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5 posts tagged with financialcrisis and eu. (View popular tags)
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Haircut in Cyprus

On Saturday the EU mandated that all bank deposits in Cyprus pay a 6.75% "stability levy" on the first €100,000 and 9.9% on the excess to help pay for €6 billion of the €10 billion bank bailout. This is despite opposition from the Cyprus finance minister, who stated earlier this month that "there really couldn't be a more stupid idea" and more recently that "I wish I was not the minister to do this". The scale of the bailout is nearly 50% of Cyprus' entire GPD, and many officials are concerned that the money will go to Russian gangsters and oligarchs. The Saturday announcement lead to a run on the ATMs, which caused banks to restrict electronic transfers and set a €400 withdrawal limit. Most ATMs were out of money by the end of the day and a frustrated man threatened one bank with a bulldozer. The plan was scheduled to be voted on by parliament on Sunday, but it has been delayed to Monday and might not be passed by politicians who have heard complaints from their Cypriot constituents all weekend. The Cyprus President warned of total financial collapse and euro exit if it is not approved.
posted by autopilot on Mar 17, 2013 - 107 comments

Financial Markets, Politics and the New Reality

Financial Markets, Politics and the New Reality: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
posted by the mad poster! on Aug 9, 2012 - 36 comments

"How long before ... Greece, in its desperation, turns once again to the colonels?"

Mired deep in financial crisis, the Greek government of George Papandreou has sacked the country's military leadership:
In a surprise development, Panos Beglitis, Defence Minister, a close confidante of Mr Papandreou, summoned the chiefs of the army, navy and air-force and announced that they were being replaced by other senior officers. Neither the minister nor any government spokesman offered an explanation for the sudden, sweeping changes, which were scheduled to be considered on November 7 as part of a regular annual review of military leadership retirements and promotions. Usually the annual changes do not affect the entire leadership.
[more inside]
posted by Jahaza on Nov 2, 2011 - 152 comments

The Economist: The World in 2010

In 2010, Obama will have a miserable year, NATO may lose in Afghanistan, the UK gets a regime change, China needs to chill, India's factories will overtake its farms, Europe risks becoming an irrelevant museum, the stimulus will need an exit strategy, the G20 will see a challenge from the "G2", African football will unite Korea, conflict over natural resources will grow, Sarkozy will be unloved and unrivalled, the kids will come together to solve the world's problems (because their elders are unable), technology will grow ever more ubiquitous, we'll all charge our phones via USB, MBAs will be uncool, the Space Shuttle will be put to rest, and Somalia will be the worst country in the world. And so the Tens begin.

The Economist: The World in 2010. [more inside]
posted by goodnewsfortheinsane on Nov 14, 2009 - 60 comments

The Economist: The World in 2009

In 2009, a remarkably gifted politician, confronting a remarkably difficult set of challenges, will have to learn to say "No we can't", Guantánamo will prove a moral minefield, economic recovery will be invisible to the naked eye, governments must prepare for the day they stop financial guarantees, we will judge our commitment to sustainability, scientists should research the causes of religion, we will all be potential online paparazzi, English will have more words than any other language (but it's meaningless), Afghanistan will see a surge of Western (read: American) troops, Iran will continue its nuclear quest while diplomacy lies in shambles, the sea floor is the new frontier, we should rethink aging, (non-)voters will continue to thwart the European project -- but cheap travel will continue to buoy it -- though it has some unfinished business to attend to, and a Nordic defence bond will blossom.

The Economist: The World in 2009. [more inside]
posted by goodnewsfortheinsane on Nov 27, 2008 - 31 comments

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