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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

UK triple-dip on steroids; finance lobby fights in DC

There won’t be an update tomorrow, Wednesday, March 13th. 

In the UK, George Osborne announced that his Funding for Lending scheme, which has yet to prove effective in any way, will be extended and enhanced, in his words put on steroids. Currently geared to drive down mortgage prices, the reformed scheme will also benefit SMEs. Meanwhile, the county fears the reality of its third recessionsince the financial crisis as manufacturing output shrank again – at the fastest rate since July. read article

Over in the US, the financial services lobby is marching on Washington, much as it has in Europe, just with more funding. The matter at hand are not bonuses, but policy proposals that could lead to the forcible restructuring and breaking up of big banks. Goodbye, Citigroup, goodbye, too big to fail. read article

The Mexican government is taking on billionaire Carlos Slim, who ownes large parts of the country’stelecommunications sector. The proposal would force Slim to sell assets and open the market for foreign competitors. Upon Enrique Pena Nieto‘s election in July 2012 hopes for economic reform, particularly in Mexico’s oil market, rose. read article

Hungary passed an amendment to its constitution, allowing prosecutors to choose the judges that will hear their cases. Both Brussels and the US are skeptical of the vote and even more skeptical of the state of democracy in Hungary following the change. In December 2011, there was a letter exchange between Jose Manuel Barosso, President of the European Commission, and Viktor Orban, Prime Minister of Hungary, regarding the country’s funding from Brussels and its compliance with EU laws, showing Hungary’s drive for independence while expecting full financial backupread article

So long.

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