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Posts tagged ‘European Parliament’

Greece Slams EU Bailout-ers: “We Don’t Want The $7 Billion, We Want To Rethink The Whole Program”

 greece_elections_victory

UPDATE: “CONSTRUCTIVE TALKS” are over:

  • *GREECE’S VAROUFAKIS SAYS WILL NOT ASK FOR BAILOUT EXTENSION
  • *VAROUFAKIS SAYS WILL NOT ACCEPT SELF-PERPETUATING CRISIS
  • *VAROUFAKIS SAYS DISCUSSED EURO AREA, NEW DEAL FOR GREECE
  • *DIJSSELBLOEM SAYS UNILATERAL STEPS IS NOT THE WAY FORWARD
  • *DIJSSELBLOEM SAYS GREECE SHOULD CLARIFY ITS POSITION (we think they did!)
  • *GREECE’S VAROUFAKIS SAYS WILL CONVINCE EU PEERS ON NEW DEAL

As Eurogroup chief Jeroen Dijsselbloem (of “template” foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros…We want to sit down and rethink the whole program.” While this exposes the nation’s banking system to further runs, yesterday’s revelation that Russia could step in with financing should they need it, leaves Dijsselbloem and Shulz with less and less leverage even as Spain’s chief economic advisor warns, if Greece doesn’t play along, “there will be problems on all fronts.”

“Will Greece antagonize the European union? If they don’t there won’t be any problems,” Alvaro Nadal, chief economic adviser to the Spanish prime minister, said in a radio interview in Madrid on Friday. “If they do, there will be, on all fronts.”

And, as Bloomberg reports, that is what Greece’s new government is doing (as they promised the people),

Finance Minister Yanis Varoufakis said he’s not interested in persuading Greece’s official creditors to release the final 7 billion euros ($8 billion) of bailout funds as Eurogroup Chief Jeroen Dijsselbloem headed to Athens for talks on Friday.

 

Greece wants to agree a new plan shifting from spending cuts to combating corruption and boosting public investment. The proposal hinges on the euro area and the European Central Bank agreeing to write down Greece’s public debt, a suggestion that has been met with skepticism by officials across the rest of Europe.

 

“We don’t want the 7 billion euros,” Varoufakis said in an interview with the New York Times published late on Thursday. “We want to sit down and rethink the whole program.”

 

 

“In all honesty, if you sum up all their promises then the Greek budget will very quickly be out of balance and then further debt relief won’t help anyway,” Dijsselbloem said in Amsterdam on the eve of his trip. “We want to keep Greece in the euro zone, in the European Union, but that also requires the Greeks to meet their commitments.”

Things are not going well…

European Parliament Martin Schulz confirmed the divide between Tsipras and the rest of Europe after two hours of talks with the Greek leader in Athens on Thursday.

full article at source:http://www.zerohedge.com/news/2015-01-30/greece-slams-eu-bailout-ers-we-dont-want-7-billion-we-want-rethink-whole-program

Tip of the Day Get you money out now from AIB and Bank of Ireland!

European Central Bank president Mario Draghi has raised concerns about the health of Irish banks, urging “decisive” action on issues revealed by a recent balance-sheet assessments before European stress tests next year.

Addressing the European Parliament, Mr Draghi said while the balance-sheet assessments of the Irish banks had identified no capital shortfall, there were needs for adjustments for provisions and risk-weighted assets.

“This should be addressed before the SSM assessment,” he said in a response to a question from Irish MEP Gay Mitchell.

Under the original terms of Ireland’s EU-IMF rescue, Ireland was obliged to undergo a full health check of its banks before the end of the programme.
Stress tests However, this was downgraded to a “balance-sheet assessment” after Dublin argued it should not be treated differently from other countries in next year’s Europe-wide stress tests.

Mr Draghi emphasised yesterday that the balance-sheet assessments by the Irish Central Bank were “not forward-looking” and fall short of the “stringent” stress tests that would be required next year.

Ireland’s three main banks – Bank of Ireland, AIB and Permanent TSB – informed the market last month the Central Bank tests had been completed and that no capital requirements had been required.

