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Posts tagged ‘Christine Lagarde’

Dispute with ECB: European Parliament Delays Banking Union Vote

The European Parliament has delayed an important vote on the euro zone banking union that will see the most important financial institutions placed under the supervisory of the European Central Bank. Members of parliament want greater ECB accountability.

A dispute over Europe’s planned banking union — a key European Union financial reform in response to the 2007 financial crisis — has broken out between the European Parliament and the European Central Bank (ECB), and an important vote on the issue was delayed from Tuesday to Thursday. In response, the International Monetary Fund (IMF) is calling on the European Union to move more quickly to implement the measures, with criticism coming directly from IMF chief Christine Lagarde herself.The argument centers on whether members of the European Parliament should be provided with detailed minutes of the proceedings of the new banking supervision board, a provision parliament considers to be a vital accountability measure. The ECB has so far rejected these requests. Reuters reported Tuesday that the ECB is instead offering to provide “summaries.”

On Monday, the European Voice newspaper cited an ECB official stating there were “formal restrictions” on what the bank could disclose about its decision-making process. The Economist-owned Brussels paper cited an official at the bank stating that the proceedings were sensitive and there was a fear “we might be jeopardizing the survival of banks” if information were shared with members of parliament.

full article at source: http://www.spiegel.de/international/europe/european-parliament-could-delay-banking-union-vote-a-921466.html

Vaxevanis’ court hearing postponed to November 1

For your attention …..

Vaxevanis’ court hearing postponed to November 1
29 Oct 2012 4:04 pm
Journalist Kostas Vaxevanis arrives in court, 29 October 2012 (Reuters)
Journalist Kostas Vaxevanis arrives in court, 29 October 2012 (Reuters)
Journalist Kostas Vaxevanis’ hearing on charges of violating personal data for publishing the Lagarde list has been postponed to November 1.
Friends, colleagues and supporters of the Hot Doc magazine publisher gathered outside the court house at noon on Monday, when the hearing was due to take place, including MPs and journalist union representatives.
Vaxevanis appeared in court on charges of violating personal data, two days after his news magazine Hot Doc published a leaked list of 2,059 Greek residents with accounts in Swiss bank HSBC. The list published by the magazine contained only names without the size of the bank accounts.
The defence requested that the hearing be postponed because a number of people whose names are on the list had expressed their intention to testify as witnesses, defence lawyer Charis Oikonomopoulos said.
Vaxevanis’ other lawyer, Nikos Konstantopoulos, stated the defence’s intention to highlight the political dimension of the case.
Exiting the court Vaxevanis said among others that it was his duty to publish the list because “everything else is public relations”.
Vaxevanis was arrested in the northern suburbs of Athens on Sunday, in execution of a warrant issued ex officio by an Athens prosecutor on Saturday night, just hours after the publication of the list.
Minutes before his arrest he had tweeted his whereabouts and challenged police waiting outside to pick him up.
The journalist was briefly detained at the GADA police general headquarters on Alexandras Avenue and was released three hours later, to the cheers of waiting supporters, after appearing before a public prosecutor.
Syriza in an announcement called the ex officio action against Vaxevanis “provocative and unacceptable”, noting that “justice hastened to act against those who reveal, whereas it displays sluggishness vis-a-vis those who conceal”.
“The prosecution is political, and as such should be faced by the entirety of the Greek people who are called on these days to suffer the consequences of the harshest and class-oriented policy ever known to Greece since the restoration of democracy, and also the consequences of the long-standing and systematic tax evasion by ‘those who have’,” Syriza charged.
In a similar statement, the Communist Party of Greece (KKE) also called the action against Vaxevanis “unacceptable and provocative”.
“The mockery and deception of the Greek people (with ‘lists’) by those who conceal them, hide them or use them according to their political and economic expediencies must stop,” the KKE said, adding that “the economic system and prevailing political forces do not want the people to learn the truth, and it is in their interest to disorient and deceive them.”
The list had ended up in the hands of French authorities roughly four years ago when they seized digital evidence from the house of former HSBC employee Herve Falciani, who was wanted by the Swiss authorities and who had illegally copied details of bank accounts that belonged to roughly 20,000 people.
The list was sent to then finance minister George Papaconstantinou by his French counterpart Christine Lagarde. Papaconstantinou claimed to have had the original list, sent in CD format, copied on a USB stick which he turned over to the ministry’s financial crimes squad SDOE for investigation, and that he turned over the original CD and accompanying documents to his office for “confidential safekeeping” and was unaware of its current whereabouts.
Pasok leader Evangelos Venizelos produced the memory stick containing the list a few days later, saying he had received from SDOE Special Secretary Ioannis Diotis when the former was deputy prime minister and minister for finance in the Papandreou government. (Athens News/dv, AMNA)

Waking up to reality

By David Mc Williams

This brilliant quote from economist JK Galbraith just about sums up why individuals and organisations tend to stick to plan A when the evidence suggests that Plan A isn’t working. No one likes to be proved wrong but, ultimately, the worst thing we can do when our world view turns out to be flawed is stick to it. Yet this is precisely what many of us do.

