Category Archives: Europe

Banker Farce: Spanish Bank CEO Launches Moral Crusade Against Political Corruption

“We have to fight corruption in order to build a new model of more sustainable and fairer growth.”

These laudable words came from the least likely of mouths – that of Francisco González, CEO of Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA). González was speaking at the bank’s annual shareholder meeting, held last week in Bilbao.

BBVA is Spain’s second biggest bank with operations in more than 30 countries including the U.S., China, Argentina, Columbia and Mexico. It has about 107,000 employees, 47 million customers worldwide, a million shareholders and now, it seems, a moralizing CEO.

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Wolf Richter: Aid For The Ukraine “Will Be Stolen” – Former Ukrainian Minister Of Economy

Yves here. A tongue-in-cheek article in the Financial Times, Putin putting Europe in its place, written from Putin’s viewpoint, concluded:

“As to your plans for emergency economic aid for Ukraine, this is an excellent plan. They could use the money and I’d rather not shell out myself. Incidentally, to save time why not make the cheques payable to Gazprom?”

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Wage Shares Fall in the US, Germany and Many Other Countries While Financial Shocks Hit Emerging Economies

ves here. This Real News Network interview with Yilmaz Akyuz, formerly the Director of the Division on Globalization and Development Strategies at the United Nations Conference on Trade and Development (UNCTAD), describes how the problems that produced the financial crisis have morphed into new, no less troubling problems. One key part of this discussion focuses on how China has adapted to its considerably smaller trade surplus, and why having Germany as the new excessive exporter poses new perils to the global economy.

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Whatever You Do, Don’t Pay Attention to the Rising Eurozone Stresses

One of the noteworthy elements of Davos, at least according to media accounts, was the cheery, self-congratulatory tone among the Davos Men, at least until the final day, when the emerging markets rout began. But one of the front they thought they’d gotten under control, Europe, may be about to enter a new phase of political stress.

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Alain Damasio on the NSA: “701,000 Hours in Custody”

Yves here. Reader Mike M highly recommended what he called “one kick-ass anti-NSA/call to revolt article.” Even though my once-pretty-good French has eroded due to lack of use, from what I could read I agreed and asked for reader help with translation.

Aside from its merit as a stand-alone work, I also thought this article was noteworthy as an indicator of sentiment in France about the Snowden revelations.

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Yanis Varoufakis: Greek Finance Minister Reveals Advanced Case of Stockholm Syndrome

This is a stupendous story. Possibly for the first time in its tainted history, the International Monetary Fund had a major change of heart and tried to do the right thing by a ‘program’ country, only to be turned down by that very same country’s finance minister!

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Obama Lame Duck Watch: House Democrats Stymieing Trade Deal “Fast Track;” Silicon Valley Surveillance Payoff Language Published

As we discussed earlier, even though there’s abundant evidence that the Administration’s plans to push through its trade deals, the Trans Pacific Partnership and the Transstlantic Trade and Investment Partnership, are in trouble, the official messaging has been to keep pretending that the pacts are still moving forward smartly.

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