December 29, 2011

long term data

Here you will find a list of useful data of the more static kind:

(>general data< blog entry discontinued) Scott Barber profile

Mar 24th eng CB of Ireland: Quarterly Financial Accounts for Ireland (pdf)
Mar 18th eng Paul Krugman: Europe’s Two Depressions
Mar 13th img ECB bank borrowing and deposits 2008 - 2012 (by Scott Barber/Reuters)
Mar 12th img Greece industrial production and GDP 2004 - 2011 (by Scott Barber/Reuters)
Mar 06th img Central bank balance sheet as % of GDP (by Scott Barber/Reuters)
Mar 06th img Italy vs Spain economic overview 2007 -2012 (by Scott Barber/Reuters)
Jan 27th img Spanish unemployment rate 1977- 2011 (by Scott Barber/Reuters)
Jan 25th eng Italians earning less: More households under poverty line as rich get richer
Jan 18th eng Links between financial markets in the UK and the EU
Jan 16th eng Europe credit ratings: Emerging markets notching up
Jan 10th img Germany: annual GDP 1993 - 2011 (Reuters via @YannisMouzakis)
Jan 10th img Greece y/y changes of unit labour cost vs exports to EU and others 2008 -2011 (via @Yannis Mouzakis)
Jan 08th img Exposure of Italian banks to Italian sovereign bonds (3 month - 15 years) (Ilsole24ore)
Jan 06th img Swiss vs Eurozone inflation 1999 - 2011 (by Scott Barber/Reuters)
Jan 04th img Unemployment Eurozone 2004 -2011 (Reuters)
Jan 03rd img Hungary economic overview 2007 - 2011 (by Scott Barber/Reuters)
Jan 03rd img Euro futures positioning 2007 - 2011 (by Scott Barber/Reuters)
Jan 03rd dut dutch party : 50 years we lived above our standards thanks to Slochteren gas field  NRC
Dec 28th pic ECB balance sheet 2000 - 2010 (by Scott Barber/Reuters) 
Dec 24th dut Belgium: Number of working women increased drastically 1990 - 2010 
Dec 22nd img EUR/USD Timeline 2011
Dec 22nd eng What really caused the eurozone crisis? (
Dec 21st img Eurozone Inflation/ ECB repo rate 2000 - 2011 (by Vincent Flasseur/Reuters)
Dec 19th img Spanish banks bad loans 1975 - 2011 (by Scott Barber/Reuters)
Dec 19th img Spain non performing loans vs unemployment 1980 - 2011
Dec 19th img Spain economic overview 2007 - 2011 (by Scott Barber/Reuters)
Dec 18th eng Lessons from a century of large public debt reductions and build-ups
Dec 14th eng The Spanish are poorer (El Pais)
Dec 11th ger Data of Eurozone members Nov 2010 (within an article of "Die Welt")
Dec 11th img Pensions to last income EU, USA, Japan 2009 (OECD)
Dec 11th img Germany: public sector development 2007-2009 
Dec 11th ger Germany: Pensions for state employees will cost 3 trillion € (die Welt)
Dec 11th img Germany: public employees / population ranking by region 2009
Dec 11th img Germany: Number of public employees 1998 - 2010
Dec 11th img Greece GDP growth 2000 - 2011
Dec 11th img State employees to population (2004 OECD) 
Dec 11th img German state debt 1960 - 2010 
Dec 09th img European deficit/surplus to GDP ratios 2011 and 10 years (by Scott Barber/reuters)
Dec 05th pdf EU industrial structure 2011 (pdf)
Dec 02nd ger Deutsche Exporte knacken Billionenmarke 
Nov 28th img Italian business confidence & GDP 1994 - 2011 (by Scott Barber/Reuters) 
Nov 28th img Eurozone money supply & loans 2000 - 2011 (by Scott Barber/Reuters)
Nov 24th img World steel production 2007 - 2011 & 2011 (Reuters)
Nov 24th img German IFO charts 1998 - 2011 (by Scott Barber /Reuters) 
Nov 23rd img German 10 year real bond yield 1960 - 2011 (by Scott Barber/Reuters)
Nov 23rd img Dexia assets as percent of GDP 1996 - 2011 (by Scott Barber/Reuters)
Nov 23rd img Global manufacturing PMIs 2007 - 2011 (by Scottt Barber/Reuters)
Nov 23rd img The Difference Between Northern and Southern Europe
Nov 22nd img Italy bond yield above nominal GDP growth 1987 - 2011 (by Scott Barber/Reuters)
Nov 22nd img Portugal economic overview 2006-2011 (by Scott Barber/Reuters)
Nov 22nd img Eurozone inflation & commodities 1995 -2011 (by Scott Barber/Reuters)
Nov 22nd img Euribor EONIA spread 2006 - 2011 (by Scott Barber/Reuters)
Nov 21st img France vs Germany GDP, debt, PMI etc 2006 -2011 (by Scott Barber/Reuters)
Nov 21st img ECB bond buying 2010 & 2011 (by Scott Barber/Reuters)
Nov 2011 eng The relevant articles of the Lisbon Treaty for the sovereign debt crisis
Nov 2011 img Eurozone Debt Crisis Visualized
Nov 2011 eng Capital subscription of ECB (Euro area)
Nov 2011 img Spanish unemployment and inflation (by Scott Barber/Reuters)
Nov 2011 img Eurozone unit labour costs 2000-2012 (by Scott Barber/Reuters)
Nov 2011 eng OECD definition unit labour cost
Nov 2011 img Italian industrial orders and PMI 2004-2011 (by Scott Barber/Reuters)
Nov 2011 img Spain vs Germany 2007 -- 2011 (by Scott Barber/Reuters)
Nov 2011 img Eurozone debt web: Who owes what to whom ? (BBC)
Nov 2011 img Eurozone bond spreads 1994 - 1999 (by Scott Barber /Reuters)
Nov 2011 img Spain economic overview 2006 - 2011 (by Scott Barber / Reuters)
Nov 2011 img Italy vs Spain: debt , deficit & yield 2000 - 2010 (by Scottt Barber / Reuters)
Nov 2011 img Inflation ex food & energy, US, UK, EZ, Jap 1997 -2011 (by Scott Barber / Reuters)
Nov 2011 img Netherlands / German govt. bond spread 1960 - 2010 (by Scott Barber / Reuters)
Nov 2011 img Eurozone government debt 2011 (by Scott Barber /Reuters)
Nov 2011 img France GDP growth & consumption 2001 - 2011 (by Scott Barber / reuters)

