give Greece a month to get d…

You can never leave

A recent legal paper by the European Central Bank deals with the subject: “Withdrawal and Expulsion from the EU and EMU: Some reflections”. It has received quite a bit of attention. Unsurprising, perhaps, given the state of the Greek economy (see h…

Thanks to the Euro, members of the Euro-zone have been able to weather the international financial crisis much better than those outside the euro-zone. Hungary and UK, not to mention Iceland, have seen their currencies coming under pressure for devaluation, as they lacked the solidity and solidarity of the single currency. It is therefore […]… » read more

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