Europe

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.

Geithner: The Truth Could Cause Significant Damage

by Wolf Richter •  • Comments Off on Geithner: The Truth Could Cause Significant Damage

During his congressional testimony, Geithner fretted that the crisis in Europe could undermine confidence. Alas, bank stress tests were supposed to inspire confidence—yet one of the “safest” banks just collapsed. If inspiring confidence isn’t based on facts and transparency, it’s a con game.

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?

Greece ‘Finds’ Treasure, Stays Solvent For Another Month

by Wolf Richter •  • Comments Off on Greece ‘Finds’ Treasure, Stays Solvent For Another Month

None of the financial shenanigans that the Greek government engages in on a routine basis, as shocking as they used to be, surprise anyone anymore … until there’s something that surprises everyone.

Reform Rebellion In Greece

by Wolf Richter •  • 3 Comments

Another avalanche of demands and plans to bail out Greece rolls over the Eurozone, but Greek society is digging in its heels. The prime minister talks a good game with foreign leaders when he promises reforms, but his own ministries just pulled the rug out from under him.

France Simmers In Its Own Juices, Germany Frets

by Wolf Richter •  • Comments Off on France Simmers In Its Own Juices, Germany Frets

“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.

Bailout Rebellion in Germany Heats Up

by Wolf Richter •  • Comments Off on Bailout Rebellion in Germany Heats Up

Geithner gets smacked down, and Germany might be threatened by a populist movement to exit the E.U. For the first time ever, a clear majority of Germans no longer sees any benefits to being part of the Eurozone. And two-thirds reject aiding Greece and other heavily indebted countries.

China Puts The Screws To BMW

by Wolf Richter •  • Comments Off on China Puts The Screws To BMW

And BMW blinks. With sales of new vehicles approaching 18 million units in 2011, China is the largest car market in the world, far ahead of the US. No major car maker would want to miss out on the opportunities in China. Yet, there is a problem: Pressure by the Chinese Government to transfer the newest technologies.

Germany Special: Divorce, Remarry, Get Fired

by Wolf Richter •  • Comments Off on Germany Special: Divorce, Remarry, Get Fired

The right of German religious organizations to terminate an employee for violating their moral codex, even in deeply private situations, has been affirmed by the Federal Labor Court. And they’re among the top employers in Germany! If you’re a divorcee and work for a Catholic hospital, you may get fired if you remarry. Heck, you may get fired for getting divorced.