The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– Luxembourg Minister Says Hungary Should Be Suspended From EU:
BERLIN (AFP) – Luxembourg’s Foreign Minister Jean Asselborn said Tuesday Hungary should be suspended from the European Union for violating democratic core values and treating refugees like “animals”.
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– 9 EU countries ready to block economic sanctions against Russia (RT, July 15, 2014):
France, Germany, and Italy are among EU members who don’t want to follow the US lead and impose trade sanctions on Russia. US sanctions are seen as a push to promote its own multibillion free-trade pact with Europe.
“France, Germany, Luxembourg, Austria, Bulgaria, Greece, Cyprus, Slovenia, and EU President Italy see no reason in the current environment for the introduction of sectorial trade and economic sanctions against Russia and at the summit, will block the measure,” a diplomatic source told ITAR-TASS.
Read more9 EU Countries Ready To Block Economic Sanctions Against Russia
– Euro Area Government Debt Rises To New Record High (ZeroHedge, July 22, 2013):
While the European economy may be moving in a straight line from upper left to lower right, the same can not be said for the level of debt in Europe, which has taken on the inverse trajectory. As per the just released quarterly update of Euro area government debt, in Q1 2013, total government debt in Europe as a % of GDP just hit a new all time high of 92.2%. This compares to 90.6% in the previous quarter, and up from 88.2% in Q1 2012.
The proud Q1 debt-to-GDP outliers, where the local economies are expected to continue plunging and thus send the stock markets (if mostly that in the US) surging, are the following:
– Le Premier ministre Jean-Claude Juncker lors de la réception de nouvel an pour la presse (Luxembourg Government, Jan 7, 2013):
Här President vum Conseil de Presse, léiwe Fernand,
Frënd Minister Fränz,
Dir Dammen an Dir Hären,Et ass eigentlech ni schwéier fir am Ufank vun engem neie Joer eppes ze soe wat iwwert ee ganzt Joer dréit. Mä meeschtens ass dat wat ee seet iwwert ee ganzt Joer beschränkt op dat Joer wat war, well dat Joer wat kënnt gesäit ee jo nëmmen ondäitlech.Dat Joer wat eriwwer ass, a wann ech mech op d’Press konzentréieren, déi jo awer nëmmen een Deel vun der Lëtzebuerger Realitéit duerstellt, war u sech kee gutt Joer. Mir hu Frënn a Kollegen aus dem Pressewiese verluer, deene mir méi oder manner no stoungen, mä déi awer jiddwereen op seng Fassong a mat senger Eegenaart a mat sengem Temperament, mat sengem Typus ee Stéck Lëtzebuerg duergestallt huet. A déi gi vermësst an déi wäerte feelen an déi wuessen an där Aart a Weis wéi si waren, och net op een natierleche Sprong no.
Et war och ee schlecht Joer, well mir ee ganze Koup, am lëtzebuergesche Sënn vum Wuert Koup, Presseorganer verluer hunn. Et ass ni eng gutt Nouvelle wann ee Presseorgan seng Aktivitéiten astellt. Dat deet ëmmer, wann een d’Zeitunge gär huet, e bësse wéi an och dat ass ee Verloscht deen een ze bekloen huet an dat ass ee Verloscht deen och net kann ersat ginn duerch Neies wat géif spontan nowuessen.
Et war awer och ee Joer wou vill, muenech Presseorganer sech nei ugedo hunn. Ech wëll hei déi eenzel net besichen, muss awer nach eng Kéier soen, datt ech fannen, datt deen neie Journal extrem gutt gemaach ass. Dat ass ee Pleséier fir en an den Hänn ze hunn, net ëmmer ee Pleséier fir mech fir en ze liesen, mä awer ee Pleséier fir en an den Hänn ze hunn. Den Inhalt ass zwar méi wichteg wéi d’Form, mä d’Form ass awer net onwiesentlech, well d’Verhältnis zu den Zeitungen, dat ass och ee Fillen, ee Spieren, ee Richen, ee Bliederen. Woumat ech gläichzäiteg gesot hunn, datt ech kee grousse Konsument vun Online-Déngschter sinn. Well déi richen ech net, och wa si heiansdo schlecht richen an déi kann ech net erueweren, well ech sinn net fräi an der Wiel vun deem wat ech wëll liesen.
