Comments for European Union Law

Comment on The EU Fiscal Stability Treaty: Summary and Analysis by A thoughtful Irish take on the EU Fiscal Treaty on referendum day | Nosemonkey's EUtopia

Thu, 31 May 2012 12:42:18 +0000

[...] nor will it do anything to solve it. As I’ve pointed out before, the Treaty is 90% existing EU law, since the European Parliament has passed the “six-pack” of legislation last year. [...]

Comment on Democracy Is Not the Fundamental Problem of the Eurozone by Gordan Finch

Gordan Finch — Mon, 23 Apr 2012 08:03:46 +0000

21/04/2012

The IMF recently stated that there is a problem in Europe, and that it may break up. This is an understatement the situation was created in the 1990s with Credit default Swaps and fraudulent actions by Insurance giant Zurich, and its CDS issued by its subsidiaries AIG and its London AIGFP unit.

But lets get back to the situation now in Europe, the single market, there is no contingency plans whatever should Countries leave the Euro. Just like the CDS above there was no contingency plan for a major default.

There is no plans in place should Countries leave the single market, causing the EU to break up. Its likely and now serious and deteriating and may be worse than pundits predict.

The financial crisis Bank losses and the bailout in 2008-9 just shoved the banking collapse away for a while, but the crisis with Insurers and Banks is still here. And no amount of paper money printed will solve the situation, Bank leverage is perilously high and it won’t take much to tip banks over the abyss.

Other factors like Italy and Spain are now having a visible effect on the euro zone and investors are now in fear of an impending collapse. China for example is buying huge quantities of Gold and so are Central Banks. The BIS stockpiles being hoarded now in its vaults are staggering.

It is terrifying the situation is now worse than it was in 2008 and there will be Bank failures. I remember reading that the 2007 CDS market had a hypothetical value of $50 Trillion. AIG at the time had greedily issued around $450 Billion in CDS. When Mortgage backed values fell, AIG had to find about $15 billion it didn’t have. Leading to AIG and its Parent, (Zurich Financial Services) being rescued bailed out and taken over by the US Government in a massive $800 Billion Bailout of Banks.

The IMF Governments and Central banks know the Bailout hasn’t worked and the situation is now dangerous and may cause a run on the already unstable Banks possibly leading to panic public unrest and riots.

Further recent events like the IMF being given £10 billion by the UK to part fund another bailout of the euro zone today is not much better than burning the money in a bin. It will take € Trillions and no Government has the guts or money to fund such a staggering bailout of a lost cause.

Gordan Finch.

Comment on The Gates to Schengen Remain Locked for Bulgaria and Romania by News Express » Another Crack in the Edifice?

News Express » Another Crack in the Edifice? — Sat, 21 Apr 2012 14:29:12 +0000

[...] by duyhungsale on Dec 22nd, 2010 // No Comment Vihar Georgiev over at he EU Law Blog has written an interesting post about how Germany and France are blocking the accession of Bulgaria [...]

Comment on The EU Fiscal Stability Treaty: Summary and Analysis by Philippe Bastide

Philippe Bastide — Mon, 30 Jan 2012 20:55:25 +0000

Euro or not Euro ?

Comment on What’s Behind the New Eurozone Fiscal Stability Union? by The EU Fiscal Stability Treaty: Summary and Analysis | European Union Law

The EU Fiscal Stability Treaty: Summary and Analysis | European Union Law — Sat, 28 Jan 2012 08:58:08 +0000

[...] eurozone breakup we need much more substance and detail to stem the crisis. Yes, the UK government did its part in complicating the mitigation efforts, but we really need to respond to market expectations and to [...]

Comment on Happy Holidays! by patrick garces garcia

patrick garces garcia — Sat, 24 Dec 2011 15:24:26 +0000

feliz 2012 y pospero año

Comment on How to Save the Eurozone in Few Easy Steps by CG

CG — Sun, 04 Dec 2011 16:55:22 +0000

Thanks for this! Here’s to a bright European future…

Comment on How to Save the Eurozone in Few Easy Steps by Вихър Георгиев

Вихър Георгиев — Fri, 02 Dec 2011 22:28:33 +0000

Hi there,

I don’t think that you should be worried about your residence status. As for the future of the EU, I am a relative optimist. However, I cannot promise anything.

Comment on How to Save the Eurozone in Few Easy Steps by CG

CG — Fri, 02 Dec 2011 10:03:27 +0000

Hi Vihar,
I think your blog is great – keep up the good work!
I was wondering if you’d consider addressing the situation of nationals of one EU country who are settled in another, should the EU, politically, disappear, as your post suggests.
I’m one of those people: I’ve been living for years as a legal resident of the UK on a Portuguese passport. If the EU were dismantled, could the UK kick me out, or would border restrictions apply to new migrants only? And in your opinion, is the end of the EU likely to happen in the near future?
Many thanks!

Comment on The Second Greek Bailout: the Details by Bank Follies … | Economic Undertow

Bank Follies … | Economic Undertow — Mon, 24 Oct 2011 15:07:00 +0000

[...] The credibility of the entire banking industry is on the line. Greece will officially default (Greece has already defaulted unofficially, not that anyone noticed) and banks will not get paid. At that point, if the bankers don’t [...]