Given this general observation, it was fascinating to see the IMF conclude last week, with its influential world economic outlook, that it might have got its basic economics wrong. If not quite apologising for leading half of Europe up the economic garden path, the IMF has at least admitted that what we have been arguing for years in this column is right. For the first time, the IMF conceded that austerity doesn’t work and, not only does it not work, but it is counter-productive.

The implications of this concession for the continuation of the ‘austerity at all costs’ policy are enormous – and may prove to be the first chinks in the armour of the troika. Christine Lagarde’s IMF noted in its global outlook that the world economy has slowed down more rapidly than it had expected, and its experts asked themselves why had they got it so wrong yet again. Given that the main pillars of Irish economic forecasting – the Department of Finance……………………..

full article at source: http://www.davidmcwilliams.ie/2012/10/15/waking-up-to-reality

IMF Chief Christine Lagarde is sending in tax experts? What a laugh!!

The business magazine Wirtschaftswoche reported that IMF Chief Christine Lagarde is hoping to attract retired German financial experts to help out ailing Greece.

She is said to be looking for people with tax experience and also those who held management positions.

Some 170 tax experts from German state and federal finance offices have already offered their services to the Greek tax authorities. But according to State Secretary Hartmut Koschyk only seven of these experts have actually been sent to Athens to help out.

They offered advice in two and three-day workshops to Greek finance officials, especially in the areas of how to deal with large companies, wealthy individuals, tax audits and enforcement.

Meanwhile, Focus magazine reported on Saturday that Greece is expected to receive its latest bailout instalment of €31 billion. A report due soon from Europe’s “Troika” of advisors – the European Union, the IMF and the European Central Bank – is expected to allow the money to be released.

The magazine said it remains unclear when that report will be released, but an oral mid-way report about Greece’s situation is expected when EU finance ministers meet in Luxembourg on October 8.

The Local/mw


Something stinks perhaps it’s the smell of occupation by the back door ??





Why IMF ‘vision’ on EA crisis is missing major points

Christine Lagarde, Managing Director, Internat...

Christine Lagarde, Managing Director, International Monetary Fund (Photo credit: Wikipedia)


An interesting speech given by the IMF Managing Director, Ms Christine Lagarde to the Annual Leaders’ Dialogue Hosted by Süddeutsche Zeitung last night. Here are some extensive exerts from it and my thoughts – sketched out, rather than focused – about her ideas.
Part 2 of the speech focused on the need for breaking the cycles of the crisis(that amplify risks to the economy, including global economy). Do note – coincidentally, the theme is exactly identical to my forthcoming Sunday Times article and to the research note currently awaiting legal clearance (both will be posted here early next week).

full article at source: http://trueeconomics.blogspot.de/2012/06/962012-why-imf-vision-on-ea-crisis-is.html

Time for Ireland’s New Deal

By David Mc Williams

Have you ever gone to a gig so ridiculously funny that you can’t actually communicate with the person beside you? You are reduced to grimacing; words just can’t come out, tears and snorts, yes, but words, no. When I finally pulled myself together at Tommy Tiernan’s latest show in Vicar Street, it struck me that Tommy might not realise this, but he has a lot in common with mainstream economic thought.

Tommy Tiernan, Franklin D Roosevelt and the IMF have something in common: they all want the small homeowners to get debt relief of some sort.

Tiernan’s brilliant take on the present debt crisis can be seen on YouTube. It’s a pretty blunt form of permanent debt repudiation but, that said, it is not a million miles away from what the IMF sugghested last week.

full article at source: http://www.davidmcwilliams.ie/2012/04/16/time-for-irelands-new-deal?utm_source=Website+Subscribers&utm_campaign=692526a7f6-16042012&utm_medium=email

Now IMF Seeks Collective, World Bail-Out of Europe

IMF wants the world to save Europe … Christine Lagarde, the managing director of the IMF, said the escalating crisis now needed to be addressed as “collectively as possible” … The European financial crisis is “escalating” and is so serious that it is unlikely to be solved by eurozone countries alone, the head of the International Monetary Fund warned Thursday night. British taxpayers are now likely to be involved in an internationally co-ordinated bail-out led by the International Monetary Fund [IMF] for countries in the single currency. Christine Lagarde, the managing director of the IMF, said the escalating crisis now needed to be addressed as “collectively as possible”. Without action, the world faces the spectre of a 1930s-style depression, she said. – Montreal Gazette/UK Telegraph

full article at source:http://www.thedailybell.com/3356/Out-of-Chaos-Order-Now-IMF-Seeks-Collective-World-Bail-Out-of-Europe


By: Gary_North

The challenge for the Group   of 20 talks in Washington on Thursday and Friday is to prevent a sovereign debt   crisis centered in Greece from turning into a full-blown banking crisis. Such a   crisis could engulf other indebted European countries, lead to messy defaults   and plunge the region and world back into economic and financial   turmoil. “We have entered a   dangerous new phase of the crisis,” said Christine Lagarde, managing director of   the International Monetary Fund, last Thursday. “To navigate it, we need strong   political will across the world – leadership over brinkmanship.”World Bank President Robert   Zoellick a day earlier said: “The time for muddling through is over.” There is still some vague   hope that the G-20 can come up with a permanent solution. There is hope that   this crisis will calm.But how? There is no   agreement on which countries will give how much to Greece. Then there are   Portugal and Italy on the sidelines.

