January 21, 2012


EZR - Background - Hungary




PM says Hungary’s dependence on euro zone disadvantage, wants new banking rules

Despite threats ‘I won’t let myself be intimidated’

Hungarian Leader Takes On Foreign Critics


Orban greift Österreich-Banken an
Nov 16th 2011 #
BayernLB verzweifelt an Ungarn: "Tut uns enorm weh"
Nov 11th 2011

Hungary's economy: Hat in hand again
Nov 22nd 2011

Hungary’s Banks Expect a Difficult Year Ahead 
Nov 23rd 2011

Ungarn wittert Kartellabsprachen bei Töchtern der Austro-Banken
Nov 24th 2011

ECB And Banks Furious At Hungarian Solution To Swiss Franc Mortgage Problem
Nov 25th 2011

Ungarn auf Ramschniveau
Nov 26th 2011

The euro trigger (text & video) Al Jazeera
Nov 26th 2011

Ungarn will mit EU, IWF und Banken kooperieren
Dec 1st 2011

Hungary Omits Top Economic Policy Maker From IMF Delegation
Dec 1st 2011

Ungarn bekommt nur zu hohen Zinsen frisches Geld
Dec 2nd 2011

Hungary and the IMF: not so fast
Dec 7th 2011

Morning Briefing: Polish Rate Decision, Hungary 2012 Growth Plans 
Dec 8th 2011

Insight: Credit noose tightens slowly in central Europe
Dec 10th 2011

Hungary aiming for 10-15 billion euro IMF/EU deal: analysts
Dec 16th 2011

IWF zeigt Ungarn die rote Karte
Dec 20th 2011

Hungary Hikes Base Rate To 7.00% From 6.50%, As Expected [Dow Jones] (via @djfxtrader)
Dec 20th 2011

Paul Krugman: More Hungary
Dec 21st 2011

Hungary’s Orban and his central banker
Dec 21st 2011

Hungary Downgraded to BB+ by S&P
Dec 29th 2011

Hungary Financing May Be Precarious as Hopes Dim for IMF Support
Dec 31st 2011

EU-Kommission prüft Ungarns Notenbank-Gesetze 
Jan 3rd 2012

EU checking whether to challenge Hungary bank law
Jan 5th 2012

AUSTRIA: The Real Reason Anyone Gives Two Cents About Hungary
Jan 7th 2012 #
Hungary: "We are open to discussions" (ger)
Jan 8th 2012

From Here To Eternity, Hungarian Style
Jan 9th 2012

Viktor Orbán gives his side of story
Jan 9th 2012

Hungary Bonds Gain as Orban’s IMF Pledge Props Up Debt Auction
Jan 9th 2012 #
Erste Bank and Raiffeisen bank int.: 19bn Hungary loans (ger)
Jan 9th 2012

Slovaks Storm Hungarian Shops as Forint Hits Record Lows
Jan 10th 2012

Hungary sells HUF56bln of 3-month bills at yield of 7.98% with good demand: bid-to-cover 2.74, yields rising from Jan 3rd auction: 7.67%. (via @lindayueh)
Jan 12th 2012

EU to Recommend Hungary Sanctions
Jan 12th 2012

Hungary Accuses U.S. of Meddling in Domestic Politics 
Jan 14th 2012

Hungary far right demands exit from EU, burns flag at rally 
Jan 18th 2012

Forint Advances Second Day as Bonds Rise on Hungary Aid Prospect Optimism 
Jan 18th 2012

Poland’s Kaczynski to Hungarian Leader’s Rescue 
Jan 21st 2012

Over 100,000 rally in Hungary to back govt in EU row 
Jan 21st 2012

Paul Krugman: Hungary, Misunderstood? 
Jan 25th 2012

Hungary Struggles as Growth Slows, Investors Retreat 

# = German language

January 19, 2012

Greece (Scandals and possible default)

EZR -background -Greek scandals and possible exit

Luxusimmobilien in London: Griechen im Kaufrausch

Reiche Griechen am Pranger

Angst vor Staatspleite Der Beutezug der Griechen-Millionäre

Griechen-Konten: Schweiz pokert mit Steuerabkommen

ANGST VOR SCHULDENSCHNITT Hier plündern die Griechen ihre Konten

Bigger haircuts put strain on greek banks

Bank deposits safe, says official

Greek banks offering high interest rates to retain deposits

Greek banks' debt to ECB totaled 103 billion euros in June

Troika recommends 8bn bailout payout

Fast cars and loose fiscal morals: there are more Porsches in Greece than taxpayers declaring 50,000 euro incomes
Dec 28th 2011

resignation bomb (Greek)
Dec 28th 2011

Financial crime prosecutors resign citing interference
Dec 28th 2011

Financial prosecutors resign, claiming interference
Dec 31st 2011 #
A new Greek area: from downpayment to downpayment ( Frankfurter Allgemeine)
Jan 2nd 2012 #
Greek supreme tax collector resigned (NZZ ger)
Jan 5th 2012

