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

Monday, November 28, 2011

Time Runs Short for Europe to Resolve Debt Crisis

Time Runs Short for Europe to Resolve Debt Crisis
New York Times
A version of this article appeared in print on November 28, 2011, in The International Herald Tribune with the headline: Pressure Builds in Europe as Region's Core Becomes Engulfed in Financial Crisis.

Don't Delay Greek Default
Morningstar.com
The contagion cat is already out of the bag. However, just because the crisis has spread doesn't mean we should give up on trying to save the larger European economies. Italy, for example, has a much stronger economic base than Greece, and it would be ...
Russian economy not immune to capital risk contagion
Globe and Mail
So even if the oil price holds up – and that's a big “if” – Russia isn't immune to economic contagion. A floating oil platform is tugged from the harbour in Russia's northern port of Murmansk August.
Fed's Secrecy During Crisis Limits Effort to Stop Another: View
Bloomberg
... GMT 2011 Comments Opposites in many ways, the Tea Party movement and Occupy Wall Street have this in common: Both have channeled the public's not always well-informed anger over the behavior of banks and government during the financial crisis. ...
What Europeans Can Learn From South Koreans About Managing a Financial Crisis
Slate Magazine
On the other hand, if the ECB preferred to let major countries, such as Italy, default on their debts, this would likely weaken the euro even further, as investors feared a contagion of defaults. Depreciation would never be Eurozone officials' stated ...
Spreading Eurozone Contagion
OpEdNews
Credit default swaps on European sovereign debt and banks reached all-time highs. Earlier in the week French bonds were hammered. Europe's debt crisis moved from periphery countries to core ones. Many believe the Eurozone can't survive, except perhaps ...
Fitch backs reform call for sovereign CDS
Financial Times
By Michael Mackenzie in New York Calls to reform the market for insuring against the default of sovereign debt have been backed by a leading credit rating agency following the voluntary deal for exchanging Greek bonds proposed last month. ...
Mayor Thompson holds town hall meetings on financial crisis
abc27
The goal is keep people up-to-date on what's going on with the city's financial crisis. The next town hall meeting is Monday night from 6-8 at the Cross Church of God in Christ on South 16th Street.
Commodities: Now is a good time to load up on CARBS
Telegraph.co.uk
We've had BRICS, PIIGS, SPDRs and BASICs – but now we have another to add to the Square Mile's lexicon. The CARBS. Canada, Australia, Russia, Brazil and South Africa make up the new acronym to watch: CARBS. By Garry White The CARBS are the major ...
Ratings Deflation: Are We Facing A World Without AAA Bonds?
Seeking Alpha
But what is more interesting, given current circumstances, is whether the rating can be seen as an absolute measure of the probability of default or a relative one. If you check what agencies say, they will not give you a definite answer to this ...
Marran Ogilvie: How Lehman Brothers became odd man out
NewsOK.com
A look back at the institutions that were rescued in the depths of the 2008 financial crisis by federal intervention — and the one that was not. BY MARRAN OGILVIE Leave a comment When Bear Stearns collapsed during the 2008 financial crisis, ...
Finance Minister sounds concern on construction and real estate concentration
DI-VE
Talking on the financial crisis, the Minister said that we have to provide a national response to the changes taking place. “I take great comfort from the fact that the Malta Financial Services Authority has been very proactive in the face of ...
The Coming of an Economic Firestorm?
Seeking Alpha
The Euro banks are chuck full of sovereign debt (some will not be repaid) with the banking sector holding 89% of the PIIGS' direct exposure ($2.7 trillion). According to the BIS, the countries with the most total foreign claims to the PIIGS' debt were ...
Brazil and the Long Crisis
EconoMonitor (blog)
I imagine that the article may be about the collapse of the Euro, with Greece declaring that it willdefault on its debt, thus spreading contagion to other countries. Or the collapse of big European banks (or even US ones), which may go bankrupt under ...
Student loan defaults grow as tuition, expenses rise
GoDanRiver.com
In September, the US Department of Education reported the 2009 national student loan default rate rose to 8.8 percent, up from 7 percent in 2008. Locally the default rate for Averett University, a private school, was 8.3 percent (65 loans), ...
The Rising Fear in Bank Stock Prices
Wall Street Journal
There are emerging signs in the stock market that the US economy is about to face financial headwinds that may lead to another credit crisis and recession next year. The recent volatility in bank stocks is a signal that US banks, large and small, ...
Canada takes tougher line on bank deals
Financial Times
By Bernard Simon in Toronto Canada plans to tighten supervision of foreign acquisitions by banks and insurance companies as a result of heightened risks posed by the financial crisis. Under legislation tabled last week, the finance minister will be ...
Off the Beaten Track
Wall Street Journal
Bill Awad, a fixed-income portfolio manager at Babson Capital Management LLC, sees one such opportunity in credit-default swaps of Swedish government bonds. The swaps cost little because Sweden is perceived as insulated from Europe's malaise. ...
