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

Saturday, August 6, 2011

UK seeks concerted action on euro zone crisis

UK seeks concerted action on euro zone crisis
Reuters
LONDON (Reuters) - Britain called Friday for a "concerted international effort" to show tumbling markets that governments will act together if needed to avert financial crisis. Foreign Secretary William Hague said Britain was in touch with the United ...
Don't panic, we're free from stockmarket contagion
The Australian
... while there are clearly sovereign debt worries in the eurozone that have now included Italy, "the EU is going to work very hard to avoid a default there". He notes it has scope to do so via the European Financial Stabilisation Fund, "a mini-IMF". ..
WORLD FOREX: Eerie Calm Descends Ahead of US Jobs Data
Wall Street Journal
Robinson said that the market is desperate for assurances that the global economy isn't heading toward recession and another financial crisis. At the European open, the gloomy tone was maintained as peripheral euro-zone bond yield spreads widened and ...
Timeline: How Jefferson County's financial crisis unfolded
The Birmingham News - al.com (blog)
The county begins technical default. Bond insurers sue. Then-Birmingham Mayor Larry Langford, right, with his lawyer the day a federal indictment against him was unsealed on Dec. 1, 2008. (Birmingham News File) December 2008: Langford, ...
CANADA FX DEBT-C$ rises after strong US jobs report
Reuters
Investors remain cautious, however, about contagion in Europe from the debt crisis, and Lavoie said the European anguish remains the biggest factor holding back the Canadian dollar. "The main risk for the Canadian dollar is the possibility of contagion ...
Italy's Intesa SP secures funding as crisis roils
Reuters
Yields on Italian government bonds have jumped to 14-year highs on fears that Italy, the euro zone's third-biggest economy, could be on the verge of a Greek-style financial crisis because of its huge debt, weak economic growth and political instability ...
Naming the Euro-Zone Debt Crisis
Wall Street Journal (blog)
By Frances Robinson “A rose by any other name would smell as sweet,” wrote Shakespeare; unfortunately for euro-zone policymakers, the government debt crisis smells anything but sweet ascontagion fears push yields on Spanish and Italian bonds to record ...
The financial crisis comes back to bite us
People's Daily Online
And, previously hidden jitters about spread of fiscal woes in Europe, from Greece, Ireland and Portugal to Spain and Italy, has never abated, and it is increasingly likely that bigger euro-zone countries will ask for bailouts, if they do not default on ...
GLOBAL MARKETS-World stocks slide for eighth day
Reuters
It lost 1.9 percent in the last session. The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell to a seven-month low on Friday as raw materials markets saw one of their biggest sell-offs since the financial crisis on global economic ...
Time to take cover
Sydney Morning Herald
The dark days of the global financial crisis had passed, consumer confidence was high and business conditions were strengthening. Tens of thousands of new jobs were being created and solid gains were tipped for the sharemarket. ...
IMF: Transaction tax easier to implement
GFS News
The IMF suggests that exchanges and clearing houses could be harnessed for collecting the tax, and that, if agreed, governments could implement the financial transaction tax in just 18 months. "In principle, an FTT is no more difficult and, ...
If emerging markets crash, will it be the US contagion or home-grown?
Moneylife Personal Finance site and magazine
Are emerging markets immune from the issues affecting the US or will they be caught in another epidemic—or will the infection perhaps come from another source? In 2008, when the US stock market crashed, the markets in emerging market countries went ...
Canadian dollar weakened against the greenback
FXstreet.com
Italian bonds slumped, sending 10- year yields toward a euro-era record, as European Central Bank debt purchases failed to reassure investors that officials in the region have found a solution to thefiscal crisis. Currencies: Canadian dollar weakened ...
Crisis crashes holidays – leaders in urgent talks
EurActiv
Only the ECB can halt euro zone contagion, argues Paul De Grauwe, writing for the Financial Times. He compares bond markets with banking systems, in which the instability of one bank is usually solved by mandating the central bank to be a lender and to ...
Pakistan will have to repay $8 bn to IMF in four years
PakTribune.com
SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organisations. One US dollar is equivalent to 1.6 SDR. Islamabad will have to repay 258 million ...
Worst rout since GFC
Sydney Morning Herald
Update A sea of red on financial markets wiped about $55 billion off the sharemarket on the worst day in more than two years as fears of another global financial crisis spooked investors. The Australian dollar lost its haven status, heading for its ...
Portugal's New Austerity Fails to Bring Down Borrowing Costs: Euro Credit
Bloomberg
“We will have to be very diligent in meeting the agreement that was signed with the EU and the IMF. But we will also have to surprise.” Two weeks later, the prime minister announced that he was planning a one-time income-tax surcharge this year equal ...
Greek parliament ratifies reform bill promised for second bailout
People's Daily Online
The Greek parliament ratified on Thursday evening a reform bill to ensure a smooth disbursement of the second multi-billion euro aid package by the European Union and the International Monetary Fund (IMF). As fears of contagion threaten Italy and Spain ...
CEBR is optimistic on Ireland and Spain, but not on the Euro
ShareCast
“Fingers crossed but there is a real chance that Spain may avoid default and debt restructuring unless it gets dragged down by contagion,” the report said. Italy's starting debt position, on the other hand, is much worse at 128% and could possibly rise ...
Greek Champions Become Job Seekers as Debt Woes Dry Up Olympics Funding
Bloomberg
The GDP, which contracted 4.4 percent in 2010, will shrink a further 3.8 percent this year, according to a report from EU and IMF inspectors in July. The nation's debt load will peak at 161 percent of GDP next year. It's already the biggest in the euro ...
Europe's Destabilizing Feedback Loop
Business Insider
Though the IMF forecasts Italy's general government budget deficit to be around 4.3 percent of GDP this year, lower than the 4.8 weighted average for the EU, the markets are growing increasing concerned about the feedback loop. ...
GLOBAL MARKETS-World equities reel towards 8th day of losses
Reuters
... policymakers do not come to the rescue soon to stabilise the euro zone's debt crisis and prevent the US economy from sliding back into recession. After panic overnight triggered the worst sell-off on Wall Street since the global financial crisis...
Asian giants urge global talks on economic crisis
Taipei Times
A flurry of weak economic data and Europe's debt woes have fed fears of a fresh recession, triggering Thursday's sell-off on Wall Street, which was the worst since the global financial crisis. About US$2.1 trillion in market value was wiped off the ...
Dow tumbles in worst loss since financial crisis on recession fears; Kraft ...
Proactive Investors Australia
Proactive Investors Australia is a leading financial and investor website and platform, with over 175000 unique investor visitors per month, that is focused on stock related news and analysis for "Small-Mid Cap" investors, including; analysts, ...
Italy Seeks to Balance Budget by '13 as Berlusconi Speeds Up Fiscal Steps
Bloomberg
While yields on Italian and Spanish debt fell today, borrowing costs have surged since a July 21 European Union summit aimed at heading off contagion from Europe's debt crisis to the euro zone's third- and fourth-largest economies. ...
Leveraged-Loan Prices Have Biggest Drop in 15 Months on Weakening Economy
Bloomberg
European Central Bank President Jean-Claude Trichet said yesterday that the ECB is offering euro-area banks as much money as needed for six months to stem the financial crisis, as concerns intensify that Italy and Spain would follow Greece in seeking a ...

