Posts tagged 'finance ministers'

Basel III bunfight: Is this the beginning of the end?

On Wednesday, as FT Alphaville has already illustrated, European finance ministers failed to agree legislation that would enshrine Basel III bank capital rules into law. This despite all those involved having already agreed in principle to Basel III back in 2010.

So why the failure to agree? Read more

The (pictorial) European bank capital rules deathmatch

It went on so long even the translators gave up – there was sure some mud-slinging going on in Brussels on Wednesday as European finance ministers met to try to agree legislation to implement Basel III rules on bank capital.

One could be forgiven for wondering how this is even still a debate at all. Read more

Eurozone finance ministers meet as sovereign fears hit rally

An Asian-led rally is already running out of steam as an air of caution descends on markets, with attention once again squarely focused on sovereign debt worries, reports the FT. The FTSE Eurofirst was down 0.7 per cent in early trading Tuesday morning, ignoring a 1.6 per cent rally in the FTSE Asia-Pacific index overnight. The focus remains on Europe after Moody’s said it was considering a downgrade of the subordinated debt of 87 European banks – primarily in Spain, Italy, Austria and France. Furthermore, talk that France’s sovereign debt rating could be put on “negative” outlook by Standard & Poor’s is also hurting sentiment. But a move overnight by Fitch, the ratings agency, to put the US triple-A credit rating on “negative” watch has reminded traders that the eurozone is not the only part of the world where governments are heavily indebted and facing low growth. In Europe, eurozone finance ministers are scheduled to meet in order to agree details on an expanded European Financial Stability Fund (EFSF). This comes amid renewed pressure from US President Barack Obama for leaders in Europe to prevent a breakup of the currency, reports Bloomberg. Poland’s Foreign Minister Radoslaw Sikorski also made an passionate plea for Germany to take more leadership in resolving the crisis, Reuters reports.

Doing the right thing in the eurozone

What was it Winston Churchill said about the Americans? They could always be counted on to do the right thing after they exhausted all the other options.

Could same could be said about Eurozone finance ministers, who are now considering using the European Financial Stability Facility mechanism to directly purchase government bonds — about seven months after the idea was first floated. Read more

What keeps an EU finance minister awake at night?

The upward trend in Italian government bonds, of course.

 Read more

Presenting, the Eurozone-Trapp finmin family

It’s ‘Greek bailout’ hype Friday, which means the eurozone finance ministers are once again preparing to talk aid packages over the weekend.

A Reuters snap confirmed that there would indeed be (yet another) ministerial huddle: Read more