However, the full results of the tests were not published.
Commercial loans Bank of Ireland revealed that the Central Bank had concluded that it should take an additional €1.3 billion in provisioning against its mortgage and commercial loans, while Permanent TSB chief executive Jeremy Masding told The Irish Times that the bank would be taking extra provisions for bad loans following the reviews. AIB has yet to comment on whether provisions are needed.

Mr Draghi also said the ECB had “a more cautious assessment” of Ireland’s budget for 2014 even if targets were likely to be met. However, he noted that the deficit-to-GDP ratio, which has been credibly set at 4.8 per cent, overperforms relative to the requirement of 5.1 per cent set out in the European Commission’s excessive deficit procedure.

source: http://www.irishtimes.com/business/sectors/financial-services/draghi-expresses-concern-about-health-of-irish-banks-1.1629952

see also related news: http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan

also:http://www.bloomberg.com/news/2013-09-30/bank-secrets-exposed-in-eu-s-credit-derivatives-antitrust-probe.html

Comment:

AAAA

The hidden and off the books derivatives losses by the Irish banks are now becoming so large that even Draghi and his associates are heading for cover ! Once the Irish banks are forced to acknowledge these losses we can expect a cascade effect throughout Europe and all this will land at the door of Deutsche Bank with its $72.8 Trillion derivatives exposures. Still Draghi knows with 156 billion on deposit in Irish banks they can plunder at least 35% of this FREE Cash from the Gullible Irish depositors!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

EU parliament to probe bailout troikas

By Valentina Pop

Berlin – MEPs dealing with economic affairs are to launch an inquiry into the “non-transparent” work of EU Commission, European Central Bank and International Monetary Fund officials overseeing spending cuts in bailout countries.The European Parliament wants to scrutinise the work of bailout troikas (Photo: europarl.europa.eu)

After more than three years since the first ‘troikas’ were sent to Greece and Ireland to “advise” the governments and oversee implementation of promised budget cuts, the European Parliament is seeking to shed some light on the work of these non-elected officials.

The coordinators of the main groups in the European Parliament’s economics committee on Monday (28 October) agreed to launch an inquiry into the work of the troika in Greece, Portugal, Ireland and Cyprus.

“The troikas of ECB, EU commission and IMF are playing a key role in the eurocrisis. Their work continues to be non-transparent to a large extent,” said German Green MEP Sven Giegold, the main force behind the initiative.

He explained that the inquiry would consist of hearings of troika officials as well as independent economic studies challenging the assumptions of the troika – assumptions that were proved to be wrong in all bailed-out countries.

full article at source: http://www.worldaffairsjournal.org/content/eu-parliament-probe-bailout-troikas

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

Olli Rehn Departs Reality Once Again

by

If one needs an example of out-of-touch, reality-denying and self-satisfied EU Commissioner, travel no further than Olli Rehn. Here’s the latest instalment from Court’s Favourite Entertainer of Things Surreal:
http://europa.eu/rapid/press-release_SPEECH-13-394_en.htm

The speech focuses on what went wrong in Cyprus.

In the speech, Mr Rehn commits gross omissions and conjures gross over-exaggerations.

Nowhere in his speech does Mr Rehn acknowledge that Cypriot banks were made insolvent overnight by the EU (including EU Commission, where Mr Rehn is in charge of Economic and Monetary affairs) mishandling of PSI in Greek government bonds.

Nowhere in his speech does Mr Rehn acknowledge that Cypriot banks were massively over-invested in ‘core tier 1 capital’ in the form of zero risk-weighted sovereign bonds (Greek bonds…………………….

full article at source: http://trueeconomics.blogspot.ie/2013/05/852013-olli-rehn-departs-reality-once.html

Up date from Nessa Childers

My office has just finished a leaflet detailing various funding opportunities which I will be handing out in my constituency soon. A digital version can also be found in “Focus on Funding“, on my website and, of course, in this newsletter.

Regarding my work in the Parliament, I am particularly pleased with the success of the Financial Transaction Tax earlier this week, which I have been advocating for a number of months.

Another issue I have been working on for a while, this month we aim to spread the word about the “European City Guide” scam. Too many Irish business owners have been scammed by the ECG already. If you know a business owner or manager, please, share my article on the ECG with them and let’s stop the scammers for once and for all.