Investors are pulling money   out of French banks, which have over €670 billion in PIIGS bonds on their   books.

full article at source here: http://www.marketoracle.co.uk/Article30544.html


Well the proverbial can is now so badly battered by been kicked down the road so many times it has lost its lustier and the effort required to kick it still further down the road is not worth it! At some stage the ECB must face reality it is costing just too much to keep propping up Greece and the rest of the PIGGS. The markets are looking for a settlement once and for all and putting more austerity on these countries is only going to
cause more downward pressure in the already battered economies .The ECB must
find a way to access fresh capital and on a long term bases and I believe euro
bonds are perhaps the only game the world markets will accept now. The political
cost of this will be a federal government of a political and economic unified Europe.
But is this what the peoples of Europe want I doubt it very much!

Central Bank Governor defends bailout role

The Governor of the Central Bank Patrick Honohan has defended his role in the European
Union-International Monetary Fund deal negotiated last November.He said he has no regrets about going on RTÉ Radio to tell the Irish people and the wider world what was going on, as he considered it necessary to avoid a potential crisis. He
said over the previous days there had been intense negotiations involving a lot of people.

But he said there was a sense in markets and in European political circles that
something was stalling in the process, and that something very serious was about to happen.There was concern in European political circles, including in the European Central
Bank, about the negotiations, and there was a fear of a meltdown.

He said he was trying to reassure people behind the scenes that the talks were
going ahead. Prof Honohan said he believed that he was the only person who was going to tell people what was happening, and that he had a responsibility to do that.

The Central Bank Governor said his only personal regret was that he wrong-footed
the late Brian Lenihan, whom he said could have told people the day before the
governor’s intervention, but it was Mr Lenihan’s choice not to do so.

He said the deal negotiated was not a bad one, but he felt a number of opportunities for a better deal were missed because it was done quickly.

The noted problem was the high interest rates charged by the European Financial
Stability Facility, a situation that has now been rectified.

He also pointed to last week’s call by IMF head Christine Lagarde for the EFSF to
use funds to directly capitalise banks, rather than lending on to states to do the same.

He said that in this case it would be the EFSF rather than the Irish taxpayer who
owned 99.8% of AIB and big stakes in all the other banks. He said a scheme of that kind was something he had in mind at the time, that might have been worked up into a detailed scheme if there had been more time.

source: http://www.rte.ie/news/2011/0902/banks.html


This Man has changed the his tune so many times he is in effect a poacher turned gamekeeper As far as I am concerned he is a disgrace He presented the
first bank stressed tests to the nation and they subsequently proved to be an
absolute fraud just like the second one and the latest one will prove to be
just as fraudulent. Nothing he says has an ounce of credibility ,he should be
in Jail along with the rest of the gangsters who gave away our independence!

What Recovery? Undemocratic and Corrupt, the EU Faces Dis-Union

Wednesday, August 31, 2011 – by Staff Report

Double-dip fears across the West as confidence crumbles … The Western world is at mounting risk of a double-dip recession after key measures of confidence collapsed in both the United States and Europe, with Germany the steepest one-month fall since records began in the 1970s. The IMF has slashed its growth forecast for America and Europe, according to a leaked draft of its World Economic Outlook. – UK Telegraph

Dominant Social Theme: Everything has been going very well, and employment and profits are picking up. So let’s not spoil a good thing, eh?

Free-Market Analysis: This article in the UK Telegraph takes a dim view of the “recovery” that the West is supposed to be enjoying. In fact, it cites a good deal of evidence to show the West’s economic situation is about to get even worse. In doing so it all but predicts the EU itself – or at least the euro – may be only weeks away from fracturing.

This is good, of course, though perhaps (unfortunately) over-optimistic. The EU is nothing but a fascist enterprise that should be broken up as soon as possible. Astonishingly, the appendages of the EU have not been audited for years because the auditing firms will not take responsibility for an institution of such corruption.

There is an inner circle in the EU that is answerable to no one expect perhaps the great banking families of Europe and America that have created this monstrosity. It is from this tiny circle of “leaders” – all of them either coming from communist or socialist backgrounds – that EU policy is created.

read full article at source:http://www.thedailybell.com/2870/What-Recovery-Undemocratic-and-Corrupt-the-EU-Faces-Dis-Union

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