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European banks are considering the possibility of a Greek exit from the eurozone. Risk committees have been tasked to assess the probability of a "Grexit", then to evaluate the financial impact of such an event.
Euro: how banks are preparing worst-case scenario – Les Echos
The European Commission also wants Spanish PM Mariano Rajoy to move forward with raising retirement age and VAT, and toughening criteria to access unemployment benefit.
Brussels foresees giving Spain extra year to fulfil deficit requirements – El País
“The European Commission will present an industrial plan based on the energy sector and also wants a timetable for the "full realisation" of the 'United States of Europe'”, writes the Portuguese daily.
Brussels wants third industrial revolution – i
According to a report by the National Bank of Greece on a possible Greek exit from the eurozone, average income would fall by 55%, the national currency would be devalued by 65%, GDP would fall by 22% and unemployment would increase to 34%, inflation 32%.
Report on drachma nightmare – To Ethnos
For the first time electricity companies have estimated the cost of Germany’s green energy revolution announced in 2011. Over the next 10 years, Berlin would have to finance the development of alternative energy grids for wind and solar energy, to install 3,800 km of wire, connect windparks and reinforce regional distributor grids.
Merkel’s 57 billion euro surprise – Financial Times Deutschland
On May 29, for the second time in ten days, an earthquake — magnitude 5.8 — shook the north-east of the Italy. Of the 16 victims, 10 were workers, killed as their plants collapsed. There are 350 injured and 14,000 have been made homeless. The government has asked Brussels not to take into account the costs of reconstruction in the calculation of the Italian deficit.
Earthquake, massacre of workers – La Stampa
A Spanish plan to recapitalise Bankia, the troubled Spanish lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, European officials said.
ECB rejects Madrid plan to boost Bankia – Financial Times
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