French President Francois Hollande :”The negotiations will be conducted with the United Kingdom, not with a part of the United Kingdom”

With the UK Parliament sovereign, and Sinn Féin’s calls for a border poll dismissed as an unwelcome distraction, quite where the “very special place” Martin McGuinness thinks Northern Ireland is in isn’t entirely clear.  Nor whom he thinks he can press that “case” with in his attempt to ignore the UK-wide referendum result.  He should remember, however, that neither he nor his party, alone, speak for the Northern Ireland Executive. He should also pay very close attention to the responses the Scottish First Minister is …

Read more…

European Council President on Greek Crisis: “the final deadline ends this week”

Following what the German Chancellor, Angela Merkel, is reported to have described as a “very long, intensive”, “very clear and candid discussion” at the emergency summit of Eurozone leaders in Brussels tonight, some details are emerging of the next steps in the continuing Greek crisis.  From the Guardian’s live blog. Europe has given Athens one last chance to produce a credible economic reform plan that could underpin a new bailout.  It has also threatened that Greece will leave the Eurozone …

Read more…

“For those who can’t read Greekdebtspeak, well, you’re on your own”

With European leaders, including Syriza’s erstwhile ally the Italian Prime Minister Matteo Renzi, warning Greek voters that they will be, effectively, deciding whether or not they want to stay in the eurozone, the BBC takes a side-ways look at the wording of the controversial 5 July referendum the Greek Prime Minister Alexis Tspiras suddenly announced at the weekend.  From the BBC article Voters go to the polls for the Greek referendum. pic.twitter.com/xpp3OWEvgX — Jamie Ross (@JamieRoss7) June 29, 2015 Here’s the …

Read more…

More Greek gamesmanship…

With the Greek Parliament, and Greece’s creditors in Europe and elsewhere, discussing the latest sudden manoeuvre by the game theory academics in the Syriza-led Greek Government, via the Guardian’s live-blog, here’s a reminder of Alexis Tspiras’ criticism of ex-PM George Papandreou’s, failed, attempt to hold a similar referendum in 2011. @graemewearden A transcript of @atsipras‘s scathing criticism of the 2011 proposed referendum, with compliments. pic.twitter.com/TIqQ10ZAdp — Finisterre67 (@Finisterre67) June 27, 2015 With the new manoeuvre almost certainly designed to short-circuit the …

Read more…

IMF to Tsipras: “You’ve got to ask yourself one question. Do I feel lucky? Well, do ya, punk?”

After more of the familiar lies and misdirection yesterday, there were some optimistic noises from Brussels last night as the leaders of Germany, France and Greece met on the side-lines of the EU-Latin America summit.  They were short-lived. Having tried to play the International Monetary Fund, and its managing director, Christine Lagarde, last week, the game theory academics in the Syriza-led Greek Government are being treated to a practical lesson in hard-ball negotiations by the IMF.  As the Guardian’s Larry Elliott …

Read more…

“Greece is joining a fairly exclusive club…”

Which ‘club’, exactly, remains to be seen…  If you’ve been having trouble following the twists and turns and lies and misdirection of the on-going Greek financial crisis [Join the club! – Ed] *ahem*  Perhaps some notes on Greece’s Syriza-led Government’s latest reverse-ferret decision to delay Friday’s €300m (£216m) debt repayment to the International Monetary Fund, and bundle all four of its June payments together in one easy €1.5billion payment by 30 June might help.  30 June, according to the BBC report, is the …

Read more…

Jean-Claude Juncker: “[Tsipras] must explain that some of the promises upon which he was elected will not be honoured…”

As Mick has noted, at the weekend the under-pressure new Greek Prime Minister Alexis Tsipras took undiplomatic aim at the governments of Spain and Portugal [But not Ireland! – Ed] in an attempt to explain the outcome of European negotiations to his Syriza party coalition. The European Commission has been quick to step in to act as a “mediator” after receiving complaints from the Spanish and Portuguese authorities, but not before those governments had responded in kind. Spanish Prime Minister Mariano Rajoy hit back …

Read more…

Cameron’s EU defeat: maybe De Gaulle was right all along

David Cameron’s failure to defeat the candidature of Jean-Claude Juncker has been variously described as a humiliation, a catastrophe for Britain, and an example of Cameron’s principle and European leaders cowardice. The Guardian’s Toby Helm has possibly the best analysis of what actually happened, why and how. It seems relatively few EU leaders were keen on Mr. Juncker’s appointment and that there was annoyance at a minor political coup by the EU parliament claiming that the result of the elections …

Read more…

Cameron and the EU: What’s good for business versus the democratic deficit?

