Home
For the first time, the head of the European Central Bank, Mario Draghi, has conceded the possibility that the EU may fall apart. Draghi came out and said that any member leaving the Eurozone would need to settle its claims or debts with the bloc’s payments system before severing ties. This statement reveals the heated discussion at Davos and the rift that is beginning to spread. This statement, released on Friday, was made in a letter to two Italian lawmakers in the European Parliament.
Sentiment in Italy is turning very anti-euro and this view is beginning to emerge in other Eurozone states. While they are blaming Britain, the real issue is the insane management of austerity and negative interest rates. This has created a massive depression in Europe and the unending Quantitative Easing has destroyed the European bond market. Whenever the ECB has to give up, interest rates will soar, for private buyers will not be willing to risk it all when the EU is clearly doomed.
Based on data to end-November, Draghi is saying that Italy would have to pay €358.6 billion euro to leave — an exit tax. What Draghi fails to comprehend is that such demands will not keep the Eurozone together, and are more likely to cause it to disintegrate and just default on the ECB. Up until now, the very threat of defaults on cross-border debts has tended to keep the Eurozone together throughout the financial crisis. But pushing this too far will lead to default.
Southern Europe, which are the weaker economies including Italy, Spain, and Greece, have accumulated huge liabilities to keep the euro afloat while Germany stands out as the biggest creditor with net claims of €754.1 billion euros. This alone may set off the massive capital flight to the dollar. We are looking at the complete collapse of the Quantitative Easing carried out by the ECB since 2008 without any success. This will cause Trump problems with trade and currency, which he is not likely to understand.
https://www.armstrongeconomics.com/international-news/europes-current-economy/draghi-admits-eu-may-breakup-for-first-time/
» The House of Representatives is close to approving a law that has been suspended for more than a dec
» Advisor to the Prime Minister: Iraq's economy is strong and moving towards improvement
» Sudanese advisor: The official exchange rate will match the parallel exchange rate within a few week
» The most prominent of which is the discussion of the oil file.. A delegation from the regional gover
» Parliamentary Finance: We have received the draft budget and it is not necessary to return it to the
» Parliamentary mobilization for statement "One" against the dictatorship of Al-Halbousi during the se
» Framework: We will not make any concessions in order to pass the election law
» Al-Bayati: The budget will be decided during next April, and the Kurds will not hinder its passage
» With an area of 330 dunums.. revealed the details of an economic and commercial city project in Ba
» Framework: Reviewing the strategic agreement with America will be a next priority after its failure
» A parliamentary move to host the Minister of Commerce due to the delay in disbursing the ration card
» Kurdistan's oil is stacked in storage tanks after exports to Turkey stopped
» Parliament was surprised by Al-Halbousi's behavior by hiding the budget and putting forward politica
» Expert: The American presence on the borders undermines the country's security and threatens its saf
» Oil prices are moving in a narrow range due to supply concerns and the banking crisis
» The Financial Times: The dollar crisis revealed the fragility of the Iraqi economy
» Al-Jawahiry: One billion and 500 million dollars, the value of Iraqi profits after international arb
» Sudanese advisor: Central Bank reserves reached 115 billion dollars
» "The orders have not been issued yet." A comment from the Sadrist movement regarding the approval of
» The Director of Passports announces the end of the crisis and invites citizens to collect their pass
» Economic experts question Iraq's ability to establish a dry channel with Turkey due to the lack of "
» The Iraqi Central Bank’s sales of dollars increased to 230 million
» Legislation has been waiting for 18 years. An agreement between Baghdad and Erbil to approve the oil
» Oil rises two dollars with the suspension of Kurdistan exports and optimism about the banking sector
» Iraqi oil exports to America will increase by 98% in 2022
» Once again... a Kurdish delegation visits Baghdad to continue the "oil talks"
» Valid: The official exchange rate will match the parallel one in a few weeks or months
» A leader in the coordination framework reveals a plan to arrest 30 senior figures accused of corrupt
» Political analyst: 4 reasons behind Muqtada al-Sadr's silence on the passage of St. Lego
» The United States of America asks Iraq to resume pumping oil through Turkey
» A Kurdish deputy admits: the region used to export 500,000 barrels per day
» An economic and commercial city in Abu Ghraib
» Recommendations to address the repercussions of changing exchange rates
» Developing marketing outlets in all governorates and districts
» Extinguishing the debts of the martyrs and wounded of the popular crowd
» The Kurdistan Region informs the oil companies to stop exporting crude abroad through Turkey and to
» Al-Rafidain: advances from 5 million to 25 electronically
» Parliamentary immigration: We rule out returning the budget to the government
» A memorandum of understanding with three Arab countries for agricultural cooperation
» The region's parliamentary elections are "past" despite the differences
» Electronic payment at gas stations save public money and prevent smuggling
» {Engineer}.. A promising investment experience
» The parallel dollar market.. negative effects that limit purchasing power
» A member of the Finance Committee recommends returning the budget to the government
» Basem Khashan: Parliament is the most violating of the constitution.. There is no way but to dismiss
» Wednesday's parliamentary hosting of the committee to prepare the "salary scale" for employees - urg
» Al-Sudani receives a phone call from the Saudi Crown Prince (details)
» A delegation from the region visits Baghdad.. The oil file is a top priority
» A Saudi bank signs an agreement with an Iraqi bank to finance exports and imports to the two countri
» It will reach its peak in 2027 and then decline.. Iraq will never achieve its oil production target.