year on year data

Eurozoneremarks background year on year data

Jan 15th 2012 Germany’s National Debt Burden Fell to 79% of GDP Last Year, FAZ Reports (Bloomberg)
Jan 2nd 2012 #
Employment in Germany increased to over 41 million (Wirtschaftsblatt)
Dec 29th 2011 #
Upsurge reduces German deficit 51 bn € (Reuters)

Jan 16th 2012

Construction slump continues in September (Athensnews)
Jan 10th 2012

GREECE DEC CONSUMER PRICE INDEX Y/Y: 2.4% V 2.7%E; CPI EU HARMONIZED Y/Y: 2.2% V 2.7%E (via @trader1806)
Jan 9th 2012

Greece collected 49.9 bln euros in taxes in 2011, 1.7% down on 2010 despite hikes. Apparently, they call it expansionary austerity. (via @NickMalkoutsis)
Dec 31st 2011

TABLE-Greek Oct retail sales drop 10.8 pct y/y (Reuters) 

Jan 11th 2012

Italians drawing money out of banks: private sector deposits fell 0.7 pct year on year in November, according to Bank of Italy (via @ChrisAdamsMKTS)
Jan 2nd 2012

car sales -10.8% y/y. Sale of used cars +0.59% (via @AlbertoNardelli)
Jan 2nd 2012

Italy public deficit down 

Jan 2nd 2012 *
Savings shifted from big to small (

Jan 4th 2012

RTRS: French Consumer Spending (Nov) Y/Y -2.1% vs. Exp. -1.8% (Prev. -0.9%, Rev. to -1.0%) (via @FGoria)

Jan 2nd 2012

RTRS: Slovakia's 2011 fiscal gap seen below 4.9 pct/GDP plan (via @FGoria)

Jan 10th 2012

Manufacturing production shrinks

Jan 16th 2012

Portugal's grey economy grows amid austerity: study

Jan 24th 2012

Debt crisis hits Finland's growth

Jan 4th 2012

Euro-Zone Private Sector Shrinks
Jan 2nd 2012

Eurozone manufacturing decline persists, PMI survey says 
Apr 4th 2012

Graphic: Eurozone retail sales

Jan 20th 2012

Polish central banker Chojna-Duch: 2011 GDP growth at 4%+ Dec output data 'very positive'. Poland largely escaped '08 recession alone in EU (via @lindayueh) 

