Eurozone falls back into recession

Austerity Queen

The eurozone has returned to recession as the region’s debt crisis continues to hurt demand, figures show. The economy of the 17-nation bloc contracted by 0.1% between July and September, after shrinking 0.2% in the previous three months, Eurostat said. via BBC News – Eurozone falls back into recession.

‘No surprise there,’ said Larry Bird. ‘For intellects they sure do a shite job. Alfred Nobel would turn in his grave.’

The last time the Eurozone was in recession was in 2009. In comparison, Ireland has been in one since that time and will likely continue to be in it for years to come.

‘More ‘intellects” continued Bird.

Filed under: The Irish Daily Bull, Alfred Nobel, EU, eurozone, larry bird, recession in the eurozone, The Irish Bull

Shaky day for Eurozone off to a good start

German Federal Constitutional Court

Germany’s constitutional court has given the eurozone bailout fund the green light. via German court approves European Stability Mechanism plan | BreakingNews.ie.

However the court put restrictions on German liability to the €700 million fund. That may require treaty amendments and further ratification by parliaments across the Eurozone.

‘Expected,’ said Larry Bird. ‘Any other decision and the Eurozone might have went into free fall.’

The taoiseach welcomed the decision and said that it averted a potential crisis. He also slipped in news that the fabled ‘debt deal’ for the country may now not meet its supposed deadline.

‘Expected,’ laughed Faye Ecoruin. ‘Enda must feel like a girl being strung along.’

It’s an important day for the Eurozone. In his ‘State of the Union’ address this morning, EC president, Jose Manuel Barroso called for deeper European integration and called for a federation of nation states. He said the never-ending Euro-crisis was fueling extremism and populism.

‘They’re better than strangulation. Just!’ said George Oilwell. ‘Which is the mainstream policy at present.’

Hard to argue there, George.

The Dutch are also electing a new government today. The austerity-cheering, center-right VVD party are neck and neck with the pro-spending, center-left, Labour Party. A swing to the left here and German led calls for savage austerity will take a severe blow and could re-avert that crisis the taoiseach alluded to earlier.

The Euro rose slightly following this mornings ruling in Germany.

Filed under: The Irish Daily Bull, Dutch Election, Dutch Labour Party, EC, Enda Kenny, euro crisis, eurozone, Faye Ecoruin., George Oilwell, german constitutional court, irish debt deal, Jose Manuel Barrosa, larry bird, VVD

Eurozone unemployment hits new record high

Unemployment across the 17-nation eurozone hit a record 18 million in July, the EU statistics agency says. via BBC News – Eurozone unemployment at new high.

88,000 people lost their jobs last month. The unemployment rate across the troubled Eurozone stand now at 11.3%. The number now unemployed is the highest recorded since records began back in the nineties.

The Irish government

In more awful figures for our self-exiled government to ponder over whenever they decide to return is the revelation that 165 companies went bust this month in Ireland.

It’s been an awful week for the coalition partners with the loss of 400 jobs at Target, another assault on the elderly and disabled and nobody seemingly around to lend a comment or two into why there appears to be no-one steering the ship.

‘That’s because we’re already on the rocks,’ said George Oilwell.

‘Sunk more like it,’ said Larry Bird.

Filed under: The Irish Daily Bull, coalition partners, eurozone, George Oilwell, irish government, larry bird, statistics agency, The Irish Bull, Unemployment, unemployment rate

New Eurozone recession on the way

Performer

New figures show the Eurozone is heading for another possible recession. The area saw a 0.2% contraction in the second quarter. via New Eurozone recession on the horizon | Irish Examiner.

‘Nothing new there for Ireland,’ said Larry Bird. ‘We’re in a permanent one.’

Bucking the trend are Euro heavyweights, the Germans, who saw their economy grow in the same period.

‘Solid,’ said Mickey Moore.

Filed under: The Irish Daily Bull, eurozone, Ireland, larry bird, recession in ireland

Noonan backs pair named in money laundering report

The naming of David Hodgkinson, the AIB chairman, and Mike Geoghegan, one of the Government advisers on the National Asset Management Agency, in a highly critical US Senate report on HSBC bank’s involvement in money laundering, does not affect their current roles, according to the Minister for Finance. via Noonan happy with ex-HSBC pair despite US report – The Irish Times – Fri, Jul 20, 2012.

‘No hindsight, oversight or foresight,’ said Larry Bird about the former Fine Gael leaders judgement on the issue. The ministers recent attendance at the annual Bilderberg Meeting also raised eyebrows across the country.

Meanwhile, Eurozone finance ministers are today set to seal their approval on a €100 million bailout deal for Spanish banks. Major demonstrations – some violent – have taken place across the country as austerity measures totaling €65 billion start to come into effect.

‘At least they have the sun,’ said Faye Ecoruin.

Filed under: The Irish Daily Bull, AIB, austerity measures, david hodgkinson, eurozone, Faye Ecoruin., hsbc bank, Ireland, larry bird, michael noonan, NAMA, politics, spain, Spanish bank bailout, The Irish Bull

Eurozone unemployments hits record high – Debt solution in jeopardy.

Record unemployment

Employment in the Eurozone has reached record levels according to new figures released by Eurostat. The rate now stands at 11.1%.

Ireland’s rate remains 3.5% higher than the average – the fifth worst in the Eurozone. Over 2 million people have been made unemployed in just 14 months and with the Eurozone hop-scotching from one calamity to the next, the figure is set to climb further.

In separate news for Euro fans, last week’s announcement of a deal for bailout countries appears to be in jeopardy with Finnish and Dutch governments throwing cold water on plans to buy bonds on secondary markets with bailout funds in efforts to aid Spain and Italy who have been subject to market chaos in recent weeks.

‘The Devil’s in the detail,’ said Faye Ecoruin. ‘Luckily there’s a lack of detail.’

The Euro is expected to plod along for speculative purposes before eventual collapse according to George Oilwell.

‘You’ve been warned,’ he said.

 

Filed under: The Irish Daily Bull, debt crisis, Europe, eurozone, finland, holland, Ireland, Italy, spain, The Irish Bull, Unemployment