in the Austrian capital to mark the initiative’s 10th anniversary. There is much to celebrate: It saved Europe from a devastating banking collapse and helped to manage risks during the eurozone crisis.
Foreign banks in Hungary and elsewhere became objects of hate and loathing during the financial crisis. Urged on by the banks’ over-eager financial advisers, citizens rushed to take out loans in euros, dollars, and even yen, and suddenly found themselves with crushing debts when the crisis caused domestic currencies to tumble. When repayments lagged, banks were quick to foreclose on homes, cars and companies. Taxing the banks, as Orbán did, seemed only fair.
This is part of a broader pattern across emerging markets. Most foreign banks intend to continue withdrawing, and those that stay increasingly. Although there are fewer foreign banks, some — especially Russian and Chinese banks — have increased their presence through acquisitions and growth, resulting in greater market concentration.
True, countries outside the eurozone have less protection, but now even they have an anchor, and the Vienna experience has reinforced it. Aswhen he stepped down as the EU’s commissioner for the internal market and services, the Vienna Initiative “has now become part of the European financial architecture”.
Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
BUSINESS MAVERICK: The curious duality of SA’s first business quarterThe Johannesburg Stock Exchange is up as the curtain closes on the first quarter of 2019, which will cheer the bruised bank accounts of SA’s investors. It’s been a rising quarter, but also, weirdly, a bit of a calamity. Welcome to the strange world of the JSE, circa 2019.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
BUSINESS MAVERICK ANALYSIS: Lyft and Uber listings approach ‘peak venture capital’Over the next week, ride-hailing company Lyft will list on the Nasdaq exchange in New York, and it will break many records, including being the biggest money-losing startup. Later in 2019, Lyft’s larger rival Uber will re-break those records. The question is whether investors will, or should, go along for the ride.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: Lyft’s IPO Gives Green Light to Tech Companies Going PublicThe first big U.S. technology listing of the year got off to a stellar start Thursday as Lyft Inc. sold more shares than expected at the top of an elevated price range
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: Mboweni Rebukes South African Roads Agency for Risking RatinFinance Minister Tito Mboweni urged the South African National Roads Agency SOC Ltd. to reverse a decision not to chase down people who aren’t paying electronic tolls to fund a freeway upgrade around Johannesburg and Pretoria. He's trying to be hero at the expense of the poor people of south africa this one of kigali !
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: African e-commerce leader Jumia to list on NYSE for $1.1bnAfrican online retailer Jumia has announced its listing price on the New York Stock Exchange which values the company at about $1.1bn confirming its status as the first African tech “unicorn” to enter the public market.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick Friday Cartoon: Good Moody, Bad Moody
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: Capitec’s results show the heat is on in bankingCapitec's results on Thursday were more keenly watched than normal because of a slew of new entrants into the banking field. The company reported good results, growing its customer base by an astounding 1.5m more customers. But sometimes looks are deceiving.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: South Africa Holds Key Rate as It Cuts GDP GrowthHigher power, food and fuel prices will likely crimp household spending and limit prospects for stronger economic growth, resulting in the South African Reserve Bank having to hold the nation’s key interest rate for the rest of the year.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: Friday: Five Things You Need to Know to Start Your DayThe U.S. says it’s prepared for trade talks to take longer, America’s economy slowed last quarter and Brexit continues to dumbfound. Here are some of the things people in markets are talking about.
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »
Business Maverick: Moody’s stands pat and SA’s economy breaths a sigh of relief – for nowIt all depends if they are in a good moody, or a bad moody, said Rico’s cartoon in Friday. Turns out they were in a good moody. AngeloCoppolaSA
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »