<![CDATA[UKIP MEPs]]> MemHT Portal <![CDATA[EU & Global news - 17 May 2012]]> Nigel Farage launches EFD campaign in Dublin
Fiscal Treaty poll: Pressure on Yes vote as 35pc 'don't know'
PM warns it's make or break for the euro as Greek exit looms
'We're in perilous economic times': Cameron calls for eurozone (federalising) action as experts warn Britain faces depression lasting a decade
Bank of England governor says Euro zone 'tearing itself apart'
Mervyn King and the Politics of Uncertainty
Eurozone: Lamont warns against 'crisis with no end' (Radio 4)
Oborne: What on earth is Britain doing trying to save the euro?
European Commission should be EU government, says Germany
Debt crisis: Greek euro exit looms closer as banks crumble
ECB’s Draghi concedes Greece could leave eurozone
ECB stops lending to some Greek banks
'Vulture funds' circle as Greece fears grow
Greece struggling to manage asylum seekers
Greece: Caretaker cabinet takes over until new elections
Greece: Parties switch attention to new elections
Euroland's €1 trillion question: after Greece goes, can Spain stay in?
Nationalized Spanish Bank Plummets On News Of Bank Run
The ECB Presents: Inflation Island
NATO Secretary General Rasmussen wants a more globally militant 'Europe'
US Military Detention Law Blocked by New York Judge
]]> <![CDATA[EU & Global news - 15 May 2012]]> Germany demands Britons pay another £1bn to bail out euro
Even Europhiles now believe the euro is not worth saving
Ed Balls backs calls for some kind of referendum on Europe, some day
Billions wiped off value of shares as Merkel admits Greece could quit the euro
Talk of Greek exit from eurozone gathers pace
Juncker slams Greek euro-exit 'propaganda'
Four out of five Greek voters still committed to the euro: will the Greek anti-austerity parties blink first?
Greek politicians urged to end the deadlock and form a government as financial markets tumble
Greek president proposes forming government of technocrats
Greece to pay May 15 bond
Why A Greek Exit From The Euro Would Mean The End Of The Eurozone
Portugal's Progress Won't Guarantee Funding
Moody's Downgrades 26 Italian Banks: Full Report
Backlash in Europe threatens to derail austerity measures
Swedes' support for the euro hits new low
Bundesbank Confirms German Gold Held By FED, BOE and Banque De France
Must Read: "Another Perspective"
Terrorist groups kill 23 Syrian soldiers in Rastan
Al-Qaeda behind terror attacks in Syria, Russia warns
]]> <![CDATA[EU & Global news - 14 May 2012]]> Go to Britain for benefits says EU
William Hague sounds unenthusiastic about an in/out European referendum
Britain to share costs of Greek exit
Euro collapse will have huge impact on UK says Cable (and Darling warns we'll have to feed starving Greeks)
Eurozone in 'very political' meeting on Greece and Spain
Pivotal Greek party leader predicts failure of coalition talks
City panel says Greece looks increasingly likely to exit euro
Irish referendum: Coalition confident of 'stimulus package' EU deal before fiscal vote
Sinn Fein refuses to say how it will vote on EU permanent bailout fund (ESM)
Angela Merkel dealt further blow by German voters in key state election
Spanish banks given 15 days to plan how to raise €30bn or face 'nationalisation'
Iberia Implodes To 17 Year Lows As Stigma Trade +200%
Tens of thousands join protests across Spain
Italy: Soldiers may be deployed 'to protect Italian tax offices'
Ageing Europeans need to work longer and expect less, report says
Meet The Latest Converted Gold Bug: The IMF
Banking lobby group urges EU to vote against cap on bonuses
NGOs highlight Israeli destruction of EU-funded projects
The New European Serfdom
Water: why we are paying more and getting less
Germany Faces Energy Disaster Next Winter
Lying climate scientists lie again – about death threats, this time
US: 200 Year Supply Of Oil In One Single Shale Formation
]]> <![CDATA[EU & Global news - 11 May 2012]]> Bagehot: The chances of a British referendum on EU membership are growing
Tory Plans for an EU Referendum are Baffling and Incoherent
Conservative Home: Could George Osborne's leadership ambitions deliver a referendum on the EU?
"Civil war" erupts at Tory event
Spanish banks need €100bn amid international aid warning
EU Downturn Seen Worsening
Mario Goldman-Sachs Monti Seeks Mediator Role in Europe
Germany: eurozone would survive Greek exit
Commissioner Andor endorses German calls for wage increases
Ode to Growth: A spectacle for the Plebs
Previewing Europe's Heavy Sovereign Issuance Flow
Francois Hollande threatens to block eurozone's new financial treaty (as the socialist new president slowly weans voters off his electoral promises)
President Hollande: less able to bring change than his public expects
Full Letter From Greek "Anti-Bailout" Coalition Leader Tsipras To "The European Leadership"
Anti-bailout coalition soars in popularity ahead of possible second Greek election
Greek finance minister and EU apparatchik Evangelos Venizelos calls for socialist unity
Irish referendum: Gaelic Athletic Association names aim to aid pro-treaty side score
Rosenberg: Gold 'going to $3,000'
S&P report: A $46 trillion perfect credit storm may be brewing
Don Rasmussen: Media Shows No Signs of Understanding the Ron Paul Strategy So Let Me Explain it
Spicing the Swindle: Club of Rome sees 2 degree Celsius rise in 40 years, 2.8 by 2080
War on Terror: Baby, 18 months old, ordered off plane at Fort Lauderdale airport
]]> <![CDATA[EU & Global news - 10 May 2012]]> Baroness Warsi Guilty Of 'Self-Destructive Lunacy', says Tory MP
Why the Tories are shaping up for another one of Cameron's 'cast-iron guarantees'
More than £25bn wiped off UK's biggest companies as Greece and France spook investors
Eurozone crisis: Angela Merkel forced to postpone 'fiskalpakt' ratification
Merkel delays ratification but Kenny vows to plough ahead
Eurozone blocks €1bn of aid amid Greek uncertainty
Greek left party says it will scrap bailout deal
European stock markets tumble amid fears that Greece will crash out of single currency
Euro could survive Greek exit, predicts HSBC chief
Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern
German central bank breaks anti-inflation taboo
EU Commissioner Rehn says no relaxing of budget goals for Dutch
Crisis escalates as insurrection breaks German control of Europe
IMF tells Germany to do more for eurozone
Europe's Most Parabolic Chart Goes Parabolic-er
Barroso pushes €10bn anti-austerity investment plan
EU watchdog forced out over links to 'Frankenstein food' firms
"Europe Has Started The Endgame" And Biderman Says "The US Is Next"
The Chicanery Between The Fed And ECB
...more chicanery here
Federal Reserve Subcommittee Hearing on Reforming or Abolishing the Fed (Opening statement)
Would-be underwear bomber a double agent, CBS reports
]]> <![CDATA[EU & Global news - 8 May 2012]]> Will the British Right ever be the same again?
Howarth: If the Conservatives’ UKIP problem looks bad now, wait until 2014
With Cameron limping from one bad week to another, a leadership contest cannot be far away
Vince Cable says it's time "to close down the red tape factories of Brussels”
First coalition attempt fails in Greece
Fitch Sets The Stage: "Greece Leaving The Euro Would Be Bearable"
Spanish banks stoke fears of costly bailouts
European Spreadwatch Alert As Italian Bank Borrowings From ECB Rise To New Record
Candidates against austerity lead in Italian vote
EU plans measures against Argentina over Repsol
Escobar: Hollande wants to end dollar era, will clash with US (RT video)
Stop killing civilians or strategic pact is off, Karzai tells US
Ron Paul continues to nip at Mitt Romney's heels
]]> <![CDATA[EU & Global news - 4 May 2012]]> Nigel Farage on local elections: UKIP made 'good progress'
Guido Fawkes: Time to Bring Farage Home
Vote 2012: Reaction to local election results
Local elections: Ukip and Respect gain ground
Ukip enjoys record local election results
EU plot to scrap Britain
Britain on course to lose vote on EU banking rules
When Peter Mandelson starts calling for an EU referendum...
Mandelson kicks off new pro-euro campaign
Mandelson: Federal Europe Is Inevitable
Central planning: ECB's Draghi calls for ten-year EU growth plan
Draghi: euro countries to lose even more sovereignty
Eurozone debt crisis: Europe’s nations must break free from the Brussels straitjacket (Czech President Vaclav Klaus)
Dutch austerity package 'too vague'
Greek elections to usher in anti-bail-out parties
Sarkozy sinking as voters declare Hollande winner of TV debate
Farmers fear EU law could harm pork industry
The optimistic message of Fritz Vahrenholt, climate dissenter and CEO of RWE Innogy
GOP race 2012: This Primary Contest Has Only Just Started (Video - Ben Swann, Reality Check, Fox19)
Another rock-star welcome for Ron Paul (video, Fox40)
]]> <![CDATA[EU & Global news - 3 May 2012]]> Labour ten points clear of Tories as Britain goes to the polls, UKIP and Lib Dems at 8%
Cameron's downhearted troops must be seething at this - Farage
Peers warn against transactions tax
No EU deal on banking rules
Osborne says he won't sign Britain up to 'idiotic' Basel III plan
Greek FM Venizelos warns voters against anti-euro parties
Ireland: No vote would rule out access to euro bailout funds, says Referendum Commission
What will the French presidential election mean for Europe? (Open Europe analysis, pdf)
Spain, EU suffer new blows in Latin America
The euro crisis just got a whole lot worse
Mixed Results As Spain Sells More Bonds Than Expected, But Pays Up As Yields Again Spike - Analyst View
Spanish homeowners rally together to fight evictions by banks
Biderman: "Bankers Are As Dumb As Politicians" (video)
The Official Bankster Dictionary
Polish President: Euro2012 boycott based on ulterior motives
EU-Turkey tensions resurface over NATO summit
Leaked U.S. Army Document Outlines Plan For Re-Education Camps In America
GOP Race 2012: What the media are failing to report
Forget The Nomination: Ron Paul’s “Revolution” Is Taking Over The Republican Party
]]> <![CDATA[EU & Global News - 2 May 2012]]> Judges to discuss Qatada appeal
Mass austerity protest across Europe
The natives are getting restless all over Europe
Flaherty: The eurozone should sort out its own mess
Investors flee Eurozone as crisis deepens
Europe needs creativity not billions of euros, says German Chancellor Angela Merkel
Merkel Rejects 'Stimulus' Packages for Growth
Sarkozy fails to convince far-right vote as Le Pen urges her supporters to abstain
Electoral silence on France's slow economic decline
Wilders wants Netherlands out of EU
Euro area unemployment rate at 10.9% (Commission release)
EU Ministers in bid to agree stricter rules for banks without touching on fundamentals
How Estonia did it (or why joining the eurozone spelled an end to it)
Germany starting EU-wide gun uber-registry
Criminals ride 'climate aid' bandwagon but Eurodad steps in to saveguard the money trail
How to get fired in under 5 mins (Judge Napolitano, final words, followed by abrupt cancellation of Freedom Watch - viral video, Fox Business)
]]> <![CDATA[EU-Global News & Analysis - December 2011 (23)]]>
23 December 2011

No10 plays down German move to support diluted Euro treaty
Britain started war of words over credit ratings, insists French foreign minister
New Open Europe briefing: The ten lessons the UK Government should draw from Cameron’s EU 'veto'
Chris Huhne attacks Tory Eurosceptics over 'semi-detached' stance on Europe
Tebbit: Nick Clegg is a worse Deputy PM than John Prescott
ECB prepares to solve debt crisis by printing more euros
Cheap ECB 3-year loans: What monetary policy failure is all about
From the horse's mouth: debt crisis is causing a dangerous 'dependence on central banks'
ECB's Stark warns against IMF funds for eurozone
Italian senators give austerity budget final approval
Italy Goes The Full Monti: provides €40bln collateral to ECB in newly issued Italian debt
Outgoing European Parliament president Buzek was close to losing his EU faith during term in office
Lib Dem MEP Liz Lynne quitting parliament over 'travelling circus'
Franco-Turkish relations hit new low on genocide bill
Ratings agency Fitch warns US of possible credit downgrade
The UN’s Global Warming Absurdity
US/UK missiles hit Iranian village day before Hormuz war ‘game’
Deadly US air strike over Pakistan was 'a catalogue of communications failures', no ill-intent chaps
Syrian government blames al-Qaeda for twin explosions at security sites in Damascus
Islamist Libyan rebel leader sues Britain over rendition ordeal

