Foreign news: Belgium gets austerity, EU prepares for Eurobonds, Netherlands says breakup inevitable, Spain to get IMF bailout
Foreign-language economic and finance links for 26 November
- Le Figaro – Conjoncture : La crise politique belge sanctionnée
Le Figaro (France) notes that after 17 hours of negotiations, six parties reached an accord on austerity measures early Saturday morning. The 2012 budget calls for for 11.3 billion euros of savings to reach the 3% hurdle in 2012 and tens of billions of savings through 2015. This puts Belgium in the same category as France and Austria along with the eurozone periphery in higher yields forcing austerity.
- La UE, preparada para aprobar los eurobonos en diciembre – CincoDías.com
According to Cinco Dias (Spain), top EU official José Manuel García Margallo has assured that the EU will create Eurobonds as a first step to ending the sovereign debt crisis.
- Bolkestein noemt opsplitsing eurozone onvermijdelijk :: nrc.nl
NRC Handelsblad (Netherlands) reports on Algemeen Dagblad’s interview with former VVD head Frits Bolkenstein in which he says the breakup of the euro zone is inevitable.
- El PP desmiente que estudie pedir ayuda internacional como dice Reuters · ELPAÍS.com
El Pais (Spain) has information from parties close to PM-elect Mariano Rajoy that an IMF rescue for Spain is “on the table”.
- Le taux des obligations belges franchit la barre des 5,8 % – lesoir.be
Le Soir (Belgium) notes that the rate for 10-year money for Belgian sovereign debt is now over 5.8 %, reaching a record on Friday of 5,804 %. The premium to German rates is now 368 basis points.
- Le Figaro – Conjoncture : La Suisse pourrait se doter d’un salaire minimum
Le Figaro (France) says that two cantons in Switzerland (Geneva and Neuchâtel) are to vote via referendum on a minimum wage. The referendum was launched by the left and socialist political parties and unions “after several months of vigorous debate”.
- Affaire DSK: les nouvelles zones d’ombres du Sofitel – L’EXPRESS
L’Express (France) writes that an American journalist has done an investigation into what really happened to Dominique Strauss-Kahn on 14 May in New York. His findings could feed the thesis that there was a conspiracy against DSK.
- Italia estudia instituir una autoridad independiente para vigilar el gasto público – CincoDías.com
Cinco Dias (Spain) reports that the Italian press is saying that the Italian government is to introduce a new independent authority to review budgetary decisions going forward.
- El deterioro económico fuerza al BCE a debatir sobre otra bajada de tipos – CincoDías.com
Cinco Dias (Spain) speculates that the probable beginning of recession in the euro zone will cause the ECB to reduce rates at its next meeting in December.
- Finlandia y Holanda se suman a la propuesta de Alemania de reformar los tratados europeos – CincoDías.com
Cinco Dias (Spain) also reports that Finland and the Netherlands have come out in favour of the German idea of reforming EU treaties while German Chancellor Angela Merkel has reiterated her opposition to Eurobonds.
- Portugal pagará 34.400 millones de intereses de su rescate de 78.000 millones – CincoDías.com
Cinco Dias (Spain) notes that Portugal will pay 34.4 billion euros of interest over the life of its 78 billion euro bailout loan from the IMF.
- – Norge blir Europas trygdekontor – Aftenposten
Aftenposten (Norway) reports of FrP politician Robert Eriksson’s fear of the immigration consequences of the implosion of the euro zone.
- Grecia necesita ahorrar otros 7.000 millones más – ABC.es
ABC (Spain) says that it will be necessary for Greece to increase austerity cuts by 7 billion if it is to reduce its 9% deficit to the desired 1.12% by 2015.
- ‘Opsplitsing euro is onvermijdelijk’ – Binnenland – AD
Algemeen Dagblad (Netherlands) reports on interview with former VVD head Frits Bolkenstein in which he says the breakup of the euro zone is inevitable.
- Finnland: „Euro-Bonds sind ausgeschlossen" – International – Politik – Handelsblatt
Handelsblatt (Germany) reports Finnish finance minister Jutta Urpilainen saying “Finland is strictly against Eurobonds” and wants an EU-wide financial market regulator. She also believes that the financial crisis has strengthened Germany’s position within the EU.
- Belgisch marathonoverleg moet dit weekend tot regering leiden :: nrc.nl
NRC Handelsblad (Netherlands) writes that the Belgian “formateur” Di Rupo has been talking since Friday evening with six parties about forming a new government.
- Yannick Noah "contre toute forme de dopage" – L’EXPRESS
L’Express (France) on Yannick Noah’s comments on doping in Sports.
- Rajoy pide a Merkel "ayuda de las instituciones europeas" para España · ELPAÍS.com
El Pais (Spain) says PM-elect Rajoy has asked Angela Merkel for “help from European institutions.”