Mir sinn an engem Joer ukomm 2013, wat eng besonnesch Bedeitung huet, wann ee sech fir Geschicht interesséiert. Ech sinn e bëssen iwwerrascht driwwer – à moins datt ech dat iwwersinn hunn, mä esou eppes iwwersinn ech selten – datt an der Lëtzebuerger Publizistik sech net mat der Bedeitung vum Joer 1913 a mat deem wat zanterhier geschitt ass beschäftegt gëtt. Ganz am Géigesaz zum Rescht vun der internationaler Publizistik, wou dat een dominéierend Thema vun der Joreswend war.1913, well mir am Joer 13 sinn a well an der Zuel 13 jo Mueneches dra läit. Mir huet d’Zuel 13 iwweregens ëmmer Gléck bruecht, dat wëll ech just als Virwarnung hei soen. Am Joer 13 läit vill Mysteriéises, vill Hannerfrotes an am Joer 1913 ass villes geschitt wat net ouni Parallelen ass mam Joer 2013. Am Joer 1913 war d’ganz Welt der Meenung d’Welt wier an der Rei. War d’Globaliséierung enorm wäit geschratt, méi wäit wéi déi net geschichtskundeg wëssen. Well d’Globaliséierung vum Joer 2013 ass net fundamental verschidden vun der Globaliséierung vum Joer 1913. D’Globaliséierung ass duerch den 1. Weltkrich ënnerbrach ginn an huet rëm réischt zu sech selwer fonnt mat alle Verirrungen déi an der Globaliséierung leien, nom Enn vum kale Krich. Mä wie weess hei am Land nach wat de kale Krich war?
Mä ier et zum kale Krich komm ass, hate mir ee Joer 1913, wou d’Mënsche gemengt hunn de Fridde wier fir éiweg Zäite geséchert. Liest no, bis op ganz wéineg Ausnamen, d’Literatur – besonnesch déi däitsch an déi éisterräichesch an déi slavesch, mat Ausnam vun der serbescher Literatur – vum Joer 1913. Do gesitt Dir eng Friddensgleewegkeet déi ongebändegt war. An déi a kengerlei Hisiicht de Stuerm verroden huet, dee schonn am Joer 1914 iwwert Europa fir d’éischt am éischte Weltkrich a fir d’zweet am zweete Weltkrich eragebrach ass. Dat Joer 1913 huet onendlech vill Parallele mam Joer 2013. Oder d’Joer 2013 huet onendlech vill Parallele mam Joer 1913. Jiddweree wier gutt beroden déi Joere mateneen ze vergläichen, 13 an 13. An déi 100 Joer déi dertëschent leien an och déi Tatsaach ze wierdegen, mat deem ofkléngenden Enthusiasmus deen déi Würdegung mat sech bréngt, datt mir och am Joer 1913 gemengt hunn de Fridden wier definitiv geséchert, well mir deemools 42 Joer Fridden an Europa hannert eis haten. An eis Generatiounen, obschonns si näischt domat ze dinn hunn, bretze sech nawell gären domat, datt mir et nach ni fäerdeg bruecht hunn esou laang Friddensperioden an Europa ze erhalen, wéi déi déi mir hunn. Et ass richteg, si ass méi laang wéi hir Virgängerin vum Enn vum 19. Jorhonnert – an deem 19. Jorhonnert si meng Grousselteren nach gebuer – an deem wat mir elo hunn. D’Saache leien no beieneen an d’Saache beréiere sech wéi ech hoffen op eng net dramatesch Aart a Weis.
– Moody’s Changes Aaa-Rated Germany, Netherlands, Luxembourg Outlook To Negative (ZeroHedge, July 23, 2012):
In a first for Moody’s, the rating agency, traditionally about a month after Egan Jones (whose rationale and burdensharing text was virtually copied by Moody’s: here and here), has decided to cut Europe’s untouchable core, while still at Aaa, to Outlook negative, in the process implicitly downgrading Germany, Netherlands and Luxembourg, and putting them in line with Austria and France which have been on a negative outlook since February 13, 2012.The only good news goes to Finland, whose outlook is kept at stable for one simple reason: the country’s attempts to collateralize its European bailout exposure, a move which will now be copied by all the suddenly more precarious core European countries.
From the report:
Moody’s changes the outlook to negative on Germany, Netherlands, Luxembourg and affirms Finland’s Aaa stable rating
London, 23 July 2012 — Moody’s Investors Service has today revised to negative from stable the outlooks on the Aaa sovereign ratings of Germany, the Netherlands and Luxembourg. In addition, Moody’s has also affirmed Finland’s Aaa rating and stable outlook.