European Financial Crisis Worsens; Italy Next?
The New American
Only one of the PIIGS would have to begin the process to seriously to unravel the whole system, and the hyper-inflation of the euro would affect most of Europe. This dangerous cocktail is compounded by the rising population in Europe of young Muslim ...
France investigating Lagarde in multimillion-dollar payout case
Washington Post
The arbitration panel awarded Tapie a multimillion-dollar settlement, and critics were outraged. TheIMF declined to make Lagarde available for an interview. Her attorney did not immediately return an e-mail requesting comment. ...
Slovakia against bigger euro bailout funds - FinMin
Reuters
Miklos, a fiscal hawk, called for a swift implementation of agreements reached by euro zone leaders on July 21 to fight risks of further contagion in the single currency area. "In an effort to prevent a fall into a second recession in a short period of ...
US Stocks Plunge As Recession Fears Drive Worst Loss Since Financial Crisis
Wall Street Journal
In the US, fears have turned from worries about a possible default by the US government to a weakening economic outlook. A string of data have pointed to a slowing of the recovery, and investors are now bracing for the closely watched non-farm payroll ...
The Jamaica-IMF dance of discomfort
Jamaica Gleaner
Irrespective of anything Minister of Finance Audley Shaw may say or wish to say about his prowess and understanding of business and finance, the fact is the administration's relationship with the IMFhas been anything but smooth. ...
FOREX-Swiss franc near highs, yen climbs on risk aversion
Reuters
"We are pretty much in global financial crisis mode. It's a very dangerous time." The franc rose to a record high against the euro of 1.0710 francs in early Asian trade but retreated to 1.0859 in European dealing on fears of official action to weaken ...
Global Stock Selloff: Is another financial crisis coming?
TIME (blog)
The euro zone debt debacle is intensifying, with giants Italy and Spain increasingly under pressure. Inflation has forced emerging markets like China and India to slow down their overheating economies. Oil and food prices, while no longer rising ...
MONEY MARKETS-Dollar funding costs rise as European crisis rages
Reuters
By Eric Burroughs HONG KONG, Aug 5 (Reuters) - Dollar funding costs edged up in Asia on Friday as banks hunkered down during one of the worst stock market sell-offs since the financial crisis, with investors dumping risky assets on fears the raging ...
Aussie dollar faces parity punch
Herald Sun
THE Australian dollar will plunge below parity if the market meltdown unleashes another indiscriminate financial crisis and the US spirals back into recession, currency experts say. The Aussie has tumbled almost 7c against the greenback since Monday as ...
Investors fear second financial crisis
Brisbane Times
Fears of another global financial crisis spooks investors as Australia's sharemarket takes it's biggest tumble in two years. 05/08/11 Sorry. An error occured when submitting the form. Websites in the Fairfax Digital Network offer streaming video and...

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