Jan 24th 2012

UK debt passes £1 trillion for the first time

* = Dutch, # = German language

December 27, 2011

ESM (Events after Dec 9th 2011)

EZRBackground - ESM
Mar 24th 2012 #
Merkel and Schäuble ready to enhance ESM # (Wirtschaftsblatt)
Jan 24th 2012 #
EU countries agree upon an earlier ESM implementation #(Ger )
Dec 15th 2011 *
Disagreement among Euro countries implementing new treaty *(dutch link)
Dec 14th 2011

German finance minister Schäuble proposes introduction of ESM 2012 instead of 2013
Dec 14th 2011

According to media reports vote on ESM by German FDP party members will not get required number of votes. Final result to be expected on Friday Dec. 16th
Dec 13th 2011

Merkel Rejects Raising Lending Limit For ESM-Govt Lawmaker

# = German language

* = Dutch 

EFSF (events after Dec 9th 2011)

Eurozoneremarks background EFSF
Mar 31st 2012 European Central Bank urges more resources for IMF
Mar 29th 2012

Euro zone agrees to boost rescue capacity
Jan 19th 2012

EU's bailout fund capacity can be adjusted by governors-draft
Jan 8th 2012

EFSF's Regling wants to up investor guarantees: report
Jan 5th 2012

EFSF places €3bln. bond in support of Ireland and Portugal. BONDS MATURING ON 4 FEBRUARY 2015. Yield for investors of 1.770 %. (via @Schuldensuehner)
Jan 4th 2012

EFSF 3-YR BONDS SAID TO YIELD ABOUT 45 BPS OVER SWAPS. Means it yields 1,8%, 150bps over the German equivalent. (via @Schuldensuehner)
Jan 3rd 2012

EFSF Bailout Fund plans €3bln three-year bond sale after S&P said in dec it may lose its AAA rating. (via @Schuldensuehner)
Dec 20th 2012 #
Fitch also threatens EFSF with downgrade (german link)
Dec 20th 2012

Fitch says EFSF AAA rating depends on France remaining AAA. (via @lindayueh)
Dec 17th 2011

Juncker Expects EU to Meet Deadline on Channeling Loans to IMF
Dec 16th 2011

EFSF's Regling says may need about EUR 100bln for second Greek programme (via @FGoria)
Dec 16th 2011

EFSF's Regling says around EUR 600bln of uncommitted funds already available to fight debt crisis (via @FGoria)
Dec 16th 2011

Slovakia's Miklos says ideal that combined EFSF,ESM capacity stays at €500bln, but debate about a boost reasonable in case situation worsens (via @FGoria)
Dec 15th 2011 *
Japan again purchases EFSF bonds - 260 bn(?)€ (dutch link)
Dec 15th 2011 *
DNBs Knot: enlarge EFSF with at least 1 tn € (dutch link)
Dec 13th 2011 *
EFSF bonds attractive: 2bn for 0,222% (dutch link)
Dec 13th 2011 *
De Jager: EFSF can only work with budget discipline (dutch link)

*= Dutch , #=German language

IMF (developments after Dec 9th 2011)

Dec 19th Britain, the IMF, and the world's richest beggar  (No UK participation)
Dec 19th Factbox: Pledges of loans to IMF after December 9 EU summit
Dec 17th Germany: Opposition parties SPD+Greens support Bundesbank president Weidmann (german link)

Dec 15th Russia wants to contribute 20 bn $ to IMF (dutch link)
Dec 15th IMF loan unlikely after remarks from Bernanke (german link)
Dec 15th Russia wants to contribute 20 bn $ to IMF (dutch link)
Dec 14th Bundesbank rejects financing of states via IMF (german link)

Dec 12th Bundesbank chief Weidmann wants German parliament to vote on 45 bn contribution to IMF

December 26, 2011

CPB: "Financial transaction tax not efficient"

article date: Dec 21st 2011
AMSTERDAM: A tax on financial transactions as proposed by the European Commission is not contributing to a more stable financial system and is less efficient than other taxes on the financial sector the CPB is suggesting in a finding. The transaction tax would be susceptible for evasion and could lead to new more complex forms of finance the planning bureau assumes.

