ECB http://www.globalpost.com/taxonomy/term/20276/all en G-20 summit: who's in charge? http://www.globalpost.com/dispatches/globalpost-blogs/europa/g-20-summit-whos-charge Elected leaders of 20 largest economies meet in Cannes and are confronted by a simple reality: there is very little they can do to sort Europe's mess while Greece is in political meltdown. <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/g-20-summit-whos-charge" target="_blank">read more</a></p> Angela Merkel David Cameron ECB euro zone crisis G-20 Greece Home IMF Italy Lehman Brothers Mario Draghi Nicolas Sarkozy Nouriel Roubini Silivo Berlusconi Twitter France Europe Germany Italy United Kingdom Europa GlobalPost Blogs Fri, 04 Nov 2011 11:04:00 +0000 Michael Goldfarb 5680277 at http://www.globalpost.com Euro zone crisis and celebritology - twin pillars of modern European life http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-and-celebritology-twin-pillars-modern-european-l <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Merkel continues to risk survival of euro with inflexible attitude while at a London hearing JK Rowling risks the survival of the tabloids with her heart-rending testimony. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> I really do wish there was something else to blog about besides the euro crisis - and I have a few links to another story below - but really, what else is there to write about if you live in Europa?<br /> And if you want to have a sense of what life must have been like in the latest 1920&#39;s and early 1930&#39;s following the floundering of Europe&#39;s leaders is the best way to achieve it.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-and-celebritology-twin-pillars-modern-european-l" target="_blank">read more</a></p> celebritology ECB euro zone crisis Harry Potter hedge funds Herbert J. Gans Home J. K. Rowling Jude Law Leveson Inquiry Sienna Miller France Europe Germany Italy United Kingdom Europa GlobalPost Blogs Fri, 25 Nov 2011 09:38:00 +0000 Michael Goldfarb 5682479 at http://www.globalpost.com The euro zone: the central bankers' latest view on the crisis http://www.globalpost.com/dispatches/globalpost-blogs/europa/the-euro-zone-the-central-bankers-latest-view-the-crisis ECB's Draghi calls for euro zone fiscal union, Bank of England's King calls for bankers to forego bonuses and use the money to prop up their balance sheets.<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/the-euro-zone-the-central-bankers-latest-view-the-crisis" target="_blank">read more</a></p> Bank of England bankers ECB euro zone crisis Home Mario Draghi Mervyn King Europe United Kingdom Europa GlobalPost Blogs Thu, 01 Dec 2011 12:22:00 +0000 Michael Goldfarb 5683020 at http://www.globalpost.com European Central Bank cuts interest, rules out 'bazooka' solution http://www.globalpost.com/dispatch/news/regions/europe/111208/european-central-bank-cuts-interest-rules-out-bazooka <p> ECB president Mario Draghi also promised to offer banks unlimited credit for three years; to cut reserve requirements for commercial banks; and to accept a broader range of assets as collateral for ECB loans.</p> <p><a href="http://www.globalpost.com/dispatch/news/regions/europe/111208/european-central-bank-cuts-interest-rules-out-bazooka" target="_blank">read more</a></p> ECB Europe Debt Crisis European Debt Crisis Debt Crisis Europe Global Economy Italy Thu, 08 Dec 2011 16:13:00 +0000 News Desk 5683704 at http://www.globalpost.com The thoughts of President Mario http://www.globalpost.com/dispatches/globalpost-blogs/europa/the-thoughts-president-mario European Central Bank president Mario Draghi tells European Parliament euro is strong and permanent<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/the-thoughts-president-mario" target="_blank">read more</a></p> ECB euro zone crisis Home Mario Draghi Europe Europa Mon, 19 Dec 2011 17:55:35 +0000 Michael Goldfarb 5684585 at http://www.globalpost.com Euro and "morbid speculation" http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation Christmas spirit distinctly absent as first step in euro zone rescue fails to unite EU members<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation" target="_blank">read more</a></p> Christmas Daily Telegraph ECB EU euro zone debt crisis Home IMF Mario Draghi The Guardian Europe United Kingdom Europa GlobalPost Blogs Tue, 20 Dec 2011 09:22:30 +0000 Michael Goldfarb 5684649 at http://www.globalpost.com Mario Draghi's plan begins to take shape http://www.globalpost.com/dispatches/globalpost-blogs/europa/mario-draghis-plan-begins-take-shape European Central Bank President makes low interest loans available to Europe's retail banks and guess what? they snap the cheap money up.