BRUSSELS: ‘ GERMANY & HOLLAND PREPARING EMERGENCY PLANS TO RETURN TO NATIONAL CURRENCY ‘


#AceNewsServices – BRUSSELS – Nov.22 – I reported on this a while ago about the German’s stockpiling gold for the return to funding the Deutschmark. 

Now details have emerged indicating that both the Dutch and German governments were preparing emergency plans for a return to their national currencies at the height of the euro crisis according to a report on the EUobserver. 

In early 2012, a few months after the then Greek prime minister Georgios Papandreou and his Italian counterpart Silvio Berlusconi had resigned, the Dutch finance ministry prepared for a scenario in which the Netherlands could return to its former currency.

Dutch TV documentary programme Argos Medialogica reported on Tuesday (18 November), based on anonymous sources, that the ministry had an emergency plan called Florijn, a reference the original name of the guilder, the Netherlands’ pre-euro coin.

Current finance minister Jeroen Dijsselbloem also confirmed the existence of the plan on Tuesday in his weekly interview with RTLZ.

“It is true that [the ministry of] finance and the then government had also prepared themselves for the worst scenario”, said Dijsselbloem.

“Government leaders, including the Dutch government, have always said: we want to keep that eurozone together. But [the Dutch government] also looked at: what if that fails.

And it prepared for that.”

That preparation included “practical aspects”, but the government did not print new national currency banknotes.

The plans occurred around the time when politicians openly referred to the possibility of a Greek exit from the euro.

#ANS2014 

BRITAIN: ‘ OSBORN BACKS DOWN ON BANKERS BONUSES UNDER PRESSURE FROM EU ‘


#AceNewsServices – BRITAIN – Nov.22 – Britain suffered an embarrassing defeat in its attempt to block the European Union’s new limits on bank bonuses on Thursday, withdrawing its legal challenge after an adviser to the bloc’s top court made clear it was unlikely to succeed Reuters reported. 

The Canary Wharf financial district is seen in east London November 12, 2014. CREDIT: REUTERS/SUZANNE PLUNKETT

The Canary Wharf financial district is seen in east London November 12, 2014.
CREDIT: REUTERS/SUZANNE PLUNKETT

I wrote a post about ‘ Too Big To Fail ‘ soon after the 2008 crisis relating to the construct of the banking industry and also and mainly due to products sold. These products have carefully been crafted to provide investor’s with just the right amount of risk. In hindsight and after much deliberation l should have called it ‘ Too Big to Fall’ as latest reports are conceding.       

Though EU law aims to curb the kind of risk-taking that led to the 2007 to 2009 financial crisis by limiting bonuses awarded from next year to a sum no more than a banker’s fixed pay, or twice that level with shareholder approval.

Britain, home to the City of London where most of the bankers hit by the cap are based, said the law would push up fixed pay and goes beyond the EU’s powers, a sensitive subject at a time of rising British anti-EU sentiment.

However, Finance Minister George Osborne was forced to concede defeat after an adviser, whose opinions are non-binding but are generally followed at least in part by the Luxembourg-based European Court of Justice, said he supported the limit on banker bonuses and that it did not restrict total pay.

“I’m not going to spend taxpayers’ money on a legal challenge now unlikely to succeed,” Osborne said in a statement. “The fact remains that these are badly-designed rules that are pushing bankers’ pay up, not reducing it.”

Ace Finance News - Related Posts Here:   

#ANS2014 

GERMANY: ‘ NUMBERS OF CITIZENS JOINING ISLAMIC STATE INCREASES DAILY ‘


#AceWorldNews – GERMANY – At least 550 German citizens have joined Islamic State militants in Iraq and Syria, Interior Minister Thomas de Maiziere told German television channel Phoenix.

“We estimate 550. Just a few days ago we had 450,”he said, “These young people… were radicalized in Germany, within this society.

That’s why prevention must be accompanied by suppression

He added that most of them are men, but several women have also travelled to conflict zones.

Source: RT – Phoenix TV – German Media 

#ANS2014

‘ OBAMA SECRETLY SIGNS ORDER EXTENDING COMBAT ROLE IN AFGHANISTAN – REPORTS ‘


#AceWorldNews – WASHINGTON – Nov.22 – President Barack Obama has secretly signed an order that expands the United States’ direct combat role in Afghanistan throughout 2015, the New York Times reported.

Signed over the last few weeks, the secret order permits American forces to continue to battle the Taliban and other militants that pose a threat to either the Afghan government or US personnel. According to the Times, US jets, bombers, and drones will be able to aid ground troops – be they Afghan or US forces – in whatever mission they undertake.

Under the order, ground troops could join Afghan troops on missions, and airstrikes could be carried out in their support. 

If true it would appear that the number of troops that will be operating in Afghanistan next year will remain unchanged from previous plans.

There will be 9,800 soldiers left throughout next year, and that number will be cut in half by the end of the year.

By the end of 2016, the remaining troops are scheduled to leave Afghanistan, ending the US military presence in the country.

#ANS2014 

KENYA: ‘ AL-SHABAB CLAIM RESPONSIBILITY FOR BUS ATTACK KILLING 28 PASSENGERS ‘


#AceWorldNews – KENYA – Nov.22 – Latest updated news: The Al-Shabab militants in Somalia have claimed responsibility for the Saturday attack in neighbouring Kenya, which left 28 people killed.

The killing of bus passengers was retaliation for raids on mosques in the city of Mombasa by the Kenyan military, the group’s spokesman Sheikh Ali Mohamud Rage told Reuters in an emailed statement.

#ANS2014

KENYA: ‘ AL-SHABAB MILITANTS HIJACK A BUS & KILL 28 NON-MUSLIMS ON BOARD ‘


#AceWorldNews – KENYA – Nov.22 – Authorities say al-Qaida-linked al-Shabab militants from Somalia have hijacked a bus in northern Kenya and killed 28 non-Muslims on board.

Two police officers, speaking on condition of anonymity, said the bus was hijacked 50 kilometres (31 miles) from the town of Mandera on its way to the capital Nairobi, AP reported.

Kenya has witnessed a rise in attacks by al-Shabab militants since it sent troops into Somalia in October 2011.

There have been over 100 attacks since then, including the 2013 Westgate Mall massacre that left 67 people dead.

#ANS2014 

LONDON: ‘ SUSPECTED GAS EXPLOSION IN HOTEL INJURES 14 PEOPLE ‘


#AceWorldNews – LONDON – Nov.22 – An explosion last night at the five-star Hyatt Regency Churchill hotel on Portman Square in the Marylebone area of London has left 14 people hospitalized.

' Gas explosion rocks central London hotel, 14 injured '

‘ Gas explosion rocks central London hotel, 14 injured ‘

The blast, which authorities say occurred in the basement of the hotel, caused part of the structure to collapse.

Five hundred people were evacuated from the building and all guests and staff have been accounted for, Sky News reported.

A Metropolitan Police spokesman said: “At about 11.40pm we were called to a suspected gas explosion at Portman Square. Officers are in attendance alongside the fire brigade and ambulance service.

A small number of injured parties are being treated.Structural engineers are on the site to determine the full extent of the damage.

#ANS2014