Latvia’s bailout example – EUbusiness Week newsletter 549 – EUbusiness.com

EUbusiness Week 549 top stories: EU insists Greece implement bailout terms; Eurozone high unemployment, inflation test new ECB chief; EU sticks to airline carbon rules despite UN opposition; EU to extend coastal pollution fines to 200 nautical miles; BASF wants EU approval of genetically modified potato; European rabbis rally against kosher slaughter ban

This Week’s Top Stories

1. EU insists Greece implement bailout terms
2. Eurozone high unemployment, inflation test new ECB chief
3. EU sticks to airline carbon rules despite UN opposition
4. EU to extend coastal pollution fines to 200 nautical miles
5. BASF wants EU approval of genetically modified potato
6. European rabbis rally against kosher slaughter ban

Publisher’s Note

Following Greek disarray over the euro, the Commission is suggesting the euro’s danger countries might look to Latvia’s bailout as “an exemplary programme for the rest of Europe”.

Latvia struck its IMF-EU rescue deal at the end of 2008. It borrowed just 4.36bn of an envisaged EUR 7.5bn three-year loan package, and the government says no more money will be taken. It returned to the international financial markets in June this year, successfully issuing bonds worth $500m.

A draconian austerity drive kept bailout funds flowing and repaired state coffers. With the IMF forecasting 4.0 per cent economic growth this year, indebted nations such as Greece will no doubt look at Latvia’s experience with some interest.
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Regards,

Nick Prag
Publisher, EUbusiness

EUROFFICE

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1. EU insists Greece implement bailout terms

Greece must stick to the terms of the bailout package agreed last week by eurozone leaders, EU President Herman Van Rompuy and Commission chief Jose Manuel Barroso said on Thursday.
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Greece exit from euro poses EU legal, political headache
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2. Eurozone high unemployment, inflation test new ECB chief

Stubbornly high eurozone unemployment and inflation running far over target at 3.0 per cent, according to data on Monday, posed a dilemna for incoming ECB chief Mario Draghi over whether to cut interest rates.
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3. EU sticks to airline carbon rules despite UN opposition

The European Union fired back at the UN’s civil aviation body on Thursday, rejecting its call for Europe to drop plans to charge all airlines for carbon emissions when flying in and out of the continent.
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4. EU to extend coastal pollution fines to 200 nautical miles

The Commission has proposed new rules to force oil-drilling companies to pay for pollution caused up to 200 nautical miles off European coastlines.
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5. BASF wants EU approval of genetically modified potato

German chemicals giant BASF has applied for EU approval for a genetically modified potato which is resistant to a disease that wipes out a fifth of the world’s potato crops each year.
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6. European rabbis rally against kosher slaughter ban

European rabbis at a landmark meeting in Poland on Tuesday urged Dutch senators to reject a de facto ban on kosher slaughter passed by the lower house of parliament.
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EUROPEAN CASE LAW

Iceland: the Iceland Supreme Court has ruled in favour of emergency laws introduced during the 2008 financial crisis, removing the last uncertainty about whether the country can settle its Icesave debt to Britain and the Netherlands.
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Jailed Tymoshenko urges EU to sign pact with Ukraine
Official Journal latest issues
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Inside the EU Institutions

Council Watch

Italy: Italian President Silvio Berlusconi will put an urgently put together reform package aimed at reining in the country’s runaway debt to parliament next week, a government source said on Thursday.
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Greece must not remain euro member ‘at any price’: Juncker
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Commission Watch

Euro: the EU’s Lisbon Treaty does not provide for a country to quit the eurozone without at the same time exiting the European Union, the Commission said on Thursday.
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EU urges Israel to reverse new settlements decision
EU hails deal on Marange diamonds
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Euro-Parliament Watch

Iran: European parliamentarians issued a fresh warning Monday of a looming “humanitarian catastrophe” at an Iraqi camp housing Iranian exiles and urged the United Nations to provide protection for its 3,400 residents.
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External Parliamentary Activities this week.

EU diary

3-4 Nov, The EU at the G-20 summit
7 Nov, Eurogroup
8 Nov, Economic & Financial Affairs Council
14-17 Nov, European Parliament plenary session
The Week Ahead
Long-term diary