67% thought the EU had been beneficial to their economies. But only 40% felt the same about the euro.
The Ernst and Young ITEM Club estimates that the overall exposure of British banks to these economies is much around $430bn, or 19 per cent of our GDP. If the eurozone unravels and those debts fall dramatically in value (or even go into default), the fact that we’re not members will not protect us.
The commission absolutely demolishes the argument of the mega banks that they receive no de facto Government subsidy.
What I hoped to see from the Vickers report was an attempt to quantify the economic benefit of universal banking – both for customers and wider society – and also to estimate the costs of getting rid of it. But it’s simply not there.
Germany’s nominee for the vacant European Central Bank post believes it is firmly in Germany’s economic interest for the eurozone to survive. He has also spoken with genuine respect for the measures that Greece has made over the past year to get its public finances into shape.
If growth is half the level expected, the Chancellor will enter the next election borrowing more than 8 per cent of GDP and with debt levels at more than 100 per cent of GDP and rising.
Morten Hansen of the Stockholm School of Economics in Riga suggests that, despite Latvia’s massive drop in output since 2007, its economy is still outperforming Iceland’s over the past decade.
Here we have the finance minister of the key nation of the eurozone crisis simply ignoring inconvenient facts. If you were an investor in eurozone sovereign debt, would you be re-assured by that?
Angela Merkel has failed to spell out to the German people just how much Germany exports to the eurozone and the extent to which German banks would suffer if the single currency split apart.
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