betekenis van het woord ECB

Portugal, nieuw plan: ambtenaren uitbetalen in staatsobligaties

As reported late on Friday, just as the market closed, the Portuguese constitutional court decided that several provisions of the country's 2013 budget were not constitutional. According to the high court, cuts in wages and pensions of public employees were unfair (there's that word again) because they targeted only the public sector. The court rejected plans to cut one of the 14 paychecks that public workers usually get each year and to slash 6.4% from pensions for retirees.  This coincided with the government warning that the court's decision would put into question the country's ability to fulfill its €78 billion international bailout program, which in turn would send bondholders of Portuguese sovereign debt scrambling for the exits as suddenly the country may find itself in the ECB's "dunce" corner, with Draghi preparing to pull a "Berlusconi" on a government which can't even whip its judicial branch in line. However, of more immediate concern is how will the government now plug a hole of up to €1.3 billion in its €5.3 billion 2013 budget. A solution has, luckily, presented itself: bypass the unconstitutional provisions by paying government workers not in cash, but in government bills!

The Portuguese government is considering a plan to pay public workers and pensioners one month of their salary in treasury bills rather than cash after a high court ruled out wage cuts, a person familiar with the situation said Sunday.

CEO Unicredit: 'knippen' onverzekerde spaarders

While the head of the ECB and his assorted kitchen sinks scramble to explain how Diesel-BOOM was horribly misunderstood when saying that depositor impairment may and will be the template for future European bank "resolution" (as should have been the case from Day 1), the CEO of Italy's largest bank appears to have missed the memo. As Bloomberg reports, according to the chief executive Federico Ghizzoni, "uninsured deposits could be used in future bank failures provided global rulemakers agree on a common approach." Or failing that, because if Cyprus taught us anything is that Europe will never have a common approach on anything, just use deposits as impairable liabilities, period, once the day of reckoning for Non-Performing Loans comes and these are forced to be remarked to reality, just as happened in Cyprus. One can only hope that uninsured deposits do not represent a substantial portion of the bank's balance sheet because the CEO basically just told them they are next if when risk comes back to the Eurozone with a vengeance. Especially since as Mario Draghi was so helpful in pointing out, "there is no Plan B."

Cutting large deposits in failing banks, along with other liabilities such as bonds, to offset losses is acceptable as long as small savers’ funds remain protected, Ghizzoni told reporters in Vienna late yesterday. The European Union has to introduce identical rules in all of its member states and ideally those rules would be coordinated globally, he said.

De ware economische situatie in Europa in 4 grafieken

‘Het ergste van de crisis is voorbij.’ Dat zijn de woorden die EC-voorzitter José Manuel Barroso deze week nog sprak. Herman Van Rompuy en ECB-voorzitter Mario Draghi zeiden recent soortgelijke dingen. Zero Hedge kon de hand leggen op vier grafieken die de huidige economische activiteit in Europa illustreren. Oordeel zelf of we waarde kunnen hechten aan de uitspraak van de Europese toplui.

Hier komt Griekenland weer, en Portugal en Spanje en Italië …

» Opinie » Columns » Johan Van Overtveldt » Hier komt Griekenland weer, en Portugal en Spanje en Italië …

» Opinie » Columns » Johan Van Overtveldt » Hier komt Griekenland weer, en Portugal en Spanje en Italië …

De crisis rond Cyprus leidde even de aandacht af. Andere en veel grotere problemen blijven inbeuken op de broze structuren van de eurozone. Wat doet de ECB?

De volgende 'zieke man' van Europa

Als de Franse rente zou stijgen omdat beleggers zich zorgen maken over de economie en de schuldenlast, moet wellicht de ECB Frankrijk te hulp schieten, waarschuwt Danske Bank.

De indicatoren voor de industriële productie stelden in het eerste kwartaal van dit jaar teleur en wijzen nu op een verdieping van de recessie die gaande is. In februari waren deze indicatoren zelfs slechter dan die van Italië en Spanje, die al zeer beroerde cijfers presenteerden.