Europe – France

Regulators Knew of Dexia’s Problems But Were Silenced

by Wolf Richter •  • Comments Off on Regulators Knew of Dexia’s Problems But Were Silenced

When a bank is allowed to collapse, the lies behind its financial statements come out of the woodwork—and Dexia, the bailed-out French-Belgian mega-bank that re-collapsed in early October, is no exception: a report surfaced with the damning results of an earlier investigation by French regulators. And then? Nothing.

German-French Fight Breaks Out Over Frigates

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Germany and France kissed and made up before the G-20 powwow in Paris last weekend. A contrived show of unity to boost the markets. And it worked. But already, Germany is sniping at France again. Over money. Because German taxpayers might have to subsidize a French company. Via Greece.

Fighting over taxpayer money.

Germany and France Kiss and Make up, But it’s hard

by Wolf Richter •  • Comments Off on Germany and France Kiss and Make up, But it’s hard

The Eurozone debt crisis gets worse. Bankers interfere. And the truth comes out:

“The dreams to see the crisis ended by Monday couldn’t be realized,” says the German government. Easy solutions have evaporated.

France’s Fishy Denials as Mega-Banks Teeter

by Wolf Richter •  • Comments Off on France’s Fishy Denials as Mega-Banks Teeter

“We don’t have any doubt about the solidity of French banks,” said the French government—a week after the collapse of Dexia. All eyes are now on Société Générale and BNP Paribas. BNP is the world’s largest bank with assets of $2.8 trillion, dwarfing France’s $2.1 trillion economy. And they’re desperately trying to sell assets to stay afloat.

Euro Tidbit: The Lies of ‘Stress Tests’

by Wolf Richter •  • Comments Off on Euro Tidbit: The Lies of ‘Stress Tests’

Bailed-out Dexia, a major Belgian-French bank, is kaput again and will be broken up. Bondholders and counterparties will be bailed out. As usual, taxpayers will foot the bill. But remember the “stress tests” in July?

France Simmers In Its Own Juices, Germany Frets

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“We’re not doing this for the Greeks, but for us,” said Angela Merkel amidst a cacophony of doomsday scenarios. It’s all about propping up German banks and exporters. For the French, however, the European debt crisis doesn’t seem to exist.

Obama to EU: Get Your S__t Together; Got An Election Next Year

by Wolf Richter •  • Comments Off on Obama to EU: Get Your S__t Together; Got An Election Next Year

The White House is lobbying European governments to shut up and do something. No more disputes in public. No more disagreements over fundamental issues. The world is collapsing, and it’s time to act boldly. Hank Paulson’s extortion racket is back.

‘Let the Euro Die,’ Said the Woman Who Could Be the Next French President

by Wolf Richter •  • Comments Off on ‘Let the Euro Die,’ Said the Woman Who Could Be the Next French President

Marine Le Pen, president of the Front National and one of the top contenders in the 2012 presidential election, said the unspeakable. And the media printed it. And now word is out.

Chain Restaurants Are Conquering France

by Wolf Richter •  • Comments Off on Chain Restaurants Are Conquering France

And so is obesity. Good food and leisurely meals bien arrosé are considered the glue that keeps families, and French society, together. And yet, chain restaurants have elbowed their way in and now control 20% of the total restaurant market.

Hatchet Jobs

by Wolf Richter •  • Comments Off on Hatchet Jobs

The litany of layoffs among the largest banks continues. And it’s ugly. After announcements and rumors from Wall Street, the first European banks have come out to air their dirty laundry. And now, per the Financial Times, Royal Bank of Scotland (RBS) is adding 2,000 layoffs to the list. 63,000 by eight European banks so far. Something big is afoot.