Fwd: Cheatsheet (Updated) - EU Cheatsheet: ECB Can't Lift the Spirits

• France's new government has announced EUR7.2bn of tax rises, including one-off levies on wealthy households and big corporations, on Wednesday. "In its first major raft of economic measures since Francois Hollande was elected president in May promising to avoid the painful austerity seen elsewhere in Europe, the government targeted companies and the rich with tax hikes," writes the UK's Daily Telegraph. France is attempting to cut its public deficit from 5.2% of GDP last year to an EU limit of 3% in 2013.

• France also announced an increase in taxes on all foreign second holiday home owners. They will now be liable to a 35.5% tax on rental income from January 1, 2012 and 34.5% tax and on any profits made from selling it with effect from end of this month.

• The WSJ reports German Chancellor Angela Merkel's party has gained some support after the European Summit. Merkel's popularity rose from 34% to 36%.

• Finland continues to voice opposition to the way the ESM will be used. "A June 29 statement from the 17 euro-area leaders stripping the European Stability Mechanism of its preferred creditor status in Spain was incomplete," Bloomberg reports Martti Salmi, a Finnish Finance Ministry official, as saying.

• In Spain, the country's high court has opened a fraud probe into Rodrigo Rato, the former IMF chief who was until recently chairman of Bankia. "The investigation into Mr Rato, along with 32 other top Bankia executives, is likely to draw in some of the most prominent names in Spanish politics and business," writes the FT.

• Is Cyprus the new Iceland? Cypriot president Demetris Christofias said on Wednesday Russia is offering more favorable bailout terms than the Troika. Estimates say the country requires around EUR12.5bn in aid.

• On Tuesday, the ECB announced it would cap the amount of government-guaranteed debt that banks can post as collateral in return for its loans at current levels.

Reuters reported Tuesday that Eurozone finance ministers need more time to finalize the bailout for Spanish banks and that the deadline has been pushed back to July 20.

Published by: CitiFX Wire
05 Jul 2012

Contact: CitiFXWire@citi.com

https://icg.citi.com/data/documents/S&T_ExternalDiscl_0209.pdf

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