Europe – Italy

The Costa Concordia Tragedy with Satellite Images

The Costa Concordia was launched on September 2, 2005, with a mishap that back then didn’t mean anything: the champagne bottle thrown against its hull didn’t break. But on January 13, at 10 pm, the mega cruise ship hit a reef near the small island of Giglio, off the coast of the Tuscany. So far, 11 bodies have been found and 23 people are still missing.

Satellite image by Digital Globe

‘The Old Europe’ Is ‘Not An Option For Germany’

“The fact that we profit massively from the euro doesn’t mean we have to accept every political horse-trade to save the common currency,” said Anton Börner, president of Germany’s Association of Exporters—a swipe at the Italian prime minister who’d demanded that Germany dig deeper into its pockets to reduce the debt burden of other countries, such as, well, Italy. When the German industrial elite talks about exiting the Eurozone….

Germany’s Last-Ditch Compromise, At A Price

“I’m very happy with the result,” Merkel told the cameras. But the agreement may be illegal under EU law and may devastate weaker economies. It elevated Germany to a leadership role that other countries perceive as domineering. By isolating the UK, it cut a deep gash into the EU. And it can’t be put into a treaty. But it did offer a compromise of sorts.

Just Say No, Germany … and Don’t Listen to Geithner

The German parliament has a historic opportunity to say no to the bankers: it gets to vote on expanding the European bailout fund to €1 trillion, though it had just been expanded to €440 billion. Since no one has any money, it will be in form of leverage, the very mechanism that has wreaked so much havoc already.

Berlusconi, waiting for money.

Bailout Rebellion In Germany

“We’re on the way to a worldwide financial dictatorship governed by bankers,” said Peter Gauweiler, German Member of Parliament. “We don’t support Greece. We support 25 or 30 worldwide investment banks and their insane activities.”

Germany, Model Economy Du Jour

All Tax And No Play. But they still can’t balance their budget or bail out Italy.
While we’re having all the fun.

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.