This week’s rehashing of European banking concerns – related variously to the Basel III impact on German banks, the ongoing morass re Anglo Irish Bank or any other scare story you want to exhume -- provided the latest excuse for a global markets wobble as September kicked off. Yet, with some justified head-scratching over what really was new to the world this week as opposed to last week, price moves showed little conviction. Most losses were quickly recouped and decibel level of the commentariat, still frantically competing to warn you of the next disaster, toned down.
The Great Debate UK
from The Great Debate:
Europe's long summer holiday still has a week to run but this year's reentry will bring with it evidence that very little progress has been made on the issues that threaten to rend the currency union and upend the global economy.
France's plan to ban full face veils, which comes up for a vote in the National Assembly on Tuesday, enjoys 82% popular support in the country, according to a new poll by the Pew Research Center’s Global Attitudes Project. Its neighbours also approve -- 71% of those polled in Germany, 62% in Britain and 59% in Spain agreed that there should be laws prohibiting the Muslim veils known as niqabs and burqas in public.
from Global News Journal:
So there's no question Greece has work to do to improve its bookkeeping.
Not only must it get spending in check, but it needs to be a bit more honest about where its finances stand in the first place. After all, it's not often an EU country says one month that its budget deficit is a little over three percent of GDP and admits a few weeks later that, oh dear, it's actually nearer 13 percent.