Greece crisis: Europe to anger "amateur" Greek

• June 15, 2015
• In Europe

Mr. Tsipras personally involved in the talks with EU leaders in recent weeks

EU officials and German politicians vented frustration with Greece, with a short time to reach an agreement on debt.

A diplomat described dilettantism Greece to unblock rescue fund from the EU and the IMF as attempts.

Greek Prime Minister Alexis Tsipras said that depending on the international creditors "to make realism."

But the European Commissioner from Germany said that if talks failed Greece would come under a state of emergency.

Without debt dollar for reforms with the EU and IMF, Greece should a € 1.5 billion (£ 1.1 billion, $ 1.7 billion) to break debt payment to the IMF because of the end of the month.

Government bailout agreement with the EU in Athens also runs on 30 June and Mr. Tsipras tried the final unlock € 7.2 billion payments.

European Commissioner Günther Oettinger, who is also a member of the CDU center-right German Chancellor, Angela Merkel, said July 1 Greece has a "disaster area", which are the salaries of the police, drug, energy and other fields.

Greece is at risk of default by a major reimbursement for the IMF in late June

The CDU in Germany have lined up to criticize the position of Greece, sentenced the deputy head of Volker Bouffier Party Greek demands as unrealistic and Julia Klöckner of the party executive Mr. Tsipras exaggerate to have his hand.

Even the leader of the center-left Social Democrats (SPD) in Germany, Sigmar Gabriel, was as favorable to the situation in Greece, he warned the Greek government that counted the time. "Across Europe, the cultivation of feeling, that's enough," he wrote in the Bild newspaper.

An official of the European Union, said the clock was already five years after midnight, and although the euro zone finance ministers were ready for negotiations last chance Thursday "at this time there is nothing to discuss."

European Central Bank President, Mario Draghi, the emergency loan went on to say make Greek banks, because they "have solvent and with sufficient guarantees", but declined to say what might happen if Greece failed payments debt.

What's next for Greece?

Chronology

• 17th June: ECB should evaluate the continued support of the Greek banks in case of default new
• JUNE 18: The Minister of the euro zone meet - as the last chance to make an agreement that Greece ratified considered to reach the end of June
• JUNE 30: Euro zone rescue Greece runs out € 1.5 billion limit for payment of the Greek debt IMF

What is Greece Grexit so close?

Greece Special Report

Speaking in the Greek newspaper Efimerida ton Syntakton Mr. Tsipras warned that "further reduction of the pension after five years of looting bailouts will not be considered as serving political expediency."

"We will wait patiently until the creditors call realism. We have no right to bury the European democracy in the country where he was born."

But the European Commission spokesperson Annika Breidthardt dismissed his claim that the creditors were retired or pay cut. Athens did not want to eliminate early retirement and the elimination of "false incentives for early retirement."

Greece had already agreed on specific targets for its primary surplus, he said, with 1% of GDP this year and 2% in 2016 and 3.5% in the year 2018th

It was important to agree on how.

She said it reached an agreement on the amendment of the VAT rate, with a general rate of 23%, a second reduced rate of 13% and other "super-reduced" 6% on books and drugs.

But while the creditors were savings of 1% of GDP annually for pensions and tax expected Greece later presented calculations showed much smaller reductions. As much as € 1800000000 had been expected in retirement, but Greece came to only € 71 million, the spokesman said.

Germany loses patience - Jenny Hill, BBC News Berlin

Sigmar Gabriel (L) seen in the past as a cheap Greece

"The Greek government is playing with fire", the Vice-Chancellor Sigmar Gabriel, the warning time and patience said were counted. The dominant feeling of irritation is the need to find a solution is more urgent.

Greek Finance Minister Yannis Varoufakis in an interview with the Bild-Zeitung, has a Grexit ruled but took the opportunity to reiterate the demand of the Greek debt restructuring and led for emergency talks by Angela Merkel.

Perhaps that is no surprise. The Chancellor has made clear it wants to keep Greece in the euro zone. But he admitted the possibility of a Grexit and is under pressure at home in Greece. A conservative colleague Wolfgang Bosbach, threatened, rather than withdraw support another bailout agreement.

Greece in numbers

320.000.000.000 €

The mountain of debt Greece

240.000.000.000 €

European rescue

• Greece needs € 56000000000 Germany

• The debt to GDP of 177% of the country

• 25% drop in GDP since 2010

• Greek unemployment rate of 26%

Source: ECB, the IMF, the Greek National Statistics Agency

Reuters

Pension fight

IMF chief economist Olivier Blanchard, cut in a blog post that has Greece pension expenditure - which now represents over 16% of GDP - 1% of GDP. He also said it could be done, while protecting the poorest pensioners.

