Yesterday, Angela Merkel has virtually approved the creation of the European Fund destined to combat the crisis. In her declarations, she suggested that the European Union makes sense only tied together, not separately, which should definitely help the PIGS stay in. In the other hand, the Greek government pledged to continue slashing its debt with 11.5 billion Euros. True, as a pre-condition of receiving another 31 billion euros in international loans – nevertheless, this is a massive effort from the Greek government. Read more
Archive for September 2012
Yeah yeah, Spain has finally been able this September to sell some bonds on the international markets. If you look also at the announcement that Spain might freeze pensions increase and increase the retiring age, there is some room for optimism. On top of these, Spain has announced that they might even reach a deal next week with the European bailout fund (despite denials from the German Finance minister Wolfgang Schaeuble. But will these news be enough to save Spain from default? Read more
In case you were wondering, this is how a twenty swiss francs banknote looks like. The francs bancnote is very colorful for a mountain based country which Switzerland is 🙂 The same are its economical prospects lately, less rosy though for its banks lately. But everything should be Swiss branded, right?