#STOPTTIP ‘ Over 2-Million Europeans sign Petition over Agreement between EU & US ‘

#AceFinanceNews – Featured Report:MOSCOW:June.08: More than 2 million Europeans have signed a petition against the controversial free trade agreement between the European Union and the United States, which critics say benefits big corporations, not citizens.

TTIP Protesters call Agreement a Trojan Horse'
TTIP Protesters call Agreement a Trojan Horse’

The Stop TTIP activists originally planned to reach the 2-million threshold by October 2015.

The European Commission is scheduled to vote on the TTIP resolution on Wednesday.

Last month, campaigners called on the European Union to vote down the investor-state dispute settlement, which has been their major concern in the draft deal as they say it favors foreign investors.

Anti-TTIP activists have repeatedly pointed out that the deal was negotiated in notable secrecy, without due government or expert oversight.

The Stop TTIP group also opposes a free trade deal with Canada, known as the Comprehensive Economic Trade Agreement.

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GREECE: ‘ Tsipras rejects Samaras proposal to join Government ‘

#AceFinanceReport – Featured Update:June.06: Greek Prime Minister Alexis Tsipras rejected opposition leader Antonis Samaras’ proposal to join the government and adopt a common stance on stalled debt repayment talks, Greek Deputy Defense Minister told Sputnik on Saturday.

' Greece Against them All '
‘ Greece Against them All ‘

“Mr. Samaras informed Mr. Tsipras through his speech that he would not accept any type of common front with Mr. Tsipras, unless Nea Demokratia became part of the government,” Costas Isychos said.

Tsipras addressed the Greek parliament on Friday after the latest failed attempt to reach an agreement on a bailout package with European lenders.

Samaras, former prime minister who lost this year’s election to Tsipras’ left-wing Syriza, lambasted Tsipras for lack of achievements in negotiations and called on him to “join the national consensus” offered by New Democracy.

“Mr. Tsipras did not agree on this,” the defense official told Sputnik.

Isychos added that European Commission President Jean-Claude Juncker’s plan was largely rejected by “most of the leaders of the opposition.”

“But at the same time [they] were in disagreement with Mr. Tsipras’ proposal to the institutions,” he told Sputnik.

Greece skipped a scheduled $330-million repayment to the International Monetary Fund (IMF) on Friday, offering instead to make a single payment by the end of June.

Under Athens’ current bailout deal with IMF, expiring at the end of the month, Greece is expected to repay a total of $1.8 billion.

Ace Related News:

Tsipras Timeline of Debt Management

@AceFinanceNews

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GREECE: ‘ Pensioners Take to the Streets to Voice Anger Against Austerity Measures ‘

#AceFinanceNews – GREECE (Athens) – October 05 – Greek pensioners have taken to the streets in the capital, Athens, to voice anger at austerity measures taken by the government of Prime Minister Antonis Samaras.

'Greek Penioners Demonstrate Against Spending Cuts '

‘Greek Penioners Demonstrate Against Spending Cuts ‘

Furious at the government’s plans to cut pensions and increase taxes, the demonstrators gathered in central Athens on Thursday and marched on the premier’s office.

The protest came a day after the country’s troubled coalition government announced that it would call a vote of confidence in parliament next week, shortly after Greece’s leftwing opposition, standing against the austerity measures, demanded early elections.

Samaras’ conservative-led coalition could be forced to hold an early election before March as it needs opposition backing in parliament to elect a new president.

“A vote of confidence? What vote of confidence? They have destroyed us all, our rights, everything…. They leave us nothing. What vote of confidence? None of them are trustworthy,” a protester told Press TV.

Referring to the vote of confidence, another demonstrator said the Greek people do not care for another government that will come and apply the same policies, adding, “A government that will solve our problems should come, but up to now we have not seen such a thing.”

The so-called conservatives are behind the anti-bailout opposition Golden Dawn party in opinion polls. Golden Dawn wants the government in Athens to renegotiate the terms of its 240-billion-euro (USD 302.5 billion) bailout deals with the eurozone and the International Monetary Fund (IMF).

Inspectors from the European Union and the IMF are now in Greece for their latest review of the country’s bailout program.

The bailout helped Greece refrain from filing for bankruptcy when it lost market access four years ago. However, the harsh austerity measures demanded in return for the loans have caused a dramatic increase in poverty and unemployment in the country.

Source:

#ANS2014 

#afn2014, #athens, #austerity, #demonstrators, #greece, #protesters

` Greece is Fully Financed for the Next 12 Months According to Eurozone Minister '

#AceFinanceNews – GREECE – April 01 – Greece is fully financed for the next 12 months, the chairman of Eurozone finance ministers Jeroen Dijsselbloem said on Tuesday.

The country does not want to ask the eurozone for a third bailout, although it is too early to say if it can fulfil that ambition, according to the official.

Full funding one year ahead is a condition for the International Monetary Fund (IMF) to disburse its part of the existing bailout.

According to (Reuters) Greece was cut off from markets in 2010 as the true scale of its debt burden became apparent. But after four years of painful measures to contain debt, two bailouts worth 240 billion euros ($330 billion) and a hit on private bondholders, the Greek economy is expected to return to modest growth this year.