While the pressure on Greece has intensified, shares fell in Greece, with bank shares by more than 10%.

In another sign of the widespread frustration German, head of the influential Ifo Institute for Economic Research, Hans-Werner Sinn, said he believed that the government in Berlin should refuse to continue financing the Greek economy.

A first deputy Mr. Tsipras left Syriza party, Alexis sub-speaker Mitropoulos said that if the talks did not the Prime Minister would have either a referendum or new elections to be considered.

SYRIZA Mr. Tsipras led coalition came to power in late January with a mandate against austerity.

Greece is not old troubled borrowers

Business editor Robert Peston

• June 15, 2015
• Business-area
• Comments

What is very surprising - and this is important - the excruciating negotiations between Greece and its creditors is that no European leader has tried the party enemy with a call for European solidarity, or any emotional rhetoric about how these big bucks to link project prosperity and peace for all citizens of the euro zone.

In fact, this is not entirely true. Greek Finance maverick, Yanis Varoufakis, has repeatedly tried to play the card of "we are all in this together". But he was considered by his peers in the euro zone, as if he threw a fart in the negotiating room.

No big speeches vision of Angela Merkel and François Hollande or Jean-Claude Juncker, without take pain empathy with Greek lack of people whose income dropped by a quarter initially buckles since the start their belts to pay the demands of austerity Greece's initial rescue ,

Moreover, there are very important as maintaining the integrity and the integrity of the euro zone is a matter of passion transmitted principles.

Instead, the public and private debate has instead written in the language of national interests, the urgent need to keep the great European project called on the street.

Probably the most striking case was clear and insightful blog last night of IMF chief economist Olivier Blanchard.

This French technocrat has explained what the two separate parts is easy to understand and - seemingly - undeliverable in practice.

Creditor - nation euro zone, the European Central Bank and the IMF - have reduced the scale and pace of austerity measures in Greece are made to about 0 5% of GDP per year, but want even more cuts, equivalent the next three years, is Athens ready to deliver.

Hairstyles

And the reason, according to Blanchard, is simply that every step promised under the budget surplus Greece is a cut above the borrowed amount already to Greece would eventually be written off.

Here's how Blanchard says "a reduction in the primary surplus, now or later, but probably would haircuts". And what I mean, just think it is a short brutal back and sides of the government debt of Greece of € 320 billion, equivalent to 180% of GDP stagnated.

To be clear, all economists agree that further austerity measures, the viability of the existing debt to improve: Some will say that, in an economy that is in turn contract, further cuts will jeopardize the recovery and make the debt burden even harder to endure.

And some of them say that creditors are today giving by cracking debt gains and losses on Greece a chance of under the burden of massive debt write-offs in the rejection of self-harm out.

Above all this mess recognized when Blanchard said that "there is a limit for the amount of financing and debt relief from official creditors are willing and able, realistic, as they are to be considered their own taxpayers".

Or to put it differently, Merkel and Hollande have not that the game of its own citizens to see the Greeks before, what they have debts.

Regressive cuts

Now it is not only the amount of savings the Athens shares of its creditors, is also the method of execution. Therefore, the euro zone and the IMF want other pension cuts and an increase in VAT on electricity (in particular).

These measures are toxic to the Greek government Syriza, because they are regressive, they are hurting voted disproportionately poor Greeks, the Syriza.

So "Why do you insist on pensions?" Said Blanchard.

His answer is that pension expenditure in Greece 16% of GDP ", which transfers to the pension system are almost 10% of GDP."

Well, here in Britain we think that the public spending on pensions by almost one-tenth of GDP is very rich: the corresponding figure for the United Kingdom, and indeed for most English-speaking countries like the United States and Canada is much lower (about 6% of GDP in the UK, according to GDP).

But in the UK, USA and Canada, private pension savings is much higher than on the European continent. And the Greek public spending on pensions as a share of GDP, is very much in the step of passing the rest of the euro area based on the latest official figures from the OECD, which certainly five years, Greece has been less Italy, France and Austria on pensions and only slightly more than Germany.

And there's more: in 2009, the OECD estimated that actual spending by the Greek government on the old-age and survivors was 13% of GDP. If the corresponding value at 10% today, which is what Blanchard suggests, it involves spending on pensions has already been reduced by 40%, as the Greek GDP fell by a quarter.

That is, on the most recent data from Eurostat, which are for 2012, the costs of ancient Greece -. Including invalidity and disability payments - well above the average of the euro area

So the statistics disorders. But it is interesting to note that Greece has proportionately more seniors than the euro area average, and more than the poor (more than five years of crisis).

Grexit

In other words, it is obvious that there is surplus in the Greek pension system (and there is certainly nothing compared to the French house of Blanchard).

But back to my point, the impression that what is happening in Brussels, is qualitatively the same as the kind of prosaic discussions take place when a debt of large companies in difficulty, rather than a profound debate about the nature of economic and social relations between members of the euro zone.

If these negotiations fail, and the insolvency of Greece - and leaving the euro - which to a revolution in the perception that the euro is likely to lead.

At this point, the monetary union has proved a matter of economic expediency of its members, rather than deeply supranational goal.

The obvious, however, that seems to be lost on the leaders of the euro zone as soon as the Euro is not provided on an element, it is not always for all members.

And once clonking penny drops for international investors, the idea of the whole project will collapse - appear increasingly default - not tomorrow, but someday.

Greece almost in danger agreement on the debt of the EU, said Alexis Tsipras

The Greek leader Alexis Tsipras said on Sunday night that his negotiating team tackled an obligation to avoid defaulting on its debts Athens and threw the euro area.

After a weekend of intense negotiations with the European officials in Brussels, the last attempt to keep Greece afloat, in a tug of war agreement in the huge debt burden of the country, including Athens will bring together, he insisted is cut as the price of further cuts in public Expenditure.

Founded by the radical left political prime minister to fight the corner of Athens, in what is considered the last chance to reach an agreement, will be for debt relief in exchange for concessions demanded by international creditors push billed.

"If we have a workable agreement, no matter how committed we are to support the need.", A statement quoted the director as saying of his closest collaborators

Just two weeks remain for Greece rescue agreement runs on 30 June with the lenders of the European Union, the European Central Bank and the International Monetary Fund, that a meeting of finance ministers of the euro group on Thursday, is set during the term to seal an agreement.

An agreement - almost certain to be an extension of the current program - the country would urgently needed now in the summer more than 7 billion in bailout funds € in order to avoid defaulting on IMF loans this month and to publish the ECB. The creditors have refused to repay loans since last August to discuss the two sides, the reforms.

Greek Prime Minister Alexis Tsipras, left, with the Finance Minister, Yanis Varoufakis a walk in the center of Athens. Photo: Orestis Panagiotou / EPA

Power to the catapults in January promised five years of strenuous "l" at the end self-defeating "austerity - but a gesture on the always controversial issue of debt Tsipras Athens also an agreement, do sell the extremists in his party Syriza -. And Greeks in Generally, more than 320.000.000.000 € - equivalent to 180% of the total economic output of the countries - Greece has the highest rate of debt to GDP in the EU and economists agree that the distance is untenable.

Signs that the debt was now the name of the game, a close ally of Tsipras and State Minister, Nikos Pappas, insisted that the resolution of the issue was now important to reach a workable agreement on a political level, where, since the medicine previously prescribed had failed dramatically. In the five years since the debt crisis broke out - forcing the country to international markets and the Socialist government at the time to request emergency loans from the EU and the IMF - the Greek economy has been in the time contracted depression, as it was implemented painful cuts exchange for financial support.

"Our mission is crucial Greek exit from the crisis and avoid the adventure for the whole Europe," Pappas told the newspaper Avgi party before the Deputy Prime Minister and Chief Negotiator Dragasakis Yannis Euclid Tsakalotos fly to Brussels to participate in the talks. "Greece has views, suggestions, determination to work with [its] partners to break this destructive austerity with debt sustainability and social cohesion. What we need is a political solution."

Now the essence with EU officials the alarm is like never before. "We need an agreement in the coming days", Vice-President of the European Commission, Valdis Dombrovskis told the newspaper Die Welt of Germany. "Time is not on our side."

German media, the EU president said Jean-Claude Juncker, has a long Greco Phile support Athens was compelled to warn against the risk of a potentially catastrophic launch of the euro, when Tsipras met last week in Brussels.

In the middle of the interview players senior EU, the ECB and the IMF will be in the next two days, is a new series of counter-proposals has developed the Greek government, in which, after five months of fruitless negotiations is widely regarded as the last attempt seen to break the deadlock. The proposals aim to resolve the remaining differences on both sides have more pensions, taxation, and a primary surplus of Athens will be reached this year.

