Showing posts with label France. Show all posts
Showing posts with label France. Show all posts

Monday, May 8, 2017

Macron and the Revival of Europe


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.

With Le Pen defeat, Europe’s far-right surge stalls



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

Brexit Bulletin: What Macron Means for May


Macron has pledged to be tough on Britain.
by Simon Kennedy
24 Απριλίου 2017, 9:30 π.μ. EEST

Bloomberg

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

France puts weight behind Greece in debt dispute


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

Russia to Target Syria Jihadists as Hollande Seeks Diplomacy

 Andrey Biryukov  Helene Fouquet  Henry Meyer
November 26, 2015 — 10:48 PM EET Updated on November 27, 2015 — 9:02 AM EET

Bloomberg

France and Russia agreed to coordinate strikes in Syria to increase the focus on jihadist militants, as French President Francois Hollande seeks to rally support against Islamic State before hosting world leaders in Paris next week.

Monday, February 2, 2015

France Offers Support, but No Debt Relief, to Greece

By LIZ ALDERMANFEB. 1, 2015

The New York Times

PARIS — French officials said Sunday they would support the new Greek government’s efforts to get the country back on its feet after five years of crushing austerity, but warned that there would be no write-down of Greece’s debt and pressed Athens to continue with reforms that are still needed to help mend the country’s economy.

“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. “Greece needs time to put things to work,” he said. But he added, there was “no question” of forgiving Greek debt.

Closed businesses in Athens. The European Central Bank will meet this week to discuss emergency loans for some Greek banks.For Greece, Bank Trouble Looms Again as New Government Takes ShapeFEB. 1, 2015
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 Athens 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 terms.

Economists say Greece 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.

“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 Europe’s 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 Greece. “At some point, there has to be a growth strategy in order to pay off their debts and eliminate some of their deficits.”

Mr. Obama added: “More broadly I’m concerned about growth in Europe. Fiscal prudence is important, structural reforms are necessary in many of these countries. But what we’ve learnt in the U.S. experience is that the best way to reduce deficits and restore fiscal soundness is to grow.”

Friday, November 22, 2013

France With Italy, Spain Seek Flexibility in Euro Budget Talks

By Ian Wishart & James G. Neuger - Nov 22, 2013 10:48 PM GMT+0200.
Bloomberg
France, Italy and Spain sought to maximize the flexibility of European Union budget-deficit rules to boost their economies as northern euro-area countries saw little need for stimulus.
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

Hollande to Play Up Euro Recovery Prospects in First Greek Visit


By Mark Deen - Feb 19, 2013 1:01 AM GMT+0200
Bloomberg
Francois Hollande plans to emphasize the prospects of a return to growth in the first visit of a French president to Athens since Greece triggered the European sovereign debt crisis more than three years ago.
Hollande, a Socialist who won last May’s election emphasizing growth over austerity, will repeat his commitment to keeping Greece 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.

Friday, October 19, 2012

EU leaders clash on fiscal powers as Greeks protest



Nikolia Apostolou and Sumi Somaskanda Special for USA TODAY
European leaders meet to discuss fiscal unity amid disagreement over how to achieve it and protests over budget cuts in Greece.

Saturday, January 14, 2012

France Loses AAA Status as S&P Wields Ratings Ax


Bloomberg
The first gauge of the report’s impact will come in two days when France sells as much as 8.7 billion euros…
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…
Greece’s creditors yesterday suspended talks…
The French and Austrian downgrades risk sapping the potency of the region’s current rescue program…

Monday, January 9, 2012

Merkel, Sarkozy Meet on Euro Rescue Plan Bloomgerg


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 Greece “could have to be larger”…
Germany favors a Europe-wide tax…

Monday, November 7, 2011

Merkel and Sarkozy Have Lost Credibility



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 Greece is free to leave the euro has transformed the nature of the euro.

Friday, October 21, 2011

Germany, France Delay Euro Rescue Plan



Leaders of Currency Zone's Two Largest Economies, at Odds Over Rescue Plans, Say No Pact Possible by Sunday Deadline
The Wall Street Journal
BERLIN—Europe's efforts to deliver a comprehensive plan to resolve the euro-zone debt crisis were in danger of unraveling Thursday as disagreement between Germany and France over virtually every point forced the 27-nation bloc to concede a much-anticipated summit of European Union leaders on Sunday won't produce an agreement.

Saturday, September 24, 2011

Europe, under fire, seeks to get ahead of crisis



Reuters
4:40pm EDT
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

Greece 'integral' to the eurozone, say European leader



The leaders of Greece, France and Germany have said that Greece is an "integral" part of the eurozone.
It follows a telephone call between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel.

Tuesday, September 6, 2011

The Worst-Case Euro Scenario



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

Among the dinosaurs



The Economist
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

Gloom Settles on Central Bankers


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

France and Greece feel economic strain


12 August 2011 Last updated at 10:38 GMT
BBC News

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

French fears



Pummelled
Markets go into a panic about France
Aug 13th 2011 | PARIS | from the print edition
The Economist
NICOLAS SARKOZY, France’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%.