Tag Archives: euro

EuroNews reports: In the new year, Croatia will become the latest country to join the Eurozone and the Schengen area, a move that European Commission president Ursula von der Leyen says makes the European Union stronger. As of Sunday, the country will “join a community of 347 million Europeans who use the euro in their daily lives,” von der Leyen …

Reuters reports: Sterling crashed to a record low early on Monday as traders rushed for the exits on mounting concern that the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped lift the safe-haven U.S. dollar to a new two-decade peak against a basket of major currencies, while the euro hit a …

Bloomberg News reports: The euro has suffered a swift and brutal slump this year, and now it’s crossed a major threshold for the first time in more than two decades: parity with the dollar. The 12% decline is the result of multiple pressures, from the war in Ukraine to an energy crisis and the growing risk that Russia cuts off …

Via the New York Times: Greeks delivered a shocking rebuff to Europe’s leaders on Sunday, decisively rejecting a deal offered by the country’s creditors in a historic vote that could redefine Greece’s place in Europe and shake the Continent’s financial stability. As people gathered to celebrate in Syntagma Square in central Athens, the Interior Ministry reported that with more than …

Via the Los Angeles Times: Americans have long complained that the dollar doesn’t buy much anymore. Suddenly, the dollar’s problem may be that it buys too much — a change that has huge implications across the global economy for consumers, businesses, investors and governments. The U.S. currency’s value has surged over the last nine months, reaching levels against some world …

Source.

It appears that Greece may leave the Euro Zone and return to a national currency by June 18th, a move that may spark banking panic in other nations where only the first 100,000 Euros on deposit are insured. “Preventing bank runs in Italy, Spain and Portugal should be the top priority,” said Berenberg Bank economist Holger Schmieding. “Policymakers need to …

The ten-year window to exchange Francs for Euros ends today.

British Prime Minister David Cameron has refused to sign on to the just-struck pact to save the Euro. All 17 nations that use the Euro have signed on. Cameron said Britain refused to sacrifice sovereignty to save the euro, remaining outside an agreement by European nations to tighten budget rules. Cameron broke ranks with French President Nicolas Sarkozy and German …

The British government has advised its embassies across Europe that they are to write up emergency plans to assist ex-pats in the event of rioting over the collapse of the Euro. Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for …

Italian Premier Silvio Berlusconi has promised to resign in the wake of his nation’s growing financial crisis. We last heard from Berlusconi here on JMG when he dismissed his patronage of an underage prostitute by saying, “At least I’m not a homo.” Berlusconi said today that he favored early elections and that Angelino Alfano, head of his People of Liberty …

It’s a snowballing mess.

Greece is perilously close to defaulting on its debts, putting the solvency of the euro at risk as well. If no buyers can be found for its securities, Greece will have no choice but to declare insolvency — just as Mexico, Ecuador, Russia and Argentina have done in past decades. This puts Brussels in a predicament. European Union rules preclude …