The European Central Bank has announced that it has increased the haircut on the security provided by Greek banks.
This means that the value of the Bonds provided by Greek banks as security against the loans given by the ECB have been reduced to about the same amount as the bonds so that there is no safety buffer.
So it doesn't look like the ECB will be providing any more liquidity to Greek Banks unless and until Grrek banks raise more equity from somewhere. The somewhere will have to be converting a proportion of bank deposits into equity shares.
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis).
Tut.
How unsurprising.
Many Brits still don't instinctively think that the UK is in "Europe".
We have some things in common with Europe as a whole, and many things in common with some particular European nations. It's a fascinating, beautiful place to visit - and I am not (yet) a eurosceptic.
Equally we have many things in common with the USA and Canada (and more differences than some would care to admit).
Having said all that my gut feel is that culturally and politically the Channel is wider than the Atlantic.
I feel more connected to the Anglosphere and Commonwealth than Europe.
There - I said it.
It's very hard to make a case for Britain having anything in common with, say, Romania or Latvia. And yet people from these countries and others like them have (virtually) free access to the UK. Largely because of this, we have had to restrict access from non-EU countries, many of whom we do have plenty of things in common with.
The only three groups of people who seem to think this system is working well are: those trades and businesses who are getting cheap labour; middle-class people who are able to take advantage of this cheap labour; and racists.
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis).
Tut.
How unsurprising.
Many Brits still don't instinctively think that the UK is in "Europe".
We have some things in common with Europe as a whole, and many things in common with some particular European nations. It's a fascinating, beautiful place to visit - and I am not (yet) a eurosceptic.
Equally we have many things in common with the USA and Canada (and more differences than some would care to admit).
Having said all that my gut feel is that culturally and politically the Channel is wider than the Atlantic.
I feel more connected to the Anglosphere and Commonwealth than Europe.
There - I said it.
And yet the EU is part of the Anglosphere! English is an official language across the EU, and the EU's own data from some years ago shows 51% of EU citizens can hold a conversation in English!
It's a pity a language like English has ended up as the world's most popular. It's not a very elegant sounding language, apparently.
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis.
It's striking how much the standing of the French President has diminished in recent years. In the days of Chirac and Schroeder the French leader was clearly the more imposing figure internationally. Now it sometimes seems as though Hollande is just there for show when Merkel doesn't want Germany to be seen to be acting alone.
To be honest they are all severely diminished. Merkel included. Even as we laud Germany their economy is stagnating, their population declining, their language goes unlearned abroad, they have zero cultural influence. Who reads German novels or watches German TV or movies, or listens to German music, apart from Germans?
Berlin < Paris < London.......
This Western decline extends across the Atlantic. Obama's impotence in Asia and Arabia is striking. Where previous presidents would have strutted, he frets. It's the visible symptom of a deeper ague, the end of American hegemony as China overtakes the USA in economic power.
German music - How about Bach- Beethoven - Brahms - Handel - Wagner?
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis).
Tut.
How unsurprising.
Many Brits still don't instinctively think that the UK is in "Europe".
We have some things in common with Europe as a whole, and many things in common with some particular European nations. It's a fascinating, beautiful place to visit - and I am not (yet) a eurosceptic.
Equally we have many things in common with the USA and Canada (and more differences than some would care to admit).
Having said all that my gut feel is that culturally and politically the Channel is wider than the Atlantic.
I feel more connected to the Anglosphere and Commonwealth than Europe.
There - I said it.
And yet the EU is part of the Anglosphere! English is an official language across the EU, and the EU's own data from some years ago shows 51% of EU citizens can hold a conversation in English!
It's a pity a language like English has ended up as the world's most popular. It's not a very elegant sounding language, apparently.
Pity!? PITY!? HOW DARE YOU, SIR! English is the best language in the world. - Plurals are overwhelmingly regular (just add an "S" in most cases) - Non of that stupid stuff where nouns have a gender (German has three of the wretched things) - No declension of adjectives (or nouns) according the case that is being used (e.g. Nominative, Accusative, Genitive, Dative) - A universal version of "YOU" for everyone from the Queen to a labourer (non of this "Tu" and "Vous" nonsense). - Multiple nouns and adjectives for similar things, giving nuanced descriptions. (e.g. Terrible, Horrible, Wretched, Ghastly, Awful, and lots of similar descriptions for Ed Miliband) - Sensible word order. No putting the verb at the end of the sentence and keeping everyone waiting. - A very easy language to learn. In this country even small children speak it fluently.
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis).
Tut.
How unsurprising.
Many Brits still don't instinctively think that the UK is in "Europe".
We have some things in common with Europe as a whole, and many things in common with some particular European nations. It's a fascinating, beautiful place to visit - and I am not (yet) a eurosceptic.
Equally we have many things in common with the USA and Canada (and more differences than some would care to admit).
Having said all that my gut feel is that culturally and politically the Channel is wider than the Atlantic.
I feel more connected to the Anglosphere and Commonwealth than Europe.
There - I said it.
And yet the EU is part of the Anglosphere! English is an official language across the EU, and the EU's own data from some years ago shows 51% of EU citizens can hold a conversation in English!
