An Italian Bank run could crack the euro November 16, 2018 | City Talk The Italian government is defying the European Commission’s request that it revise its draft budget for 2019 to reduce the deficit. Bond yield spreads are widening and Italian banks are under pressure. Should a bank run ensue, could the euro fall apart? After German reunification, interest rates rose to over 9 per cent in the early [...]
Italy rejects EU calls to amend budget ahead of deadline November 13, 2018 Italy defied a European Commission deadline to submit a revised budget tonight, telling the EU it will not change its expansive fiscal plans. Ahead of a midnight deadline, the Italian government said it was sticking to its guns. In a statement released after a cabinet meeting, deputy prime minister Matteo Salvini said its deficit target [...]
Big three eurozone investment banks Deutsche Bank, Societe Generale and BNP Paribas face €11bn threshold after EU stress test November 13, 2018 Top European investment banks would have to raise €11bn (£9.57bn) to meet the informal threshold implemented by the central bank following a stress test. Deutsche Bank, Societe Generale and BNP Paribas would need to raise the funds, according to Reuters calculations, after the European Central Bank (ECB) said eurozone banks with capital worth less than nine [...]
Adecco revenue growth halves as slowing economies impact hiring November 6, 2018 Adecco today said its revenue growth slowed to two per cent in the third quarter as economic uncertainty took its toll on hiring. The Swiss recruitment firm’s growth was down from four per cent in the three months to the end of June and slowed further to one per cent in September and October combined. [...]
Brussels ups the ante over Italy budget November 5, 2018 Eurozone finance ministers stood their ground against the Italian government tonight, as it urged policymakers in Rome to revise its draft budget to align with European rules. The European Commission rejected Italy’s free-spending draft budget plan last month and ordered the government to submit a revised budget by 13 November. The EU’s economic and financial [...]
Sorry Angela Merkel, it’s not that easy to choreograph your own legacy November 1, 2018 There definitely comes a time where a fresh pair of eyes and fresh leadership would be good.” Those are the wise words of David Cameron, when asked whether he’d be running for a third term as Prime Minister just before the 2015 election. Now into her fourth term as German Chancellor, it has taken Angela [...]
DEBATE: Has the EU overstepped the mark by rejecting Italy’s budget? October 25, 2018 Has the EU overstepped the mark by rejecting Italy’s budget? Matthew Elliott, senior political adviser to Shore Capital, says YES. From the moment Britain’s Brexit referendum was announced in 2013, the EU started to moderate its most overt interventionist instincts, minimising Eurozone problems through quantitative easing, and restricting its tendency to meddle in the affairs [...]
Italy claims its budget plans won’t hurt the EU’s financial wellbeing October 22, 2018 Italy’s expansionary budget will not risk the EU’s financial health, the country claimed today as it seeks to counter Brussels’ criticism of its latest spending plans. Economy minister Giovanni Tria wrote to the European Commission to say that the public spending outlined in Italy’s budget are crucial in order to kick start economic growth in [...]
EU seeks to lessen tensions with Italy as the eurozone economy posts halting growth for third quarter October 19, 2018 The EU hopes to reduce tensions with Italy over its inflammatory 2019 budget, according to European economics commissioner Pierre Moscovici. Saying no decision had yet been made about whether or not Italy's budget would pass muster with the European Commission, Moscovici told a news conference today that he wanted to “reduce tensions and maintain a [...]
Italy’s stock market sell-off could force its populist politicians to change course October 9, 2018 The start of this week witnessed yet another spike in Italian bond yields, as the country’s coalition government continued to grapple with the details of its 2019 budget. Political leaders also struggled to deliver a consistent message to investors, who have grown increasingly concerned about the state’s future spending and borrowing plans. The depth of [...]