Encouraged by falling bond yields, Greece is considering ending its four-year exclusion from bond markets by selling 1.5 billion-2 billion euros of five-year bonds in a test issue in the first half of the year.

The cash raised would complement money that Athens will get from the euro zone and the International Monetary Fund after a deal in March which unblocks the payment of overdue tranches.

The certainty that Greece will have enough money over the next 12 months to cover its expenses is important because it is a condition for the IMF to keep lending to Athens even after euro zone loans stop at the end of 2014.

“We had assurance from the Troika institutions that Greece is fully financed for the coming 12 months,” Reuters quoted Dijsselbloem as saying.

#AFN2014

#athens, #eurozone, #greece, #imf, #international-monetary-fund, #tranches

` Greece's Debt Problems have Caused the `Troika ' Problems Firstly with Handling and now Solving the Crisis '

#AceFinanceNews – ​EUROPEAN UNION – European lawmakers are calling into question the ability of the Troika to effectively deal with the crisis, and many are attacking its methods.

An investigation report due in April will look at the handling of the Greek sovereign debt debacle.

The probe by the European Parliament on how the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission (EC) monitored and helped to solve the euro debt crisis, which started in 2008, triggered by the US financial collapse.

“The Troika acts like a governor and visits it’s colonies in the south of Europe and tells them what to do. The measures that they come up with though are not always very effective,” Derk Jan Eppink, an MEP from Belgium who initiated the probe into the Troika, told RT.

The IMF has admitted it made mistakes in the handling of Greece’s first international bailout, but some EU lawmakers want more answers.

Findings are expected to be published in April 2014, a month before the next EU Parliamentary elections.

RT – Finance News and Media Sources

#AFN2014

#europe, #european-central-bank, #european-commission, #european-union, #greece, #greek, #imf, #international-monetary-fund, #troika, #us

` ` Greek Public Workers protest against thousands of job cuts demanded by bail -out conditions imposed by lenders ‘

#AceFinanceNews Greek public sector workers shut schools and left hospitals at emergency staffing levels Wednesday, Reuters reported.

They are protesting against thousands of new job cuts demanded by Greece’s foreign lenders. Doctors, teachers and school guards joined the 24-hour strike and planned marches to parliament.

Labour unions fear the centre-right Greek government will impose even more wage and pension cuts to meet the targets of its 240 billion euro bailout deal with the EU and IMF.

#AFN2014

#eu, #european-union, #greece, #greek, #imf, #reuters

” Mission of `International Lenders ‘will return to `Greece’ this week to`Review’ Reforms”

#AceFinanceNews say that `Eurogroup’ says troika to return to Greece this week, as there has been no progress in discussions with `Greek‘ authorities.

European Central Bank

A mission of international lenders will return to Greece later this week to review progress made in delivering on the country’s reforms, the chairman of euro-zone finance ministers, Jeroen Dijsselbloem, has said.

The International Monetary Fund (IMF), the European Commission and the European Central Bank interrupted a visit to Athens last year because there was no progress in discussions with Greek authorities.

This has held up disbursements of loans due since September 2013, Reuters said.

The main sticking point is how Athens would plug a gap in this year’s budget, estimated at 1 billion euro.

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#acefinancenews, #athens, #eurogroup, #european-central-bank, #european-commission, #greece, #international-monetary-fund, #jeroen-dijsselbloem, #reuters

Greece and Italy will make the Mediterranean region…

Greece and Italy will make the Mediterranean region and alternatives to austerity the main priorities of their EU presidencies in 2014, the two countries’ foreign ministers have said.
http://euobserver.com/political/121484

#acedebtnews, #european-union, #foreign, #greece, #italy, #mediterranean, #ministers

Change Is Happening But It Is Not Yet Time

Euro

Euro (Photo credit: Images_of_Money)

Nice Interesting article and l see many reasons for believing Gold will not yet peak! There is however one irrefutable reason it will drop in the future and that is an end of the Euro Zone! In the meantime, people are making good returns!

Adask's law

Michael Allen recently penned an article entitled “End of an Era for Gold Investors” in which he opined that price of gold had probably peaked and would decline over the next decade.  One of my readers of saw Mr. Allen’s article, sent a copy to me, and asked for my opinion.   

Mr. Allen’s article inspired some fears that I believe are unwarranted and even irrational.    Nevertheless, I probably wouldn’t have responded to Mr. Allen’s article, except that my reader was so frightened by Mr. Allen’s predictions that he was considering selling all of his gold–a course of action that I regard as irrational.

To say that I disagree with Mr. Allen’s prediction is an understatement.  

View original post 2,576 more words

#euro, #european-central-bank, #european-sovereign-debt-crisis, #european-union, #eurozone, #germany, #greece, #united-states

The Euro Will Eventually Go The Way Of The Dodo

English: The government debt of Portugal, Ital...