It's a pity a language like English has ended up as the world's most popular. It's not a very elegant sounding language, apparently.
What utter twaddle! The language of Shakespeare is the most beautiful, muscular, vivid and witty language around, as suitable for elegant drawing rooms as for the vulgar mob.
BBC Ten just called Merkel and Hollande "the two most powerful leaders in Europe"
Disputable, at the very least. Cameron helms a larger economy than Hollande with, probably a more powerful military, and considerably more "soft power" and cultural influence - from the English language to superior universities (cf all the Greek leaders who went to UK unis).
Tut.
How unsurprising.
Many Brits still don't instinctively think that the UK is in "Europe".
We have some things in common with Europe as a whole, and many things in common with some particular European nations. It's a fascinating, beautiful place to visit - and I am not (yet) a eurosceptic.
Equally we have many things in common with the USA and Canada (and more differences than some would care to admit).
Having said all that my gut feel is that culturally and politically the Channel is wider than the Atlantic.
I feel more connected to the Anglosphere and Commonwealth than Europe.
There - I said it.
And yet the EU is part of the Anglosphere! English is an official language across the EU, and the EU's own data from some years ago shows 51% of EU citizens can hold a conversation in English!
It's a pity a language like English has ended up as the world's most popular. It's not a very elegant sounding language, apparently.
Interesting item on Newsnight now on Labour's 1945 victory and its legacy for Labour now, interviews with Healey, Mandelson, Beckett amongst others
Free propaganda for Labour
Commemorating the 70th anniversary on Sunday and apart from Beckett's tears was not that partisan, Mandelson had some interesting words to say on what Labour needed to learn and Healey just had some sensible comments despite his age
Interesting item on Newsnight now on Labour's 1945 victory and its legacy for Labour now, interviews with Healey, Mandelson, Beckett amongst others
Free propaganda for Labour
Commemorating the 70th anniversary on Sunday and apart from Beckett's tears was not that partisan, Mandelson had some interesting words to say on what Labour needed to learn and Healey just had some sensible comments despite his age
Note: The subject HYUFD continues to have his delusional world manipulated successfully
There is no reason for anybody to express surprise about Valéry Giscard-D'Estaing being still alive. We all knew that he was still alive, because if he had died it would have been on the news. It wasn't, so he didn't, so he is.
The predicted figures in the picture in the article remind me of an interesting fact about the final results, which is that the six largest parties in the house of Commons all have an even number of MPs (330-232-56-8-8-4).
Interesting item on Newsnight now on Labour's 1945 victory and its legacy for Labour now, interviews with Healey, Mandelson, Beckett amongst others
Free propaganda for Labour
Commemorating the 70th anniversary on Sunday and apart from Beckett's tears was not that partisan, Mandelson had some interesting words to say on what Labour needed to learn and Healey just had some sensible comments despite his age
Note: The subject HYUFD continues to have his delusional world manipulated successfully
What was delusional about it? Did you watch the programme? Yes there was a bit of sentimental BBC guff, but on the whole it was interesting to see accounts of figures of the time and their memories of it. Healey being a young candidate fresh back from the War, Dennis Skinner a youthful Labour supporter, Mandelson on his grandfather Herbert Morrison who ran the campaign despite his one eye
There is no reason for anybody to express surprise about Valéry Giscard-D'Estaing being still alive. We all knew that he was still alive, because if he had died it would have been on the news. It wasn't, so he didn't, so he is.
Comments
This means that the value of the Bonds provided by Greek banks as security against the loans given by the ECB have been reduced to about the same amount as the bonds so that there is no safety buffer.
So it doesn't look like the ECB will be providing any more liquidity to Greek Banks unless and until Grrek banks raise more equity from somewhere. The somewhere will have to be converting a proportion of bank deposits into equity shares.
See Zero Hedge at
www.zerohedge.com/news/2015-07-06/it-begins-ecb-adjusts-greek-ela-haircuts-full-depositor-bail-sensitivity-analysis
The only three groups of people who seem to think this system is working well are:
those trades and businesses who are getting cheap labour; middle-class people who are able to take advantage of this cheap labour; and racists.
http://www.telegraph.co.uk/finance/economics/11721079/Yanis-Varoufakis-resignation-linked-to-Telegraph-exclusive.html
English is the best language in the world.
- Plurals are overwhelmingly regular (just add an "S" in most cases)
- Non of that stupid stuff where nouns have a gender (German has three of the wretched things)
- No declension of adjectives (or nouns) according the case that is being used (e.g. Nominative, Accusative, Genitive, Dative)
- A universal version of "YOU" for everyone from the Queen to a labourer (non of this "Tu" and "Vous" nonsense).
- Multiple nouns and adjectives for similar things, giving nuanced descriptions.
(e.g. Terrible, Horrible, Wretched, Ghastly, Awful, and lots of similar descriptions for Ed Miliband)
- Sensible word order. No putting the verb at the end of the sentence and keeping everyone waiting.
- A very easy language to learn. In this country even small children speak it fluently.
Apparently to whom?