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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Apparently Cyprus is the new Greece

After Mariano Rajoy, Spanish prime minister, proclaimed that Spain wouldn’t need to be rescued the way that Greece was (ever!), Luiz de Guindos, economics minister, said it would require “a budget defined by an external bailout program,” if proposed budget cuts wouldn’t be executed effectively. [FYI: It is a bit unclear if he means regional bailouts or a national bailout.] This is following continuous arguments between the Spanish government and regional administrations. Rajoy has already lost a lot of support in the south, and Catalonia isn’t exactly known for its good relations with the government or its sense of unity. read article

CMA Global ranks sovereigns by risk and who comes out on top? Cyprus. What? read article

Call for or Londoners looking to move in the near future: a handful of apartments in the Shard will go for £30-50m (more than 10 times the average price per sq ft around London Bridge) and thereby create the most unequal renting environment in the UK. Maybe we could think about a roommate situation? Meanwhile, UNESCO is worried about the Shard’s impact on the visual integrity of the Tower of London, which is a world heritage landmark. read article

Pros and cons of the German business model: strong manufacturing, strong SMEs, good at things, liberalized labor market, vocational eduction vs. terrible at investing in anything foreign (particularly US mortgage-backed securities), declining services sector, poorly dressed head of state, low birth rate. read article

Same topics, but a more extensive discussion here.

Alphaville wrote some pretty interesting stuff on regulation (yes, I’m serious…), including a very simple, yet artistic image that captures what it’s all about: view image

Finally, Sarkozy is bashing the FT in the French press. He says it’s about and Anglo-Saxon paper covering a non-Anglo-Saxon country, but who is he kidding, it’s really about this.

Have a good weekend.

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