So the EU leaders meet today, and it surely has to say something Jean Claude Juncker seems already confident of getting the job of President of the European Commission. For those who don’t know, Jean Claude is that Luxembourger geezer with the dodgy line in what happens when things get serious. And that’s not even mentioning his past “entanglement in Luxembourg intelligence affairs”. The odd thing is not just Cameron’s obvious distain for playing the European game (given this has been …

Read more…

Euro crisis: “It might be something which would allow Greece also to at least, to some extent, get a new start.”

Have the Greek coalition partners in Government, led by the technocratic former Greek and European central banker, Lucas Papademos, done enough to meet the demands of Germany their eurozone partners?  Maybe… and maybe not.  As the Guardian’s live-blog noted today Jean-Claude Juncker, who is also prime minister of Luxembourg, says the Eurogroup was still missing information from Athens on how it plans to save promised €325 million. He says he also did not receive assurances from the leaders of the two main …

Read more…

Euro crisis: You have six days to comply…

That’s the message to Greece from Germany the EU finance ministers.  Despite initial reports, prompted by the Greeks themselves, what was agreed yesterday between the party leaders there fell short of what was required – by some €300-odd million.  From the Irish Times report The ministers imposed a six-day deadline on Greek authorities to comply with their wishes and said all three parties in its coalition must pledge to implement the austerity plan and continue to do so after a …

Read more…

Euro crisis: “it is time to send for the Borg…”

You can follow the latest developments in the eurozone crisis at the Guardian’s live-Business blog as pressure mounts on Italian Prime Minister designate, Mario Monti – who was nominated to replace Silvio Berlusconi three days after the Italian President, Giorgio Napolitano, appointed Monti a Lifetime Senator.  From his Wikipedia entry In 2007, Monti was one of the first supporters of the first European civic forum, Etats Généraux de l’Europe, initiated by European think tank EuropaNova and European Movement. In December 2009, he …

Read more…

Jean-Claude Juncker: “The Eurogroup is working on a proposal, which I hope all eurozone member states will be happy with”

A quick update from Brussels on the crisis in the euro-zone where Finland’s demand for collateral in return for financial aid to Greece is, as the New York Times reported, threatening the “fragile consensus”.  [Offer them an island or two! – Ed]  I don’t think that would cover it… The BBC reports that European Central Bank (ECB) president, Jean-Claude Trichet, wants European governments to get back to work quickly. “The full and timely implementation of the July 21 agreement between heads …

Read more…

Euro crisis: “The euro area crisis has reached end game…”

The Italian finance minister, Giulio Tremonti, has held crisis talks with  Jean-Claude Juncker, chair of the Eurogroup of finance ministers.  The Spanish Prime Minister,  Jose Luis Zapatero, “has postponed the start of his holidays” to keep “an eye on the international economic situation.”  Both countries’ bond yields have reached their highest rates in 14 years, and are considered to be at unsustainable levels.  As the Guardian reports, the stock markets have taken fright “as fears grew over the health of the global …

Read more…

Van Rompuy: “Europe is still sexy…”

So sayeth the President of the European Council, Herman Van Rompuy, as the BBC Europe editor Gavin Hewitt notes Europe’s leaders are unsettled, scratchy. Old certainties have given way to anxiety. The open road to ever closer union is now strewn with boulders. You can gauge the ebbing confidence from remarks that didn’t need to be made. “Europe is still sexy,” declared President of the European Council Herman Van Rompuy. “As long as a club attracts new members,” he added, “it is …

Read more…

Jean-Claude Juncker: “The sovereignty of Greece will be massively limited.”

After the Greek parliament voted to give everyone more time to come up with a  better solution, Eurozone finance ministers agreed to release the promised €12billion to Greece to avoid an immediate default. But those same finance ministers have now delayed discussions on the details of a second bail-out for Greece, thought to be around 120bn euros, needed to pay the bills until the end of 2014.  According to an Irish Times report today, the Greek finance minister Evangelos Venizelos has stated, “Euro Group decided through a …

Read more…

Euro crisis: “Europe has been producing its usual cacophony of voices in the past few days”

BBC Europe editor, Gavin Hewitt, has been looking at Spain in the aftermath of defeat for the prime minister José Luis Rodríguez Zapatero’s ruling socialist party in municipal and regional elections.  From Gavin Hewitt But nerves are back. In weekend elections the governing Socialist party took a thrashing. Even in strongholds like Seville and Castilla-La Mancha it was defeated. There is a pattern emerging in Europe. Given a chance, the people turn on the incumbents. In Spain national elections do not …

Read more…

Euro crisis: “When it becomes serious, you have to lie.”?

Another article, to add to those noted by Mick, on the wider economic and political considerations being argued in the eurozone.  At the Guardian, Nuno Monteiro and Eduardo Sousa warn While a growing number of analysts recognise the likelihood of sovereign-debt defaults across Europe’s periphery in the next few years, the continent’s political and financial elites continue to see restructuring as the third rail of financial options. Despite all signs that the euro may be set on an implosion course, the EU …

Read more…