November 16, 2011
The eurozone is still a danger zone. Italian bond yields reach seven percent. Remember that’s the threshold that broke the bank for Greece and Ireland last year. Italy’s largest bank by assets and one of the more weakly capitalized in Europe, Unicredit, announced it’s going to try to raise $10 billion in capital and cut thousands of jobs.
The European Union is going after credit ratings agencies to allow investors to sue them and to warn bond issuers of a change in rating ahead of publishing it. The task at hand according to Angela Merkel is to “build political union in Europe, which “means more Europe,” not less. Au contraire says European Member of Parliament Nigel Farage. To call him a Eurosceptic is to put it lightly and we talk to him about Europe, the UK, and the US.