tag:blogger.com,1999:blog-3627562904997209382.post5011959584576296748..comments2023-10-06T13:05:37.709+03:00Comments on Managementul riscurilor globale - Asociatia PROXEMIS: Despre nasul lui Ponta - prima casatorieManagementul Riscurilor Globalehttp://www.blogger.com/profile/07836386110300292916noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3627562904997209382.post-40639320681777545012013-12-19T23:31:46.270+02:002013-12-19T23:31:46.270+02:00I have no idea if the situation still obtains, but...I have no idea if the situation still obtains, but a retired ELF-Total French oil executive once told me that bribes paid by French multinationals abroad to secure contracts are a fully deductible business expense on their corporate taxes back home in France.<br /><br />There's cynical Gallic pragmatism for you.<br /><br />Especially with regard to defence sales, the French also have a long history of their national intelligence organs collecting business intelligence abroad on behalf of France's corporate sector. _Dirigisme_ greatly grays the lines between private firms and the public state.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3627562904997209382.post-63846009507397623202013-12-19T22:17:16.718+02:002013-12-19T22:17:16.718+02:00
The banks will themselves, via a levy, supply the...<br />The banks will themselves, via a levy, supply their own insurance, a €55bn pot that<br /><br />This will be wiped out with just a 3% write down in Italian Government bonds. At debt/GDP at around 130% and continuing to increase, debt servicing costs approaching 6% ofg GDP, a flatlining economy, a dysfunctional government and the domestic banks loaded to the gills with Italian Government bonds a debt restructure in the next 5 years seems to be a racing certainty<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3627562904997209382.post-41800211800037465852013-12-19T22:16:42.582+02:002013-12-19T22:16:42.582+02:00As of November Italian banks hold 390bn in Italian...As of November Italian banks hold 390bn in Italian government bonds. Which is a lot by EZ standards. If there would be a partial default on Italian government bonds a lot of the impact on banks would be absobed by the equity, followed by junior and then senior bondholders. This would probably be sufficient even in the case of a default. If not, then the deposit holder above 100k would lose a small share of their deposits.<br />Only then the fund would step in. <br /><br />I am sure that the fund will be increased in size in the future. But considering that countries like Switzerland operate a fund that is only backed by interbank guarantees and not funded with a single cent, the 55bn don't seem that bad after all.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3627562904997209382.post-61094475606463873462013-12-19T22:15:43.549+02:002013-12-19T22:15:43.549+02:00The phasing in of the fund could be quicker and I ...The phasing in of the fund could be quicker and I agree that the decision making seems complex. At least at first sight. <br />On the upside the ESM can act as a fiscal backstop and the fund will be truly pan-European once it is up an running. <br />In that sense I see your two goals (reduction of taxpayer liability, breaking of the loop between failing banks and failing sovereigns as fulfilled). At least from 2025 onwards.<br /><br />In the long-run an EZ budget is necessary. If they want it connected to binding contracts, that is only sensible. My main concern is that the funds will be too limited to make a abig difference.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3627562904997209382.post-70994454267938413752013-12-19T22:15:01.056+02:002013-12-19T22:15:01.056+02:00European leaders gather in Brussels on Thursday fo...European leaders gather in Brussels on Thursday for a two-day summit aimed at shoring up the euro, pooling economic reform efforts and entrenching a radical new regime for controlling most of the eurozone banking sector. The summit begins after late-night negotiations in Brussels saw finance ministers thrash out a complicated compromise deal that left national governments ultimately responsible for bailing out their banks.<br /><br />Taken together, the policies amount to the biggest moves attempted by the 17 governments of the single currency since the euro and sovereign debt crisis exploded four years ago. The action being plotted is highly contentious, the policies are divisive. The main issue is what chancellor Angela Merkel of Germany wants, what she does not want, and what she might get in the end.<br /><br />"They are trying to solve a German problem," said a senior EU official.<br /><br />The two main innovations are agreements on a key pillar of a new "banking union" that makes the European Central Bank the supervisory authority for the big systemic eurozone banks from next year and a new system of "binding" contracts agreed at the eurozone level to encourage structural reforms in individual countries.<br /><br />The Germans have resisted and sought to dilute the banking union since Merkel was hijacked at a summit in June last year by France, Italy and Spain and the new regime was agreed. By contrast, the contracts scheme is Merkel's idea, aimed at making weaker eurozone economies more competitive. It is fiercely resisted even by her northern allies in the euro crisis, such as the Dutch, the Austrians, and the Finns. It is feared by the French and the southern Europeans.<br /><br />But Berlin is making plain that there won't be progress on banking union unless she makes headway on the contracts.<br />Anonymousnoreply@blogger.com