22 December 2011

European Court of Justice (Luxembourg) says asylum seekers can stay in Britain
European courts should stay out of British justice
Unfair welfare: EU wants Britain to take care of non-citizens (with RT video)
EU orders Britain not to send asylum seekers back to Greece because the country is so broke
David Cameron ‘EU-turn over treaty’
Bundestag prepares to scrutinise EU fiscal treaty
Analysis: Draft Agreement on Reinforced Economic Union (REU Treaty) - PDF
Bank of England chiefs prepare for break-up of eurozone
Banks queue up for €490bn worth of cheap ECB loans
Eurozone zombies follow Mario Draghi's cheap money
ECB's €489bn loan to eurozone banks fails to calm markets
Massive Lending Operation: ECB's Risky Plan to Flood Banks with Cash
German aversion to the ECB printing money isn't about the 'national psyche'
ECB Stealth QE Euro 489 Billion Money Printing to Prevent Eurozone Banking System Collapse
Federalist MEP sees crisis as an opportunity to sell 'solidarity union' to the public
RBS chief Hampton expects 'small country' to leave euro
EU breaks its own ruling on water hydration claims
Carbon scam crumbling as more studies surface in the mainstream
EU green tax to add £80 to flights to US
French firm Amesys, criticised for selling to Gaddafi's Libya, offers customers "lawful or massive interception" of telecommunications (PDF)
Britain's new year resolution: intervene in Somalia
New Bill Authorizes Rendition of American Citizens Living within the United States to Other Countries for Torture

21 December 2011

Lord Pearson's bill passes third reading in the Lords: MPs to debate EU membership pros and cons
Britain's AAA status is at risk, Moody's warns
Good news for Cameron: Britain can blame its triple-A warning on the euro
Bank of England: Brussels is an obstacle to reducing risk (Nice one, Sir Mervyn)
IMF chief discovers 'dark clouds of risk' for world economy
The Guardian's Sparrow interviews Nigel Farage
Doubts increase over usefulness of new fiscal treaty
Euroland euphoria on Mario Draghi bank rescue
ECB offers three-year cheap loans to banks
Greece negotiates creditor debt-swap deal
EU warns Hungary over Central Bank independence
EU made 'mistakes' in euro-crisis response, says Polish minister - banks should not have been asked to take a loss before assuring them of getting it back
EC proposal would help firms hit by bribery ban
British women need lessons in housekeeping says Brussels
Europe Faces Global Isolation, Retaliation Over Green Tax On Airlines
China joins legal battle against EU aviation tax
Anti-shale gas propaganda film debunked
Lord Christopher Monckton: Thou Shalt Not Question The UN Climate Gods! (Video)
Europe's Green Lobby Fighting For Survival
Beware the Coming Bailouts of Europe, by Ron Paul
Ron Paul on the Tonight Show with Jay Leno
US General: We Can Successfully Attack Iran

19 December 2011

We'll soon forget the David Cameron 'veto' that never was
If you fail to seize your moment, Mr Cameron, it will be lost in time
David Cameron's treaty veto delivers poll bounce, but voters want a referendum
New treaty gets EU legal clearance, UK sidelined
Britain's future lies out of the EU and into the world
EU demands £25bn lifeline from the UK
IMF Loans Likely To Fall Short Of €200 Expected As UK Pulls Rescue Funding
EU conference call to seek clarity on IMF funding
UK banks' eurozone 'zombie' fears
Divisions in eurozone over ECB bond-buying
Watch Mario Draghi Predict The Future (video)
Securing treaty change will be a hard sell
New treaty in force when 9 countries have ratified
As EU presidency nears end, Poland vents frustrations
Europe's new treaty: Towards a multi-speed Union
France lose its credit rating? 'It should be the UK!' blasts head of central bank amid rising tensions between London and Paris
French seek to heal rift with Britain as suddenly they are the isolated ones
French are felled by triple whammy: Now it's Sarkozy who's out on a limb as UK banks pull funds, Germans side with Cameron and CLEGG attacks their PM
Psssst France: Here Is Why You May Want To Cool It With The Britain Bashing - The UK's 950% Debt To GDP
Fitch warns Spain and Italy of downgrade as Moody's cuts Belgium by two notches
French credit downgrade could come 'within days'
Euro at risk if countries fail to play game of carrot and stick
The harsh reality is that the EU has already failed
Euro won't last another 12 months warns Boris, as evacuation plans are drawn up to bring one million Brits home from Europe if currency collapses
Why the euro turkey is well and truly stuffed
BCG Presents The One Chart To Explain The Implications Of Leaving The Euro
Are we really heading for a second Great Depression?
Three Charts That Blow The Doors Off Any Hope Of A 2012 Rally
Monckton to pursue fraud charges against Climategate scientists
Climategate's Smoking Gun
New Poll: Ron Paul Leads In Iowa, Gingrich Imploding

15 December 2011

Europe: Voters liked the veto – now they want more
A split Coalition weakens Britain's voice in the EU
IMF seeking £30bn more bailout cash from Britain to prop up ailing euro
US Republicans try to kill IMF eurozone bailout
Struggle to define central bank role
Irish voters face Hobson's choice over euro
A referendum would mean a vote on Ireland's EU membership - Noonan
Ireland must not 'cling on to coat-tails of the UK'
Barber: Cameron's stupendously inept negotiating tactics at EU table
Cameron phones potential eurosceptic allies
Euro: Other Countries May Have Pact Doubts
Euro Zone Deal Runs Into Second Thoughts
EU 26 fight to stop pact unravelling
Leaders Grow Further Apart on Solutions
Merkel defends EU deal in parliament
Denmark stuck in EU treaty quagmire
Majority of French oppose fiscal treaty
'Cameron behaved like an obstinate kid at Brussels summit,' sneers Sarkozy
Fitch downgrades European banks
Eurozone crisis poses military risk, warns defence chief General Sir David Richards
Iran will close Hormuz if attacked
Morocco expels EU fishing boats

14 December 2011

Britain needs to plan its Great Escape from Europe
Van Rompuy announces review of resources for EU rescue fund
Confusion over Britain's £30bn share of IMF rescue for Europe
Mad IMF 'rescue' plan collapses
General Election 2012? Opinion Poll Gains For Tories Prompt Speculation
The Guardian: What do you want to ask Nigel Farage?
Britain's EU rebate called into question
EU Out to Get Britain - for a 'veto' that is not?
Bumpy ride for fiscal compact in Dublin, Prague, Helsinki
Polish opposition: EU fiscal treaty means German rule
Thousands of Poles protest against new EU treaty
Euro in a tailspin: Rescue deal for single currency under threat as markets take a fright
Euro Drops Under 1.3000 Following Record High Yield On Italian 5 Year Auction
IMF slashes growth forecast for Greece
Greece: bailout makes things worse
Delay for €130bn Greek bailout
'EU uses euro collapse threat to blackmail taxpayers' - German MP Frank Schaeffler (video)
EU Economic governance "Six-Pack" enters into force
Member states lose money on incorrect import VAT
Cameron's Veto May Herald End of Britain's EU Membership (Spiegel)
Jeremy Warner: Cameron veto took focus off yet another EU failure
'Cleansed' Libyan town spills its terrible secrets
Russia slams West anti-Syrian stance
Iowa poll: Ron Paul closes in on Newt Gingrich (Public Policy Polling)

