Libor scandal: European developments

					Dear reader,
					there has been some reporting on the Libor. Here are some of those developments:
Oct	2nd	2012		NL	Dutch Justice dept examines Rabobank's role in Libor: report (reuters.com)
Jul	26th	2012	*	Belgium	Dexia and Belfius considering [legal] steps against Libor scandal [express.de]
Jul	26th	2012	*	Belgium	Dexia hopes to get money from Libor fraudsters [de Standaard]
Jul	24th	2012		EU	Libor Fixers May Face Jail In Future Under EU Markets Plan
Jul	25th	2012		EU	EU Commission pushes for clampdown on Libor-style rigging
Jul	24th	2012		Germany	Deutsche Bank's own Libor probe clears board-sources
Jul	20th	2012	*	Germany	'Internal investigation at Deutsche Bank on Libor' [De tijd]
Jul	28th	2012		UK	Britain to flesh out framework for Libor review
Jul	27th	2012		NL	Dutch Central Bank DNB investigates Rabobank
					* = Dutch, # = German, % = French language
Jul	4th	2012		Opinion:	Worry about idiocy not inflation (part5-II) Undetected risk - Humans
					note: as usual there will be some updates during the next couple of weeks

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Germany: Economists and public divided (ESM debate)

					Dear reader,
					The German constitutional court was addressed by some plaintiffs recently who wanted the court to declare German ESM participation unconstitutional (and thus void). The ESM is now very much in the focus of German public and economists alike. The publication by 170+ economists led by professor Sinn sparked a heated debate in Gerrmany. In order to stay informed here are some of the most important newspaper articles and blog entries contributing to this debate:
Jul	5th	2012	#		Should the debate on the euro crisis get broader (Blicklog) [also containing a compilation of links]
Jul	28th	2012	#		Schaeuble accuses Ifo-helm of using „thumb calculations“ (FAZ)
Jul	25th	2012	#		Krämer wants peace (Handelsblatt)
Jul	25th	2012	#		Economists' debate about euro crisis escalates (t-online)
Jul	19th	2012	*		Peter Bofinger and Lex Hoogduin discuss euro crisis solutions (University of Amsterdam public event)
Jul	17th	2012		Spiegel:	Is German Economist Exacerbating Euro Crisis?
Jul	15th	2012		Guardian	Is Europe ready to give up national autonomy for the sake of the euro?
Jul	14th	2012			German court must decide on rescue fund by Sept: Juncker
Jul	14th	2012	#		Regling²:'States have no liability for bank rescues' (FAZ) ²= current EFSF and future ESM chief
Jul	14th	2012	#		Direct help for banks: future ESM chief contradicts Schäuble (Die Welt)
Jul	14th	2012	#		Economist debate: 'Germany worsened the downturn' (Die Welt)
Jul	14th	2012			Germany’s government: On the home front
Jul	14th	2012	#		HW Sinn: crisis states should be able to leave the eurozone temporarily (Die Welt)
Jul	13th	2012		Audio:	Paul de Grauwe (Interview): Trust between Eurozone leaders can create self-fulfilling positive outcomes
Jul	11th	2012	#	Austria	Economist Felderer views ESM skepticly (Der Standard)
Jul	11th	2012		CNBC:	A 10-Hour Day in a German Court, Boring? Think Again
Jul	11th	2012	#		Professor Paul Kirchhoff: We are playing with fire (FAZ)
Jul	11th	2012		Telegraph:	Ambrose Evans-Pritchard: Merkel breaks German law on ESM rescue
Jul	11th	2012		WSJ:	Euro Rescue in Limbo: German Constitutional Court Wants to Help Berlin
Jul	11th	2012			EIR: German Economists Mobilize Against ESM
Jul	10th	2012	#		Sinn takes on Merkel: (Finanznachrichten.de)
Jul	10th	2012	#		Bundesbank president doubts the ESM rules (FAZ)
Jul	10th	2012		WSJ:	Why Germany's Court Won't Kill the Bailout Fund
