Eurogroup therapy for Greece
Channel 4 News Economic Editor Faisal Islam ruminates on the latest Greek bailout deal secured at a meeting of Eurozone ministers
Faisal Islam
Faisal Islam has left Channel 4 News. This is an archive of his blogs.
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Are Greeks’ euro days numbered?
As Greece is handed a new 130bn euro lifeline, Channel 4 News asks whether it will stave off collapse – and what the deal means for the Greek people.
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Dutch drop downer on europhoria
I have just spoken to the Dutch finance minister Jan Kees de Jager, on his way in to today’s euro group meeting. Mr de Jager’s comments to me in English and some in Dutch made just before caused a marked popping of the europhoria bubble and a sharp move in the foreign exchange markets.
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Deal with France will boost British jobs, says PM
A deal struck between the UK and France on nuclear power will help to ensure that the bulk of work in the industry goes to British firms, Prime Minister David Cameron says.
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Eurozone reaches its Lehman moment as Germany ‘insults’ Greece
As the Greek president hits back at criticisms of his country from the EU, it looks like the Greek deal could be unravelling.
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UK economy likely to ‘zig-zag’ predicts Mervyn King
The Governor of the Bank of England today predicted further quarters of negative GDP growth this year following the latest -0.2% slump recorded in the last quarter of last year. Britain’s economy is likely to “zig-zag” between positive and negative growth said the Governor, introducing the Bank’s quarterly economic healthcheck. Sir Mervyn said that the…
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Is Moody’s move a vindication for Osborne?
The bigger picture here: why on earth are credit ratings elevated to this hallowed status? Moody’s pulled off the spectacular intellectual feat of rating the Bank of England as a lesser credit than the European Financial Stability Facility. The answer is that it has been an important piece of marketing for George Osborne, to communicate a tangible benefit from unpopular austerity.
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Endgame II: Europe’s Faustian pact
Greece has voted in favour of the EU/IMF austerity package. But why is Germany pushing stability throughout Europe – and what is it hoping to achieve?
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Endgame (part 1): the cauterisation of Greece
Greece is being cauterised. The EU, ECB, and others have prepared the ground for Greece to be detached from the eurozone. Greece now has a horrible choice to make, says Channel 4 News economics editor Faisal Islam.
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Three years on, is quantitative easing the way forward?
It’s not just savers who can no longer live off paltry savings income. The retirement annuity industry has been hit by a fall of 20-30% in the annual income that pensioners will be obliged to live off for the rest of their lives.
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How many billions will Britain get from the great Swiss tax amnesty?
British attempts to recoup tax from swiss bank accounts are put in the shade by america’s policy of prosecuting swiss bankers reports Faisal Islam.
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Is the UK serious about tackling tax evasion?
Taxing civil servants is one thing, but experts tell Channel 4 News that, if it is serious about tackling tax evasion, the UK should look to the US, which is waging “economic war” against Switzerland.
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Deleveraging, not de-honouring Mr Goodwin is the real issue
The bigger picture here is that the entire political class is struggling right now with the border between the state and the British banking system. Far more important than de-honouring, is de-leveraging. Project Merlin has come to an end, I am told by senior bankers, and some banks have smashed their targets, and others have missed them. All will be revealed in the upcoming bank results season.
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Euro collapse contingencies at Davos
Are banks treating euros differently, depending on which country they come from? Faisal Islam blogs from Davos.
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RBS chairman turns down £1.4m share bonus
One day after RBS chief executive Stephen Hester is awarded a £930,00 bonus, it emerges Sir Philip Hampton, the bank’s chairman, is to turn down a share-based bonus worth £1.4m.
