Daily Archives: September 12, 2012

Edward Luce

Mitt Romney makes remarks on the attack on the US consulate in Libya (Reuters)

There are moments that can indelibly brand a politician and Mitt Romney may just have met his.

The alacrity – and brittle certainty – with which the Republican nominee responded to the violence against US diplomats on Tuesday night offers a snapshot of why his candidacy has failed to attract true believers. On Wednesday morning, Hillary Clinton read out a sombre statement condemning the killing of Chris Stevens, the US ambassador to Libya, and three other Americans. Forty minutes later, Barack Obama followed suit. Both focused on Mr Stevens’ tragic death. Read more

By Ruona Agbroko

Today’s selection of interesting articles from around the web:

Gideon Rachman

Under normal circumstances, an American president running for re-election would do his utmost to avoid a row with the Israeli prime minister. But I wonder whether President Obama really will be damaged by his semi-public clash with Benjamin Netanyahu?

The conventional argument is that the Jewish vote is very important in two vital swing states, Florida and Ohio. The major American-Jewish organisations are passionate in their support for Israel and their concerns about Iran. So being perceived to be tough on Israel and weak on Iran is dangerous for Obama. Read more

Tom Burgis

Welcome to our rolling coverage of the eurozone crisis. German judges have ruled in favour of the eurozone’s rescue plans – albeit with conditions, Dutch voters are going to the polls and Brussels publishes plans for eurozone-wide banking supervision. By Tom Burgis, John Aglionby and Ruona Agbroko on the London  newsdesk with contributions by FT correspondents around the world. All times are BST.

16.51 That’s a wrap for our live coverage of a big day in the eurozone. The message of the past week seems to be: all hail the ECB. See ft.com for more news and analysis through the evening. We leave you with a last summary of the market mood from Ralph Atkins, the FT’s capital markets editor.

Markets have reacted positively to today’s news but it had largely been priced-in – the party took place last week. Spanish 10 year bond yields which have fallen by some 200 basis points since late July dropped a further six points. Spanish two year bonds were down 10 basis points. Shares rose initially, but the FTSE Eurofirst 300 index is closing more or less unchanged at 1108.0.

16.26 In Frankfurt, FT bureau chief and eurozone economics guru Michael Steen has been assessing the impact for the ECB of moving into the murky world of banking regulation.

By taking on oversight of eurozone bank supervision, the ECB can at best hope to prevent situations arising in which a bank needs to be bailed out and its depositors repaid. But, as people inside the ECB have themselves acknowledged, supervision is very far removed from the intellectual world of setting interest rates.

“When you deal with banks, you deal with politics. Automatically,” one senior ECB official said. “It’s very dangerous.”

The full piece is coming soon to ft.com/europe Read more