SOWELL: Super Committee just cover for Obama failure
The Daily News Journal
If you think the goal was to solve the country's fiscal crisis, then obviously the Super Committee was a complete failure. But, if you think the goal was to improve the chances of the Obama administration being re-elected in 2012, it was a complete ...
Europe Must Act to Prevent Debt-Crisis 'Train Wreck,' Swan Says
BusinessWeek
28 (Bloomberg) -- European Union leaders must act to stop the region's debt contagion becoming a “slow-motion train wreck” that is already crimping Australia's economy, Treasurer Wayne Swan said. EU politicians have been “frustratingly slow” in ...
Are Stocks Staring Into the Abyss?
The Market Oracle
We believe the financial crisis will hit the fan starting in 2012 which will eventually lead to a political union of several major European  nations, perhaps even a broader political union of western nations including Great Britain, the United States ...
Is Woodside On The Slide?
Wall Street Journal (blog)
By Gillian Tan If the markets are heading back to lows last seen during the global financial crisis, Woodside Petroleum is being touted by analysts as stock that could be amongst the first to reach the floor. Australia's ninth biggest stock by market ...
Our banks may feel their mortality if euro zone binge clogs up credit lines
Sydney Morning Herald
For Hugh McLernon, boss of litigation funder IMF, this is the true contagion. He argues that during the global financial crisis, governments worldwide (with the obvious exception of Australia) began eroding financial laws in relation to the requirement ...
Egypt financial crisis looming say analysts
Gulf Daily News
A financial crisis is looming, say analysts. "We're not far off," said Neil Shearing, chief emerging markets economist with Capital Economics. "There's enough money left in the coffers to get through the year, but not much beyond that. ...
Spreading Eurozone Contagion | Philadelphia Independent Media ...
Spreading Eurozone Contagion - by Stephen Lendman. The operative ... At issue is their guarantee for $1 trillion or more of European sovereign debt through credit default swaps - "insurance against which they have not reserved." As a result ...
Philadelphia Independent Media...
The coming Greek default and the Euro exit “surprise” @ Marginal ...
By MarginalEvolution
The coming Greek default and the Euro exit “surprise”. Posted on Sunday, 27 November, 2011. Why is there an ever widening dichotomy between Greek accelerated economic collapse and a Greek domestic political support for the austerity ...
Marginal Evolution
Businomics Blog: European Financial Crisis
By Bill Conerly
Two resources for understanding the European financial crisis: Barry Eichengreen lecturing about the European crisis (hat tip to Economist's View, runs 1 hour 28 minutes): Saturday Night Live also explains the crisis (a little lighter, a lot ...
Businomics Blog
The Question of Eurobonds—Posner - The Becker-Posner Blog
By Richard Posner
If they default it will probably alleviate their economic woes, because their sovereign debt will (in a total default) be wiped out. They may not even have to pay high interest rates to ... Instead they want to secure these debts by persuading or coercing the PIIGS to slash their government spending, so that their revenues, diminished by the worldwide depression though they are, will cover their debt service and thus stave off default. The PIIGS don't want to slash their spending, and for ...
The Becker-Posner Blog
The architects of the Euro hung by their own petard « Debtonation ...
By Ann
Debtonation: The Global Financial Crisis ... They can no longer rely on a publicly-backed central bank for borrowing; to help compensate for a slump, mitigate a private financial crisis or manage public finances. Furthermore, the rules of the Eurozone oblige these governments to borrow in what is effectively a foreign currency – or at least a currency over ... Greece would not be allowed to default, the treaties ensured that. And if sovereign governments were slow in paying, the stronger ...
Debtonation: The Global Financial Crisis
Eurozone looks to IMF as contagion spreads | Business | The ...
Eurozone looks to International Monetary Fund as contagion spreads .... Parsing this suggests to me that Greece is going into to default again and drop .... be able to rescue them - this will certainly apply to the PIIGS and there maybe others. ...
www.guardian.co.uk/business/.../eurozone-crisis-ecb-imf-bond...
Europe's Crisis Creating Global 'Contagion,' Flaherty Says ...
Canadian Finance Minister Jim Flaherty says Europe's debt crisis is creating “ contagion” outside the region and policy makers must act while the situation can ...
www.businessweek.com/.../europe-s-crisis-creating-global-con...
ECB: Sovereign contagion in Europe
I would like to start out by discussing why contagion needs to be addressed by ... stages during which the financial crisis has become more acute through the end ... in Greek credit default swap premiums to predict developments in other euro ...
www.ecb.int/press/key/date/2011/html/sp111125.en.html
European financial crisis: A growing gap between France and ...
European financial crisis: A growing gap between France and Germany ... Worst- case scenarios: What would happen if Greece, Spain or Italy were to default? ...
www.washingtonpost.com/.../gIQACrzbSN_story.html

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