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Archives for sovereignty

The Karlsruhe factor, Part IV

July 12, 2012

Throughout the eurozone crisis, we have often highlighted the gap between the kind of ‘shock and awe’ decisions expected by financial markets, and what national democracies are able to deliver. Nowhere has this been more evident than in the on-goin…

Posted by Open Europe blog team

Bild Zeitung, debt-pooling, esm, European integration, financial markets, fiscal treaty, German Constitutional Court, germany, Martin Schulz, Merkel, schauble, sovereignty

A great way to run down a bailout fund?

June 28, 2012

Ahead of the summit today the proposals for the EFSF/ESM to start purchasing sovereign debt began rearing its muddled head again, with some indication that this is actually one of the few things that could be agreed at the summit. We hate to be party p…

Posted by Open Europe blog team

bail-out, crisis, EFSF, esm, eurobonds, eurozone, finance, germany, sovereign debt, sovereignty

Should the UK contribute to the IMF?

April 20, 2012

George Osborne is in Washington DC today for an IMF meeting. In another one of those ‘domestic politics meet financial crisis’, Osborne is under pressure from his MPs not to contribute any more cash to the IMF unless there are guarantees that the …

Posted by Open Europe blog team

crisis, EFSF, esm, EU-US, eurozone, eurozone. bail-out, imf, Osborne, sovereign debt, sovereignty, UK;

Spanish fears stoked by genuine concerns over banks and regional government spending

April 13, 2012

We’ve got a piece over in City AM today looking at the reasons behind the increased financial market jitters over the state of the Spanish economy. Despite the usual EU protestations that Spanish fundamentals are sound, there are definite areas of conc…

Posted by Open Europe blog team

bail-out, bank capital, banking sector, emu, eurozone, eurozone crisis, finance, recapitalisation, recovery, sovereign debt, sovereignty, Spain

Not so bullish now? The short term prospects for Spain inside the eurozone

April 3, 2012

In a new briefing, Open Europe assesses the state of the Spanish economy in light of recent budget proposals, announced by the Spanish government in full today. Spain is not the “next Greece” – it remains a serious and diverse economy, with relativ…

Posted by Open Europe blog team

bank capital, banking sector, eurozone crisis, eurozone. bail-out, finance, Labour, labour market reform, restructuring, sovereign debt, sovereignty, Spain

A credible Greek threat?

March 7, 2012

The Greek Public Debt Management Agency put out an interesting press release (PR) yesterday. We won’t go over all of it, since it’s been heavily covered in the press, but it did raise one interesting point:“The Republic’s representative noted t…

Posted by Open Europe blog team

bail-out, CACs, crisis, default, eurozone, Greece, restructuring, sovereign debt, sovereignty

IIF on a disorderly Greek default

March 6, 2012

A leaked document from the Institute of International Finance (IIF) has been doing the rounds recently and has some rather alarming statistics regarding the cost of a disorderly Greek default in it (see here for full doc). The document is well worth a …

Posted by Open Europe blog team

bailout, eurozone, Greece, IIF, imf, restructuring, sovereign debt, sovereignty

The second Greek bailout: bad for Greece, bad for eurozone taxpayers

March 1, 2012

Ahead of today’s EU summit, Open Europe has published a new briefing arguing that the second Greek bailout is bad for Greece and bad for eurozone taxpayers. The briefing notes that of the total amount (€282.2bn) that is entailed in the various meas…

Posted by Open Europe blog team

bailout, crisis, ECB, emu, eurozone, Greece, imf, sovereign debt, sovereignty

Markets vs. Democracy – Round 278

February 28, 2012

The Irish government has just announced that it will hold a referendum on the euro fiscal compact. The Irish Taoiseach Enda Kenny said he had taken advice from the country’s Attorney General, and made the decision to call a public vote. He also said …

Posted by Open Europe blog team

esm, eurozone. bail-out, fiscal compact, fiscal treaty, germany, ireland, Irish referendum, Merkel, referendum, sovereign debt, sovereignty

Many questions around the second Greek bailout remain unanswered

February 21, 2012

We finally have an agreement on the second Greek bailout…in principle. It only took eight months. If you’re of the belief that a disorderly Greek default would have triggered Armageddon, the deal that was agreed (as ever ‘agreed’ is used loosel…

Posted by Open Europe blog team

austerity, bail-out, bank capital, crisis, ECB, EFSF, eurozone, germany, Greece, PSI, sovereign debt, sovereignty

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