On Sunday, the Greek media have suggested that the government was going to the pension reform rowing back - promised to overhaul its social security system - in exchange for the promise of forgiveness of debt in the future. As lender of last resort, the IMF has argued, based in Washington a long time that the debt is unmanageable Athens and should be addressed - a position that was created friction with the creditors of the euro area.

Unlike other member of the single currency, Greece saw a large part of its debt from private investors in 2012. Another low depreciation almost certainly the wrath of Germany, where the taxpayer attract most of the monumental walk thousand billion € 240 financial lifeline. But Greek officials say there are other ways to reduce the burden, including the extension of maturities now.

With representatives of both sides to the negotiating fatigue, is the hope that the differences up to the point that an interim agreement is sealed to be ironed to keep out of business in the coming months. Experts say well-placed to Athens holds a nine-month extension would to prepare him time the reforms.

Lenders are wrong, an extension of four months with major reforms implemented so far. Either scenario would be just the shot in the box that is the great crisis of the Greek debt along the way - but both assure the country that is still in the fold symbolizes the spirit of Europe.

"There is no agreement with Greece as talks in Brussels fail

• June 14, 2015
• Business-area

Greek Prime Minister Alexis Tsipras (left) warned of "difficult compromises"

The latest round of talks between the Greek and EU authorities in Brussels have failed to reach an agreement.

A European Commission spokesman said that no progress we have made on Sunday, remained "significant gaps".

Europe wants spending cuts Greece € 2bn (£ 1.44bn), an agreement to unblock the rescue fund to obtain.

Greek Deputy Prime Minister said Yannis Dragasakis Athens has always been willing to negotiate with their lenders.

He said that the Greek government proposals Domingo had fully covered the budget deficit, as requested.

But Mr. Dragasakis added that the EU and the IMF want Greece to further reduce pensions - what he said Athens would never accept.

The cash-strapped nation tries to close a financing agreement with the European Union and the IMF before the end of June, to avoid a default.

The euro zone finance ministers will discuss Greece at its meeting on Thursday. The meeting is regarded as the last chance for Greece to reach an agreement.

The Commission spokesman said: "President [Jean-Claude] Juncker convinces them that reform through increased efforts by the Greeks and the political will of all parties, a solution can always be found before the end of the month."

Lose patience

The calls come from Germany ramps up pressure on Greece. Vice Chancellor Sigmar Gabriel said on Sunday that European nations were losing patience with Greece.

Germany wanted to keep Greece in the euro zone, but the letter warned in screen warning that "time is not only money, but also patiently throughout Europe."

Sigmar is also economy minister and leader of the junior coalition partner the Social Democrats.

Sigmar Gabriel, German Vice-Chancellor, with German Chancellor Angela Merkel

His article will be considered as a warning, especially since his party was for Greece in the past.

"Across Europe, the cultivation of feeling, that's enough," he wrote.

Greece is trying to avoid defaulting on debt payment to the IMF 1500000000 € since the end of the month.

The creditors demanded spending cuts in exchange for another piece of the bailout fund.

But the decision left Syriza party in Greece, led by Alexis Tsipras, was elected in January promises to facilitate unpopular austerity measures, creating the increase in the minimum monthly wage, and more jobs.

But on Saturday, Mr. Tsipras warned the Greek people, prepare a "difficult compromises".

The future of Greece and gold

Summary

• Possible scenarios for Greece.
• Impact on the gold market.
• What would be the look Grexit?

What are the possible scenarios for Greece and the impact on the internal market of gold? The baseline scenario is that the bailout plan will be reached in the next few days, because no one wants Grexit. Without the agreement Greece had access to external financing (such as current rescue fund, the fund euro crisis, support or emergency liquidity assistance from the IMF by the ECB) to lose, and the creditors are the probable Greek default and financial contagion from the loss of prestige of the euro. However, both sides have taken difficult positions because Syriza not disappoint its voters and not austerity believe, especially in a recession, while the creditors believe that the euro zone is in a Grexit weather. It is true that Greece and its creditors can play the game of chicken is not to play to negotiate the best deal and save face in front of their voters, but at this point, any errors in the negotiations to a new crisis in Europe and trigger the increased volatility in the currency market.

