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Juncker: Belgium provides for "Disorder in the euro area" 450 days without government

Even Jean Claude Juncker had enough of the ridiculous situation in Belgium. The designated Prime Minister Elio Di Rupo plans today to submit a compromise solution to form a coalition. Di Rupo is a frankophone socialist and it is all or nothing now. If he fails then Belgium will fall deeper in recession and the European Capital will likely be more ridiculed than ever by Nigel Farage and likes.

BELGIUM IS A FISCAL DISASTER - THE IMF

cinquentennaireHOW DID THE RATINGS AGENCIES MISS THIS?

 

QUOTATION FROM PAGE 11:

New setback in Belgium's crisis as king's envoy resigns - rating agencies warning of downgrade

(26 January 2011) Belgium's longest political crisis in history hit a new setback Wednesday when King Albert II's mediator threw in the towel after failing to break a deadlock between Dutch and French-speaking leaders.

Johan Vande Lanotte "asked the king to be discharged from his mission. The king accepted and will start consultations tomorrow," the palace said.

Vande Lanotte has been trying for three months to find common ground enabling leaders from the two sides of the language divide to come together to form a coalition government. Belgium has been rudderless for even longer, for more than seven months, and since January holds Europe's record as the nation longest without government.

"It was impossible to break the impasse," Vande Lanotte said at a news conference. "There is no real perspective of progress."

EU in talks for a 1.5 tn euro crisis fund: Belgium

 

The European Union is in talks to double the eurozone debt crisis fund to 1.5 trillion euros (two trillion dollars), Belgian Finance Minister Didier Reynders told AFP on Thursday.

"I think that doubling the resources would be a reasonable objective,"

Reynders said in a telephone interview, adding that talks were ongoing.

"It must be noted that this does not mean taking money out of our budgets, these are guarantees that we are giving," he said.

 

The eurozone crisis and Belgium

With all the talk of tumbling eurozone dominos, there is increasing chatter about whether Belgium, one of the founding members of the European Union, might feel the same chill winds as Greece, Ireland, Portugal and others on the “periphery” have felt recently.

At first glance, Belgium looks indeed like a contender for trouble. Its public debt is worth 100 per cent of its GDP, the third highest in the eurozone after Greece and Italy. It has had no government since the last one collapsed in April, and no viable coalitions has yet emerged from the ensuing elections.

Wolters Kluwer Financial Services Acquires FRSGlobal

Wolters Kluwer Financial Services, a comprehensive regulatory compliance and risk management business, today announced the acquisition of FRSGlobal, a Brussels-based global financial regulatory reporting and risk management business, from The Carlyle Group and growth equity investor Kennet Partners.

EU/ECOFIN COUNCIL: Member states stand ready to recapitalise banks further to stress tests

zaventem asymptotix

EU economy and finance ministers found common ground in Brussels on Tuesday 13 July concerning the arrangements for the publication, on 23 July, of stress tests currently conducted on 91 main European banks. The exercise is to show the resistance of banking establishments under extreme conditions, such as the depreciation of debt securities held by them. Also, all countries are ready to take the measures needed to consolidate the situation of a financial institution in need. The Economic and Financial Committee (EFC) of the EU was entrusted with the task of follow-up after publication of the results of stress tests.

European Commission: DG Competition State Aid Decisions 12th May 2009: Bank Re-Capitalisations

The European Commission announced some important decisions yesterday in regard to its process of investigating the Bank re-capitalisation schemes of the member states under state aid rules. The speech of the commissioner (Neelie Kroes) gives some context to the framework within which the Directorate General Competition is operating and the thinking behind the process, it is interesting. Below we itemise the decisions.

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