Financial prosecutors identify third-party influence
Jan 12th 2012

Special report: Greece claims magnate stole from his own bank
Jan 13th 2012

Greece’s Creditors Break Off Debt Talks Amid Coupon Dispute
Jan 16th 2012

Why fighting tax evasion fails
Jan 17th 2012

Will hedge fund holdouts scuttle Greek swap deal?
Jan 17th 2012

Greece prepares to give way to banks to secure debt deal
Jan 17th 2012

Greek Debt Talks Resume With Agreement Seen by End of This Week
Jan 18th 2012

Factbox: What happens if Greece defaults?
Jan 19th 2012 #
Hedgefonds drohen Athen mit einer Menschenrechtsklage
Jan 19th 2012

Arrest of ex-mayor of Thessaloniki recommended
Jan 19th 2012

Five arrests made in Crete over tax evasion
Jan 19th 2012

Full PSI deal to come by Monday
Jan 20th 2012

Ex-PM may face probe over deficit statistics 
Jan 21st 2012

Irish finance minister slams bank role in Greece talks
Jan 21st 2012

Dallara suddenly leaves Athens
Jan 28th 2012

Roubini Says Eurozone ‘Wreck’ May Force Greece Out in Year
Jan 28th 2012

Greece Inches Toward Deal in Talks With Its Creditors
Jan 28th 2012 #
Greece resisting foreign budget control (Die Welt ger)
Jan 28th 2012

Troika talks push PM's party leader meeting to Sunday
Mar 6th 2012

The not so disabled of the Ionian sea 
Mar 27th 2012

Welfare Bodies Close to Bankruptcy

# = German language

Greece (Events after Dec. 9th summit)

EZR - background - Greece events after Dec 9th summit
Jan 21st 2012

Greek talks drag on as hopes rise for '70pc haircut' deal
Jan 19th 2012 PM seeks to rally support as troika arrives
Jan 16th 2012

Officials dispatched to US as default fears grow
Jan 16th 2012

46 Days to Avoid Greek Default
Jan 12th 2012

Euro Checkers: Guide to Greek PSI
Jan 4th 2012

Commission demands return of €435m in farm subsidies
Jan 3rd 2012 #
Credit negotiations: Greece threatens to exit eurozone (ger)
Jan 3rd 2012

EU: Greek PSI Must Be Resolved Before 2nd Bailout Program Resolved [Dow Jones] (via @djfxtrader)
Dec 31st 2011

Greeks must avert economic collapse, euro exit: leader
Dec 29h 2011

Prosecutors’ resignation spurs political storm
Dec 29th 2011

Greek bond swap deal may soon be reached: official
Dec 28th 2011

Financial prosecutors resign, claiming interference
Dec 27th 2011

New Democracy drops February election demand
Dec 27th 2011

Retail sales down 30 percent over Christmas
Dec 27th 2011

Papandreou expresses support for interim PM
Dec 27th 2011

‘I'll stay active,’ Papandreou tells critics  
Dec 15th 2011

Unemployment at record high, seen rising further

# = German language

Dutch household debt

Mortgage Burden Looms Over Dutch

January 16, 2012

The growth skepticism of the finance minister

Article by Oswald Metzger (CDU but former MP (finance committee) of green faction )

Instead of 48,8 bn debt the federal state (of Germany) produced only 17,3 bn of new debt. Reason was no accounting error but the unexpected high growth in Germany. Meanwhile the finance minister demanded a short while ago the "end of growth".

It's rather funny: One month ago finance minister Wolfgang Schäuble philosophized about the saturation of western industrial states and made the limitation of economic growth a theme and condemned the greed of the financial world. (Link to the article in German) It sounded a bit old fashioned like in the 1990s when he - while Kohl was Chancellor - in his function as chief of CDU parliamentary group in form of a book played with the thought of a green-black (>Green party & CDU) coalition.

One month later his ministry in Berlin announced that the new debt of the federal state in the fiscal year of 2011 has been reduced to 17,3 bn .. a third of the originally planned amount of roundabout 48 bn. Never before the deficit of the federal state could be reduced as much as last year. 

The finance minister can build up now a substantial buffer of +-25bn with which he can stick to the constitutional debt limit even in case when in the current fiscal year the Bundestag with almost certainty has to decide upon an additional budget with a substantially higher deficit proposal put to the lawmakers by him. 

"Guilty" of Schäubles' deficit reduction is just that economical growth, which he questioned back in December that critically. A real growth of 3% of the economic performance of last year  helped the federal state to gain almost 20 bn Euro extra tax revenues. Besides that growth driven rise of employment reduced massively the costs of unemployment.

What is the lesson: Without growth of the economy the health of public finances cannot be  restored even in the long term.  And a proportionate growth can be achieved in the long term only by a smart policy of education and investment as well as reforms of the social systems which can handle the demographics.

Source: (in German)