Michael Berendt's blog

Archives for Banking

Storm clouds loom once again over the eurozone. Interest rates on Portuguese, Irish and Greek government bonds are continuing to rise. Ten-year bond yields for Ireland reached a record 7.75 per cent on Monday, while for Portugal they were 6.67 per cent. The ECB started buying bonds again after several weeks’ abstention. There was some… » read more

Posted by Michael Berendt

The markets have been bowled over by the scale of the eurozone bail-out package announced this morning, after agreement by G-7 finance ministers, the European Commission, the 16 eurozone governments and the International Monetary Fund. An emergency funding facility of up to €720 billion is designed to protect weaker eurozone members and save the integrity… » read more

Posted by Michael Berendt

Ironic that the European Commission’s positive report on Iceland’s application to join the EU, produced in just six months, should have coincided with the breakdown of talks over the €3.9 billion which the Netherlands and the UK are demanding from Iceland for the collapse of the Icesave bank. It is widely predicted that Icelanders will… » read more

Posted by Michael Berendt

We’ve heard a lot about banks that are “too big to fail”. Perhaps a more immediate question is whether the sovereign nation of Greece is too big to fail. The risk of default and the threat of Greece quitting the eurozone would have profound implications for Europe’s monetary union, for other European countries wrestling with… » read more

Posted by Michael Berendt

Europe’s tax havens are feeling nervous, now that national tax authorities are in the market for stolen data.
The Germans paid €5 million for a disk detailing trust accounts which had been lifted six years ago from Lichtenstein’s LGT bank. Former head of Deutsche Post Klaus Zumwinkel is having to pay the price (about €1 […]

Posted by Michael Berendt