Europe

Bank of Greece Breaks Silence on Bitcoin

"The Bank of Greece issued a brief statement on 11th February warning citizens of the potential risks associated with virtual currencies, such as bitcoin. Citing past statements from the European Banking Authority, the release included introductory information meant to guide consumer decision-making, as well as material that further informed readers of the potential tax implications and legal consequences associated with the use of virtual currency. The announcement comes after a string of similar remarks from other European central banks, such as the Central Bank of Lithuania and the Central Bank of Cyprus, which both issued statements to raise awareness of the potential risks." Continue reading →

Continue ReadingBank of Greece Breaks Silence on Bitcoin

Head of Dutch Libertarian Party Arrested Just Weeks Before Election

"The former chairman of the Dutch Libertarian Party, Toine Manders has been kidnapped in Cyprus by the FIOD (the Dutch IRS) and is currently locked away in the Netherlands in complete isolation (aside from his lawyer), in an undisclosed location. He is being held for an extended 90-day period, the charges for which are unknown. Toine Manders began his career by giving legal advice to young Dutch men who wanted to avoid military conscription. Toine Manders had attracted special attention from the government by running controversial ads that stated 'Taxation is theft', and that it was people’s moral duty to pay as little in taxes as possible, as the government is a criminal enterprise." Continue reading →

Continue ReadingHead of Dutch Libertarian Party Arrested Just Weeks Before Election

RBS has lost all the £46bn pumped in by the taxpayer

"Royal Bank of Scotland has lost all the money invested in it by the taxpayer six years ago when the lender came close to collapse. The bank has confirmed its total losses since its bailout have now drawn level with the £46bn pumped into it in 2008 in return for an 81pc stake. RBS made a loss last year of £8.2bn, its sixth consecutive annual loss, taking its cumulative losses to £46bn. The scale of the losses means that all the capital provided by the taxpayer has now been used up dealing with the toxic legacy assets on the bank's balance sheet. Despite, the loss RBS said it had put aside £576m to pay staff bonuses for 2013." Continue reading →

Continue ReadingRBS has lost all the £46bn pumped in by the taxpayer

All-Time High Unemployment: Depression In Europe Getting Deeper

"This week we learned that eurozone unemployment came in at an all-time high of 12.2 percent for September. Back in January 2012, it was sitting at just 10.4 percent. The funny thing is that the mainstream media will barely call what is going on in Europe a 'recession' even though the unemployment rates in both Spain and Greece are now much higher than anything that the United States ever experienced during the 'Great Depression' of the 1930s. A 25-year-old Spanish man with three college degrees that moved to London in a desperate search for a job is now cleaning up poop for a living. The economic collapse of Europe continues to march on, and there is no end in sight." Continue reading →

Continue ReadingAll-Time High Unemployment: Depression In Europe Getting Deeper

Belgian card payment network crashes two days after record usage

"Belgium’s card payment network failed on Monday night, leaving millions of Belgians unable to pay at stores or to withdraw cash from ATMs and self-service terminals inside banks. Atos subsidiary Worldline, operator of Belgium’s Bancontact-Mister Cash payment network, reported on its website that it was difficult for cardholders throughout the country to make payments or withdrawals from around 4 p.m. local time on Monday. Local media reported long lines to make cardless withdrawals at bank counters. Worldline put its business continuity plan into effect, and payment traffic began to recover from 5.15 p.m., returning to near-normal levels from 6.30 p.m., the company said in a statement." Continue reading →

Continue ReadingBelgian card payment network crashes two days after record usage

Belgian card payment network crashes two days after record usage

"Belgium’s card payment network failed on Monday night, leaving millions of Belgians unable to pay at stores or to withdraw cash from ATMs and self-service terminals inside banks. Atos subsidiary Worldline, operator of Belgium’s Bancontact-Mister Cash payment network, reported on its website that it was difficult for cardholders throughout the country to make payments or withdrawals from around 4 p.m. local time on Monday. Local media reported long lines to make cardless withdrawals at bank counters. Worldline put its business continuity plan into effect, and payment traffic began to recover from 5.15 p.m., returning to near-normal levels from 6.30 p.m., the company said in a statement." Continue reading →

Continue ReadingBelgian card payment network crashes two days after record usage

S&P: Britain’s euroscepticism a major factor in EU’s loss of triple-A rating

"Britain’s political debate over the future of its EU membership and the Prime Minister’s promise of European referendum in 2017 were cited as important factors in the uncertainty surrounding the Union’s future. 'The UK has recently passed a bill calling for a referendum on continued EU membership, which is the first time in the EU's history that a sitting government has proposed such a step,' said the S&P statement. 'Although this potential plebiscite is set for 2017, the UK general elections are expected in 2015 and we expect EU membership to be a key debate.' Cuts to the EU budget earlier this year, for the first time in its 56 years history, are regarded as a major risk." Continue reading →

Continue ReadingS&P: Britain’s euroscepticism a major factor in EU’s loss of triple-A rating

European Union Stripped of AAA Credit Rating at S&P

"The European Union lost its top credit rating from Standard & Poor’s, which cited the deteriorating creditworthiness of the bloc’s 28 member nations. Ratings remain under pressure more than four years after the outbreak of the European debt crisis, which led the EU to offer emergency financing to Greece, Ireland, Portugal, Spain and Cyprus to shore up their bonds and banks. European Central Bank President Mario Draghi’s pledge to do what it takes to save the euro has helped stabilize debt markets, while deficits and debt in most euro-area countries remain well above the limits set for membership in the single currency." Continue reading →

Continue ReadingEuropean Union Stripped of AAA Credit Rating at S&P

Saving Europe’s banks: EU gets landmark deal

"Europe has agreed the core elements of a banking union that mark the most significant pooling of national power since the birth of the euro. European Union leaders meeting in Brussels Thursday will sign off a compromise deal hammered out overnight by their finance ministers after months of difficult negotiations. It will then go to European lawmakers for final approval before May 2014. The banking union is central to the eurozone's response to future financial crises. The aim is to stop bank collapses from trashing national economies -- a fate Ireland suffered in 2010 -- and destabilizing the euro." Continue reading →

Continue ReadingSaving Europe’s banks: EU gets landmark deal

Sweden moves closer to a cashless society with new business registry

"The troublesome legislation does not end with a government registry and yet another extraction of resources from the citizens. Businesses must now in many cases also violate the privacy of its customers. According to the law, businesses or their employees must obtain detailed knowledge about its customers and also ask for their identification. Any suspicious activity should be reported to the financial police. Funnily enough businesses does not have to obtain knowledge about their customers if they are dealing with Swedish authorities or with banks and insurance companies. Article 2 section 5 of the law states that these are exempt." Continue reading →

Continue ReadingSweden moves closer to a cashless society with new business registry