Europe

European central banks to shun fresh gold sales limits

"The amount of gold the region's central banks can sell in any given period has been capped by a series of Central Bank Gold Agreements (CBGAs) since 1999, after a spate of disposals by the official sector, including a 395-tonne tonne sale by the Bank of England, shook up the bullion market. Prices are more than five times higher than they were when the first CBGA was signed by 15 central banks, including those of Germany, Italy and France as well as the European Central Bank, in 1999. That limited sales to 400 tonnes of gold per year, for a five-year period. Signatories struggled to stay within those limits." Continue reading →

Continue ReadingEuropean central banks to shun fresh gold sales limits

Ireland votes to liquidate Anglo Irish Bank

"Anglo Irish Bank will be liquidated under the plan and its outstanding debt will be converted into a new long-term bond intended to spread the repayment over a longer period of time cutting the cost to the state. At present, the Irish government must pay €3.1bn (£2.7bn) every year to service the debt it took on to rescue the bank, equivalent to about 2pc of the country's GDP. The lender's collapse in 2008 forced the government to provide a guarantee for the debts of the country's entire banking system. Ireland was eventually forced to request an €67.5bn bailout from the EU and IMF as the costs of the banking rescue proved too much." Continue reading →

Continue ReadingIreland votes to liquidate Anglo Irish Bank

Scotland – In Or Out Of The UK?

"Prime Minister David Cameron last night launched a defence of the United Kingdom as his government prepared to put the 'facts' about Scottish independence to the ­public. He also criticised the SNP government for giving the illusion that the referendum result was already 'in the bag' by last week’s publication of a transition document with a timetable for full statehood following a Yes vote in 2014. Cameron said: 'Britain is admired around the world as a source of prosperity, power and security.' Britain has built up 'world-renowned' institutions such as the NHS and BBC, he insisted and 'fought for freedom' in two world wars, leaving 'unbreakable bonds'." Continue reading →

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The UK – In Or Out Of The EU?

"Many British people are fearful that a referendum may create economic strife with the EU, whist many others feel that the referendum could set them free of the EU debt. (The UK has plenty enough debt of its own.) So, then, what is the point? Is Mister Cameron truly sowing the seeds of freedom? Or is this mere political posturing? Is he annoying the EU needlessly? Or is he possibly simply thumping his chest in order to diminish the number of votes that may be lost to UKIP (the UK Independent Party) in the election?" Continue reading →

Continue ReadingThe UK – In Or Out Of The EU?

FDA on the verge of approving first bionic eye for the blind

"After years of research, the first bionic eye has seen the light of day in the United States, giving hope to the blind around the world. Developed by Second Sight Medical Products, the Argus II Retinal Prosthesis System has helped more than sixty people recover partial sight, with some experiencing better results than others. Consisting of 60 electrodes implanted in the retina and glasses fitted with a special mini camera, Argus II has already won the approval of European regulators. The US Food and Drug Administration is soon expected to follow suit, making this bionic eye the world’s first to become widely available." Continue reading →

Continue ReadingFDA on the verge of approving first bionic eye for the blind

Brussels fights US data privacy push

"Europe’s most senior justice official is adamant she will fight US attempts to water down a proposed EU data protection and privacy law that would force global technology companies to obey European standards across the world. Viviane Reding, EU commissioner for justice, said that the EU was determined to respond decisively to any attempts by US lobbyists to curb the EU data protection law. Ms Reding’s firm approach is likely to spark a diplomatic battle between Brussels and Washington, which has actively been trying to water down the EU’s tough new privacy legislation by handing US companies a de facto exemption from it." Continue reading →

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Man trampled as hundreds of desperate Greeks scuffle for food

"A fruit and vegetable handout in Greece led to one man being trampled on Wednesday, calling attention to desperate conditions. Some 55 tons of produce was given away by farmers who were protesting high production costs. The chaos was sparked when food stalls ran out of fruits and vegetables, prompting dozens of people to rush to a nearby truck. It was an 'every man for himself' situation as the Greeks shoved their way to the front of the truck, competing for the food that was left. The 55 tons of food was completely gone in under two hours. A Reuters employee at the scene was hit on the head with cauliflower heads as he attempted to photograph the situation." Continue reading →

Continue ReadingMan trampled as hundreds of desperate Greeks scuffle for food

Hollande warns on euro strength, denounces markets for currencies

"Francois Hollande has issued a clear warning that the current strength of the euro could damage the fragile economic recovery in Europe, calling for international action to stem currency distortions. 'The euro should not fluctuate according to the mood of the markets,' the French president told the European parliament in Strasbourg. 'A monetary zone must have an exchange rate policy. If not, it will be subjected to an exchange rate that does not reflect the real state of the economy.'" Continue reading →

Continue ReadingHollande warns on euro strength, denounces markets for currencies

Dutch PM: Eurozone needs exit clause

"The EU should have legal mechanisms for countries to leave the euro, says Dutch Prime Minister Mark Rutte. In a letter responding to a question in the Dutch Parliament, Rutte and his finance minister Jeroen Dijsselbloem, said that his governing coalition had agreed that 'it should be possible under mutual consideration to exit from the community arrangements (Schengen, eurozone, European Union).' The letter follows Rutte's intervention last week at the World Economic Forum in Davos, where he said that it "should be possible" for countries to leave the eurozone and indicated that certain EU policy areas should be repatriated to national governments." Continue reading →

Continue ReadingDutch PM: Eurozone needs exit clause

Bad Economy Has Young Europeans at Home

"In 2011, more that 50 percent of the 25- to 34-year-olds in Greece, Bulgaria, Slovakia and Malta still lived in their parents' homes. In Portugal, Italy, Hungary and Romania more than 40 percent of those in this age group remain in the nest (see graphic). These numbers are in stark contrast to those in the EU's most northerly member nations, with less than 5 percent of 24- to 34-year-olds in Finland, Sweden and Denmark. A similar phenomenon, dubbed the 'boomerang generation,' has been identified in the United States, where some 29 percent of Americans in the same age have had to return to their parents' home in recent years." Continue reading →

Continue ReadingBad Economy Has Young Europeans at Home