What does Greece owe?

Bitcoin Still Confuses Bankers

From Bloomberg View –

“Bitcoin, the poster child for digital currencies, is proving something of a headache for central banks. Should they ban it, regulate it, embrace it, undermine it or just ignore it? Their best bet would be to let Darwinism take its course, and resist the regulatory impulse to interfere with either Bitcoin's survival or demise. And, if it lives, they should step aside and celebrate innovation rather than try to block its progress.

Bitcoin has always posed a challenge to central bankers' exclusive power to mint money, but it's never been clear how the official guardians of monetary stability would respond to it. Reports published in recent weeks by the European Central Bank and the Bank of England suggest they're scrambling to keep all of their options open. Schizophrenia is setting in.”

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U.K. Defeats ECB in Clash Over City of London Clearinghouses

From Bloomberg Business –

“Britain scored a rare victory in its bid to challenge European Union powers over the City of London as EU judges sided with the U.K. in a clash with the European Central Bank on clearinghouses.

The EU General Court in Luxembourg ruled Wednesday that the ECB lacks legal powers to dictate the location of the clearing of euro-denominated trades. It said the central bank would require a change in EU law to win those rights.

“This is a major win for Britain and a major win for all those who want to see a European economy that is both open and successful,” said George Osborne, the U.K.’s chancellor of the exchequer.”

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