If anyone of you thought this Summer was quieter than last year, then it's not due to less hazards for the EU leaders, it's rather that they are more skilled than last year in the profession as holidaymakers. We could for instance see Pedro Passos Coelho swim in Algarve relatively anonymously, but he was eventually caught up by some road toll protestors.
The present writer took up his Eurostat post in March 1991, right after Desert Shield. He was told then that Eurostat "had no right" to publish economic analyses and those instructions were repeated from time to time ever since. No Eurostat publication that he has seen contained any fruits of the officially forbidden research.
The errors are manifold - Sarkozy: Greece should not have been in the eurozone - Soros: Same goes with Italy
French President Nicolas Sarkozy has said it had been an error to admit Greece to the eurozone in 2001 but said he was confident the country could emerge from its debt crisis.
George Soros went even further and said that it was wrong that Italy joined too.
Reuters reported yesterday that to the October 23 EU summit, the banks will be asked to accept losses of up to 50% on their holdings of Greek debt. This is much larger haircut compared to the 21% loss financial institutions were asked to accept in July.
This page outlines issues of the Greek storm blowing a 'howlin monster' over Brussels ....
The Telegraph reports that German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control. Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”.
Deutsche Bank calculations show writedowns on Greek sovereign debt holdings may exceed the 21 percent to which banks and insurers agreed, Handelsblatt said, citing Charlotte Jones, a controller for the German lender.
The writedowns for the European institutions may amount to 25 percent or more, Jones said, according to the German newspaper, which didn’t specify where she made the comments.