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This tag is associated with 92 posts

What success? Portugal’s sovereign debt auction just a good deal for the banks

Portugal’s government bond sale this week – the first since January 2013 – was heralded in the national and international press as a storming success, and coming after a similar ‘success’  for Spain’s first big debt auction of 2014 and a ‘popular’ bond sale by Ireland, apparently indicated a sign of a turnaround in the … Continue reading

Europe’s debt – a con-trick binding the people to banks

From this year Italians have a 45 billion-euro–a-year bill to pay under the EU Fiscal Compact, a budgetary straightjacket binding Rome to 20 years of economically and socially lethal spending cuts and tax rises. It’s time to end this vicious cycle of impoverishment, designed for the sole benefit of private banks, and cancel the debt, says Loretta … Continue reading

Bank nationality and the risks of European banking union

Current economic policies are accentuating the differences between the eurozone members. Under these conditions, banking union, rather than protecting the weaker countries, could accelerate the “mezzogiornificazione” of the European peripheries, argues Emiliano Brancaccio A few days ago, the European Parliament approved a bill that will transfer the functions of banking supervision of eurozone member states to … Continue reading

Catalonia: independence from Spain, independence from capitalism

Hundreds of thousands turned out today, September 11, to demand independence for Catalonia. Some decided to surround the Caixa, form a human chain around the largest bank in Catalonia and third largest in Spain, to demand not only independence from Spain, but from capitalism. One of the was Esther Vivas, a left wing activist and … Continue reading

Insider dealing – immoral financial market activities must be quashed and perpetrators punished

“The immorality, opacity and rampant abuse of some actors in the financial sector must be exposed and decisively punished,” Portuguese MEP Marisa Matias told Commissioner Michel Barnier in today’s European Parliament debate on insider trading and market manipulation that took place five years to the week since the collapse of Lehman brothers. “Every day in … Continue reading

Spain’s bank rescue – a blank cheque?

Vincente Clavero The party held by the banks during the years of the housing boom is costing us Spanish blood, sweat and tears. And worst of all, we still do not know the final invoice that we will have to pay. So far, it is running at 850 euros per head, counting only the money … Continue reading

Who’s the Troika really bailing out?

As the Troika prepares to ok the next tranche of its ‘bailout’ to Greece, here’s a reminder about who’s actually being bailed out. Check out this recent research by Attac

Are we Portuguese living beyond our means?

By Jose Manuel Pureza If there wasn’t the Troika there wouldn’t be money to pay salaries or pensions – this assertion is repeated ad nauseam by the heralds of foreign intervention in Portugal. And this is immediately followed by the argument that this is because we have long been living beyond our means, squandering money … Continue reading

The great crime scene of Greece

It wasn’t too difficult picking out the Fat Bastard in the crowd of Russian models, craven moochers and media mavens. Besides, he and I were both desperate for coffee and heading for the same empty urn. By Greg Palast Read on in the Morning Star

The Troika’s Men in Black and the Crime of Organised Money

Continuing to force states to finance themselves at high-interest rates is just a strategy to justify wage control, the privatisation of public services and, ultimately, to enslave peoples, says Juan Torres Lopez Spain has once again received a visit from the so-called Men in Black, the Troika inspectors, coming to elucidate if all is going as … Continue reading

Spain’s bad banking joke

Despite an infusion of tens of billions of euros funded by citizens now left with huge debts and a downsized welfare state, Spain’s nationalised banks are providing fewer loans to the credit-starved economy than private lenders. It’s all a very bad joke, says Vicente Clavero If something clearly reflects the huge bad joke being played … Continue reading

Italian lessons on privatisation

Privatisation has benefitted the very few, leading to massive job losses, delivering a bad deal for consumers and sowing the seeds of today’s financial and economic crisis, and yet the process goes on, says Marco Bersani. In an extract from his new book, Bersani surveys the case of Italy, home of one the world’s largest public … Continue reading

Margaret Thatcher: the architect of Europe’s crisis

Thatcher introduced to Europe the economic and political model that is now destroying it. Here’s some dedications from critics (from the European mainland) of the late British prime minister, who has received such lavish, and unwarranted praise, in recent days.  French Communist Party: For some she put an end to the “monopoly” of the unions, she … Continue reading

Spain’s police union slams Government’s ‘barbaric’ orders over eviction campaigners

In Argentina, escraches were people who organized demonstrations outside the homes of people associated with the dictatorship. In Spain, this term has been borrowed by the Platform for Mortgage Victims (PAH), to apply pressure in favour of a Popular Legislative Initiative on evictions, with some protests being held outside the homes of the leaders of … Continue reading

The Cyprus crisis and the ECB’s Darwinian turn

The Eurozone’s central bank is taking advantage of the Cyprus crisis to pursue European banking union through an open contest between the strongest and weakest countries, argues Emiliano Brancaccio We still do not know the outcome of the banking crisis in Cyprus but we can already draw some lessons from it for the future. Many … Continue reading

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