Milan-based bank, Unicredit , said it was going to be reorganized. It posted a huge third quarter loss because of Greek bonds and the politically imposed “voluntary” haircut. France has a wealth tax. Spain reimposed its wealth tax this year…. Continue Reading →

The economic crisis is Europe has so far knocked off two leaders — Papandreou and Berlusconi. How many will leave office before it’s finished? Even France’s Sarkozy isn’t safe. German Chancellor Angela Merkel seems the most firmly in the saddle…. Continue Reading →

France is proposing 2 austerity budgets to keep its coveted AAA credit rating. Italy is forming a new government. Though a member of the group of 7, it is being monitored by the IMF. In Greece there’s been political turmoil… Continue Reading →

On 11/11/11 this is the 97th anniversary of the start of World War I, or the Great War. We are almost at the one hundredth anniversary of the Hundred Year’s War that most people don’t realize has never ended. It… Continue Reading →

Italy’s about ready to default. French banks will close because they are exposed to Greek and Italian sovereign debt. France will lose its coveted AAA credit rating. There will be financial chaos in Europe and probably the break up of… Continue Reading →

Will the Germans bail out Italy? No one else can do it. The IMF and the United States don’t want to contribute anything. The rest of the EU is either too small or too poor to do it. That leaves… Continue Reading →

Merkel said to Greece, “Do what we ask, or you’re out!” She would never dream of saying this to Italy. Likewise, when the European finance ministers met in Brussels on Monday, one of the things they were doing was trying… Continue Reading →

There is a widening gap between Germany and the rest of the Euro Zone. While France has to pay more to finance their debt and is in danger of having their AAA rating lowered, while Italian bond rates soar, while… Continue Reading →

The Greeks raced to form a new government this weekend in the wake of the resignation of Prime Minister Panpandreou. They must have one in place by tomorrow for a meeting of the finance ministers. There was a three-way meeting… Continue Reading →

Bond yields in Italy hit record highs. The IMF offered them a loan. Berlusconi rejected it but accepted financial monitoring, rare for a country of Italy’s size. Berlusconi complained about “ancient prejudices” against Italians. It is true that for centuries… Continue Reading →