Until next time,

Nessa Childers

source : http://nessachilders.newsweaver.com/1plor8hc7nurjm0rt9fqzj?email=true&a=1&p=24450785&t=20393835

The European Commission Has Broken the Social Contract

The European Commission Has Broken the Social Contract

And Therefore Has Lost the Moral Right to Rule.

Governments Who Support This Corruption Deserve To Fall Also.

 Jean-Jacques Rousseau

“The Social Contract”

“My purpose is to consider if, in political society, there can be any legitimate and sure principle of government, taking men as they were and laws as they might be. In this inquiry I shall try always to bring together what right permits with what interest prescribes so that justice and utility are in no way divided.

I start without seeking to prove the importance of my subject. I may ask whether I am a prince or a legislator that I should be writing about politics. I answer no: and indeed that that is my reason for doing so. If I were a prince or a legislator I should not waste my time saying what ought to be done; I should do it or keep silent.

Born as I was the citizen of a free state and a member of its sovereign body, the very right to vote imposes on me the duty to instruct myself in public affairs, however little influence my voice may have in them. And whenever I reflect upon governments, I am happy to find that my studies always give me fresh reasons for admiring that of my country……

Man was born free, and is everywhere in chains. Those who think themselves the masters of others are indeed greater slaves than they think. How did this transformation come about? I do not know. How can it be made Legitimate? That question I believe I can answer.

If I were to consider only force and the effects of force, I should say: “So long as a people is constrained to obey, and obeys, it does well; but as soon as it can shake off the yoke, and shakes it off, it does better; for since it regains its freedom by the same right as that which removed it, a people is either justified in taking back its freedom, or there is no justifying those who took it away.” But the social order is a sacred right which serves as a basis for all other rights. And it is not a natural right, it must be found on covenants.”

“The Social Contract” quoted above was written in 1762. It is probably one of the most important books ever written. The precepts contained therein completely altered the mind of humanity and out of its pages was born the concept of social democracy which led to the French Revolution (1789-1799) and inspired a group of American settlers to conceive a document called the Declaration of Independence (1776).

The essence of the social contract is moral social order. Thus when a government can no longer hold such order it loses its right to govern. This situation has been reached today in Europe  (December 2011). Why is this so? Basically, as shown with Greece, the European Commission is quite content to see a society crumble in order to save prime banking elites. The failure to regulate these elite was a failure of  European government, not the Greek people. Yet the lives of these very people are being destroyed by unelected banking boards in the name of “economic orthodoxy”. The chaos in Greece will spread to Ireland, Portugal, Spain and Italy as “austerity measures” dictated by the ECB, take hold. Let us be under no illusion the ECB knows exactly what it is doing. The European Commission knows exactly what it is doing. Yet the members of both of these institutions are content to stand by and see societies crumble as long as their own privileges and those of their backers remain intact. Due to its inability to protect the social rights of its citizens from these elites the European Parliament has also lost the right to govern. For acting in collusion with this monetary tyranny the European Commission should be broken up and European citizens must retake their sovereignty for the sake of their families, their community and Western posterity.

The vision of the European Union was originally built on the concepts of human rights and fairness arising from the ashes of German aggression. Europeans must wake up from their slumber, realise that this vision has been corrupted, and now rebuild a new political structure based on justice and dignity not financial aggression. This process should commence with Greece, Portugal, Ireland, Spain and Italy seceding from the Euro and using their freed-up sovereign power to radically alter the manner in which the European Commission does business. David Cameron, by using Britain’s veto two weeks ago, showed the way. Let us now keep this momentum towards change moving in the right direction. If the crisis is not solved by moral political leadership a solution will be applied through people power. History has shown that when such show of force becomes necessary the march of destiny is with the people, though it may take far longer than originally anticipated. This is the social contract (or Zeitgeist to use Hegel’s terminology) being made manifest. Woe betide the politician who does not understand this truth. The tipping point is being reached; the time to act is now. The New Year resolution for true Europeans should be the cry of old of Rousseau: “Liberty, Fraternity, Equality.” Democracy is dead, long live democracy.

(Sent in to me by Christopher M. Quigley)

 

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