Monday, May 8, 2017
Roger Cohen MAY 7, 2017
The New York Times
It’s not just that Emmanuel Macron won and will become, at the age of 39, France’s youngest president. It’s not merely that he defeated, in Marine Le Pen, the forces of xenophobic nationalism exploited by President Donald Trump. It’s that he won with a bold stand for the much-maligned European Union, and so reaffirmed the European idea and Europe’s place in a world that needs its strength and values.
The Washington Post
By Michael Birnbaum and Anthony Faiola May 7 at 10:08 PM
BRUSSELS — The anti-E.U. French leader Marine Le Pen’s larger-than-expected defeat Sunday in her nation’s presidential election was a crushing reality check for the far-right forces who seek to overthrow Europe: Despite the victories for Brexit and Donald Trump, they are likely to be shut out of power for years.
Monday, April 24, 2017
Macron has pledged to be tough on Britain.
by Simon Kennedy
24 Απριλίου 2017, 9:30 π.μ. EEST
Theresa May’s first electoral test came on Sunday in France.
Even as she heads for a general election at home, the U.K. prime minister will have been looking across the English Channel at the weekend in the knowledge that whoever wins the French presidency will have a key influence on Brexit negotiations.
Emmanuel Macron, the favorite to win next month’s run-off after the first round of votes, pledged on the campaign trail to be “pretty tough” on the British “because we have to preserve the rest of the European Union.” He also promised to coax “banks, talent, researchers, academics” to relocate to France.
Friday, December 16, 2016
The Washington Post
By Associated Press December 15 at 9:06 AM
BRUSSELS — French President Francois Hollande has come to the defense of Greece after European creditors pulled a recently announced debt relief package for the country.
Hollande said ahead of Thursday’s summit of European Union leaders that “it is out of the question to ask for further additional efforts from Greece or prevent them from taking a number of sovereign measures that respect the commitments” that Greece previously took.
Friday, November 27, 2015
Andrey Biryukov Helene Fouquet Henry Meyer
November 26, 2015 — 10:48 PM EET Updated on November 27, 2015 — 9:02 AM EET
Monday, February 2, 2015
By LIZ ALDERMANFEB. 1, 2015
The New York Times
“France is more than prepared to support Greece,” Michel Sapin, the French finance minister, said during a news conference after a two-day visit by Yanis Varoufakis, his new Greek counterpart. “
needs time to put things to
work,” he said. But he added, there was “no question” of forgiving Greek debt. Greece
Closed businesses in
The European Central Bank will meet this week to discuss emergency loans for
some Greek banks.For Athens ,
Bank Trouble Looms Again as New Government Takes ShapeFEB. 1, 2015 Greece
Mr. Varoufakis was beginning the first of a series of visits to European capitals this week after the leftist Syriza party won power in elections last month in a populist backlash against austerity. He said that although
was “desperate” for money, it would
not seek a 7 billion euro installment on its 240 billion euro international
bailout package because that would require the nation to adhere to austerity
needs the money to cover looming funding needs and debt obligations, and to
help a recovery after the economy contracted around 25 percent in five years. Greece
“We have resembled drug addicts craving the next dose. What this government is all about is ending the addiction,” Mr. Varoufakis said, adding it was time to go “cold turkey.”
President Barack Obama, in his first remarks on the situation since the Syriza government came to power, cast doubt on the soundness of
austerity policies during an interview with CNN that aired on Sunday.
“You cannot keep squeezing countries that are in the midst of a depression,” he said of
some point, there has to be a growth strategy in order to pay off their debts
and eliminate some of their deficits.” Greece
Mr. Obama added: “More broadly I’m concerned about growth in
Fiscal prudence is important, structural reforms are necessary in many of these
countries. But what we’ve learnt in the experience is that the best
way to reduce deficits and restore fiscal soundness is to grow.” U.S.
Friday, November 22, 2013
By Ian Wishart & James G. Neuger - Nov 22, 2013 10:48 PM GMT+0200.