Grexit is clearly the worst case; and the likelihood is increased recently. Recently, analysts at Nomura put the probability of Grexit to 40 percent, while the forecasts of Commerzbank in Germany are even worse - 50 percent. The yield on two-year Greek bonds jumped over 250 basis points to 23.68 percent in May, while the Greek yield curve inverted, meaning investors expect a defect. As shown in Table 1, the yield on the benchmark 10-year State increased in recent months.

Figure 1: the yield on the benchmark 10-year Greek State from January 1993 to April 2015

(Click to enlarge)

What would be the look Grexit? The bailout agreement is not reached and the Greek government is separate from the international liquidity. Then the ECB suspends Greek ELA and accepts no invoices as collateral Buy limiting the ability of commercial banks to Greek government bonds and finance. Without money, the state and its insolvent banking system would default, leave the euro zone and return to the drachma (or at least, to introduce a parallel currency in the form of commercial paper - a paper that the holder is a series of receiving euro at a particular time in the future). To bank runs (which won in the past few weeks as the Greek bank deposits by € 4.6 billion to € 133.6 billion in April and the lowest level since October 2004 pace), then to avoid capital controls would be introduced.

Then Greece would shake the debt burden and could devalue its new currency of age for export competitiveness, while the banks are recapitalised in the drachma. Losing Greek depositors and citizens in general, as well as holders of Greek debt; But the Greek debt is now held primarily by official institutions (EU, ECB and IMF). Because Greece is not really in debt to the banks and other financial institutions, direct contagion will be limited because of the failure.

However, it would be significant indirect effects. A Grexit could set a precedent and encourage other countries to leave the euro zone, especially the increased risk aversion would increase interest rates on debt PIIGS countries like Portugal, Italy and Spain. Since the Greek Finance Minister, Yanis Varoufakis said: "As soon as the idea in the minds of men that the monetary union is not always, speculation begins ..." Who's next? This question is the solvent of any monetary union. Sooner or later it will start raising interest rates, the political tensions, the flight of capital. "In other words, the euro Grexit would a reputation as a strong and stable currency, falling against the dollar to destroy. The dollar appreciation would further headwind for the price of gold, but it could move on economic growth and weigh or soften the Fed tightening Given the location of the populist parties in the south could lead to political tensions Grexit .. Other Cyprus question is who could not stay in the euro zone, because the dependence of Greek banks.

No doubt there are intermediate means. For example, Greece default, always within the euro area. Really, it depends on whether Hellas is the primary surplus (according to these data, the Greek primary balance recorded a surplus of € 2.16 billion in the first four months of the year), and whether the ECB take the help of loans from the ECB emergency Greek banks. Another possibility is a settlement in Cyprus-like, in the euro zone remains the introduction of capital controls in Greece.

What are the possible effects of the above scenarios in the gold market? The Grexit should most favorable for gold prices, as it could be difficult to predict in financial and political contagion and lead therefore to increase the fears and safe haven demand for gold. According to Capital Economics, the risk of Grexit could help gold prices raise around $ 1,400 to the end of 2015. Of course, if you will really be the case depends on many other factors.

The default, without the euro zone would also risk aversion and uncertainty to increase the credibility of European debtors. Capital controls or a solution in Cyprus as well should promote the demand for safe haven gold, as it was in 2013, when the banking crisis in Cyprus led the demand for gold. In any case, the potential of higher gold prices would be limited by the appreciation of the United States. If you come to the rescue, not the support of Gold. However, a new rescue plan (without radical economic reforms) does not solve any of the problems of Greece, just buy a little time, so that support for the gold price will come later.

In short, the euro zone is a political, economic unstable project because it is a classic tragedy of the commons. His misinterpretation encouraged reckless fiscal policy in Greece, which led to the current debt crisis. As a sustainable solution is impossible without substantial reforms in Hellas, who are not likely, since the position of the socialist Syriza and the return of recession in Greece, it seems that most concerns support price Grexit gold in the future. Currently, the risk remains high. However, this may soon change.

Thank you.

Arkadiusz Sieron

The advantages of the golden sun and Monitor News Market Overview Editor

Source: The future of Greece and gold

Disclosure :. If the author mentioned no position on inventories and no plans to positions in the next 72 hours (more ...) The author wrote this article himself to initiate, and express their own opinions. The author receives no remuneration. The author has now listed no business relationship with their shares in this article.

Greece sees a wave of immigrants from war and poverty

"We tried a country that you will find us, that's all, because you know that the war fled"

Around 2,000 refugees, mainly from Syria, arrived in the Greek port of Piraeus, near Athens on Sunday morning.