<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/mario-draghis-plan-begins-take-shape" target="_blank">read more</a></p> ECB euro zone crisis Home Mario Draghi Morgan Stanley Regions Europe Italy Spain Europa GlobalPost Blogs Wed, 21 Dec 2011 14:24:08 +0000 Michael Goldfarb 5684799 at http://www.globalpost.com A Xmas spy story http://www.globalpost.com/dispatches/globalpost-blogs/europa/xmas-spy-story New biography reveals truth about Britain's top double-agent during WW II<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/xmas-spy-story" target="_blank">read more</a></p> Angela Merkel double agent ECB Hitler Home Nazis Nigel West Regions secret agent spies spy Third Reich World War II Europe Germany United Kingdom Europa GlobalPost Blogs Wed, 28 Dec 2011 10:53:26 +0000 Michael Goldfarb 5685275 at http://www.globalpost.com 2012: old economic story, new wrinkle http://www.globalpost.com/dispatches/globalpost-blogs/europa/2012-old-economic-story-new-lead-indicator <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> European Central Bank is lending money cheap to banks, and the banks are parking it back with the ECB </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p>Shortly before Christmas the European Central Bank made three-year loans available to <a href="http://www.globalpost.com/internal/section-config/europe">Europe</a>'s retail banks at extremely low interest rates in the hopes of boosting their liquidity.</p> <p>What the banks did with the money they borrowed was up to them - although the hope was they would buy lots of their nations' sovereign debt and thus drive down interest rates on these bonds.</p> <p>Instead it seems they are taking the money they borrowed and parking it back at the ECB.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/2012-old-economic-story-new-lead-indicator" target="_blank">read more</a></p> ECB Home Mario Draghi Regions Business Debt Crisis Europe Europa GlobalPost Blogs Wed, 04 Jan 2012 18:10:00 +0000 Michael Goldfarb 5685921 at http://www.globalpost.com Europe: Daily economic round-up http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-economic-round <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Draghi speaks, bonds sell, euro rises, markets calm </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> ECB chief Mario Draghi held his monthly news conference today and <a href="http://www.marketwatch.com/story/dollar-slips-ahead-of-europe-meetings-auctions-2012-01-12">re-iterated</a> he is not changing anything. Interest rates on ECB lending would remain at 1 percent. The bank plans to make further three year loans available for euro zone retail banks starting next month.</p> <p> The first tranche of three year loans was made available just before Christmas. Almost half a trillion euros was borrowed by around 500 banks. Since then almost as much money has been deposited every night at the ECB leading critics to say the banks were borrowing the money but not getting it out in to the general economy by lending to businesses or buying euro zone nations&#39; sovereign debt.</p> <p> Draghi told the press conference that the program was working.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-economic-round" target="_blank">read more</a></p> bonds ECB Home interest rates Italy Mario Draghi Regions sovereign debt Spain Business Debt Crisis Europe Italy Spain Europa GlobalPost Blogs Thu, 12 Jan 2012 17:32:57 +0000 Michael Goldfarb 5687116 at http://www.globalpost.com Euro zone crisis: has a corner been turned? http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-pause-reflection <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> The atmosphere is calmer these days - politically and in the bond markets. Why? </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> There is probably no riskier form of behavior for a blogging journalist than to claim that a corner has been turned in solving the euro zone&#39;s debt crisis but two weeks into the New Year it feels like something has changed - and changed for the better.</p> <p> It may be a moment akin to something in an episode of ER where the patient is in the emergency room and the crash carts have been deployed and vital signs have stabilized and the family - you and me and everybody in the world who understands that a euro crash will mean Great Depression MkII - are taking a deep breath, sipping tepid coffee, and feeling tentatively hopeful that the patient will make it.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-pause-reflection" target="_blank">read more</a></p> Angela Merkel bond markets ECB ER euro zone debt crisis France Germany Greece Home Italy Mario Draghi Mario Monti Nicolas Sarkozy Regions Business Debt Crisis France Europe Germany Global Economy Italy Europa Fri, 13 Jan 2012 12:52:00 +0000 Michael Goldfarb 5687235 at http://www.globalpost.com Euro zone debt crisis: focus returns to Greece http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Negotiators head to Athens to try and nail down agreement on bail-out </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> You may have thought the Greek crisis was pretty much over. After all the headlines from last November were: Greek bondholders agree to take a haircut and the country&#39;s Prime Minister George Papandreou resigns to be replaced by a technocrat named Lucas Papademos, who is more congenial to the needs of the EU&#39;s leadership in Brussels, and more important, to German Chancellor Angela Merkel.