» Iraq is the "sixth in the Arab world" in the production of renewable energy
» Companies operating in the Kurdistan region are "pilling" oil into tanks until the crisis is over
» A new decline in oil prices.. Brent stands at $72 a barrel
» A slight increase in the exchange rates of the dollar in the local markets
» Al-Sudani and Bin Salman discuss bilateral relations and a number of regional and international issu
» The Iraqi government is asking the former defense minister to give up plots of land
» Kurdish anger at US statements and talks in Baghdad about stopping oil
» Al-Sudani issues several directives to end the delay in the projects of the entrances to the capital
» The US State Department: The Kurdistan Region is a strategic partner for us and stressed that “the U
» Al-Rafidain defines electronic advances of up to 25 million for these groups, without a guarantor
» The House of Representatives votes on the law of the third amendment to the House of Representatives
» Parliamentary Finance discusses a budget without schedules and recommends reducing expenditures
» Large parties summoned the "absent class" to pass "St. Lego" and a deputy came in a wheelchair
» British report: the lack of availability of the dollar reflects the weakness of the Iraqi economy
» Retirement pledges to increase salaries and receive a feast for the beneficiaries
» Learn about the mechanism for allocating lands and housing units to employees of the Ministry of Def
» Al-Mandalawi: Amortizing the debts of these two categories after approving the budget
» Al-Sudani's office announces the launch of the tasks of the "Governmental Services Team"
» A Kurdish delegation arrives in Baghdad for financial and oil talks
» A memorandum of understanding to achieve agricultural integration between Iraq, Syria, Lebanon and J
» Residential complexes, companies and exhibitions... Trade reveals the details of an economic city pr
» During 2022... Iraq's oil exports to America will increase by 98%
» The Ministry of Commerce announces the arrival of a ship loaded with Thai rice for the food basket
» 20 years since the US invasion: Iraq's politicians live in confiscated homes
» Planning makes recommendations to the Council of Ministers to address the market implications of cha
» A decline in the shares of oil companies operating in Kurdistan, following the suspension of oil pum
» Al-Rafidain issued a statement regarding electronic advances
» Hours after its approval, the first appeal against the election law
» In the document, the Minister of Defense addresses the Ministry of Finance to include army officers
» Talk about the price of oil.. Al-Sudanese diagnoses two pathologies related to the different previou
» The Kurdistan Regional Government informs foreign companies to stop exporting crude oil abroad
» Deputy: Al-Halbousi threatened the independents to terminate their membership for trying to disrupt
» The Minister of Health chairs an expanded meeting with the Association of Scientific Offices and str
» The Ministry of Planning discusses the effects of changing the exchange rate on the Iraqi market
» With Sunni and Kurdish support, the independents announce the start of procedures for the dismissal
» Details of an expanded meeting to discuss the impact of changing the exchange rate on the Iraqi mark
» The Electoral Commission in Kurdistan identifies "one obstacle" to conducting the polls on time
» Planning discusses a number of proposals to address the high price of the dollar
» Al-Hakim: Approving the oil and gas law is an "urgent necessity"
» Deputy shows the mechanism of distributing the investment budget between the provinces
» Planning: We will soon present recommendations to the Council of Ministers to address the repercussi
» A memorandum of understanding to achieve agricultural integration between Iraq, Syria, Lebanon and J
» First Bank of Iraq launches global instant money transfer serviceSHARE ON MESSENGER
» Hemn Hawrami: The best solution to the region's oil case is to pass the oil and gas bill in the Iraq
» The Association of Banks reveals expected facilities in granting lending operations
» Expert: The decision of international arbitration closed the doors in the face of Kurdistan regardin
» Chinese companies account for the largest share of Iraq's oil exports in a month
» A new rise in dollar prices in Baghdad and Erbil