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09 April 2015

Brexit 'Weekly'

Eurogroup, Grexit, Brexit, ECB, IMF, Cyprus

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  Articles from 02 April 2015 - 09 April 2015

Financial Times: New eurogroup president - Dijsselbloem vs de Guindos
The second quarter of 2015 will not only bring a crescendo in the ongoing Greek crisis for eurozone finance ministers, who must decide whether Athens gets the bailout funds it needs to avoid bankruptcy. It will also trigger something nearly as closely-watched: an active race to head the group.  View Article
Financial Times: Spectre of Grexit back as cash runs out
“Grexit” is a concise term for a process that may be anything but swift and clear-cut. Lawyers and economists warn that any Greek detachment from the single currency union would probably be a great deal more complex and messier than previously thought.  View Article
Financial Times: ECB credibility convinces southern states they can survive a Grexit
Policy makers in Italy, Portugal and Spain say their economies and financial systems are strong enough to survive a Greek departure from the eurozone, but they acknowledge that Grexit might set a precedent replete with risks for Europe’s 60-year-old integration project.  View Article
Reuters: Greece needs deal with lenders on April 24
"At the Eurogroup (meeting) of April 24 there must be a preliminary conclusion (of the talks), as per the Eurogroup accord on Feb. 20," Yanis Varoufakis told daily Naftemporiki.  View Article
British Influence: What the British government should conclude from its own researches on the EU
The government chose to abstain from drawing any conclusions from the mountain of evidence in its ‘Balance of Competences Review’, despite the fact that the whole exercise was meant to foster ‘evidence-based policy making’.   View Article
Fabian Society: Public opinion and the EU
With the prospect of an in/out referendum on Britain’s membership of the European Union (EU) looming in the next few years, you might expect the issue to be exercising voters ahead of May’s election.  View Article
TNS Poll: All to play for but trust in politics down since Wilson era
When asked about the European Union, most of those surveyed (55%) favoured a referendum on membership of the EU and there is a narrow lead (35%) for staying in the European Union if a referendum was held, (compared with 34% who would vote to leave).  View Article
Moody's: Risk of UK exit from EU stronger credit driver than uncertainty over election outcome
The rating agency notes that an increased likelihood of the UK leaving the EU could result in negative rating pressures over the medium-term.  View Article
Financial Times: EU considers probe into unfair state aid for south European banks
The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally underwriting banks that have bolstered their capital with assets considered low-grade in the rest of the eurozone.  View Article
ECB: Interview with Sabine Lautenschläger
Interview with Wirtschaftswoche covering bank lending, capital requirements, stress test and QE.  View Article
Wall Street Journal: IMF warns (again) of growing shadow-banking risks
Fearful that turmoil is brewing in opaque areas of the global financial system, the IMF is renewing its call for greater oversight of the so-called shadow-banking industry.  View Article
European Voice: The state of global finance
Finance ministers from around the globe, together with thousands of officials and journalists, will descend on Washington D.C. for the spring meetings of the IMF and World Bank from 14-19 April.  View Article
Financial Times: Eurozone bond-buying hits €52.5bn in first month
The eurozone’s central bankers bought €52.5bn-worth of government bonds in the first month of their landmark quantitative easing programme.  View Article
ECB: Account of the monetary policy meeting of the Governing Council
This document includes a review of financial, economic and monetary developments and policy options, as well as the Governing Council’s discussion and monetary policy decisions that took place in Nicosia on 4-5 March.   View Article
ECB: Interview with Yves Mersch
This interview was originally published in Börsen-Zeitung and covers QE, inflation, the bonds purchase programme and Greece.  View Article
IMF: Lower Potential Growth - A New Reality
Since the onset of the global financial crisis, many economies have faced lower growth in their productive capacity, which may slow the rise of living standards in the future, according to a new study by the IMF.  View Article
Reuters: ECB says national central banks have flexibility on QE bond loans
The ECB laid out plans on April 2 to make bonds bought in its 1 trillion-euro stimulus programme available for borrowing, but said national central banks would have some flexibility in how they applied them.  View Article
  Member States
European Voice: Cyprus lifts capital controls
Rules to help stabilise the economy have been lifted following an easing of controls.  View Article
The European Union suffers from a democratic deficit!
The great majority of European citizens believe that they live in a democracy. It is true that a “democratic regime” is one of the formal preconditions for joining the Union. One is then tempted to opine to the following syllogism: If a country joins the EU then it is a democracy; as 28 countries have joined, the EU is a Democracy!  View Article
The danger posed by the National Front may lie where it is not expected!
The electoral debacle of the French left in the recent departmental elections has reignited the debate surrounding the likelihood of a “democratic” access to power by the National Front through the ballot box.  View Article


© Graham Bishop

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