Amid growing concerns in Berlin, Frankfurt and The Hague about flexible interpretations of the Stability and Growth Pact, the European Commission ruled out the possibility of transfering the assessment of national budgets to an independent external body.
Financial transactions using shares, or other assets, to secure credit, will come under greater scrutiny after the European Parliament approved a new law on Thursday (29 October) on the 'shadow banking' sector.
The European Commission welcomed the end of the bailout programme for Spanish banks, but now may be putting the country’s financial stability at risk, as it seeks further action against 'abusive' mortgage clauses, it was reported on Tuesday (27 October).
The European institutions and the IMF are increasing their demands on Greece, despite the recent reforms adopted by the Greek parliament. Athens can hardly afford to resist. Our partner La Tribune reports .
Is securitization a safe financial product? Finance Commissioner Hill argued that the European record on securitization after the crisis has been “much stronger and much better” than in the US, and that the Capital Markets Union will follow the advice given by the ECB and the Bank of England, “highly conservative and regulation-minded institutions”. The EU has a good basis to work from, he told reporters on Wednesday (30 September).
The governor of the Spanish central bank has weighed in on the question of Catalan independence, threatening the region with expulsion from the eurozone if it declares independence. La Tribune reports .
Greek Prime Minister Alexis Tsipras is set to call early elections, state television said on Thursday (20 August), in a bid to quell a mounting rebellion in his leftist Syriza party and seal support to implement a tough bailout programme.
Greek Prime Minister Alexis Tsipras tried to rally his Syriza party before a vote in parliament today (22 July) on the second package of measures demanded by international creditors to open talks on a new bailout deal.
Europe moved to reinstate funding for Greece's stricken economy yesterday (16 July) after the parliament in Athens approved a new bailout programme in a fractious vote that left the government without a majority.
Greece's parliament passed sweeping austerity measures demanded by lenders to open talks on a new bailout package early Thursday (16 July), but dozens of hardliners in the ruling Syriza party deserted Prime Minister Alexis Tsipras.
Should they stay or should they go? On Sunday (5 July), Greece held a referendum on the terms of a bailout package put forward by the European Commission, the European Central Bank and the Internatonal Monetary Fund (IMF). EurActiv reports, in real time.
The resounding "No" uttered by the Greeks on Sunday offers yet more proof of their rejection of the vicious cycle of austerity. Angela Merkel now finds herself trapped between the will of the Greek people and the inflexibility of her finance minister. La Tribune reports .
France and Germany told Greece on Monday (6 July) to bring serious proposals to the eurozone summit today, in order to restart financial aid talks. In the meantime, the Netherlands warned that if the Greeks went to Brussels demanding changes because they felt supported by the "No" vote in the referendum, it would be ‘over’ for them.
“The political situation has not changed. There are no grounds for an extension. So unfortunately the programme expired last night at midnight,” Eurogroup President Jeroen Dijsselboem said on Wednesday after eurozone finance ministers held a conference call to discuss the Greek crisis.
Greece's last-minute overtures to international creditors for financial aid yesterday (30 June) were not enough to save it from becoming the first developed economy to default on a loan with the International Monetary Fund. The situation remains so uncertain that even the Sunday referendum, on whether to accept the aid, hangs in doubt.
In an unusual move that underlined frustration with the Greek government, the European Commission published on Sunday (28 June) what it said were the last proposals creditors made to Athens before Greece broke off funding talks. Commission President Jean-Claude Juncker will speak to the press today at noon.