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Crisis delayed

By David Gow “Crisis delayed” – as the BBC’s Chris Morris summed up on Today – is how virtually all political and market analysts view the outcome of Sunday’s extraordinary re-run Greek election. Stocks rose in Asia and Europe, yields on Italian and Spanish bonds fell, slightly, and EU political leaders headed off finally for… » read more

Banking union + continuing crisis = referendum (sooner than expected) By Peter Wilding Today, all media are focused on the pain in Spain after Spanish borrowing costs hit a record euro-era high amid continuing concerns over Madrid’s bail-out and a Greek exit. So, with no tools left in the box, up steps EC President José… » read more

Miliband calls for UK leadership in Europe, as even sceptic think-tank rejects withdrawal from EU By David Seymour Once again David Miliband has used his position as a youthful eminence grise and outsider to put the case for Britain’s position in Europe perfectly. On The World This Weekend, in a few sentences, he expressed the… » read more

By David Gow Britain’s finance minister is either disingenuous or self-deluding. Yesterday (Sunday), writing in the Sunday Telegraph, George Osborne blamed the eurozone crisis for “killing off” Britain’s economic “recovery” (double-dip recession) which was taking place despite “high oil prices” (now falling for the most prolonged period for a dozen years) and “the debt burden… » read more

Single currency takes blame for profligate Governments and banks By David Seymour Spain is in trouble. Of that there can be do doubt. And once again, as with Greece, the euro is getting the blame. But it wasn’t the single currency which got the Spanish into this mess – it was the profligacy of their… » read more

Some leaked rehearsed yet redacted Hunt quotes and speaking points for the Leveson Inquiry: By Johan De Rycker Given the spin-doctors’ preparation of Mr. Hunt’s deposition to the Inquiry, by pure accident, we have been able to lay our hands on some of his prepared answers – apparently all duly written in line with the… » read more

David Seymour In an age when too many leading politicians take the easy way out by avoiding answering difficult questions, let us give thanks for Ken Clarke. The Justice Secretary doesn’t appear to know what evasion is. Even if he is being ribbed as to why he fell asleep at a Test Match. When it… » read more

By David Gow “Getting the disappointment in early” is the tenor of the tweets in the euroblogosphere as 27 weary, crumpled and increasingly hapless heads of state and government head for their 13th summit in two years in Brussels. Yesterday the FTSE was up 1.8% on the vaguest of hopes that the café-cognac might produce… » read more

As the Eurozone crisis hogs the headlines again, BBC’s Newsnight’s take last night on “Austerity” highlighted how important language is in persuading the people to back or sack their governments. Only last week Cameron’s government starkly replaced the word ‘austerity’ with ‘efficiency’ not because of any policy change but because some words are simply too… » read more

By David Gow It’s a dangerous game of chicken: the fear and loathing in Europe is driving stock markets down, forcing bond yields on Italian and Spanish debt up to pre-”easy money from the ECB” levels and even President Hollande can’t get to Berlin without his plane being hit by lightning. Götterdämmerung in der Eurozone.… » read more

Inexorably, it is dawning on a number of great British opinion-formers that if Greece falls out of the euro, the catastrophe that ensues will eclipse this country, too. Nucleus has been warning for some time that those who have been prophesying with glee that the Greeks would bring about the collapse of the single currency… » read more

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