“The new entrants were supposed to revitalise the UK’s banking market — instead they are looking sick.” – by Nicholas Megaw
Best Reads
Nord Stream: A Roadmap for Secure and Safe Gas for Europe or a Continental Power Play? (Energy Industry Review)
“Depending on who you ask, Nord Stream 2 is either a sustainable way to ensure European energy security or a proxy for Russian hybrid warfare. Or both.” – by Evgenios Zogopoulos
UK parliament suspension was ‘unlawful,’ says Supreme Court (Politico)
“The U.K.’s highest court ruled Boris Johnson’s decision to suspend parliament for five weeks was ‘unlawful.’” – by Annabelle Dickson
Europe’s private banks hit by worst year since crisis
“Profits for European private banks dropped by the most since the global financial crisis last year as muted investor inflows, weakness in financial markets and rising costs combined to reduce earnings.” – by Chris Flood
Greece to Offer $10 Billion to Help Banks Cut Down Bad Debt (Bloomberg)
“Greece plans to provide as much as 9 billion euros ($10 billion) in state guarantees to help its banks reduce a mountain of soured debt weighing on their balance sheets, according to two people with knowledge of the matter.” – by Viktoria Dendrinou
ECB tiering little relief for squeezed banks (IFR)
“Another European Central Bank stimulus package looks set to keep eurozone interest rates negative for longer and tighten the squeeze on the region’s banks, heaping more pain on German lenders in particular.” – by Gareth Gore and Steve Slater
Meet the commissioners (Politico)
“Ursula von der Leyen has unveiled her picks for the next European Commission.” – by Lili Bayer, Hannah Brenton et. al
How Ireland lost patience with Brexiting Brits (Politico)
“While Westminster has been distracted by Johnson’s charge toward an election, the profound implications of the London-Dublin fault-line — particularly for Northern Ireland — are slowly beginning to surface.” – by Naomi O’Leary
Greek PM outlines tax cuts in 2020, promises reforms (Reuters)
“Greece’s prime minister detailed tax cuts for austerity-hit Greeks and companies strained during a decade-long debt crisis, and promised reforms aimed at convincing lenders to ease the nation’s fiscal target from 2021.” – by George Georgiopoulos and Renee Maltezou
Switzerland Tried Negative Rates in the 1970s. It Got Very Ugly (Bloomberg)
“In the looking-glass world of negative-interest rates, the Swiss are in a special category.” – by Stephen Mihm