13 December 2011

David Cameron rules out referendum on EU membership (Telegraph)
Coalition discusses EU veto for an hour after Clegg snubbed PM's appearance in Commons (Mail Online)
Barroso says UK demands were 'risk' to single market (First Post)
EU warns Britain: financial rules apply to you too (The Guardian)
IMF euro rescue starts to unravel (EUobserver)
Brussels to handle new treaty provisions, says Rehn (EurActiv)
New EU rules 'ready by March' (Irish Times) - and what about Britain's 'veto'?
Political, Legal Challenges to Summit Deal Emerge (WSJ)
EU: Czechs, Sweden and Hungary unsure on summit deal (BBC)
Kenny will decide in March on referendum (Irish Independent)
Euro rescue plan fails to lift markets (Daily Express)
EU leaders fail to convince rating agencies (EurActiv)
Britain's EU rebate called into question (EUobserver)
EU commissioner picks fight with London after UK veto (EUobserver)
Europe 'plotting revenge on the City' following David Cameron's veto (This is Money, Mail)
Sarkozy: UK decision has created 'two Europes' (EUobserver) - because the UK 'veto' is magically no veto at all
Once everything is over, Padania will print its own currency, says leader of Lega Nord (Il Sole 24Ore - Italian)
Where we are now (Nelson, The Spectator Blog)
Lise Hand: Lisbon Treaty III is lurking in the wings like a pantomime villain (Irish Independent)
Interior ministers divided on EU border controls (EUobserver)
Climate scientists: not evil, maybe a bit stupid, definitely in a world all of their own (Delingpole, Telegraph Blogs))
UN Climate Summit Fails on Binding Treaty, But Danger Remains (The New American)

12 December 2011

Cameron faces questions over EU summit decision (BBC)
Clegg is all hot air: He and his party would be wiped out if he quit the coalition (Mail Online)
Cameron protects financial interests in Eurozone spat but not the national interest (The News Alliance)
Was Cameron responding to the imminent mass exodus from Conservative to UKIP? (The Economic Voice)
Can Cameron now expect a “veto-boost” in Feltham? (Politicalbetting.com)
The referendum on Europe that Dave can't avoid (Mail Online)
Britain's veto can't stem flood of City regulation from EU (The Telegraph)
'Clumsy' Cameron's walkout a blessing for Europe, says France (The Independent)
Nigel Farage interview on Marketplace.org
Is is the EU and not Britain that is becoming isolated (McKinstry, Daily Express)
400,000 workers shut out of pension schemes due to EU rules (Telegraph)
Britain should still withdraw from the EU (Mail Online)
Merkel's Teutonic summit enshrines Hooverism in EU treaty law (Evans-Pritchard, Telegraph)
Printing more money might not work, BIS tells Bank of England (Telegraph)
Member states call for better monitoring of funds under cohesion policy (New Europe)
Moody's says EU lacks decisive policy measures (BBC)
France election: Villepin to stand for president (BBC)
UK green targets get even tougher... but renewable energy 'still won't keep lights on' (Mail Online)
EU to begin work on implementing pledge to renew Kyoto Protocol (Irish Times)
World Government Climate Deal Fails In Durban (Infowars.com with BBC News video)
Monckton at Durban: What the Media are Not Telling You (Infowars.com with video)

11 December 2011

The road ahead for Europe? (Daily Express)
Nigel Farage on Greek Radio (Youtube)
Poll: UKIP on 8% ahead of Lib Dems on 7% (pg.7)
More than 80% of Tories say they want Cameron to offer a referendum on EU treaty (Mail Online)
Clegg 'fury over Cameron EU veto' (Daily Express)
Dan Hannan: You're not happy about a Fiscal Union? FU! (Telegraph Blogs)
Relegated UK must leave EU, says Andreasen (Telegraph)
The moment, behind closed doors, that David Cameron lost his EU argument last night (The Economist)
Europe's blithering idiots and their flim-flam treaty (Evans-Pritchard, Telegraph)
EU to provide $270 bn to IMF (ONI)
EU Backs $267 Billion for IMF as Draghi Hails Fiscal Pact (Bloomberg)
German central bank eyes 45 billion euro credit line to IMF: report (Reuters)
US threatens EU with $10bn in sanctions (Financial Times)
The Guardian: The only way out is for the ECB to start printing euros (lots of them)
EU summit: This emergency plan is great news - if you're a bank (Guardian)
Irish FM: Referendum on EU deal will be held if needed (Irish Times)
Spain Brain Drain: Eurozone crisis forces brightest abroad (RT video)
Analysis - Czechoslovakia: a currency split that worked (Reuters)
European Union hails 'historic breakthrough' at UN climate talks (Economic Times)
Durban climate change: Talks descend into farce (Telegraph)
UN Calls For Eco-Fascist World Government At Durban Summit (Infowars.com)
Lord Christopher Monckton: The Coming New International Climate Court 1/2 (Youtube)
Lord Christopher Monckton: The Coming New International Climate Court 2/2 (Youtube)
Iowa GOP Debate: Ron Paul Highlights (ABC, Youtube)

09 December 2011

EU suffers worst split in history as David Cameron blocks treaty change
Cameron refuses to sign new EU treaty
EU leaders embrace 'fiscal compact' demanded by European Central Bank
Eurozone backs crisis treaty bid
UK left out as 26 EU countries forge ahead to draft new treaty on EU economic governance
This EU summit will accelerate a euro break-up not slow it down or save it
Eurogeddon? Fear not, it's all under control, says ECB chief Draghi, we won't let it happen
ECB dashes sovereign bond hopes but offers support for banks
Draghi steps in to help banking system but says eurozone is on its own
European banks must raise €115bn of capital
Stop criticising Merkel, Danish PM says
Clutching At Desperation Straws - China To Bail Out Europe... Again
“Merkozy” Letter to EU: Now Is the Time to Strip Countries of Sovereignty
Croatia signs accession treaty
Montenegro and Serbia fail to get EU candidate status
Mainstream media making viewers more uninformed? (RT video)
what the media are not telling you - Lord Monckton reports from UN Climate Summit in Durban
From Father Christmas to the governing class, by Christopher Monckton
UK faces threat of EU legal action over decision to halve solar subsidy
Armed gangs blow up Syrian oil pipeline

