One grand coalition, no grand vision
Up to 10 per cent of personal savings would go to the government
The eurozone crisis: an illustrated guide to the biggest threat to the Canadian economy
The government of Catalonia, one of Spain’s autonomous regions, has called a snap election for Nov. 25 on the topic of self-determination. Voters will decide whether they want Calanonia’s status to stay as it is, or whether the region should take on more powers to handle its own assets (read: take more control over taxes). The election will, in effect, be a referendum on the future of Catalonia.
That’s why the Brits have a problem with Brussels
If 100 Tory MPs get their way, a referendum will leave it to the public to decide.
Finance ministers from the European Union reached preliminary terms for a bailout of Spain’s debt-ridden banks this morning.
Spain woke up today with a dark cloud over its fiscal situation, Reuters reports. Following a downgrade of its credit rating by Moody’s Investors to just above “junk” status, 10-year government bond yields rose up to a record high of 7.02 percent. This compares to “the 7 percent mark that drove Greece, Ireland and Portugal to seek international bailouts.”
Markets were trading on a positive note this morning after Spain announced on Saturday a $129-billion deal to refinance its ailing banking sector. That optimism, though, seems to be fading already as investors ponder the details of the deal and start fretting about the Greek election next Sunday.
Ottawa disclosed that the finance ministers and central bankers of the G7 group of advance economies held emergency eurozone talks on Tuesday, even though it would have been up to the U.S. to make such an announcement, the Financial Times reports:
Can a debt-ridden U.S. still afford to pick up the cheque?
News out of Europe continues to paint a bleak picture of the Spanish economy, suggesting the country may be the next in line for a bailout.