European Finance & Economy
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Trust Your Instincts: HSBC chairman urges bankers to swear an oath

The Telegraph reports that the HSBC chairman is urging bankers to swear an oath similar to that sworn by doctors in a bid to restore trust in banks and bankers.


Before taking the oath, every bank needs to begin providing ultra transparency and disclosing on an ongoing basis their current global asset, liability and off-balance sheet exposure details.


Ultra transparency is needed not only because this form of sunshine that is the best disinfectant, but because it is the foundation of the bankers pledge to engage in an honest, fair manner with all of their clients, customers and counter-parties.

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Mish's Global Economic Trend Analysis: 450,000 Businesses Shut Down in Italy; Non-Performing Loans Jump 15.3%, Write-Downs 21.6%

Mish's Global Economic Trend Analysis: 450,000 Businesses Shut Down in Italy; Non-Performing Loans Jump 15.3%, Write-Downs 21.6% | European Finance & Economy | Scoop.it

Here are a couple of interesting economic links from Italy courtesy of reader Andrea. The translations from Italian are a bit choppy, but the gist of the articles is easily understandable.

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Calculated Risk: Greece Update: Eurozone finance ministers meet Monday

The eurozone finance ministers are meeting on Monday, and trying to reach an agreement to disburse more funds to Greece.


From the Financial Times...

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Marc to Market: Great Graphic: Preliminary Election Results in Catalonia

Marc to Market: Great Graphic: Preliminary Election Results in Catalonia | European Finance & Economy | Scoop.it

This Great Graphic was posted just now on Presseurop, which it took from a local television report. It gives a quick and preliminary look at the election results in Catalonia. Mas' CIU party appears to have lost a few seats, but the left nationalist party ETC picked them up and more.

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Macronomics: Credit - It's Alright Spreads are Coming Back

Macronomics: Credit - It's Alright Spreads are Coming Back | European Finance & Economy | Scoop.it

"The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt." - Bertrand Russell, British philosopher

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Prisoner’s dilemma game justification for state housing

Prisoner’s dilemma game justification for state housing | European Finance & Economy | Scoop.it
I’ve been thinking about potential justifications for building a stock of state housing when we have no issues of credit constraints. Say we have a bunch of people walking around wanting to b...
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Trust Your Instincts: Tax havens: an example of banks fighting to retain opacity in the financial system

In an interesting article, the Guardian looks at the fight to bring transparency to tax havens so that countries can know if their citizens are paying what they owe in taxes.


Clearly, this is a major issue given the amount of sovereign debt outstanding.


It is another example of why transparency must be brought to all the opaque, corners of the financial system.


Regular readers will not be surprised to learn that leading the fight to block transparency are the banks.

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Testosterone Pit - Home - Who’s the Next Downgrade Domino to Fall?…The UK? 

Testosterone Pit - Home - Who’s the Next Downgrade Domino to Fall?…The UK?  | European Finance & Economy | Scoop.it

After Moody’s downgraded France, we are waiting the next major sovereign to suffer the same fate. According to the must-read interactive graph on the BBC, France now has a medium risk of default, but the UK is still in risk status “low”.

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Mas Trouble In Little Spain As Country Layers Constitutional Crisis Onto Economic Depression | ZeroHedge

Mas Trouble In Little Spain As Country Layers Constitutional Crisis Onto Economic Depression | ZeroHedge | European Finance & Economy | Scoop.it
Catalonia's exit polls confirm over two-thirds of votes will go to pro-independence parties that will likely push for a referendum to break away from Spain, which the central government will challenge as unconstitutional.
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Not the Treasury view...: The Future Jobs Fund: what a waste

Not the Treasury view...: The Future Jobs Fund: what a waste | European Finance & Economy | Scoop.it

The Department for Work and Pensions today published an analysis of the impacts and costs of the Future Jobs Fund. The impact analysis was peer reviewed by Helen Bewley of NIESR; the methodology and approach is...

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For Greece, participatory budgeting may be a solution to the tension between austerity and democracy.

For Greece, participatory budgeting may be a solution to the tension between austerity and democracy. | European Finance & Economy | Scoop.it
Many commentators have become increasingly concerned that the imposition of harsh austerity measures in countries such as Greece have undermined democracy. Using evidence from Brazil and Germany, M...
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Roger J Kerr warns corporate risk managers to act now to avoid getting caught a retail mortgage stampede to fix, says look futher ahead than just next 12 months. Your view? | interest.co.nz

Roger J Kerr warns corporate risk managers to act now to avoid getting caught a retail mortgage stampede to fix, says look futher ahead than just next 12 months. Your view? | interest.co.nz | European Finance & Economy | Scoop.it

Fixing of interest rates has not been a value-enhancing strategy for all borrowers over recent years.


The high NZ dollar value and the Christchurch earthquake maintaining the OCR and wholesale 90-day interest rates at the record low levels for 3 ½ years now.

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