By Tania Suárez | Vassos Shiarly, minister of Finance in Cyprus, admitted Monday night that his country would urgently need a bailout. The Wall Street Journal and the Financial Times refer to several European officials who have said that this rescue would rise to €3 billion to €4 billio. Shiarly said that “This issue is urgent. We know that the recapitalisation of the banks (in Cyprus) must be finished by June…
By Luis Arroyo, in Madrid | Peeking into Japanese modern economic history is a must for most Europeans, since we are plunging into the same mud waters that country has gone through for twenty years. Japan seems to have succeeded in leaving the 1990 crisis behind, a crunch not altogether different from our predicament. On the positive side, there is the fact that now we know it could have returned…
New price caps for mobile data roaming are expected to save families over €200 each year and business travellers over €1000, the European Commission said Thursday. From 1 July 2012, the European Union’s mobile roaming regulation will be extended to include price caps for data downloads which will mean significant savings for those using maps, email and social networks when travelling. Overall, the improved EU roaming regulation (taking into account calls,…
NEW YORK | Officials from the International Swaps and Derivatives Association have stated that Greece has not had a ‘credit event’ and credit default swap payments will not be triggered, at least not yet. The body’s decision has reignited the debate over the usefulness of CDS. CDS are a US$32 trillion market, which is more than twice the US gross domestic product and more than twice the national debt. They…
As scepticisms go, the euro type of scepticism has often been a problematic movement in many European countries and particularly those on the Mediterranean shores. Instead of injecting a healthy dose of self-criticism and reality-check against ethereal principles under which most of the European Union’s administrative structures have grown accustomed to little public accountability, many euro sceptics hide ideological identities that would be hard to maintain on the surface of…