The European Union
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BRUSSELS, May 18- Critics ridiculed European Union bureaucrats on Saturday for taking time off fighting the euro zone's debt crisis to impose strict new rules on how restaurants serve olive oil. "If the European Union was logical and properly run, people wouldn't be so anti- Europe.
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Stocks continued to decline Tuesday amid mixed U.S. economic data and concern the European debt crisis would spread to other nations. JPMorgan and Pfizer fell.
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Even as Europe struggles to contain its latest debt crisis, fresh fissures are emerging that show the euro zone diverging into two — or even three — different economic parts that threaten to compound the problems even further. The NYT reports.
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The EU bailout for Irish banks failed to quell financial markets. Borrowing costs for Portugal, Spain and others continue to rise, because structural problems created by the euro and single European market remain unaddressed and more crises are inevitable.
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A look at recent German headlines shows the difficulty the government of the euro zone’ biggest country faces in satisfying both the demands of its euro zone partners and those of its citizens.
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U.S. stock index futures continued to fall sharply ahead of the open Tuesday after an index of home prices fell unexpectedly and as fear of contagion from the European debt crisis continued to rattle investors.
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Billions of euros of EU funds to promote growth in Europe’s rundown regions are lying idle because cash-strapped national governments cannot find the necessary matching funds to release the money. The FT reports.
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European shares were set to rise Tuesday, bouncing back from seven-week closing lows in the previous session on worries about the euro zone debt crisis, after Wall Street cut its losses.
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There are clearly two perspectives emerging on Europe's problems and this chasm in perspectives will become more clear as time goes by. The budget minded nations are reigning in the less disciplined sovereigns. Solvent Europe vs. broke member nations.
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A few weeks ago, I wrote about the possibility of a political breakup of the European Union. Just before Thanksgiving, I wrote— not ironically — about whether a crypto-breakup of Europe might already be underway in the sovereign debt markets.
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The premium investors demand to hold Belgian government bonds rather than benchmark German debt rose to its widest level since early 2009 on Monday as the country issued 2 billion euros of 2014, 2020 and 2035-dated bonds.
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European shares were indicated higher Monday, expected to reverse some of last week's losses after the European Union agreed an 85 billion euros ($113 billion) bailout for Ireland at the weekend.
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According to a statement released by the Irish government, the country will take €10 billion immediately to boost the capital reserves of its banks. Another €25 billion earmarked for the banks will remain in reserve.
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An Irish government minister said he expects an agreement on an EU-IMF bailout loan for Ireland worth approximately €85 billion ($115 billion), but he rejected reports that the aid would carry a punitively high interest rate.
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While the market pullback isn't even in the realm of a correction, worries that Europe's debt crisis could hurt the global economy are weighing on what otherwise could be a robust rally.
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European shares are expected to retreat on Friday after gains in the previous two sessions, with persistent concerns about euro zone debt problems and Chinese inflation seen putting pressure on the market.
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Ireland is actually in a better economic position than other struggling euro zone states, Chris Watling, managing director at Longview Economics, told CNBC Thursday.
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Abu Dhabi Commercial Bank is suing Credit Suisse and credit rating agency Standard & Poor's, alleging it was misled over a 2007 investment that went sour.
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European shares were set to open higher on Thursday, adding to gains in the previous session, and after Wall Street rose on upbeat economic data.
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Nations are left with old playbooks and fewer choices by which to resolve their respective problems. This means that time, devaluations, and debt restructurings might be the only way out for many nations. It also means the citizenry will require politicians that can think outside of the box and act with greater unity and resolve than perhaps they are used to.
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Things are getting better in the long term when it comes to the banks and Europe, H. Rodgin Cohen, senior chairman at the law firm Sullivan & Cromwell, told CNBC Wednesday.