All four sovereigns are adversely affected by the following two euro-area-wide developments:
1.) The rising uncertainty regarding the outcome of the euro area debt crisis given the current policy framework, and the increased susceptibility to event risk stemming from the increased likelihood of Greece’s exit from the euro area, including the broader impact that such an event would have on euro area members, particularly Spain and Italy.
2.) Even if such an event is avoided, there is an increasing likelihood that greater collective support for other euro area sovereigns, most notably Spain and Italy, will be required. Given the greater ability to absorb the costs associated with this support, this burden will likely fall most heavily on more highly rated member states if the euro area is to be preserved in its current form.
Read moreMoody’s Changes Aaa-Rated Germany, Netherlands, Luxembourg Outlook To Negative
Articles in German:
– Juncker hält deutschen Schuldenstand für besorgniserregend (Reuters)
– Juncker hält deutsche Schulden für besorgniserregend (Welt Online)
– Has Juncker Gone Insane? Eurogroup Head Says German Debt Levels “Cause For Concern” (ZeroHedge, Nov. 16, 2011):
And so Europe bites the hand that feeds it:
What could have possessed this pathetic bureaucrat to criticize the only strong country in Europe is beyond imagination: if this is how he hopes to get Germany nervous about its debt levels and agree to monetizing, he is about to get a pretty brutal lesson in what it means to serve Le Bic Mac at 3:15 am on Luxembourg Strasse. Needless to say the Euro is not happy. We anticipate an immediate retraction saying his words were taken out of context as this is noting short of all out war between the EU and Germany.
As for who is most screwed when adding up all the debt, not just government, here is why Juncker may want to keep his mouth shut.
Juncker hält deutschen Schuldenstand für besorgniserregend? Berlin (Reuters) – Eurogruppenchef Jean-Claude Juncker hat die Deutschen in der Diskussion über die Schuldenkrise zur Zurückhaltung aufgefordert. …
Schuldenkrise: Juncker verkündet eine unbequeme Wahrheit? FOCUS Online |
Luxembourg is the second richest nation on the earth. Luxembourg is one of the smallest countries in Europe, and ranked 175th in size out of 194 independent countries of the world. The GDP (PPP) per capita income of this small country is 78,795. It is the richest country or state of Europe or EU.
Source
– 1000s march in Luxembourg against austerity plans (AP, June 21, 2011)
LUXEMBOURG — About seven thousand people from across Europe marched through Luxembourg on Tuesday to protest budget cuts and reduced social protections they say are making workers pay for the sins of the rich.
The protest comes a day after European finance ministers met in the region’s richest state to hold marathon talks on debt-stricken Greece.
Read more1000s March In Luxembourg (The Second Richest Nation On Earth) Against Austerity Plans
Sept. 29 (Bloomberg) — Fortis, the largest Belgian financial-services firm, received an 11.2 billion-euro ($16.3 billion) rescue from Belgium, the Netherlands and Luxembourg after investor confidence in the bank evaporated last week.
Belgium will buy 49 percent of Fortis’s Belgian banking unit for 4.7 billion euros, while the Netherlands will pay 4 billion euros for a similar stake in the Dutch banking business, the governments said in a statement late yesterday. Luxembourg will provide a 2.5 billion-euro loan convertible into 49 percent of Fortis’s banking division in that country.
Fortis is the largest European firm so far caught up in the global financial crisis that drove Lehman Brothers Holdings Inc. into bankruptcy two weeks ago and prompted U.S. President George W. Bush to seek a $700 billion bank rescue package. Fortis dropped 35 percent last week in Brussels trading on concern the company would struggle to replenish capital depleted by the 24.2 billion- euro takeover of ABN Amro Holding NV units and credit writedowns.
Jean-Claude Juncker, the EU’s ‘Mr Euro’, has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.
Jean-Claude Juncker, who is calling for Washington to
take steps to halt the slide of the dollar
Momentum traders have blithely ignored last week’s accord by the G7 powers, which described “sharp fluctuations in major currencies” as a threat to economic and financial stability. The euro has surged to fresh records this week, touching $1.5982 against the dollar and £0.8098 against sterling yesterday.
“I don’t have the impression that financial markets and other actors have correctly and entirely understood the message of the G7 meeting,” he said.
Mr Juncker, who doubles as Luxembourg premier and chair of eurozone financiers, told the Luxembourg press that he had been invited to the White House last week just before the G7 at the urgent request of President George Bush. The two leaders discussed the dangers of rising “protectionism” in Europe. Mr Juncker warned that matters could get out of hand unless America took steps to halt the slide in the dollar.