Jul	10th	2012		DW:	German court may take its time over European Stability Mechanism
Jul	10th	2012		Spiegel:	Bigger Delay to ESM: Court May Take Longer to Rule on Euro Measures
Jul	10th	2012	*	NL:	Schäuble:'Delay of ESM could cause more unrest' (RTLZ)
Jul	10th	2012		VoxEU	EU banking union disunites German economists
Jul	10th	2012	*	NL:	Karlsruhe' judges upon ESM (NOS)
Jul	10th	2012			FT Alphaville: Whose recap is it anyway?
Jul	9th	2012		Reuters:	Analysis - Euro zone fragmenting faster than EU can act
Jul	9th	2012		NYTimes	Paul Krugman: Sinners, Repent !
Jul	9th	2012	#		[German parliament president] Lammert critizes economists' debate (Focus)
Jul	9th	2012	#		Eichengreen vs Sinn: German appeal outrages star economist (FTD)
Jul	9th	2012		VoxEU	In support of a European banking union, done properly: A manifesto by economists in Germany, Austria and Switzerland
Jul	8th	2012	*	NL:	War of economists in Germany (BNR)
Jul	8th	2012	#		Crisis policy: Gauck¹ demands more clearity from Merkel (Die Zeit) ¹=German president
				Telegraph:	Angela Merkel is wrong, say 172 economists
Jul	7th	2012	#	Switzerland	The Euro can't be saved with money (Tagesanzeiger)
Jul	6th	2012	#		Heated debate about banking union: Schäuble calls it 'horror reports' (FAZ)
Jul	5th	2012		WSJ:	German Economists to Launch Protest Against Latest EU Agreements
Jul	5th	2012	#		Economists defend Merkel's course (Der Spiegel)
Jul	4th	2012	*	NL:	ESM: a political lie ? (DFT)
Jul	2nd	2012		Spiegel:	Decision on July 10: German Court Could Issue Injunction against ESM
Jun	19th	2012	#		German constitutional court: The price of democracy (FAZ)
Jun	18th	2012	#		The ESM: savior fund or bad bank ? (FAZ)
					# = German , *= Dutch language
					note: as usual there will be some updates in the upcoming days, weeks, months
					last updated: July 29h 2012 13:00 CET
					Some comments found on Twitter:
					@pdegrauwe: (via Twitter)
Jul	7th	2012		1.23 pm	In 2008 German public money was used to bailout German banks. 160 German economists did not protest. Now they do: banks are not German
Jul	6th	2012		11.25 am	It's very sad how so many German economists are carried away by collective mood of nationalism and stir nationalism in Germany
Jul	6th	2012		10.18 am	150 German economists protest against European bailout of European banks. How many of them protested against German bailout of German banks?

The great euro swindle - when everybody is cheating (video/ger)

Dear reader,

this documentary is just like those masterpieces by Robert Peston BBC on the Euro. There are many interviews with leading figures responsible to start the common European currency going back to the first agreements between President Chirac and Chancellor Kohl. Some people interviewed: Jean-Claude Juncker (Lux) , Ottmar Issing (Bundesbank, Ger), Hans Tietmeyer (Bundesbank) Hans Eichel (germ. finance minister), Theo Waigel (Germ. finance minister), Greek helm of public debt management agency, Greek finance minister etc etc.

It shows how politics not economics played a major role in letting most of the countries in trouble now into the euro area. It shows how not only Greece cooked their books but also Germany fiddled its numbers, how German politicians put pressure on the Bundesbank to turn a blind eye. And how everyone was wondering about Greek data from its office of statistics.

45 mins, german, streaming video: 1st public German TV network ARD  
                                                       alternative server (flash required) 


related:
Yannos Papantoniou: I Brought the Euro to Greece (Foreign Affairs, Apr 25th 2013)