Revolting Europe
banks
Socializing the losses, privatizing the profits: The crisis and rescue of the Veneto banks
By Enrico Grazzini Here’s some lessons from the banking crisis of Popolare di Vicenza and Veneto Banca, and the failures of the Italian government and European Banking Union interventions. 1) The Italian Government, the Bank of Italy and the Veneto Region (led by the Northern League) have shown themselves astonishingly incapable, first in monitoring and … Continue reading
ECB at the service of private interests
By Odalys Padrón* Europe has a long democratic tradition. Athens in the VII to V centuries B.C., evolved from an oligarchy, rule by the few, to a democracy, government by the people. This achievement was brought about by the people through countless popular rebellions. It was not a full democracy, since slavery endured and women … Continue reading
How to tame these monsters called banks
There is no alternative but to end the fractional reserve banking system and make credit an essential public service, argues Juan Torres Lopez Private banks enjoy an extraordinary privilege: whenever a loan is granted they create money. Not coins or notes, which is what ordinary people think is money, but bank money, ie, payment through their accounts. … Continue reading
3 recent events in Catalonia and Spain and what they mean
Vicenç Navarro analyzes the situation in Catalonia and Spain, looking at three recent events of great significance Earlier this month there were three events that symbolize the situation in Spain. 1. The Death of Emilio Botín One event was the death of Señor Emilio Botín, and the huge media exposure in the wake of this event, … Continue reading
The sad future of Ana Patricia Botín
Juan Torres López All biographical notes on the new chair of Banco Santander agree on virtually the same thing: the person who has succeeded Emilio Botín in the same fashion that one inherits a crown is extraordinarily qualified, very intelligent, highly educated and knows perfectly the business of the financial institution over which she will preside. It … Continue reading
New bank, old fraud
Plans have been announced to ‘rescue’ Banco Espirito Santo by splitting it into a “good” and “bad” bank and loaning it €4.9bn from the European bailout fund in an operation that will leave the liabilities with the Portuguese people. Rui Tavares of the Left Bloc argues it doesn’t have to be this way Portugal has witnessed … Continue reading
The fall of Ricardo Salgado, a Portuguese oligarch
A Portuguese oligarch has been arrested and his historic Espírito Santo business empire is falling apart. Can the fall out be ‘contained’? Ricardo Espírito Santo Silva Salgado is known in Portugal as “Dono disto tudo,” or “Owner of everything.’ The oligarch’s family has been calling the shots in the country for over a century. It’s the largest shareholder of the … Continue reading
Rajoy lied, the Spanish people will pay for the bank bailout
By Manel García Biel By now we can clearly define Mariano Rajoy as a politician who has based his policies on lies. The clearest example is the bank bailout. Right from the outset. Spain’s PM and his ministers ruled out the word rescue. For them it was a loan, “under very good terms.” Rajoy said that it was … Continue reading
The Plot to Topple Berlusconi
Much as many were relieved to see the back of Silvio Berlusconi as Italy’s PM during the height of the Eurozone crisis in 2011, the revelations by Tim Geithner should have all democrats including those on the Left deeply worried. EU officials approached the former US Treasury Secretary in November of that year with a plan to overthrow the billionaire … Continue reading
The recovery is a bluff
By Alfonso Gianni It may well be that this is a coincidence, but there are many who doubt it, including the leader writers of Italy’s financial daily Il Sole 24 Ore. The fact is that many economic indicators suddenly seem to indicate, exactly one month before the European elections, brighter prospects. The simplest hypothesis, and … Continue reading
Banking Union – The Big Fix?
Last week, MEPs finally signed off on European banking union. This, we are told, is the big fix to the out of control banking system that caused the 2008 economic meltdown that has rocked Europe ever since. The narrative is, as Reuters puts it, ‘unlike in the United States, where regulators and the central bank acted promptly … Continue reading
The great private pensions fraud
Fresh from implementing reforms of its pension system Mariano Rajoy’s Spain is now preaching the merits of its pro-market policies to the rest of Europe, backed by the Troika. But state pension cuts and the virtues of private insurance-based schemes are built on myths that serve financial capital, argues Vicenç Navarro There’s been a constant onslaught by banks and … Continue reading
Inside the Greek laboratory
IN THE RADICAL PRESS / MEMOIRE DES LUTTES A new book publishing the views of Greek scholars and professionals on the impact of Troika policies has helped Bernard Cassen understand better the criminal nature of market fundamentalism pursued by Brussels, Frankfurt and Berlin You have to be very naive to believe that the fury of the “troika” against Greece … Continue reading
Five things you should know about Spain’s bank rescue
The size and the impact of Spain’s humongous bank bail that came in the wake of the 2007-2008 final crisis – caused by the out of control financial sector, including in Spain – is being concealed. Here’s what you should know about it in five points: 1. Losses to the Spanish people from the public rescues … Continue reading
Lessons from the victory against Madrid’s hospital privatisation plan
Victory this week against Madrid’s hospital privatisation – and other recent struggles in Spain – shows popular resistance delivers results, says Esther Vivas “Resisting is pointless,” we hear endlessly repeated. “So many years of protest but the crisis continues, why bother?” insist others, inoculating us with apathy and resignation. “Protests could lead to something that’s even … Continue reading
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