08 December 2011
 
David Cameron faces another revolt from the ranks as Tory rebels demand referendum on euro deal
Eurozone debt crisis: David Cameron failing to stand up for Britain says Douglas Carswell
David Davis leads mutinous Tory MPs in demand for referendum as Cameron heads to make-or-break Euro summit
Boris calls for referendum
Owen Paterson: A referendum on the EU is inevitable
Paris and Berlin revisit tax base plan
Europe tax could cost 500,000 jobs in UK
Legal gymnastics cause confusion in Brussels
Franco-German 'stability pact': A coalition of the willing to save the euro?
France and Germany detail sweeping changes to eurozone set-up
Mario Draghi to drag out ECB rescue
Euro CDS Spike As Draghi Shatters Rumorville
Here Come Draghi, Sarkozy And Merkel - Presenting Drakozel
Turkey to EU: say goodbye to democracy and start printing money
A treaty too far?
Poll finds 90% of Swedes don't want to join euro
 
]]> <![CDATA[Eurozone finance ministers approve extension of EFSF: statement in full]]> • 30 NOV 2011

The Telegraph

Euro zone finance ministers agreed on Tuesday to increase the capacity of the European Financial Stability Facility (EFSF) bailout fund. Here is the full text of a statement from the EFSF:

Euro area finance ministers agreed on November 29 on the terms and conditions to extend EFSF's capacity by introducing sovereign bond partial risk participation and a Co-Investment approach.
 
Ministers also adopted amended EFSF guidelines concerning intervention in the primary and secondary debt markets and precautionary credit lines in order to use leverage.
 
Klaus Regling CEO of EFSF commented: 'Both options are designed to enlarge the capacity of the EFSF so that the new instruments available to the EFSF can be used efficiently.'
 
Under the partial risk protection, EFSF would provide a partial protection certificate to a newly issued bond of a member state.
 
The certificate could be detached after initial issue and could be traded separately. It would give the holder an amount of fixed credit protection of 20-30 percent of the principal amount of the sovereign bond.
 
Read entire article
]]> <![CDATA[Desperate eurozone chiefs look to IMF as lender of last resort]]> • 30 NOV 2011

Desperate eurozone chiefs look to IMF

By Leigh Phillips | EUobserver

BRUSSELS - With little interest materialising in the private sector to boost the eurozone's rescue fund, the region may ultimately be forced to turn to the International Monetary fund (IMF), eurozone finance ministers conceded on Tuesday (29 November).

First talks on the idea looked at options on how to leverage the rescue mechanism, the European Financial Stability Fund, or possibly open new IMF credit lines.

The latter option could see the European Central Bank channelling loans to the IMF and then on to embattled eurozone states. The ECB and Germany have stubbornly resisted the idea of the Frankfurt institution to lend directly to governments, but with strong IMF conditionality attached to such cash, ministers are hoping the fudge will be sufficient to win over opponents.

"We also agreed to rapidly explore an increase of the resources of the IMF through bilateral loans, following the mandate from the G20 Cannes summit, so that the IMF could adequately match the new firepower of the EFSF and co-operate even more closely," eurogroup chairman Jean-Claude Juncker told reporters after the meeting.

The desperate turn to the international lender comes as efforts to achieve a boost in the fund’s firepower to the hoped-for €1 trillion failed.

Read entire article

See also:
Eurozone rescue plan enters endgame (EurActiv)
Eurozone may ask IMF for more help as crisis deepens (Irish Independent)
Eurozone agrees to explore ways to boost IMF bailout fund firepower (The Telegraph) ]]> <![CDATA[Holding the EU together by Money Printing and Force]]> • 30 NOV 2011

International Business Times | By Greg Hunter

The European Union is frantically trying to come up with a plan to fix the debt crisis that is threatening to cause a worldwide financial calamity. It seems every day there’s a new idea to save the union. The latest is some sort of backdoor bailout through the International Monetary Fund (IMF). Why doesn’t the European Central Bank (ECB) just take care of the bailout by itself? It legally can’t according to the treaty that formed the European Union. That hasn’t stopped the central bank from bailing out countries anyway. But now, debt levels are reaching a critical stage as in a possible default, and the biggest problem is Italy. Todayonline.com is reporting, “If Italy defaults on its debt of 1.9 trillion euros, the fallout could spell ruin for the euro zone and send shockwaves throughout the rest of the world. Yesterday, Italy’s borrowing rates skyrocketed to record highs in a 7.5 billion euro bond auction. The yield on its 3-year bonds surged to 7.89 per cent, 2.96 percentage points higher than last month, while yields on 10-year bonds spiked to 7.56 per cent, up 1.5 percentage points.”

The key to saving the euro is Germany because it is the richest of the EU countries and can use its industrial might to help support a bailout fund. But, Germany has been reluctant to bail out deeply indebted countries. Now, calls to bend to pressure to save the day and keep the union together are reaching a fevered pitch. The Guardian UK reported earlier this week, “The Polish foreign minister, Radoslaw Sikorski, urged Germany to save the EU from “a crisis of apocalyptic proportions.” The Moody’s ratings agency predicted that a euro exit by any country would trigger a cascade of sovereign defaults across the eurozone. Jean Pisani-Ferry, director of the influential Bruegel think-tank in Brussels, said that “real businesses” as well as the financial markets were now “pricing in a break-up scenario … If disaster expectations build up and a growing number of players start positioning themselves to protect themselves from it, the consequences could become overwhelming.”  

Read entire article ]]> <![CDATA[Major Central Banks act as eurozone crisis rages]]> • 30 NOV 2011

* Major central banks boost dollar liquidity for banks
* Italy starts emergency liquidity tenders for banks
* Euro zone ministers agree bailout fund leveraging rules
* Dutch finmin says EFSF falling short, IMF needs to come in
* G20 source says no progress on bolstering IMF resources

By Robin Emmott and Kirsten Donovan | Reuters

BRUSSELS/LONDON, Nov 30 (Reuters) - The world's major central banks acted jointly on Wednesday to provide cheaper dollar liquidity to starved European banks facing a credit crunch as the euro zone's sovereign debt crisis threatened to bring financial disaster.