They came provided by ferry from the government that led to the Greek island of Lesbos.

Greece is an important contact point for immigrants, especially those from the conflict in Syria and in Iraq in search of safety and a better life in Europe.

"We came from Syria," said a man. "In Syria, we went to Turkey and then came to Greece. After Greece we want in Germany, God willing to go, and we want to stay there."

"We tried a country that you will find us, that's all, because you know that fled from the war," said another man.

The influx increases. The International Organization for Migration says more than 46,000 migrants in Greece came in the first five months, compared to 34,000 for all 2014th

Given the problems that Greece is facing, most migrants try to move more prosperous European countries.

Greece, Draghi, WTO and data protection: European Week Ahead June 15 to 19

European Central Bank President, Mario Draghi, speaking at a press conference in Frankfurt last week after a meeting of the Executive Board of the ECB.

Associated Press

Yet another meeting "to do everything or nothing" in Greece by the European Union this week, provided that the Brussels talks after the publication of this blog has had no significant results. Earlier this week, one of the major players in the Greek myth - European Central Bank President, Mario Draghi, - the stage in the European Parliament.

Widely considered to be the sheet, when the crisis in the euro zone have switched - - We are also on the EU leaders meeting in Luxembourg, when the policy "big bazooka" Draghi 2012 talk was legal or not.

In Luxembourg, where the Minister their monthly meetings twice a year, the Minister for Justice and Home Affairs, to the legislation on data protection in the EU has been promoting in negotiations for more than three years. And on the subject of migration, the fight goes on distributing refugees more evenly among EU countries.

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Here are five things to consider in the next week:

1. The negotiations between Greece and its international creditors to a showdown on Thursday when the national debt is directed dominated discussions on the euro zone finance ministers. They will be joined by their colleagues from the rest of the EU on Friday. After the meeting, the Greek government should its economic plan needed revisions in exchange for rescue funds urgently presented required. If the plans of the first institutions that will be assessed to monitor the bailout of the country, is considered sufficient, the Assembly may conclude an agreement to get from Athens to liquidity. If not, then the risk that Greece will pay its debts at the end of the month is increasing.
2. One of Greece's creditors, the European Central Bank on Tuesday is one of the High Court of the EU ruling to hear - European Court - if a program currency transactions to buy government bonds Winner call is legal or not. The program was then newly appointed in 2012 by Mr Draghi, the "do whatever is necessary" to ensure that a spiral crisis of the sovereign debt of Italy and Spain did not promise to return the entire area announced euro. "Big Bazooka" Mr Draghi, as it is called at the time, the ECB would have allowed unlimited amounts of government bonds to buy if a country in the euro zone by market pressure. The country would have to be a program of economic reforms under the supervision of the EU institutions to subscribe. The regime has never been used, but the mere possibility that have worked to stabilize borrowing costs began to wane and the crisis in the euro zone. However, the German applicants took the plan to court, arguing that the ECB exceeded its mandate. A non-binding opinion of the judge of the court in January said the plan was legal. The Court then, in most cases the management of the call General Counsel.
3. Minister of the Interior in Luxembourg the EU Immigration policy other than another clash on Tuesday. Is likely to discuss whether an EU-wide mandatory or voluntary system to distribute the load of asylum seekers so. The countries of Central and Eastern Europe dig their heels against mandatory quotas, arguing that they do not have the facilities and the support of their companies to the Middle East and Africa, which is automatically distributed on their territory. It was expected no decision, the EU leaders are meeting next week to discuss this issue, among others. "But it is a good opportunity to put some pressure in the East and some may want to consider his arguments," said one European diplomat.
4. Meanwhile, on Monday, the Minister of Justice in Luxembourg is likely in the data protection legislation of the EU that are likely to have to make an impact on technology companies in the United States in Europe, should be encouraged. The agreement - the agreement between the governments on how to be negotiated with the European Parliament - is regarded as a breakthrough, because the European Union legislature has formulated its negotiating position than a year ago. It is expected that the talks between the EU governments and the parliament to start next week, with the possible final agreement before the end of the year.
5. Back in Brussels, an "Action Plan" on company taxation and a new impetus for a "common consolidated EU tax" throughout the EU, we have presented on Wednesday by the Commissioner of the economy and taxes in the EU Pierre Moscovici. The plan must be approved unanimously by the 28 EU governments. Otherwise could support some countries preceded the so-called "enhanced cooperation." Or not.