A VAT on financial services, a bank tax or a tax on financial activity would be more efficient the CPB says in a finding that was made by request of the cabinet.

The tax on financial transactions was originally intended to counter speculation with flash capital. The tax puts a fee of 0,1% on stock transactions and 0,01% on transactions of derivates.

The European Commission gave in September of this year its OK to this tax which would according to EC numbers deliver more than 55 bn Euro per annum. 
That amount is according to CPB realistic , "but it could also be half of it or double" 

The proposal of a transaction tax is supported by the EC, France and Germany whereas the Netherlands and the UK are skeptical.

The transaction tax will not contribute to a more stable sector because this kind of tax doesn't tackle the excessive risks in the financial sector. The transaction tax makes "high frequency trading" (HFT) unattractive for financial institutions in the EU. This automated trade uses algorithms to react to price movements but can according to politicians destabilize the financial system.

The CPB points also to unwanted side effects of the transaction tax such as higher cost for the companies , costs for insurance companies and for pension funds which would have to pay more to cover their valuta-  and interest risk.

dutch source:
CPB: Financiele transactietaks niet efficient'

Schäuble: fight the causes of crisis

Schäuble: oorzaken van crisis bestrijden
Schäuble: fight the causes of crisis
Austerity and tougher control of the European budget rules are according to Germany, Netherlands and Finland still the best ways to fight the cancerous debt crisis. That came out on Friday after a meeting between finance ministers of those three countries, Wolfgang Schäuble, Jan Kees de Jager and Jutta Urpilainen.
"we have to solve problems by fighting the root causes", Mr Schäuble said. Therefore we need changes in European treaties, he repeated the position of the German government. Germany is pressuring for a long time for treaty changes will allow tougher controls on national budgets.  

Further the agreed measures for the enhancement of the EFSF for the EZ countries must be implemented fast. De Jager and Urpilainen insisted during the common press conference on a bigger role of the International Monetary Fund (IMF)  in the fight of the debt crisis. Schäuble did not react to that.

Berlin, Helsinki and The hague to strengthen IMF

Berlin, Helsinki und Den Haag treiben IWF-Stärkung voran
Berlin, Helsinki and The hague to strengthen IMF
German finance minister Wolfgang Schäuble (CDU) has discussed a stronger supply of funding of the International Monetary Fund to fight the debt crisis at a meeting with the Finnish finance minister Jutta Urpilainen and the Dutch finance minister Jan Kees de Jager. "We have discussed ways of improvement of the IMF funding, including bilateral credits to the IMF or a general raise of funding", the three ministers declared in a written statement after the meeting in Berlin.  It is necessary to erect a "firewall" Urpilainen declared. "Today we agreed that one option to achieve that goal is to strengthen the role of thee IMF" she said. De Jager shared this view. "We are in support of a stronger role of the IMF" he declared. De Jager said, this could be achieved by bilateral loans or by using special drawing rights. Schäuble did not comment on that issue.

The German finance minister hinted possible changes at the Euro safety umbrella ESM. "If we progress towards a union of stability one shall see how that would adapt to the ESM treaty (???=> source wary)"

Schäuble reiterated further decisions for a solution of the crisis are now inevitable. "We completely agree in question that we now really have to take decisions in order to solve the critical situation at the fincial markets", he said. The European heads of state and heads of governments would make decisions at their meeting on Dec. 9th, "to ban the danger that out of the nervousness of the financial markets severe harm of the real economy would arise" 
Germany and France have already announced to come forward with proposals for limited treaty changes that will allow interventions in budgets of deficit sinners. Schäuble again endorsed such changes on Friday and opined the protocol No 14 of the lisbon treaty could be used "as basis to enhance the monetary union towards a stability union". All measures must be directed towards a solution of the problems within those individual countries.

Schäuble also said that next Tuesday the eurogroup would decide upon a report of the so called troika of IMF, European central bank (ECB) and EU-commission about the next trance for Greece. Upon a question of a stronger role of thee ECB in the crisis he reiterated, "that we all see the independence of the ECB as a critical prerequisite for the stability of the common currency" It was not discussed about the policy of the ECB at this meeting. "That's not the task of finance ministers"
Urpilainen reiterated from a Finnish viewpoint the enhancement of the efficiency of the EFSF has highest priority but she didn't rule out a bigger role of the ECB als LOLR. "If nothing else remains then we can think about a strengthening of the role of the ECB", reiterated the Finnish finance minister. At once she categorically ruled out common eurobonds.