The surprise emergency move by the U.S. Federal Reserve, the European Central Bank, the Bank of Japan and the central banks of Britain, Canada and Switzerland recalled coordinated action to steady global markets in the 2008 financial crisis.

The euro and European shares surged on the news, which came after euro zone finance ministers agreed to ramp up the firepower of their bailout fund but acknowledged they may have to turn to the International Monetary Fund for more help.

In a related move, Italy's central bank started emergency cash tenders for banks which have been squeezed particularly hard in recent weeks as Rome's borrowing costs have soared towards 8 percent, a level seen as unaffordable in the long term.

"We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union," Economic and Monetary Affairs Commissioner Olli Rehn said as EU finance ministers met.

Read entire articl ]]> <![CDATA[Wolfgang Schauble admits what has long been known: euro bail-out fund won`t halt crisis]]> • 30 NOV 2011

Europe's "big bazooka" bail-out fund is not ready and won't stem the debt crisis that on Tuesday pounded Italy and the European Central Bank (ECB), admitted Wolfgang Schauble, Germany's finance minister.

By Louise Armitstead | the Telegraph

Mr Schauble said eurozone finance ministers, who are meeting in Brussels, could not agree on the terms of the European Financial Stability Facility (EFSF).
 
He told Germany’s Handelsblatt that although Europe needed a fund “capable of action”, plans for the EFSF were too “intricate and complex” for investors to understand.
 
The finance ministers, who were meeting ahead of a full Ecofin summit today, acknowledged the €440bn (£376bn) fund would not win support to leverage it up to €1 trillion. Its capacity would be between €500bn and €700bn instead – a total that is unlikely to be big enough to rescue Spain and Italy.
 
Eurozone finance ministers also agreed to explore ways of boosting the IMF's resources through bilateral loans so that the international lender can match the leveraged capabilities of the eurozone's bailout fund.
 
However, the ministers concurred that the €8bn of international aid to Greece should be disbursed before Athens runs out of cash in two weeks. Evangelos Venizelos, Greece’s finance minister, said: “In Greece we have all the necessary conditions in order to go ahead with the next disbursement.”
 
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]]> <![CDATA[Euro crisis: Italy at risk of insolvency, European finance ministers warned]]> • 30 NOV 2011

Mario Monti must tackle Italian tax evasion to avoid other eurozone economies being damaged, says report

By Ian Traynor | The Guardian

European finance ministers were warned on Tuesday night that Italy's liquidity crisis could leave the eurozone's third biggest economy insolvent with devastating impact on the fate of the single currency and its big core economies, Germany and France.

Eurozone finance ministers met in Brussels in their latest attempt to plot a path out of the EU's worst crisis. With Mario Monti, the new Italian prime minister and finance minister, reporting to the session on his austerity package aimed at saving Italy and shoring up the euro, a confidential report from the European commission and the European Central Bank said Monti would need to do more than already promised.

The report, obtained by the Guardian, said Monti had to go further in his promises to combat rampant tax evasion in Italy, which is estimated to amount to 20% of gross domestic product.

"The sovereign debt crisis has now moved from the periphery to Italy and other core euro area countries. Pressure on Italian sovereign bond yields is particularly acute, reflecting investors' mounting concerns with the sustainability of Italy's large public debt" – almost €2tn, (£1.7tn) – the report said.

"The risks of a full-blown sovereign liquidity crisis can increase rapidly in the absence of a determined policy response … Persistently high interest rates increase the risk of a self-fulfilling 'run' from Italy's sovereign debt. A liquidity crisis could then turn into a solvency crisis, whose repercussions for other large euro area countries would be very acute given their exposure to the Italian economy."

Italy on Tuesday easily raised €7.5bn on the bond markets, but at exorbitant rates above the 7% sustainability threshold.

Read entire article

See also:
Rome Pays High Price at Bond Sale (WSJ)
Getting Nostalgic About The Lira? (Open Europe) ]]> <![CDATA[Public support for EU on social policy in `dramatic` nose-dive]]> • 30 NOV 2011

By Leigh Phillips | EUobserver

BRUSSELS - A regular European Commission social issues survey out on Tuesday (29 November) has shown that the public’s belief that the EU is having a positive impact on employment and social policy - policies with the biggest impact on ordinary peoples' lives - has sharply declined in almost all countries.

“Compared with 2009, there has been a substantial fall in the number of people who think that the EU has a positive impact,” the survey says.

Across a series of eight questions dealing with such issues as boosting employment, fighting poverty and protecting social services, between 48 and 67 percent of respondents thought that the EU was having a positive impact.

This is down from between 62 and 78 percent for the same questions in the last such survey in 2009.

The downturn in support is a marked shift from backing for EU social policy efforts prior to the crisis. Such backing had generally remained stable for years, as the surveys note.

Read entire article

See also:
Eurobarometer Nov-2011 Survey (Employment & Social Policy) (EU Commission) ]]> <![CDATA[Eurozone approves 8bln euro loan instalment to be added to Greek debt]]> • 30 NOV 2011

Daily Express

Eurozone ministers have offered Greece an eight billion euro Christmas rescue package to stem an immediate cash crisis - yet they have failed to resolve fears that the common euro currency might be doomed.

The 17 finance ministers insisted they found a veneer of credibility to coat the euro's rescue fund with enough leverage to deal with potential financial crises much bigger than the one facing peripheral Greece.

And they called on the International Monetary Fund for resources to help further protect Europe's embattled currency.

"We made important progress on a number of fronts," said Jean-Claude Juncker, the ,eurozone chief.

After saying earlier that the eurozone's rescue fund would be able to leverage up to one trillion euro, the fund's chief remained vague on how beefed up it was after the meeting in Brussels.

Read entire article ]]> <![CDATA[Greece asks for support to absorb EU regional aid]]> • 30 NOV 2011

EurActiv

Athens will need technical assistance to ramp up its capacity to absorb EU regional funding, the Greek Minister for Development, Competition and Shipping, has told the European Parliament.

Addressing the Parliament's Regional Development Committee, Michalis Chrisochoidis stressed that Greece will be unable to solve its debt problem without investment in growth-enhancing projects.

“Our goal is to promote useful projects and infrastructures for the citizens that will initiate the development process, but will also provide relief and solutions to major problems of unemployment and especially youth unemployment," the Greek minister told MEPs on Tuesday (22 November).