The growth-versus-austerity debate was renewed at a meeting of finance ministers in Brussels today, as euro-area governments attempted to coordinate budget policy for 2014 using powers that were introduced earlier this year as part of their response to a debt crisis now in its fifth year.
“No, no, no,” Italian Finance Minister Fabrizio Saccomanni told reporters when asked whether his government would modify its budget. “Reducing the debt load is also our goal, and we managed that both with fiscal policies by reducing the shortfalls and with additional measures that they have now fully understood.”
Tuesday, February 19, 2013
By Mark Deen - Feb 19, 2013 1:01 AM GMT+0200
Francois Hollande plans to emphasize the prospects of a return to growth in the first visit of a French president to
triggered the European sovereign debt crisis more than three years ago. Greece
Hollande, a Socialist who won last May’s election emphasizing growth over austerity, will repeat his commitment to keeping
in the 17-nation euro area
and press Greek Prime Minister Antonis Samaras to forge ahead on the revamp of
his nation’s economy, said a French government official who briefed reporters. Greece
Friday, October 19, 2012
Nikolia Apostolou and Sumi Somaskanda Special for
European leaders meet to discuss fiscal unity amid disagreement over how to achieve it and protests over budget cuts in
Saturday, January 14, 2012
… The first gauge of the report’s impact will come in two days when
sells as much as 8.7 billion euros… France
… U.S. Treasuries rose, pushing yields to the lowest levels this year…
… Perhaps this will now concentrate the minds of EU policy makers making them realize that no country is immune to being pulled down by the euro crisis…
’s creditors yesterday
suspended talks… Greece
… The French and Austrian downgrades risk sapping the potency of the region’s current rescue program…
Monday, January 9, 2012
By Patrick Donahue - Jan 9, 2012 1:32 PM GMT+0200
… Angela Merkel and French President Nicolas Sarkozy… seek to craft a master plan for rescuing the euro over the next three months….
… they also plan to discuss a financial-transaction tax…
… draw up new fiscal guidelines…
… debt reduction for
“could have to be larger”… Greece
a Europe-wide tax… Germany
Monday, November 7, 2011
The Wall Street Journal
Six weeks to save the euro," European leaders promised the world in September. That deadline passed at last week's Cannes G-20 summit with the goal looking further away then ever. Nothing of substance was agreed on the French Riviera to aid the cause of euro survival, but one giant decision was taken that could hasten its demise. Angela Merkel and Nicolas Sarkozy's announcement that
is free to leave the euro has transformed the nature of the euro. Greece
Friday, October 21, 2011
Leaders of Currency Zone's Two Largest Economies, at Odds Over Rescue Plans, Say No Pact Possible by Sunday Deadline
The Wall Street Journal
Saturday, September 24, 2011
By Marc Jones and David Lawder
WASHINGTON (Reuters) - European policymakers showed signs they were preparing new steps to cope with the region's debt crisis even as talk of a possible Greek default gained pace on Friday.
World stock markets, which had plunged to a 14-month low on fears the euro zone crisis was not under control, steadied after European Central Bank officials said they would use their firepower to help the banking system through the crisis.
Wednesday, September 14, 2011
The leaders of
France and Germany have said that is an
"integral" part of the eurozone. Greece
It follows a telephone call between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel.
Tuesday, September 6, 2011
Each day the currency remains on life-support in its current form, the consequences of its eventual death become graver.
The Wall Street Journal
By SAJID JAVID
On the Continent, August is usually reserved for long vacations in the sun. Instead, European leaders spent the month working on increasingly desperate attempts to save the euro in its current form. There's only one prospect more frightening than what would happen if they fail: what would happen if they succeed.
Friday, September 2, 2011
France’s Socialists have yet to come to terms with the modern world
BLISS is it in a financial crisis to be a socialist. Or so it ought to be. In speculators and ratings agencies, Europe’s left has a ready cast of villains and rogues. In simmering social discontent, it has an energising force. A recent issue of Paris-Matchinadvertently captured the mood: page after full-colour page on Britain’s rioting underclass were followed by gory visual detail of the bling yachts crowding into the bay near Saint-Tropez. Time, surely, to put social inclusion before defiant decadence.
