Greek premier Alexis Tsipras is pinning his hopes on using an EU leaders summit in Riga with eastern European partners from Ukraine, Georgia, Azerbaijan and others to strike the broad outline of a cash-for-reforms deal to stave off default.
EU foreign ministers will discuss action on migration across the Mediterranean at a meeting in Luxembourg today. As many as 700 people are feared dead after a fishing boat packed with migrants capsized off the Libyan coast over the weekend.
Italy’s lower house approved Prime Minister Matteo Renzi’s tax-cutting 2015 budget on Sunday. It will now move on to the Senate, where it must be passed by the end of the year. The budget is at the centre of a tussle with the European Commission, which says it does not do enough to reduce the country’s huge public debt.
After European Central Bank chief Mario Draghi managed to mend fences and get his colleagues to sign up to his 1 trillion euros or so target to push into the ailing euro zone economy, Paris hosts its version of the Jackson Hole central bankers meeting.
Russian and Ukrainian energy ministers are due to meet European Energy Commissioner Guenther Oettinger in Brussels after presidents Petro Poroshenko and Vladimir Putin said they had agreed on the “basic parameters” of a deal to get gas flowing to Ukraine again this winter.
The recently passed Senate bill – S. 744, or the Border Security, Economic Opportunity, and Immigration Modernization Act – that would take significant steps toward comprehensive reform, is being held up in the Republican-controlled House of Representatives, with a “path to citizenship” for undocumented immigrants the apparent sticking point.
When Dallas Federal Reserve Bank President Richard Fisher and inveterate QE3 critic spoke Thursday evening at a black tie insurance industry event in booming Dallas, he left monetary policy out completely. As he often does with a speech directed at fellow Texans, he bragged on the Lone Star State, its job-generating prowess and its resilience since the Great Recession.
What would Main Street America look like without immigrants?
Picture vastly fewer restaurants (37% of the industry’s ownership is foreign-born), hotels and accommodation (43% foreign-born ownership), dry cleaning and laundry facilities (54% foreign-born), and nail salons (37%). It would be that much harder to go out for a treat (bakeries, 32% immigrant-owned), fill up the tank (gas stations, 53%), or grab a bottle of wine on the way to a dinner party (beer, wine and liquor stores, 42%).
Fresh from asserting that diplomacy is over-rated for central bankers, German Bundesbank President Axel Weber is now embroiled in an embarrassing scandal over undiplomatic comments from one of his board members which could ultimately damage Weber’s own career ambitions.