€14 billion remain blocked

Chrisochoidis, who has officially announced his candidacy for president of the PASOK party, highlighted the few bright spots in Greece's economic performance such as the substantial increase in exports of manufactured goods, which rose 50% in October 2011 compared to October 2010.

If elected, Chrisochoidis would replace George Papandreou who resigned as prime minister earlier this month but remains head of PASOK.

He outlined the increased rate of absorption of EU regional funds and amendments to EU rules that allowed the European Investment Bank (EIB) to fund small businesses. A new Investment law that has already attracted projects proposals for up to €1.5 billion, he said.

Read entire article ]]> <![CDATA[Mervyn King says eurozone crisis has cost UK up to £15bn]]> • 29 NOV 2011

The eurozone sovereign debt crisis has cost the UK almost £15bn in lost economic activity, according to the Governor of the Bank of England.

By Philip Aldrick | The Telegraph

Asked by the Treasury Select Committee (TSC) to estimate the damage caused to the UK by ongoing problems in the single currency area, Sir Mervyn King said the "bulk" of the Bank's growth forecast downgrade in the past three months of "over one percentage point" could be attributed to the crisis. A percentage point of growth is equivalent to about £15bn.
 
Andrew Tyrie, chairman of the TSC, said the Governor's comments "made clear that the bulk of loss of economic growth is attributable to eurozone instability". He added: "This reinforces the need to re-orientate exports away from a weak European market to stronger demand in emerging markets."
 
The Bank cut its growth forecast for 2012 from 2.2pc to 0.9pc in this month's Inflation Report.
 
Sir Mervyn said: "Growth has been revised down by over one percentage point. The bulk of that can be attributed directly or indirectly to the changing in perception of the circumstances in the euro area – directly through exports from the UK to the eurozone, indirectly through lower asset prices and lower wealth and funding costs to our banks."
 
Read entire article

See also:
Bank of England governor tells Britain to brace for devastating financial crisis as OECD warns country is facing double dip recession (Mail Online)
]]> <![CDATA[Europe`s shrinking money supply flashes slump warning]]> • 29 NOV 2011
 
All key measures of the money supply in the eurozone contracted in October with drastic falls across parts of southern Europe, raising the risk of severe recession over coming months.

By Ambrose Evans-Pritchard | The Telegraph

The three main gauges – M1, M2, and M3 – have each begun to decline in absolute terms after slowing sharply over the Autumn.
 
The broad M3 measure tracked closely by the European Central Bank as an early warning indicator shrank last month by €59bn to €9.78 trillion, a sign that Europe's long-feared credit squeeze is underway as banks retrench to meet tougher capital requirements.
 
"This is very worrying," said Tim Congdon from International Monetary Research. "What it shows is that the implosion of the banking system on the periphery is now outweighing any growth left in the core. We are seeing the destruction of money and it is a clear warning of serious trouble over the next six months."
 
"This is the first sign of an emerging credit crunch," said James Nixon from Societe Generale. Banks cut their balance sheets by €79bn in October, while mortage lending saw the biggest drop since December 2008.
 
Simon Ward from Henderson Global Investors said "narrow" M1 money – which includes cash and overnight deposits, and signals short-term spending plans – shows an alarming split between North and South.
 
Read entire article
]]> <![CDATA[OECD calls for urgent EU action, warns of credit crunch]]> • 29 NOV 2011

By Leigh Phillips | EUobserver

BRUSSELS - A bleak assessment from the Organisation for Economic Co-operation and Development (OECD) on Monday (28 November) warned that the eurozone crisis threatens the globe with a serious recession if left unresolved.

"The euro area crisis remains the key risk to the world economy," the Paris-based economic think-tank said in its biennial report, adding that the eurozone debt train crash could result in global liquidity seizing up.

"If not addressed, recent contagion to countries thought to have relatively solid public finances could massively escalate economic disruption. Pressures on bank funding and balance sheets increase the risk of a credit crunch."


The body cut its projections for growth across all OECD or developed countries from 2.3 percent in its last report to 1.6 percent in 2012, while EU states dropped in its estimations from two percent to 0.2 percent for next year.

Read entire article ]]> <![CDATA[Pressure mounts as Eurogroup gathers]]> • 29 NOV 2011

EurActiv

Eurozone finance ministers are to agree today (29 November) the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis.

Documents obtained by Reuters on Sunday showed the detailed guidelines for the European Financial Stability Facility (EFSF) were ready for approval of the Eurogroup (see background), opening the way for new operations and multiplying the fund's effective size.

The documents spell out rules for EFSF intervention on the primary and secondary bond markets, for extending precautionary credit lines to governments, leveraging its firepower and its investment and funding strategies.

"I would expect we will be in a position to approve the guidelines at a political level," a eurozone official involved in the preparations for the ministers' meeting said.

The EFSF guidelines will clear the way for the €440 billion facility to attract cash from private and public investors to its co-investment funds in coming weeks.

Read entire article ]]> <![CDATA[European Central Bank Keeps a Lid on Bond Buys ]]> • 29 NOV 2011

ECB's Approach Adds to Pressure on Euro-Zone Governments

By Brian Blackstone | WSJ

FRANKFURT—The European Central Bank has showed no sign of abandoning its conservative approach to buying government bonds in recent days, keeping the pressure on euro-zone governments to take the lead in stemming the region's debt crisis.

Euro-zone governments are privately—and sometimes publicly—clamoring for the ECB to intervene massively in financial markets and stop the rise in some governments' borrowing costs to ruinous levels. But bank officials gave no hint Monday of an imminent escalation of its limited bond purchases, despite heightened fears that time is running out for the euro zone to avoid a meltdown of its sovereign debt markets that could tear Europe's single currency apart.

The central bank purchased €8.6 billion ($11.5 billion) in bonds last week, the largest amount in three weeks but well below what many policy makers say is necessary to calm markets.

"The ECB should buy bonds and set a limit to yields, or a floor to bond value, so that markets know there's a counterparty ready to trade at that level," said Pier Carlo Padoan, chief economist of the Organization for Economic Cooperation and Development.

The Paris-based OECD, a club of developed and nearly developed countries, said Monday that it expects a "mild recession" in the euro zone. It called the euro-zone debt crisis "the key risk to the world economy" that could "massively escalate economic disruption" if not resolved.

Read entire article ]]> <![CDATA[Markets rebound on tighter eurozone fiscal union plan]]> • 29 NOV 2011
 
Plans for greater fiscal union in the eurozone buoyed markets as investors dared to hope that leaders are nearing radical action to solve the debt crisis.

