By Eoin Drea* – POLITICO
Brave and economically ravaged Ukraine needs a debt deal to win the coming peace — and grants rather than loans
European leaders haven’t been shy about trumpeting their €18 billion in loans to Ukraine in 2023 as a tool for“maintain[ing] the macro-financial stability of the country.”For European Council President Charles Michel, such aid shows that Brussels is “very committed to supporting Ukraine as much as we can.”
However, as the war rages and pressure on Ukraine’s economy mounts, basic economics — and centuries of history — paint a much less optimistic portrait of the real impact of Europe’s financial support.
22.11. by Katinka Barysch, deputy director of the Centre for European Reform. , "The leaders of two of the European Union’s most powerful states stunned their European partners - and most of their officials at home - by announcing in Deauville that the E
" Enligt uppgifter som tyska statstelevisionen hämtat från Bank of International Settlement, "Centralbankernas bank", så är Grekland skyldig franska banker 92 miljarder euro och tyska banker 43 miljarder euro. Även det amerikanska bankväsendet är invol
“This crisis has the potential to be a lot worse than Lehman Brothers,” said George Soros, the hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity. “That is why the problem is so serious.
By PAUL KRUGMAN Published: October 23, 2011 ...at this point, Greece, where the crisis began, is no more than a grim sideshow. The clear and present danger comes instead from a sort of bank run on Italy, the euro area’s third-largest economy. Investors, fearing a possible default, are demanding high interest rates on Italian debt. And these high interest rates, by raising the burden of debt service, make default more likely.
Enl. Wyplosz fokuserar EU-ledrana i alltför hög grad på att gardera sig mot moral hazard ( moralisk risk: utsikten att en part som är isolerad från risk kan bete sig annorlunda än hur den skulle bete sig om parten var fullt utsatt för risk) gm att förstärka stabilitets- och tillväxtpakten. Nationalekonomerna har inte kunnat enas om en diagnos på krisen. Stabiltetapakt och/eller nytt EU-fördrag räcker inte för att lösa problemet. EU-ländernas sammanlagda skuld uppgår till 9000 miljarder euro. Stabilitetsfonden skulle kunna hosta upp 200 mrd, IMF ytterligare 200 mrd. Enast ECB kan kapitalisera bankerna. Alternativ till ett nytt EU-fördrag: "budgetdisciplinärt råd" och ECB:s regler för säkerheter (collaterals): "The proposal is for some European authority (the Commission? Or some other body?) to take over fiscal policy in a country that runs afoul of the Stability and Growth Pact. The idea that a country loses fiscal policy sovereignty is inspired by IMF programmes. " "The ECB has the authority to decide what collateral it accepts and it could decide to only accept treasury bonds issued by governments that exercise fiscal discipline. "
By Nick Dearden of Jubilee Debt Campaign: "The International Monetary Fund and World Bank lent money to dozens of countries which would otherwise have defaulted, in order to keep the debt repayments flowing back to the banks of the rich world who had created the crisis by their own reckless strategies. Then, those countries, which benefited not at all from these ‘bail-out’ funds, were told to implement structural adjustment policies which saw industry privatised, money freed from government control and markets ripped open to competition with well-subsidised companies from the US and Europe. Poverty boomed, inequality soared and finance was proclaimed king. The same logic lies barely concealed behind the Greece ’bail-out’ being agreed by European finance ministers today. There is not even a pretence that Greece’s people will benefit from these funds.
Jan Hurri Taloussanomat 8.1.14Eurovaltioilla ja euromaiden muilla julkisen talouden yksiköillä oli ennen kriisiä vuoden 2007 lopussa karkein luvuin 6 000 miljardia euroa velkaa. Sitä oli enemmän kuin EU-sopimusten mukaan olisi saanut olla – ja enemmän kuin velkaisimmat pystyivät maksamaan. Velkaa oli ennen kriisiä hieman alle 70 prosenttia suhteessa euromaiden vuotuisen kokonaistuotannon arvoon, kun EU:n sääntöjen mukaan velkaa olisi saanut olla korkeintaan 60 prosenttia vuotuisen bkt:n arvosta. Nyt velkataakka on suurin piirtein puolta raskaampi, vaikka velkakriisin alkamisesta on viitisen vuotta. Railakkaimmin on kasvanut kriisimaiden velkataakka, vaikka juuri näitä muut euromaat ovat kriisitoimillaan ja hätäluotoillaan "pelastaneet".
HS 3.1.14 Aalto-yliopiston kansainvälisen talouden professori Pertti Haaparanta tyrmää EU:n talouskomissaari Olli Rehnin hehkutuksen eurokriisipolitiikan onnistumisista.
The shocking fact at a time of austerity is that EU military expenditure totalled €194 billion in 2010, equivalent to the annual deficits of Greece, Italy and Spain combined. "Despite the clear evidence of the cost of high military spending, military leaders continue to push a distorted and preposterous notion that European Union’s defence cuts threaten the security of Europe’s nations. NATO’s secretary general, Anders Fogh Rasmussen “has used every occasion to cajole alliance members into investing and collaborating more in defense.” "