</p> <p> But as focus shifted to Italy and now to France, the Greek situation has remained bogged down in details. This week Greece&#39;s creditors in banks and hedge funds (not necessarily interested in the same outcome) plus representatives of the &quot;Troika&quot; (EU, IMF and European Central Bank) descend on Athens for an intensive round of negotiations with the Greek government.</p> <p> <a href="http://www.guardian.co.uk/business/economics-blog/2012/jan/15/greece-troika-debt-eurozone-crisis">Larry Elliott</a> at The Guardian has the best line of the day on the event. &quot;It is international finance&#39;s version of Sartre&#39;s Huis Clos, a vision of hell where three people who loathe each other are stuck in a room for eternity.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece" target="_blank">read more</a></p> athens ECB EU euro zone debt crisis France George Papandreou Germany Greece Home Huis Clos IMF Italy Jean-Paul Sartre Lucas Papademos Regions Troika Business Debt Crisis France Europe Germany Italy Europa GlobalPost Blogs Mon, 16 Jan 2012 09:54:32 +0000 Michael Goldfarb 5687512 at http://www.globalpost.com Italian prime minister calls for German help http://www.globalpost.com/dispatches/globalpost-blogs/europa/italian-prime-minister-calls-german-help <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Mario Monti urges German government to do more to help lower Italy's borrowing costs </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The new Italian Prime Minister told the <a href="http://www.ft.com/cms/s/0/4385a59e-4061-11e1-8fcd-00144feab49a.html#axzz1jhXUUqf5">Financial Times</a> that it was in Germany&#39;s &quot;own enlightened self-interest&quot; to help Italy and the other heavily indebted countries of the euro zone periphery to lower their borrowing costs.</p> <p> Monti, a technocrat appointed to replace Silvio Berlusconi, praised Germany&#39;s &quot;culture of stability&quot; as &quot;a precious German product [that] has been marvelously exported.&rdquo;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/italian-prime-minister-calls-german-help" target="_blank">read more</a></p> Angela Merkel ECB euro zone debt crisis European Central Bank Home Mario Monti Regions Business Debt Crisis Europe Germany Ireland Italy Spain Europa GlobalPost Blogs Tue, 17 Jan 2012 08:57:41 +0000 Michael Goldfarb 5687676 at http://www.globalpost.com Greece: Pimco calls for bigger bondholder "haircuts" http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Pimco is the world&#39;s largest bondholder and when its CEO Mohamed El-Erian speaks people tend to listen. Today the Greek newspaper eKathimerini has an <a href="http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/01/2012_422997">interview</a> with El-Erian in which he says the famous 50 percent haircut for Greece&#39;s bond holders is not enough.</p> <p> &quot;According to our analysis, 50 percent is not enough for Greece to restore credibly the conditions for medium-term debt sustainability and economic growth. A 50 percent haircut would still leave open way too many questions about Greece&rsquo;s economic and financial outlook,&quot; the CEO told the paper.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts" target="_blank">read more</a></p> ECB EU euro zone debt crisis Greece Home IMF Mohamed El-Erian PIMCO Regions Business Debt Crisis Europe Europa GlobalPost Blogs Tue, 17 Jan 2012 15:48:00 +0000 Michael Goldfarb 5687711 at http://www.globalpost.com Portugal: the new Greece http://www.globalpost.com/dispatches/globalpost-blogs/europa/portugal-the-new-greece <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Unsustainable bond yields being used to finance unpayable debts. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> In Portugal the numbers are all bad:</p> <p> The deficit is 9.1 percent of GDP. The economy is expected to contract by anywhere between 3.1 and 5 percent this year. It took a bailout from the EU, ECB, IMF &quot;troika&quot; of 78 billion euros ($102.6 billion) and will have a hard time paying it back because its credit rating is now <a href="http://www.bbc.co.uk/news/business-15873435">&quot;junk.&quot;</a> Five year bond yields yesterday broke a record: 18.9 percent. Three year bond yields hit 21 percent.</p> <p> Oh, and unemployment stands at a record 13.2 percent.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/portugal-the-new-greece" target="_blank">read more</a></p> Ambrose Evans-Pritchard ECB EU euro zone debt crisis Greece Home IMF junk Portugal ratings agencies Regions Simone Foxman Troika Business Debt Crisis Europe Global Economy Europa Fri, 27 Jan 2012 12:16:29 +0000 Michael Goldfarb 5689161 at http://www.globalpost.com