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Sileitsch, Hermann


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2 articles of this author have been cited in the European Press Review so far.


Kurier - Austria | 07/05/2014

Businesses worst hit by FTT

The framework for the EU financial transaction tax presented on Tuesday is far removed from the original idea, the daily Kurier criticises, already condemning it as a failure: "Initially there were sensible arguments for the financial transaction tax: if a minimal percentage is charged on all transactions it will hinder speculators who make umpteen split-second deals rather than the average investor. The less a transaction benefits the real economy, the higher the tax - that was the idea. Since Tuesday it has become clear that this won't work. ... What is now on the table is a document doomed to fail: the tax is to apply as of 2016 to 'shares and some derivatives' (some derivatives?). If the tax makes shares more expensive but excludes other speculative securities it will achieve the contrary of what was planned: the tax is supposed to target speculators who create bubbles, not companies that produce goods."

Wiener Zeitung - Austria | 05/09/2012

EU and Gazprom doomed to cooperate

The EU Commission has launched an antitrust investigation against the Russian company Gazprom for allegedly abusing its dominant market position as key gas supplier to several EU states. If the allegations prove true, Brussels could impose huge fines on the energy giant, but it's more likely that the two parties will reach a friendly agreement, the state-run liberal newspaper Wiener Zeitung notes, pointing to their mutual dependence: "The Russian monopoly is slowly but surely coming under pressure anyway. Thanks to the shale gas revolution in the US, a lot more gas is currently available on the market than had been expected a few years ago. And there hasn't even been the need for a mining boom in Europe yet: because the US is not a candidate for bulk buying there are huge reserves of liquid natural gas (LNG) off Europe's coasts. This gas is far cheaper than the gas in the long-term, oil-price linked Gazprom contracts. In the long run the Russians won't be able to maintain their advantage. They have already granted German bulk buyers special conditions but the Baltic states, for instance, were sent packing. The EU wants to put an end to this. Nonetheless it will remain dependent on the Russians for some time to come. The attempt to gain more independence from Russian gas with pipelines like Nabucco has pretty much failed."

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