In Europe

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UK tax authorities tighten Liechtenstein’s billion-worth loose end

LONDON | More than 2,400 people have registered to disclose unpaid tax under the Liechtenstein disclosure facility with £363 million already paid in tax bills, the British tax authorities announced Monday. The new legal framework is now expected to bring in up to £3 billion by 2016 based on the current numbers of disclosures. The figures were released as the United Kingdom and the Principality of Liechtenstein prepared to sign a double…


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Don’t cry for me, Germany

By Luis Arroyo, in Madrid | The European common currency has become poisonous for almost everyone else but Germany. Check below a chart coming from the International Monetary Fund, which shows that not even other core euro economies (that is France) have been able to profit as much as Germany. It also renders perfectly understandable why Nicolas Sarkozy lost the general elections and why he did so amid angry voters….


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The European banking union is already built-in, can’t you see?

i want you back letter for boyfriend LONDON | The European Commission on Wednesday tumbled and mumbled about the set up of a banking union. Although urgently needed, it would only languish in the corridors, even provided a sudden agreement to push it through could be met. The European Union has no main political door, as it lacks of an executive body directly propped up by a legislative chamber: both…


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58pc of the British cooperate with NGOs, just 18pc of Spaniards do

How To Get Your Ex Girlfriend Back By Julia Pastor, in Madrid | Solidarity is one of the feelings that gives more satisfaction to human beings. In some societies, this capacity of putting oneself in the place of another person is more pronounced or more developed. In gross terms, and according to the Spanish Fundraising Association (AFEr, in its original acronym), Spain is not the most supportive country within the European…


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Madrid speaks up in arm-wrestle with Brussels, Moody’s adds pressure

I Want To Get Back With Him MADRID | An Spanish offensive seems to have been deployed in all fronts. Spain's King Juan Carlos in Brazil called on the European Union to advance its integration because the problem, he said, rather than economic, is political. Meanwhile, president Mariano Rajoy introduced in a Senate session what the Spanish position will be in the next European summit: Europe needs a horizon, make…


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Rajoy’s proposal of fiscal integration should be the aim of all Europe

By Tania Suárez, in Madrid | Most financial commentators have focused its attention on the comments that the Spanish president Mariano Rajoy made last Saturday. He emphasized the importance of creating a European body whose main objective would be to control of the finances of the different States, i.e. a fiscal integration. According to macroeconomic experts at Morgan Stanley, such measures of fiscal integration should be the aim of Europe…


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Alan Meltzer has a solution for the euro

WASHINGTON | “Capitalism without failure is like religion without sin, it does not work,” had already said Allan Meltzer in 1969. Pittsburgh's Carnegie-Mellon University teacher and author of the monumental History of the Federal Reserve is the same conservative who advised John F. Kennedy and Ronald Reagan. Under Clinton's presidency he was in charge of a U.S. Congress committee that essentially claimed the end of the World Bank on the basis…


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Where are all those rumors about Spain’s bailout coming from?

NEW YORK | IMF managing director Christine Lagarde has denied it. So have U.S. Treasury Secretary Timothy Geithner and Spanish government: there is no plan or request for a Spanish bailout. However, stocks pared losses Thursday after the Dow Jones agency published a report that the IMF had started contingency plans on a possible rescue loan for Spain. The reporter quoted “people involved in the handling of the Spanish crisis”….


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Draghi demands a schedule towards the United States of Europe

By Julia Pastor, in Madrid | The very logical answer from the European Central Bank’s president Mario Draghi to the Spanish claim for that institution intervening was a rejection. Instead, Draghi demanded Thursday that European leaders make up their minds on how the euro will be in a year’s time. Draghi also argued in favour of a “banking union”. News agency Europa Press reported his declarations. “Can the ECB fill the…


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UK house prices are going… up

LONDON | This is what happens when the size of your construction sector remains under the 10 percent per GDP level, and the cost of credit for the State and the country’s banking sector is mild enough as to allow a slow deleverage process. The Nationwide house price index reported Thursday that UK house prices edge up by 0.3% in May. Over the last eighteen months, house prices have been remarkably stable…