By Emma Rowley | The Telegraph

The FTSE 100 climbed 2.9pc to close at 5,312.76 on reports that Germany and France want to fast-track a "stability union", which would involve much tighter oversight of euro members' finances. France's CAC 40 gained 5.5pc and Germany's DAX 4.6pc.
 
Paris and Berlin are prepared to pursue a separate agreement outside the EU treaty in order to hurry attempts to enforce fiscal discipline, according to EU officials. The goal is to calm markets before hundreds of billions of euro government debt must be refinanced early next year.
 
However, Finland and Luxembourg spoke out against the idea of the treaty being sidelined.
 
Berlin denied reports it is working on issuing joint "elite" bonds with its five fellow eurozone members who share a top-notch "AAA" credit rating, in a plan to prop up debt-laden euro states.
 
The International Monetary Fund likewise rebuffed speculation it will offer Italy a €600bn (£516bn) lifeline, but the prospect still cheered investors. "It [the denial] hasn't dented market sentiment – no smoke without fire, hey?" said Katherine Brooks, research director at Forex.com.
 
Read entire article

See also:
US working to resolve euro crisis, Obama tells summit (Irish Times)
]]> <![CDATA[German Constitutional Court at Risk of Losing Power to Rule on EU Matters]]> • 29 NOV 2011

Some see Germany's Federal Constitutional Court as as a guardian of democracy in the euro crisis, others see it as an obstacle to rescuing the currency. Now members of Chancellor Merkel's ruling conservatives want to lessen its power by amending the constitution -- to remove its jurisdiction over European issues.

By Dietmar Hipp | Der Spiegel

German Federal Constitutional Court judge Udo Di Fabio only has a few weeks to go before he retires on Dec. 19. The former governor of the western state of Saarland, Peter Müller, was elected as his successor by the Bundesrat, Germany's upper legislative chamber representing the interest of states, last Friday.

But before he leaves, di Fabio, responsible for European issues at Germany's highest court, will have to finalize two sensitive rulings. His panel of judges will deliberate on Tuesday and Wednesday this week on two complaints submitted by the Bundestag, the federal parliament, affecting the relationship between the parliament and the government.
The judges must decide how heavily members of parliament are to be involved when the government once again tries to rescue Europe.

But behind the scenes, much more is at stake: the loss of power of the Constitutional Court in itself. The government and the court are locked in one of their biggest power struggles to date. One judge at the court described it as a "latent constitutional crisis." The government, he said, was trying to free itself of the restraints imposed on it by the constitution, and by the court.

The president of the court, Andreas Vosskühle expressed it a little more cautiously. The perception of his court was at present, he said "ambivalent in parts."

On the one hand, the court had been credited for ensuring that European unity remained on a secure legal and democratic footing, he said. But on the other hand, it "is seen by some as an obstacle in overcoming the current crisis."

Court May Lose Power to Rule on EU Matters

As a result, efforts underway in Berlin to change the constitution are being viewed with mixed feelings in Karlsruhe, where the court is located -- because they are aimed at opening up greater room for maneuver in future dealings with the court.

Read entire article ]]> <![CDATA[Belgium faces uphill task as it pays record interest rate to sell debt]]> • 29 NOV 2011

By Arthur Beesley | Irish Times

THE TASK facing incoming Belgian prime minister Elio Di Rupo was underlined yesterday as the country paid a record interest rate to sell debt, an auction that followed a downgrade by rating agency Standard Poor’s.

Almost 18 months after an inconclusive election, Mr Di Rupo struck a deal at the weekend on a €11.3 billion austerity budget for 2012 and other cost-saving measures to follow in 2013 and 2014.

The weekend deal, which came one day after the SP downgrade, finally clears the way for Mr Di Rupo, leader of Belgium’s French-speaking socialists in the southern part of the country, to start forming his cabinet.

At a time of tumult in the euro zone, the political stalemate in the country has undermined confidence in Belgian debt.

Read entire article ]]> <![CDATA[EU safety rules costly and pointless, experts tell ministers]]> • 29 NOV 2011
 
European Union health and safety laws are imposing “unnecessary costs” on British businesses “without obvious benefits,” a Government study has concluded.

By James Kirkup | The Telegraph

The review, backed by ministers, has called for the Government to lead a new drive within the EU to limit European workplace rules.
 
However, the study by Prof Ragnar Löfstedt, of King’s College London, also warns that ministers’ scope for changing health and safety regulation is “severely limited” by the requirement to implement EU laws.
 
Prof Löfstedt, an expert on risk communication and management, was commissioned by Chris Grayling, the Employment Minister, to look for ways that regulations on workplace safety could be refined to reduce the burden on employers.
 
His review was published yesterday and, as The Daily Telegraph revealed on Saturday, called for new limits to stop companies being held liable for accidents caused by the irresponsible action of employees.
 
Prof Löfstedt found that many EU rules were sensible and could be in place even if Britain was not in the union.
 
Read entire article
]]> <![CDATA[Now UK faces a £5bn bill to bail out Spain... as ministers plan for euro collapse]]> • 28 NOV 2011

• Italy's yields almost double previous month
• FTSE claws its way up after 0.5% fall
• Ten-year yield above 7% 'unsustainable' threshold
• Hungary credit rating downgraded to 'junk status'

By Hugo Duncan | Mail Online

Britain was last night planning for the collapse of the eurozone as Spain weighed up a bailout that could cost UK taxpayers £5billion.

The Government is preparing for the biggest mass default in history and the break-up of the single currency bloc.

Analysts warned that euro meltdown would wreak havoc in the banking system and plunge the global economy back into recession.

Whitehall sources said contingency plans are being drawn up – and indicated that the longer the euro limps on, the more time Britain has to prepare.

Read entire article ]]> <![CDATA[Germany, France plan quick new Stability Pact: report]]> • 28 NOV 2011

(Reuters) - France and Germany are planning a quick new pact on budget discipline that might persuade the European Central Bank to ramp up its government bond purchases, Welt am Sonntag reported on Sunday.

Echoing a Reuters report on Friday from Brussels, the Sunday newspaper said the French and German leaders were prepared to back a deal with other euro countries that might induce the ECB to intervene more forcefully to calm the euro debt crisis.

The newspaper report quoted German government sources as saying that the crisis fighting plan could possibly be announced by German Chancellor Angela Merkel and French President Nicolas Sarkozy in the coming week.

Read entire article

See also:
Paris, Berlin hasten plans for 'two-speed Europe' (EurActiv)
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