English: The government debt of Portugal, Italy, Ireland, Greece, United Kingdom, Spain (PIIGGS) against the European Union and Eurozone 2002-2009. Data from Eurostat. (Photo credit: Wikipedia)

European Union

European Union (Photo credit: Wikipedia)

National-Debt-GDP (Photo credit: Wikipedia)

On Thursday this week we were told that the 4th Euro Zone country may need a possible sovereign bailout of 100 billion Euros. The fact this amount as l reported previously has risen from 23 to 43 to 46 and now 100 billion by miscalculation of debt! It now appears that it is imminent in any case. This extract picked up at the time goes someway to explain the need but not the reason WHY?

Extract –

Spain’s troubles are mounting, with indebted regions asking the central government for help and borrowing costs at record highs. There are fears that the euro zone’s fourth-largest economy may need a full sovereign bailout even though the country has just received a €100 billion ($121 billion) rescue package to shore up its ailing banks.

The European Union is responding with plans for the temporary bailout fund, the European Financial Stability Facility (EFSF), to buy Spanish bonds on the secondary market in order to push down interest rates on those bonds, German newspaperSüddeutsche Zeitung is reporting on Thursday.

“If Madrid submits a request we are prepared to act,” an unnamed EU diplomat told the paper. Spanish Finance Minister Luis de Guindos has urged EU colleagues to authorize the EFSF to buy Spanish bonds. He met German Finance Minister Wolfgang Schäuble on Tuesday and French Finance Minister Pierre Moscovici on Wednesday.

The bank bailout for Spain is a prerequisite for the EFSF to buy bonds because EFSF rules state that this kind of financial aid is only permitted if the affected country has an unresolved banking problem, Süddeutsche said. “We hope we can calm the markets now,” it quoted the EU diplomat said as saying.

So how is it these countries have got into this position, as night follows day  Greece began the need for X billions but with no GDP to repay what they owe! So then along comes the fourth largest economy and this time they want a lot more again what can they repay it with! At present they have massive debts and much of this debt is never ever going to be repaid!

Reason –

It is invested in a dwindling asset such as property, which 20 years ago had the same problem, it crashed and many people lost their homes! Another 10 years further on and we are back there this time not 100’s of thousands are owed but billions and in some cases overall debt in the world amounts to http://www.usdebtclock.org/world-debt-clock.html well take a look at how it rises second by second and it will amaze you!

So we got here by wanting more to buy more and then our GDP would rise more but of course so would our debt’s When you lend without any form of financial management you are being what can only be called as cavalier or reckless with your lending policies! By this method we lend billions to a country to bail it out for covering their debts for 3 months and in some cases 1 month. Is this not reckless lending and not considering in 1 month what this country will do, let alone having increased their debt! The best solution our EU leaders can come up with is this extract!

Extract 2

‘The Best Solution’

Berlin has made no official statement on Spain’s request but sources close to the German government said it wasn’t opposed to bond purchases in principle. Such a move would have to be signed off by a German parliamentary panel consisting of nine lawmakers made up of members of all the five parties represented in parliament. Chancellor Angela Merkel‘s center-right coalition has five parliamentarians on the panel.

The French government supports bond purchases. French President Francois Hollande on Wednesday called for rapid and decisive help. 

Words like rapid and decisive help this will be the same rapid and decisive help for Greece that has dragged out month after month after month, anyone remember Greece’s first request it was May 11th 2010 as reported by the WSJ and it stated in this post –

Wall Street Journal – May 11th 2010 –

Greece to Request First Aid Tranche

ATHENS—Greece on Tuesday will formally submit its request for the first tranche of aid from the European Union and on Wednesday will receive the first installment of financial support from the International Monetary Fund.

“We will be submitting the formal request for the transfer of €14.5 billion [$18.54 billion] from the EU.

The figure was 14.5 billion Euros was what they asked for and the upshot was this from an extract in Wikipedia

Extract 3

The downgrading of Greek government debt to junk bond status in April 2010 created alarm in financial markets. On 2 May 2010, the eurozone countries and the IMF agreed on a €110 billion bailout loan for Greece, conditional on the implementation of austerity measures. In October 2011, Eurozone leaders agreed to offer a second €130 billion bailout loan for Greece, conditional not only the implementation of another austerity package, but also that all private creditors should agree to a restructure of the Greek debt, reducing the debt burden from a forecasted 198% of GDP in 2012 to a more sustainable level at 120.5% of GDP by 2020.

The amount was not 14.5 billion but 100 billion in May 2010 and a further amount of 130 billion in October 2011 and the provisions agreed would be reduce debt burden from 198% of GDP in 2012 to a more sustainable level of 120.5% of GDP by 2020.

My simple overriding question is HOW? Can any country reduce their debt burden when they borrow such vast amounts! Would it not have been better to stage manage a small tranche of funds are requested and monitored their economy closely for where the problems were before this commitment to lending such a vast amount!

I can see Spain going the way of Greece and eventually the Euro going the way of the dodo!

Nobody can sustain 120.5% debt burden and repayment is not achievable in any case, given the present global financial situation!

#angela-merkel, #european-financial-stability-facility, #european-union, #german, #greece, #suddeutsche-zeitung, #spain, #wolfgang-schauble