MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
“I believe we will have eurobonds is some form or other, because our (European) union is getting closer,” Monti told To Vima, warning however they were not a “licence to spend” or an alternative to cutting debt. In the same newspaper, however, German Foreign Minister Guido Westerwelle reiterated Berlin’s opposition, saying eurobonds would “increase debt and reduce competitiveness.”
Underwritten by all eurozone countries, eurobonds would allow troubled members such as Greece to raise funds at much less painful interest rates than if they borrowed on their own. Backers include new French President Francois Hollande. But German Chancellor Angela Merkel is opposed, seeing a risk that eurobonds would reduce the incentive to balance budgets and cut debt, while also pushing Germany’s own borrowing costs higher.
Interest rates on two-year German bonds on Friday went negative for the first time as investors worried about financial turmoil sought a safe haven for their cash — effectively meaning they have to pay Berlin to lend it money.
Monti said meanwhile that he was “certain” Greece would not leave the eurozone even after June 17 elections that investors fear will result in just such a scenario, potentially spelling turmoil for Monti’s own country, Spain and others.
He stressed however that Athens had to “continue and intensify its work to create a strong economy,” a reference to the austerity cuts Greece has promised in return for bailouts from the European Union and IMF. A previous election in early May saw parties opposed to more cuts win a majority of the vote, but forming a coalition proved impossible, meaning Greeks will return to polling stations again in two weeks.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world10 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago