Financial firms back under scrutiny

Every week Counting the Cost seems to uncover another layer of financial woe in Europe. This week is no different, with more political wrangling, more bailout money needed, and more uncertainty about whether Europe can actually get out of this mess.

First there is Greece needing more cash, in addition to the second bailout of $155bn. Then there is talk that Europe’s creditors – the banks – will have to stomach some losses too. Just how much of a cut should private investors take is a question that has divided the Eurozone.

Meanwhile, Germany’s demands got a boost when they passed the domestic hurdle of getting through parliament. At the same time, the now-famous Troika of the IMF – the European Commission and the European Central Bank – was back in Athens deciding whether Greece deserves the next tranch of bailout money.

Moving to Russia, the world recently saw the spectacular collision between the country’s politics and economics in the form of a very public spat and a very public resignation. Alexei Krudin, the Russian finance minister, quit his post following a public clash with Dmitry Medvedev, the president. Medvedev, and Vladimir Putin, the prime minister, are said to be planning a job swap.

And, the farming of the big flightless Australian bird finds a brand new market in India because they are cheaper to rear that chickens. The prospect of success in emu farming is fast catching up in India.

Finally, we do a book review of a financial thriller called ‘The Fear Index’, a work of fiction borne out of fact that speaks to the fears people everywhere have about global markets and their unpredictability.