The handling of the euro crisis must be quicker

 Nov. 25th
De aanpak van de eurocrisis moet sneller

The handling of the euro crisis must be quicker

Dutch PM Mark Rutte wants that the handling of the euro crisis will be accelerated.
The Netherlands will therefore "step on it" Mr Rutte said Friday in a press conference after the weekly council of ministers. Rutte sees that it "moves difficultly" between France and Germany.
The Netherlands have a good relations with Berlin and Paris according to him but also with London and therefore it can play a role in the consultations. Rutte is playing that role along with his finance minister Jan Kees de Jager and his undersecretary Ben Knapen of European issues "very very intensively. Our by our", according to the prime minister. 

Rutte would like the execution of agreements made at the last eurotop summit of end October to speed up and does his best with suggestions "which could build a bridge between the positions of France and Germany"

In the French-German disagreement about the bigger role of the European central bank he remains neutral. "The ECB is independent. Just in a general sense The Netherlands isn't a friend of monetary finance"

De Jager: „If you have savings, spend them“

Nov 21th (article date 16th)
De Jager: "Als je geld hebt, geef het uit" (dut)

De jager: „If you have savings, spend them“

(dutch Finance)Minister De Jager calls on dutch citizens to withdraw their savings and to spend it. This is the best way to stimulate the economy according to him.

„if you have money spend it“ This statement was given by De Jager in Ruttes rapport (a political TV Q&As). He reacted with this upon assumptions the government should not take austerity measures during times of crisis. „The best thing is that private investors stimulate the market“

Dutch economy is shrinking

The central bureau for statistics published yesterday that the dutch economy is developing towards a recession. In the third quarter the economy shrunk 0,3% and for the next quarter the bureau expects also no growth.

Buffer of 6 Bn
According to the finance minister there is still a buffer of roundabout 6 Bn Euro before extra austerity measures have to taken. De Jager doesn't want the state debt to increase further because that is harmful for the trust in the dutch economy.

The results of lost trust
If trust decreases it will be more expensive for the government to lend money. Also can a worse performing economy deter investors.

Solution for the euro crisis
Minister de Jager stated further that he still believes in a solution for the euro crisis. „There are no easy solutions. They will go along with pain for countries but also for ourselves“ according to de Jager.

British research institute investigates return of guilder on behalf of PVV

Brits bureau doet gulden-onderzoek PVV (dut)

The british research institute Lombard Street Research will do some research for the PVV (dut. Party of Geert Wilders) what are the consequences for the Netherlands if it was to exit the Eurozone. The institute in London will not only study the return to the dutch guilder but also the introduction of a new common currency only for the northern states of Europe (the "neuro") . This was announced on Monday by PVV party frontrunner Mr Wilders. The study will be completed beginning of next year.

Lombard Street Research is an institute specialized in macroeconomic questions. The chairman Mr Charles Dumas is known to be a supporter of releasing the Greeks out of the Eurozone.

If out of this research the conclusion is drawn that a return to the guilder would deliver the most on the long run then PVV chairman Wilders will hold a referendum.

"Gigantic costs"
According to the CPB is the abolishment of the euro and the introduction of national currencies connected to enormous costs .  It would harm the prosperity so the CPB concludes in its book "Europe in crisis" ... (Rest is already said in previous article)

Latest developments:
Apr 18th 2012  Second opinion on Lombard Street Research's report 'The Netherlands and the euro'
Apr 02nd 2012 Opinion: Euro Was Flawed at Birth and Should Break Apart Now
Mar 10th 2012 The euro zone crisis: A Dutch exit?
Mar 06th 2012 Netherlands: Wilders’ arguments for leaving the euro
                       LSR: Netherlands and the Euro - summary report final (25 pages, pdf, eng) 
Mar 05th 2012 Dutch Freedom Party pushes euro exit as €2.4 trillion rescue bill looms

CPB: little extra prosperity by Euro

Nov 20th:
CPB: weinig extra welvaart door euro (dut)

CPB: little extra prosperity by Euro

The introduction of the Euro brought the Netherlands just little extra prosperity.That conclusion was drawn by the CPB , the dutch bureau for central planning (an advice body for the govt) in the book titled: "Europe in crisis". The advantage of the Euro is roundabout a weeks wage of a years income (other sources quote about +-500€)
The free trade within Europe did bring Netherlands much more profit of about one month wage. This advantage is ever increasing. so it is written by the CPB.
The researchers warn of a break up of the Eurozone. The costs for that would be gigantic and would harm the prosperity.