Monday, August 29, 2011
The Wall Street Journal
By JON HILSENRATH
JACKSON HOLE, Wyo.—After years fighting crises and pumping money into the financial system, the world's central bankers are coming to grips with the realization that the global economy is still in a very dangerous place.
Their problem is compounded by the fact that for some—notably the Federal Reserve—there isn't much more they can do to spur the economy. They have already pushed short-term interest rates to near zero and tried other, unconventional measures. In Europe, three years into crisis, the banking system is exposed to highly indebted European governments like Greece and remains short of capital, many say.
The angst was underscored in a blunt speech Saturday by the International Monetary Fund's new managing director, Christine Lagarde, at the Fed's annual retreat here.
"We risk seeing the fragile recovery derailed," the former French finance minister said. Those risks have been aggravated, she said, by the public's sense that top policy makers aren't adequately addressing the problems they face. "We are in a dangerous new phase," she said.
Ms. Lagarde, though neither a central banker nor an economist, articulated a sense of worry that representatives from many major central banks expressed, mostly behind the scenes, during the two-day conference.
The IMF chief pointedly called on leaders of major central banks to keep interest-rate policies "highly accommodative," a reference to the European Central Bank, which has begun to raise rates.
She directed sterner words at politicians. Europe needs to bolster the capital in its banks and—along with the U.S.—needs to strike the delicate balance of reducing government debt in the long run without cutting so aggressively in the short run that damage is done to tenuous economic growth.
Her remarks could presage an effort by leaders of G-20 nations meeting in Cannes, France, in November to develop more aggressive responses to fiscal crises and the weak economy.
Ms. Lagarde's comments amplified a speech made by Fed Chairman Ben Bernanke, who scolded U.S. politicians for undermining public confidence during the messy debate over raising the U.S. debt limit. He also called for fiscal belt-tightening that wasn't too aggressive at first because the economy is so weak.
Coming weeks pose important challenges for financial markets. "I'm concerned about a risk of events this autumn," said Robert Zoellick, president of the World Bank.
Officials here were especially worried about several fraught negotiations in Europe. European parliaments need to approve an expansion of the powers of the European Financial Stability Facility, which is seen as critical to stabilizing strained government finances in Greece, Portugal and elsewhere. Leaders in Finland are demanding hefty collateral in return for their support of Greece. Other creditors are contemplating a debt exchange with the Greek government that could lead to more turmoil if it fails.
ECB President Jean-Claude Trichet sought to dispel worries that European banks could be threatened by a loss of short-term funding. Banks have ample assets to use as collateral for borrowing from the ECB, he said. Worries that they will become short of cash are "just plain wrong," he said.
The Fed is also in a tough spot. Mr. Bernanke said almost nothing in a speech Friday about what the Fed might do next to support tepid U.S. growth. He did point to a Sept. 20-21 policy meeting at which officials could take new actions.
The central bank's choices aren't appealing. The Fed could restart a bond-buying program, or take smaller steps, including shifting the portfolio of bonds it already holds toward securities with longer maturities to bring down longer-term interest rates. But each step comes with costs, and the benefits aren't seen as very great.
One risk is political. "As the central banks in advanced countries continue to pursue easy monetary policy and unconventionally easy monetary policy, the political pressure on central bankers to do more to help finance budget deficits may grow," said Haruyuki Toyama, the general manager of the Bank of Japan's U.S. branch.
Saturday, August 13, 2011
12 August 2011 Last updated at 10:38 GMT
French economic growth was zero in the second quarter, compared with the previous three months, adding pressure for the government to curb its deficit.
But French Finance Minister Francois Baroin insisted the economy was solid.
Meanwhile, the Greek economy shrank by 6.9% in the second quarter, compared with the same period a year earlier.
Friday, August 12, 2011
Markets go into a panic about
Aug 13th 2011 |
| from the print edition PARIS
’s president, rushed back from his holiday on August 10th to defend the country from financial attack. In a day of rumour, panic and denials, shares in Société Générale, the country’s third-biggest bank, fell by almost a fifth before recovering some ground to close down 15%. France