Concluding a months-long saga in which central and eastern European nations revolted against Brussels' refugee policies, on Wednesday the European Union’s highest court ruled that EU states must take in a share of refugees who reach Europe, dismissing complaints by Slovakia and Hungary and reigniting an angry row between east and west.
Authored by Jonathan Rochford via Narrow Road Capital,
While Europe's economy and capital markets have been spared any major shocks in the past year, and in fact European GDP has been on a surprisingly resilient uptrend in recent quarters led higher by the relentless German export-growth dynamo (courtesy of the very, very low Deutsche Mark and a lot of broke Greeks), an old and recurring problem has re-emerged, one which threatens the stability and cohesion of the European Union itself: the latest surge of refugees which, arriving mostly from North Africa in recent months, has made Italy its primary landfall target resulting in a surge in migra
Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank and the German Bundesbank, brings back the specter of Grexit scenarios, demanding a Euro-sabbatical for Greece.
KeepTalkingGreece.com reports that, uin an interview with business news magazine Wirtschaftswoche, Issing warned of a new flare-up of the euro crisis.
“The euro crisis is not over yet,” said the economist, one of the architects of the Euro.
Submitted by Bill Blain of Mint Partners
Blain's Morning Porridge, July 26.
“Bankruptocracy is as much a European predicament as it is an American invention.”
Apologies for lack of comment y’day, but my computer decided to auto-destruct just as I about to send it out. Despite many reports saying markets are now in full holiday season, there’s still plenty of serious stuff still going on, and some subtle shifts in direction to figure out.