The CPB states that it would be beneficial if there were more rights transferred to European authorities.

ECB and IMF looking for crisis solutions

'ECB en IMF onderzoeken crisismaatregelen' (by @mathijsbouman /twitter)

ECB and IMF looking for crisis solutions
The European Central Bank (ECB) and the international monetary fund (IMF) are doing research concerning possibilities to combat the debt crisis mutually. That was reported by press agency Reuters today.

According to sources both institutions talked about possibilities of the ECB to lend money to the IMF. This to ensure that the fund has enough resources to keep  also of larger European economies out of the fire. With that construction the restriction  of financing the sovereign debts of countries by the ECB can be circumvented. According to those sources the plans haven not left the drawing board. "For the time being it is just a idea" one of them stated.


Among economists there is a growing call for a bigger role for the ECB in the struggle to overcome the crisis. Also France would like to see that the
unlimited funds of the central bank would be used to calm the unrest on the markets. According to them this can be realized through providing the EFSF with a banking license in order to make it possible to lend money from the ECB. The EC and Germany however resolutely rejecting this bigger role for the time being. They think the governments must resolve the crisis by themselves by reforming their economies and to sort out their budgets. The central bank does momentarily intervene in the bond market in an attempt to prevent that the interest rates for coutries to pay over their debt to get out of hand. The ECB has always emphasized however that the interventions were restricted in time and scale.

The coup of Knot (president dutch central bank)

Dec 22nd De poets van Knot (via @mootzcom)
The coup of Knot (president dutch central bank)

Klas Knot the president of the (dutch central bank) Nederlandsche Bank delivered the cabinet a unpleasant Christmas surprise. De Nederlandsche Bank usually good for a vast transfer of profit to the treasury has decided not to give an interim-dividend to the state this year. Big bad luck for the governments finances: minister De Jager had to declare a bad news of 575 million € less close to the years ending.

The profit warning which was issued by DNB has to do with all the misery of the eurozone. DNB recons seriously with a lower profit or even a loss due to the crisis. DNB is part of the structure of European Central Banks and the ECB has put big risks on itself by purchasing sovereign bonds of the Euro area and by providing credit lines to struggling banks. Already a year ago the ECB warned European finance ministers that losses can be suffered by those actions. DNB chooses for not taking risks and does not transfer any dividend to its only shareholder the dutch state.

Bad luck for De Jager, not alone because of the effect on the budget deficit which is going to be higher than estimated. If DNB is definitely dismissing the dividend for 2011 De Jager cannot longer hold up the story that the dutch involvement in credit providing for problem countries in the Euro area is providing loads of money to the treasury.
And there is something else. De relationship between the former president of DNB, Nout Wellink, and minister De Jager has cooled off the last cuple of years. Nevertheless the dividends of the DNB under Wellink were steady „nice suprises“ for the treasury. Once Wellink held back a part of the profit: in 1998 in order to purchase the painting „Victory Boogie Woogie“ of Piet Mondriaan for the dutch public at the event of the farewell to the dutch guilder.

On Juli 1st Klaas Knot took office as new president of DNB. Knot came „from outside“ the cabinet assured and he was supposedly enhancing the relationship between the central bank and the ministry. Knot would be closer to the ministry and in the press he was referred to as „trustee“ of De Jager.
If De Jager and Rutte counted on that: within half a year Knot has made clear twice that he is cut from the same cloth as every central banker. First he brought an unpleasant surprise to the cabinet by warning of the risks for banking stability connected with the huge mortgage debt in the Netherlands at the beginning of November. Knot has chosen intentionally for the hypersensitive subject of mortgage rate deduct ability (>from IRS obligations) to demonstrate his independence from politics.

Now De Jager has miscalculated a second time. Knot is following the line of Wellink and the ECB concerning the debt crisis of the Eurozone. The governments should not think that they can put the costs of it on the central banks. And if the dutch government won't provide more cash for the EFSF the DNB will send a profit warning to The Hague. Via a U-turn of a possible loss of the central bank the financial misery will finally arrive at the treasury.
Only relief for the cabinet: the expected dividend of the DNB is a technicality which will produce less fuzz than the announcement of direct support to Greece. But it still is 575 million Euro.