"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Thursday, August 4, 2011

Italy markets tumble over Euro contagion

Italy markets tumble over Euro contagion
euronews
Italian finance officials held emergency talks on Monday as the country's borrowing costs soared to record levels and the stock market nose-dived. The markets remained increasingly worried about the level of public debt in the Eurozone's third-largest ..
Greek FinMin: Final EU/IMF Aid Deal Seen Completed By Early October
Wall Street Journal
ATHENS (Dow Jones)--Finance Minister Evangelos Venizelos said he anticipates the final terms of a complex, joint European and International Monetary Fund aid deal to be completed by early October. "[The aid deal] is a colossal undertaking, ...
China Side-Steps US Financial Crisis With Innovative Strategies
New America Media
China, the country that holds more US federal debt than any other foreign country, is taking action to sidestep potential future US default. Even at the outset of the financial crisis, Beijing asked Washington to keep the value of the dollar from ...
Greek taxi drivers press ahead with strike despite warning from tourism industry
Washington Post
Greece's rescue creditors from the eurozone and IMF want Greece to open up dozens of professions to more competition, relax labor restrictions and slash public sector payrolls. The painful reforms and a protracted recession have pushed Greek ...
Fear Grips the Market on Global Growth, European Concerns
FXstreet.com
Equities were sold off sharply, with the S&P500 crashing through its 200-day ema, and European periphery bonds were sold off as well, creating increased uncertainty around Euro-zone sovereign debt contagion. Put it all together and you have a risk ...
Time For The White Horses?
Inside Futures
And then, just when it feels like the sky is actually going to fall, the Fed, EU, ECB, and/or IMF rides in on a white horse to save the day. So, based on where the indices closed Tuesday and the pervasive doom that is developing, it looks as if it ...
EFSF: Too Small? Too Big? Or Just Wrong?
Seeking Alpha
These are the same banks that the EU/ECB/IMF have been trying hard to help avoid losses. These are the banks that are potentially weak and may start a contagion amongst banks. How can these banks afford to sell the bonds and monetize the loss? ...
IMF: Important That Greece Private-Creditor Talks Be Brought To Early Conclusion
Wall Street Journal
... for the IMF board to meet, with directors on recess for three weeks. Still, directors could agree to a new IMF funding program in the interim to help provide some measure of assurance to markets skittish with uncertainty over the fate of the euro zone.
Franc Plunges From Records as Swiss Central Bank Unexpectedly Lowers Rate
Bloomberg
In the 17-member euro region, leaders last month pledged a second bailout package for Greece in an attempt to prevent a default and halt contagion to Italy and Spain. Switzerland is a favorite of investors partly because of its current-account surplus, ...
Brazilian Capital Controls Are 'Appropriate' Tool, IMF Says
Bloomberg
Last week, Brazil slapped a 1 percent tax on bets against the US dollar in the futures market after the real reached a 12-year high. The IMF, while not commenting on any specific policy, said authorities' use of “capital flow management measures has ...
IMF Says Iran's Economy Set to Grow on Successful Subsidy Plan
Bloomberg
Growth accelerated to 3.2 percent in 2010-2011 from 0.6 percent two years earlier, the IMF said in a report published today. The inflation rate only rose by about 4 percentage points in the first five months of this year, to 14.2 percent, ...
If the Euro is so strong, why is everything in Europe so expensive this year?
Daily Mail
The struggles of the PIIGS – Portugal, Ireland, Italy, Greece and Spain – to come to terms with the huge sovereign debt accumulated by their governments has not unfortunately weakened the euro or the prices which holidaymakers - with pounds in their ...
Political and cultural malaise forms core of Greek financial crisis
Irish Times
Some of this may be far-fetched rhetoric, but the extent of this popular movement and the fact that it has very persuasive backers underlines the fact that a Greek default and exit from the euro zone are being acknowledged openly in Europe as possible ...
Are we heading for a second global financial crisis?
The Guardian
For those not aware, #gfc2 is the Twitter hashtag used for "global financial crisis 2". And the question I ask is a real one. A couple of weeks ago I wrote a blog wondering whether July 2011 felt like July 1914. And then along came a Greek deal, ...
Will France Go Bust Too?
Forbes (blog)
There's actually a chance, a small one as yet but it's still one worth pondering, that France might be one of the countries to go bust before this euro crisis is over. For instance, the IMF's recent Article IV staff report on France forecast that debt ...
West's mid-life crisis points to power shift east
Reuters
The average public debt of the 27-nation European Union stands 20 percentage points higher than it did before the financial crisis struck in 2008. Across advanced economies, the average debt per person is $29600 in 2011 and is expected to reach $40400 ...
Shares dive, retail sales hit the wall
The Age
Yesterday's drop followed a similar fall in the US stockmarket, on news that personal spending in America had dropped for the first time since the global financial crisis. The Australian dollar shed almost US1.5¢ for the day, falling to $US1.07, ...
Hello, Can Ghana Too Have Debt Ceiling?
GhanaWeb
Their agents such as the IMF and World Bank will come out with funny programs such as structural adjustment and HIPC to lure us to borrow for almost everything. For instance, when the recession was at its peak in 2009 and the dollar started falling, ...
Gold glitters amid bleak US outlook, sliding dollar
The Nation
According to data from the International Monetary Fund (IMF), the Bank of Korea bought 25 tonnes from June-July to lift reserves to 39.4 tonnes. Kazakhstan's holdings also increased by 3.1 tonnes to 70.4 tonnes in June. Like Korea, with 64 per cent of ...
Morning Futures Roundup
The Options Insider
Is the Australian Dollar overvalued? That is the opinion of the International Monetary Fund (IMF), which believes that the currency from down under is as much as 20% overvalued. Much of this belief comes from the fact that many traders are flocking to ...
