MADRID| By Francisco López |The European Central Bank published on Wednesday some of the criteria to evaluate financial entities’ solvency, as a previous step before it takes on competences as a single banking supervisor. Balances of 128 European banks will be tested from November to October 2014. And new rules are stricter than expected.
PARIS | By Eric Sandin at Le Monde via Presseurop | In response to NSA eavesdropping and the massive collection of user data by Internet giants, it is up to the EU to lay the foundations for the future worldwide web. Because only Europe can guarantee a “responsible, shared” environment in which individuals can manage the data that concerns them.
By Nick Malkoutzis | The Agora/ MacroPolis | Earlier this year, Prime Minister Antonis Samaras held an informal dinner with some of his party’s MPs. He reportedly told them that if Greece would be able to get through a tough summer, it would “take off” in September. We are now nearing the end of October and there has been no departure for the skies. Instead, Samaras is bracing for impact.
MADRID | Spain is one of the European countries with the highest black economy and tax loss revenue since the current crisis began. This was revealed by a survey conducted by two Spanish tax inspectors, who estimate the undeclared economy was of 28.7% of GDP this year. To prevent loss of tax revenue they praise for limiting the 500 and 200 euro-banknotes and promoting incentives on electronic payments avoiding European regulations that unbalance the system.
By David Brunat (LATAM CORRESPONDENT) | The main economic oddity in Cuba is on its way to become a memory of the past. The Communist regime announced through its official newspaper Granma that it will be taking the first step toward eliminating a two-currency system, which symbolizes the uncomfortable inequality in the island. After the reform is completed, the Cuban peso (CUP) will remain the only authorized currency, while the Convertible peso, or CUC, pegged to the US dollar, will no longer exist. What will happen to the black market or the checking accounts held by foreign companies on the island remains unclear.
MADRID | By Luis Arroyo | Mario Draghi dared to warn European authorities of the danger of a “capital flight” if they insist on taking confiscatory measures against all kinds of rescued banks’ creditors. If it comes to that, they may cause a crisis in the entire European banking sector.
SOFIA | By Novinar via Presseurop | “Brussels could stop European fund payments,” announces Novinar, which reports that “with a shortfall of €2.7bn, the European Commission budget is insufficient to cover its expenses.”
MADRID | By Alex García and @elbaronrojo
LONDON | By Barclays analysts | We now expect Fed to taper in March 2014. The September payroll report was on the soft side, with nonfarm payrolls rising 148k and private payrolls rising only 126k. These numbers were below our (200k) and consensus (180k) expectations for headline payroll growth. In light of the moderate tone of the September employment report, we have pushed out our expectation for the first Fed tapering in the pace of asset purchases to March 2014 from December 2013.
MADRID | By The Corner Team | Spanish judges have ordered the release of convicted ETA militant Inés del Río, serving a 30-year sentence for bomb attacks in the 1980s, after the European Court of Human Rights ruled against her detention. Dozens of prisoners from the terrorist group could now be eligible for release.