Tag Archive: ESM

FX Daily, March 25: Relief, but…

2020-03-25

Overview: Global equities are marching higher. While the Dow Jones Industrials posted its biggest advance since 1933, the US is lagging behind other leading benchmarks. The MSCI Asia Pacific advanced, led by Japan's Nikkei's 8% gain. It was third consecutive gain, during which time the Nikkei has rallied 17%. Europe's Dow Jones Stoxx 600 is up about 3.5% after bouncing 8.4% yesterday.

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Italian Euro Exit: Why it Might Come in some Years and Why it Will Help the Euro Zone and Italy

Italy has three options: 1. exit the euro zone and devalue the currency; 2. remain in the euro zone and devalue salaries. 3. go for Japan-like decades-long slow growth with stagnating wages, but also with falling inflation and (positive news!) falling bond yields.

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The Euro Crisis: Details and chronology and the German Perspective on it

The history of EU reforms, bailouts during the euro crisis and the German perspective on them

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Eurobonds, fiscal or banking union are all pure utopia

2012-08-31

by George Dorgan

2012-08-31

Germany’s stance in the euro crisis: More than ESM will not be possible for many years updated on August 31, 2012 German politicians and the German Bundesbank believe that the Euro crisis can be only solved by supply side reforms as formulated in the Euro Plus Pact, reforms that were already successfully introduced during the Thatcher/Reagan era in the …

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Full text Spanish banks bailout: Memorandum of Understanding

2012-07-20

by George Dorgan

2012-07-20

Here the full text of the European’ Commission’s Memorandum of Understanding with Spain regarding the bailout of the Spanish banking sector released earlier today. Memorandum of Understanding on Financial-Sector Policy Conditionally

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German constitutional court needs 3 months to decide about the injunction

2012-07-11

by George Dorgan

2012-07-11

The German constitutional court will need up to 3 months for the injunction. Weidmann's critic on the ESM in detail. Estimations of German liability between 900 bln. and 2 trillion EUR.

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German constitutional court injunction decision on ESM and the potential referendum

2012-07-10

by George Dorgan

2012-07-10

Gruppenfoto Zweiter Senat beim Bundesverfassungsgericht in Karlsruhe

What is the injunction procedure of the German constitutional court exactly about. What are the arguments of the Anti-ESM and the Pro-ESM fractions ?

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Only 17% of German voters in favor of Eurobonds

2012-07-04

by George Dorgan

2012-07-04

Voters are strongly against many other European utopias The newest poll of the Forsa institute, here in the left-wing Stern and the conservative Welt, shows that Germans are strongly against Eurobonds and many more European “utopias”, as we called it. The German chancellor Angela Merkel recently connected her life with the fulfillment of the voters wish to …

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Wolfgang Münchau, FT: Merkel was the winner of the Euro summit

2012-07-02

by George Dorgan

2012-07-02

Wolfgang Münchau endorsed many of our arguments Wolfgang Münchau, Financial Times, has endorsed many of our arguments of our Friday's opinion about the Euro summit where we stated that there was nothing really new. Münchau even claims that "The real victor in Brussels was Merkel."

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At the Euro summit there was nothing really new. What was the party about ?

2012-06-29

by George Dorgan

2012-06-29

At the euro summit today there was essentially nothing what was really surprising. We wonder what markets are so excited about.

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Spread Swiss Eidgenossen vs. German Bund to see further gains

2012-06-29

by George Dorgan

2012-06-29

The spread between the Swiss government Eidgenossen bond against the Germany 10yrs. Bund will see further gain in the future, after the Euro summit opened the door for ESM direct financing of banks. Differences between EFSF and ESM explained

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Merkel: ‘No Eurobonds as Long as I Live’, Hollande: ‘Eurobonds will take up to 10 years’

2012-06-27

by George Dorgan

2012-06-27

German chancellor Angela Merkel today confirmed the content of our article that Eurobonds are pure utopia. She vows "No Eurobonds as Long as I Live".

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Can Merkel stop the Eurobonds ? German “Der Focus” on Eurobonds

2012-06-24

by George Dorgan

2012-06-24

The German "Der Focus",one of the most successful weekly magazines, titles "Can Merkel stop the Eurobonds ?" Der Focus claims that Eurobonds have the following issues:

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Eurobonds, fiscal union or banking union are all pure utopia

Eurobonds are light years away.Germany wants the following order: 1) Euro Plus Pact 2) Fiscal Compact 3) ESM 4) Political union 5) Fiscal union 6) Eurobonds

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The Northern Euro introduction: A retrospective from the year 2030

2012-05-20

by George Dorgan

2012-05-20

A retrospective from the year 2030 on two decades of failed european integration policy and 10 years of successful disintegration policy The following essay shows that currency regimes come and go over the time. Nothing is stable with the time, especially the use of a currency. What has never happened in history is the use …

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