Eurozone finance head questions Brussels power bid over banks
The appearance is there. Were a special group. The Preston Board of Finance should have membership critieria stricter than other town boards because of its budget-shaping powers, Chairman Gerald Grabarek said Tuesday. The Board of Finance should have its own guidelines, he said during a board meeting at Town Hall. The board on Tuesday asked its attorney, Michael Collins, to begin developing membership and communications policies.
But it has since become clear that Cyprus has indeed become a form of model, signaling the shift in emphasis away from taxpayer-funded bailouts to large haircuts for investors, a change intended to encourage more responsible banking, punish excessive risk-taking and curb the casino capitalism of international finance. Critics say the policy shift may simply deter investment in the fragile periphery and promote a rush to eurozone safe havens, such as Germany, the real driver of the policy U-turn articulated by Dijsselbloem. He conceded that the Cyprus experiment was a gamble and that governments and the media anticipated a negative reaction in the markets because of the losses being inflicted on investors. “It had a shock effect,” he said. “But it was very short.
Finance Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds
Log out of Facebook How to remove this experience Finance Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds Link 3 hours ago, Wochit France needs to beef up its methods for fighting tax evasion, according to a parliamentary report on a tax probe into HSBC that revealed $5 billion of undeclared assets across thousands of accounts. U.S. regulators have labeled insurer American International Group Inc. and General Electric Co.’s finance arm as potential threats to the financial system, designations that bring stricter government oversight. According to a report in China Business News, a recruitment firm that works with a Foxconn plant in Henan Province has begun a large-scale recruitment of workers for production of Apple’s next-gen phone.