EU leaders agree to one banking overseer
EU leaders agreed to create a single banking overseer for the eurozone that could aid ailing banks, but Germany and Britain balked at some details. The 27 EU heads of state and government agreed “on a political framework for the end of 2012 and a gradual implementation in 2013” of a new EU single supervisory mechanism, European Commission spokesman Olivier Bailly said after the first day of a two-day EU leaders’ summit on resolving the eurozone debt crisis. The commission is the EU’s executive body.
Clashes erupt at Greek anti-austerity protests
Greek police clashed with anti-austerity protesters hurling stones and petrol bombs on the day of a general strike that brought much of the near-bankrupt country to a standstill. In the second major walkout in three weeks on Thursday, almost 40,000 protesters marched in Athens in a bid to show EU leaders meeting in Brussels that new wage and pension cuts will only worsen their plight after five years of recession.
EU leaders have agreed to set up a single eurozone banking supervisor – a major step towards a banking union. A legislative framework is to be in place by 1 January next year, with the body starting work later in 2013.
Bad loans as a proportion of total lending jumped to a record 10.5% in August from a restated 10.1% in July as 9.3-billion euros (US$12.2-billion) of loans were newly classified as being in default, according to data published by the Bank of Spain on its website Thursday. The ratio has climbed for 17 straight months from 0.72% in December 2006, before Spain’s property boom turned to bust.
There is an incredible amount of intervention and manipulation (in the gold and silver markets). I know you’ve had these superb interviews with the ‘London Trader,’ but just looking at the screen, at every important level, the gold and silver prices are being attacked and there is selling taking place.”