THE European Union faces a 'crisis of survival' over its deepening debt problems, its president warned yesterday. Herman Van Rompuy said the financial meltdown engulfing Ireland, Greece and other EU countries could spark the collapse of the European project.
THE European Union faces a 'crisis of survival' over its deepening debt problems, its president warned yesterday. In an astonishing intervention, Herman Van Rompuy said the financial meltdown engulfing Ireland, Greece and other EU countries could spark the collapse of the entire European project.
BRITISH banks have benefited from an assumption that investors will flee to government debt perceived as high quality in a European assessment of how bank capital would withstand a deepening sovereign debt crisis. The European Banking Authority (EBA) found that 31 of 71 European Union banks, none of them British, need to raise extra capital to withstand the eurozone debt crisis.
THE European Union faces a 'crisis of survival' over its deepening debt problems, its president warned yesterday. In an astonishing intervention, Herman Van Rompuy said the financial meltdown engulfing Ireland, Greece and other EU countries could spark the collapse of the entire European project. Mr Rompuy said: 'We must all work together in order to survive with the eurozone, because if we do not survive with the eurozone, we will not survive with the European Union.'
AS the Scottish opposition parties try to nail Alex Salmond over Scotland's membership of the EU after independence, they are failing dramatically to see the bigger picture. There might not be an European Union for an independent Scotland to remain a part of if the eurozone debt crisis leads to a fracture between Germany and the rest. And even if the sovereign debt crisis is resolved, Britain's relationship to Europe after the next General Election could become so tenuous that Scotland would be more out than in the EU if it remains a part of the UK. It is becoming increasingly clear that the UK Conservatives are, whatever David Cameron says, heading rapidly out of Europe. Last night's rebellion on the EU budget, leading to a Government defeat, is only the latest manifestation of a deepe...
AT least 23 people were reported to have been killed in Syria yesterday as violence intensified in the eighth month of unrest against president Bashar al-Assad, pushing the death toll near 4600, according to an activist group. In a three-hour, night-time battle in the north-western city of Idlib, near the Turkish border, seven members of the security forces, five army rebels and three civilians were killed, the Syrian Observatory for Human Rights (SOHR) said.
...Syria faces deepening international and regional isolation, with the Araab League, European Union and US tightening sanctions to pressure Dama...
THE Greek Government came under pressure yesterday to convince sceptical European capitals it would stick to the terms of a multibillion-euro rescue package endorsed by MPs during violent protests on the streets of Athens. Parliament backed drastic cuts in wages, pensions and jobs on Sunday night as the price of a EUR 130 bil-lion (pound(s)109bn) bailout by the European Union and International Monetary Fund, as running battles between police and rioters outside parliament drove home a sense of deepening crisis.
Against the background of a deepening crisis in the eurozone and the fact that Britain is required to hand over increasingly larger sums of bail-out money I have produced a film Leaving the European Union which shows that Britain need not be involved at all in this political mayhem. The ground breaking, 18-minute film, based on the recently published book Time to say No, has already aroused widespread interest, particularly amongst members of both Houses of Parliament. It has been launched on the internet.
THE eurozone was plunged back into the danger zone last night after the latest plan to save the single currency fell flat. Borrowing costs in Italy and Spain soared as the make-orbreak deal cooked up during marathon talks in Brussels did little to reassure the financial markets. France was also left reeling after the deepening credit crunch prompted ratings agency Moody's to downgrade the credit scores of its big three banks. Analysts said the deal - backed by every country in the European Union bar Britain - lacked the 'wow factor' to restore confidence in the eurozone.
FINANCE ministers of the European Union meet this week amid fears of an expulsion of one its members from the single currency. The concerns have been building over the growing budget deficit in Greece and the lack of confidence in the government's plans to rein in spending. Such is the worry over a deepening fiscal crisis in Greece that the European Central Bank has issued a legal analysis of what would happen if a country tried to leave monetary union.The paper argues that eurozone exit entails expulsion from the European Union as well. Some see in this move a warning shot, not only for Greece but also for Portugal, Ireland and Spain: fail to marshall public support for Draconian austerity and risk being sent into Icelandic oblivion.
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