Tag Archives: european

‘The Higher They Climb,The Harder They Fall’*

*’Quanto mais alto se sobe, maior é a queda’


… Under such a plan, assuming the EFSF contributes €400bn, the total bail-out resources would be about €2,000bn. Higher leverage, a lower first loss piece of, say, 10 per cent, would increase available funds to €4,000bn. …

The EFSF does not have €440bn. After existing commitments to Greece, Ireland and Portugal, its theoretical resources are at best about €250bn, …
The EFSF must borrow money from the markets, relying on its own CDO-like structure, backed by a cash first loss cushion and guarantees from eurozone countries. …
The ECB, the provider of protected debt, has capital of about €5bn, supporting about €140bn in bonds issued by beleaguered eurozone nations, purchased as part of market operations to reduce their borrowing costs. … While the eurozone central banking system has capital of about €80bn that could be available to support the ECB’s operations, this adds to the incremental leverage under such a plan.

The circular nature of the idea is surreal. Highly leveraged vehicles, in part backed by weakened nations such as Spain and Italy, would undertake the “rescue” of the same countries and their banks. This would be akin to an entity selling insurance against its own default. This would only work if all commitments were fully backed by real cash and savings, which of course nobody actually has.

Super-charged eurozone fund won’t solve crisis (*)
By Satyajit Das, September 28, 2011, Financial Times

(*) Fundo da eurozona sobrealimentado não resolverá a crise – mas aumentará exponencialmente o desastre quando falhar.

(Lyrics/Letra)

Uma lição de democracia dos britânicos aos portugueses.

Porque no Reino Unido, ao contrário de Portugal, os governantes não mentem impunemente.

(actualizado em 26-08-2008)

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EU bulldozes

 

There is one issue in the United Kingdom that transcends age, gender and political persuasion – democracy.1

(Existe um assunto no Reino Unido que transcende a idade, o género e a persuasão política – é a democracia.)

 

Millionaire Stuart Wheeler goes to the High Court on Tuesday [22-04-2008] to seek a judicial review of the government’s refusal to hold an EU referendum. […] “Our complaint is against the prime minister and the foreign secretary for refusing to hold a referendum, which they could well have done, without interfering with Parliament in any way at all,”2

(O milionário Stuart Wheeler vai ao Supremo Tribunal na terça-feira em busca uma alteração por via judicial da recusa do governo em fazer um referendo sobre a [o Tratado Constitucional da] União Europeia. […] “A nossa queixa é contra o primeiro-ministro e o ministro dos negócios estrangeiros, por recusarem fazer um referendo, o qual poderiam muito bem ter feito sem interferir com o Parlamento de modo nenhum,”)

 

GORDON Brown was accused of “illegally and immorally” breaking his promise to hold an EU referendum yesterday [09-06-2008]. […] barrister Rabinder Singh, QC, said: “The Government promised a referendum and should keep its promise.” […] Mr Singh argued that the promise had given rise to “a procedural legitimate expectation that a referendum would be held in respect of that Treaty – and by implication any Treaty containing substantially similar terms, whatever its name”.4

(Gordon Brown foi ontem acusado ter quebrado ilegal e imoralmente a sua promessa de fazer um referendo sobre a União Europeia. […] o advogado Barrister Singh disse: “O governo prometeu um referendo e deveria cumprir a sua promessa”. […] O Sr. Singh defendeu que a promessa feita deu lugar a “uma legítima expectativa processual que um referendo iria ser realizado no que diz respeito àquele Tratado – e por inerência a qualquer tratado contendo termos semelhantes, qualquer que seja a sua designação”.)

 

Então, e por cá? Não haverá por aí um milionário com coragem para fazer o mesmo? Assim de repente e por mero acaso veio-me à ideia o nome Jardim Gonçalves. O quê? Ah, pois, é verdade! Não basta coragem (ou raiva, ou despeito) e dinheiro: é preciso um indivíduo de uma honestidade irrepreensível, para não ser imediatamente posto em causa. Hum… Isso é capaz de ser complicado, cá pela (far) “west coast”.

 

1Why Britain needs a referendum on the Lisbon Treaty, Tuesday, Coffee House-The Spectator (magazine) Blog, 10th June 2008.

