European Banks Unprepared For Greek Exit From Euro (Bloomberg)
@2 years ago with 1 note
“Europe’s banks, sitting on $1.19 trillion of debt to Spain, Portugal, Italy and Ireland, are facing a wave of losses if Greece abandons the euro.
The prospect of Greece leaving the 17-nation euro region increased after parties opposed to the terms of the nation’s second bailout by the European Union and the International Monetary Fund won most of the votes in May 6 elections. A fresh round of voting will be held June 17 after politicians failed to form a government. For the first time since the crisis began in November 2009, European leaders and central bankers are speaking openly of Greece abandoning the currency union.
Should Greece go, its new currency probably would suffer an immediate devaluation of as much as 75 percent against the euro, forcing individuals and companies to default on foreign loans, economists at UBS AG (UBSN) said. Unless European leaders could make a credible case that a Greek exit was an exceptional and isolated incident, depositors in other nations might decide to withdraw euros from banks or shift them to countries seen as safer.”
#Greece #EU #Euro Zone #banks #Europe #PIGS #debt #news
Somali piracy: EU forces in first mainland raid (BBC)
@2 years ago
“The EU recently agreed to expand Operation Atalanta to allow forces to attack land targets as well as those at sea, and this is the first time its forces have used the new rules to attack a base on the mainland.”
#Somalia #EU #piracy
EU naval forces conduct first raid on pirate bases on Somali coastline (Russian Times)
@2 years ago
"The EU Naval Force has conducted the first operation to destroy pirate equipment on the Somali coastline. The attack was conducted in accordance with the UN Security Council Resolution 1851. It was also supported by Somalia’s transitional federal government. There were no apparent casualties after the precise attack air strike against pirate supplies on the shoreline. The Council of the European Union on March 23 allowed the EU Naval Force to take disruption actions against known pirate supplies on the shore."
#EU #Somalia #United Nations #news
Germany, France disagree on Turkey's EU accession (Hürriyet)
@2 years ago
“"The fiscal crisis proves again that our political project for the union cannot handle the membership of a country of Turkey’s size. Turkeyitself has begun looking beyond the EU, too,” Juppe told reporters during a speech in Strasbourg.
German President Christian Wulff also spoke on Turkey’s EU membership recently, stating that EU members should hold up to their commitments in starting the negotiation process for Turkey in accordance with the “pacta sunt servanda” (agreements must be kept) principle.”
#Turkey #EU #France #Germany
Russia in Europe missile threat (BBC)
@2 years ago with 21 notes
“In a televised statement, [President Medvedev] said ‘modern weapons systems’ could be deployed in Kaliningrad if Russia, the US and Nato failed to come to a deal [on the proposed American missile shield].
President Medvedev’s warning follows an announcement by the United States on Tuesday that it would stop sharing information with Russia on non-nuclear military forces in Europe.
The information was being provided to Moscow under the CFE (Conventional forces in Europe) treaty.”
#Russia #US #Europe #NATO #EU #Kaliningrad #missile shield #nuclear arms