The Banks, IMF, and Cantor/Ryan Types Declare War on Main Street
Business Insider
The VAT tax is an IMF tax. It is a hidden tax. While the IMF wants VAT taxes, it wants austerity, using it's Enforcers, S & P, Moodys and Fitch to do the dirty work. Taxation throughout the world will be hidden like VAT, and will creep up on main ...
Economists, IMF say rates likely to rise, as Morgan Stanley raises question of ...
SmartCompany.com.au
The decision comes as the International Monetary Fund declares both the Australian dollar and Australian house prices as overvalued, and one large investment house says there is a 30% chance of a recession next year, depending on employment growth and ...
The Economic Manifesto of Elliott's Paul Singer
New York Times (blog)
Calling the government's management of the financial crisis “horrendous,” Mr. Singer said the stimulus plan was a failure that led to a uniquely feeble recovery and an employment situation that “is simply putrid.” “Instead of addressing the unsound ...
Analysis: India to give $2bn to fund bailouts in Europe
Gold Seek
India is set to fund bailouts in financially-stricken Europe, marking a dramatic role reversal from 20 years ago when it went knocking on the doors of the International Monetary Fund (IMF) to avert a balance of payments crisis. ...
China has 'confidence' in the euro despite crisis
AFP
"We support the proactive measures adopted by the EU and the IMF to bring stability and growth back to Europe." China has previously backed efforts to rescue debt-laden European economies -- key buyers of Chinese exports -- and has vowed to buy ...
Italian Banks Plunge in Milan as Debt Contagion Risks Push Yields Higher
Bloomberg
Berlusconi will seek to reassure the nation in a national televised address in the Chamber of Deputies in Rome at 3 pm today to lay out his plan to boost growth and tame the euro region's second-biggest debt.
The IMF faces both ways on the UK economy
The Independent (blog)
By Ben Chu The IMF's latest report on the UK is a Janus-faced document. The Government has pointed to the face that smiles on George Osborne's deficit reduction plan and calls it “appropriate”. But there's another face in there too, which should not be ...
Governments can seize legacy of financial crisis
PublicServiceEurope.com
It is clear that as governments grapple with the legacy of the financial crisis, a myriad of risks and opportunities have emerged to tax the best and brightest policy-makers around the world. Only time will tell whether they seize this moment in time ...
Pohjola Bank Warns Of Crisis Impact As Earnings Rise
Wall Street Journal
HE) Wednesday said a worsening of the euro zone's fiscal crisis might undermine its financial outlook for 2011, even as it posted rising net profit for the second quarter of the year. Pohjola Bank said it expects narrowing credit impairments and rising ...
Indian Market Extends Losses
RTT News
Worries about debt contagion in other euro zone economies such as Spain or Italy also kept investors on the edge. The benchmark 30-share Sensex closed down 169 points or 0.94 percent at 17941, with 20 of its stocks declining. ...
Euro and Dollar Collapse! How Can You Escape The Fallout?
Shelter Offshore
Contagion, panic, fear, the Euro's future is uncertain and the US debt circus has driven another knife into the heart of the US DollarEuro and Dollar Collapse! How Can You Escape The Fallout? Personally I really hope that never happens, ...
Ex-Directors of Failed Firms Have Little to Fear
New York Times (blog)
By STEVEN M. DAVIDOFF Do the former directors of the institutions that collapsed during the financial crisis have anything to worry about? If the experience of Enron is any example, the answer is a resounding no. A look back at the career paths of ...
US Avoids Fiscal Crisis, Israel Faces Fiscal Challenge
Algemeiner
Finally, in a late Sunday evening news conference, President Barack Obama said “I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default – a default that would have ...
Portugal includes bailout in budget, plans 2nd revision
Reuters
Under the terms of its 78 billion euro bailout agreed in May, Portugal has to cut its budget deficit this year to 5.9 percent of gross domestic product from 2010's 9.2 percent at a time when the economy is seen shrinking over 2 percent. An EU/IMF ...
Asian stocks slump on fresh global economy fears
AFP
The "market mood is likely to remain cautious on the back of the fear of US double dip recession and debt contagion in Europe," said Credit Agricole in a note, according to Dow Jones Newswires. On currency markets, the euro held up in Asian trade after ...
Dollar's Reserve Status Is Waning, U.S. Treasury Borrowing Committee Says
Bloomberg
The euro's share rose to 26.6 percent, from 26.2 percent, while the yen was unchanged at 3.8 percent of the total. A category the IMF calls “other currencies” rose to 4.7 percent from 4.4 percent and is up from 3.6 percent in the first quarter of 2010. ...
RPT-Samurai market provides opportunistic funding window
Reuters
... just as the US dollar market has seen primary bond issuance screech to a halt in recent weeks. A re-assessment in favour of yen assets is taking root amid the financial market turmoil and fears of a second global financial crisis...
Jitters about slowing economy push stocks lower
MiamiHerald.com
By KEVIN G. HALL WASHINGTON - The longest decline in stock prices since the nation's financial crisis started in 2008 has investors worriedly watching new economic indicators expected this week for signs that the economy is slipping back into recession ...
What will debt-ceiling deal do to the fragile US economy?
Christian Science Monitor
The political deal to raise the debt ceiling averted a fiscal crisis, but a big question remains: Will the cuts in spending help or harm the economic recovery? So far the markets are unimpressed. A trader watches his screen on the floor of the New York ...
Euro Region's Services, Manufacturing Expansion Slowed in July
Bloomberg
With European leaders stepping up austerity measures to fight the fiscal crisis from spreading across the region, ECB President Jean-Claude Trichet said last month that the euro- region recovery probably weakened in the second quarter. ...

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