 

2Wheeler ‘confident over EU poll’, BBC News, Monday, 21 April 2008 18:03 UK.

 

3Brown breaks promise on EU, By Macer Hall, Daily Express, Tuesday June 10,2008.

 

 

Actualização em 26-06-2008

 

Ontem, já depois da publicação deste postal, fui informado deste artigo da imprensa inglesa:

 

Stuart Wheeler loses EU Lisbon Treaty court case

By James Kirkup and Robert Winnett

Last Updated: 5:36PM BST 25/06/2008

Stuart Wheeler, the spread-betting multi-millionaire, has lost his legal challenge to Gordon Brown’s decision to ratify the Lisbon Treaty.

 

Aceitar que isto pudesse ser só assim – tanto esforço para nenhum resultado – seria não conhecer os ingleses. This was nonsense, como eles diriam. Alguma pesquisa paciente e um ligeiro exercício das “célulazinhas cinzentas”, permitiram concluir que esta acção estará longe de ter terminado e, mesmo, qual o seu verdadeiro objectivo.

 

Vamos por partes, para tentar perceber melhor.

 

I. Os argumentos da defesa e a decisão dos juízes:

 

Jonathan Sumption QC, appearing for the Office of the Prime Minister, told the judges: “This case is politics dressed up as law.” The Government argued that the Lisbon treaty is different from the previously-proposed European Constitution on which Labour promised a popular vote.4

 

The judicial review application was dismissed by Lord Justice Richards and Mr Justice Mackay at the High Court. They said: “We have found nothing in the claimant’s case to cast doubt on the lawfulness of ratifying the Lisbon Treaty without a referendum.”5

 

II. As características e competências jurídicas do High Court:

 

The High Court of Justice (usually known more simply as the High Court) is, together with the Crown Court and the Court of Appeal, part of the Supreme Court of England and Wales […] It deals at first instance with all the most high value and high importance cases […] Appeal from the High Court in civil matters lies to the Court of Appeal and thence to the House of Lords,6

 

 

III. A decisão de Wheeler apelar ao Court of Appeal:

 

LAWYERS for the Eurosceptic millionaire businessman Stuart Wheeler were in talks last night in an attempt to ensure that the government does not ratify the European Union’s Lisbon Treaty before he has a chance to go to the Court of Appeal.7

 

Podem fazer-se algumas deduções bastante interessantes a partir destas informações:

 

1. O High Court é a primeira instância para “todos os casos de mais alto valor e elevada importância”. Logo, este caso é considerado um desses e está na primeira instância.

 

2. O High Court parece restringir a sua acção à avaliação da estrita legalidade de um determinado caso, como transparece do acórdão citado acima: “Nós não encontrámos nada nas pretensões do queixoso que possa lançar qualquer dúvida sobre a legalidade da ratificação do Tratado sem recurso a um referendo”.

 

3. A perda do processo no High Court permite ao queixoso levar a causa até ao Court of Appeal e, em última instância, à House of Lords (através do House of Lords Judicial Committee,) que é simultâneamente uma das Câmaras do Parlamento britânico. Parece ser isto exactamente o que se pretende, como pode ler-se no “Telegraph view” de ontem:

 

But will ministers remain so sanguine now that Mr Wheeler has signalled his intention of appealing? For if Mr Wheeler does not succeed in the Appeal Court, he may well be tempted to take his case to the House of Lords. It means the case could drag on for many months before a final resolution. That would keep the Lisbon Treaty in a state of suspended animation until perilously close to the next general election.8

 

4Stuart Wheeler loses EU Lisbon Treaty court case, By James Kirkup and Robert Winnett, Telegraph, Last Updated: 5:36PM BST 25/06/2008.

 

5Wheeler to appeal over referendum, BBC News, Wednesday, 25 June 2008 11:56 UK.

 

6High Court of Justice, From Wikipedia, the free encyclopedia.

 

7Millionaire to appeal after losing treaty case, By Angus Howarth, News Scotsman, Published Date: 26 June 2008

 

8Is Stuart Wheeler’s case ‘politics dressed up as law’?, Telegraph, Last Updated: 12:01am BST 25/06/2008.