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

Saturday, December 17, 2011

Euroenvy: France attacks Britain

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

France's finance minister Francois Baroin: 'It's better to be French than British' - Telegraph: "French policymakers were angered last week when ratings agency Standard and Poor’s threatened to downgrade eurozone nations - including France - if leaders did not act urgently to address the single currency crisis. Christian Noyer, the governor of the Bank of France, yesterday told a local newspaper that that a downgrade of France did not appear “justified in regard to the economic fundamentals”. “Otherwise, they should start by downgrading Britain . . . " 

French leaders declare a war of words on Britain - Telegraph: Downing Street rejected the French remarks, claiming that international bond markets, which buy government debt, have more confidence in Britain than France. The interest rate – or yield – on British government bonds is around 2.2 per cent. The French rate is around 3.2 per cent. . . . Senior British sources said French leaders were so panicked by the prospect of losing their AAA credit rating that they were trying to spread confusion by undermining the economic reputations of other nations. One government source said: “It’s so obvious what they are up to. They are in a completely different place to us. . . ." David Ruffley, a Conservative member of the Treasury select committee, criticised the remarks. “This is another example of Gallic self-delusion on an epic scale,” he said. “They are tied to a currency that could become a basket case at any moment.” 

Markets cautious as fears over euro crisis mount, Fitch warns on rating of 6 ...
Washington Post
LONDON — Global stocks were muted on Friday as concerns about Europe's debt crisis flared back up, with Fitch ratings agency warning it could downgrade six eurozonenations, including Italy and Spain, two of the shakiest economies in the region. ...

Eurozone crisis revives old rivalries, distrust
UPI.com
16 (UPI) -- Before another EU member lines up for a bailout and cries for help, the political organization behind the European Union and its eurozone is betraying signs of stress that recall the historical baggage of rivalries that kept the union's ...

IFR-Banks resist pressure to buy eurozone debt
Reuters
By Gareth Gore LONDON, Dec 16 (IFR) - Banks are unlikely to come to the aid of debt-ridden eurozone countries, with many planning to ignore political pressure to use cheap money from the European Central Bank to fund purchases of sovereign bonds. ...

Eurozone crisis and China fears weigh on crude
Financial Times
By Emiko Terazono Crude oil prices hit a two-and-a-half month low this week as theeurozone debt crisis and mounting worries about an economic slowdown in China triggered a widespread sell-off in commodity markets. But analysts and traders warned that ...

Moody's downgrades Belgium's credit rating 2 notches citing strains on ...
Washington Post
NEW YORK — Moody's Investors Services on Friday downgraded Belgium's credit rating by two notches, citing strains on eurozone countries as they try to finance their heavy debt loads amid the regional financial crisis. The ratings agency cut Belgium's ...

Global Markets Cautious Amid Euro Crisis Concerns
ABC News
By CARLO PIOVANO AP Business Writer Global stocks were muted on Friday as concerns about Europe's debt crisis flared back up, with Fitch ratings agency warning it could downgrade six eurozone nations, including Italy and Spain, two of the shakiest ...

Fannie, Freddie At Heart Of Financial Crisis, Fraud Charges Show
Investor's Business Daily
Financial Crisis: The SEC is suing top officers at Fannie Mae and Freddie Mac for not disclosing their true exposure to subprime loans. Maybe now the left's tired canard that Fannie and Freddie were blameless can be laid to rest. ...

Torrent of Bad Financial News Flows out of Europe
ABC News
The Fitch Ratings agency announced it was considering further cuts to the credit scores of six eurozone nations — heavyweights Italy and Spain, as well as Belgium, Cyprus, Ireland and Slovenia. It said all six could face downgrades of one or two ...

ABC News

Eurozone crisis: Euro not yet in a danger zone
Economic Times
NEW YORK: Bad as things seem for the euro zone, the value of the euro does not suggest investors are betting Europe's currency bloc will fall apart. Even in the wake of its recent slide, the euro at $1.30 is far from levels that would reflect fear of a ...

Eurozone Crisis Liveblog: 'Euro-Flu' Is Contagious
By The Huffington Post News Editors
"There is no economy in the world.. that will be immune to the crisis we see not only unfolding, but escalating," Christine Lagarde, the head of the International Monetary Fund (IMF) said on Thursday, warning that the eurozone's crisis threatens ...
The Huffington Post | Full News Feed

The euro crisis is about to get fishy for UK | Brussels blog | News on ...
By Joshua Chaffin
Brussels blog from the Financial Times covering the EU's foreign and economic policies and news on the European Commission and European parliament.
Brussels blog

Time to End the Eurozone? | Mother Jones
By Kevin Drum
At this point you have to be asking whether it is better to simply end the eurozone now, no matter how painful that may be....As a politician I probably could not bring myself to pull the plug, but as a blogger I wonder if that might not, at this point, ...
Kevin Drum Feed | Mother Jones

Eurozone crisis could destroy export jobs - The Local
Europe's sovereign debt crisis could inflict serious damage on Germany's labour market, since millions of jobs are connected with German exports to European countries, according to a new report.
The Local - Germany's news in English

Peter Gardett: European Downgrade Contagion
By Peter Gardett
From the perspective of the US energy business, the European debt crisis can feel very far away. The impacts of ongoing sovereign debt debates are felt first in markets for government bonds and currencies; one can only guess what the extent ...
The Huffington Post Full Blog Feed

Eurozone Solution: Aaah, So That's How They're Trying To Do It ...
I'm not the only person in recent weeks who has been scratching my head trying to work out how the EU was going to solve the eurozone crisis. I don't mean ...
www.forbes.com/.../eurozone-solution-aaah-so-thats-how-they...

Euro zone fiscal pact fails to restore confidence | Reuters
LONDON/PARIS (Reuters) - A European summit deal to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday, ...
www.reuters.com/.../us-eurozone-idUSL6E7NC20N20111212

Which troubled Eurozone nation are you? | Marketplace from ...
Marketplace. Answer fifteen multiple choice questions and you'll be matched with theEurozone nation that your personality identifies with most. Take the quiz at ...
www.marketplace.org/.../which-troubled-eurozone-nation-are-...

Fitch: comprehensive euro zone deal "beyond reach"
Fitch said that following the EU summit a week ago it had concluded that "a 'comprehensive solution' to the eurozone crisis is technically and politically ...
www.reuters.com/.../us-eurozone-idUSTRE7BF0OX20111217

Global Markets Cautious Amid Euro Crisis Concerns
It said that following last week's EU summit, it "has concluded that a 'comprehensive solution' to the eurozone crisis is technically and politically beyond ...
abcnews.go.com/.../asia-stocks-rise-data-shows-us-layoffs-easi...

The Euro Crisis Is Looming but Many Do Not Seem to Really Care
By Andrea Di Maio
Over the last few days we had a good coverage of the research note (client access required) that David Furlonger and I wrote about the euro. The press in the UK (e.g. the Financial Times and Computer Weekly ), in Germany (e.g. Silicon.de ...
Andrea DiMaio

Early Warning: Eurozone Productivity Comparison
By Stuart Staniford
The above graph shows productivity for selected Eurozone countries since 2000. The y-axis units are euros/hr worked and the data has been adjusted for inflation and seasonality. A few observations: As you would expect, the PIIGS countries ...
Early Warning

As Euro Crisis Continues, Bank Downgrades, Credit Squeeze ...
By The Huffington Post News Team
The situation in Europe is hitting global credit markets, making it harder for companies and banks to secure loans. Investors are buying fewer corporate bonds, and banks are finding it more difficult to borrow from each other.
Europe on Huffington Post

It is finally being recognized that the eurozone made a major policy ...
By Tyler Cowen
Yields on short-term peripheral sovereign bonds are plunging, despite the fact that EU leaders appeared to make little progress at their highly-anticipated summit last week. Pundits continue to expound on the flaws of the eurozone but markets ...
Marginal Revolution

French Central Bank Attacks British Economy As Eurozone Rescue ...
French Central Bank Attacks British Economy As Eurozone Rescue Plan Starts to Disintegrate :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website.
The Market Oracle

Draghi Worries of Credit Crunch as Eurozone Banks Shore Up ...
By Barbara Zigah
(eToro Blog) In a recent speech, Mario Draghi, the president of the European Central Bank, has urged the Eurozone's banking sector to ensure that new capital.
eToro Blog

EUROZONE CRISIS: WHY THE EU IS GOING TO LOSE ...
By John Ward
The dollar help sent the eurozone firms' way last week is already six times higher than the US Fed expected….and so the leakage of this information has made yet more private US banks pull all the endangered cash they can out of the region. ...
The Slog

Contagion From The Eurozone - Decline of the Empire
By Dave Cohen
The endless European Debt Crisis is set to damage the American economy in 2012 according to Goldman Sachs economist Jan Hatzius. Joe Weisenthal at the Business Insider gives us the scoop in A Totally Unexpected Way The European ...
Decline of the Empire

French Central Bank Attacks British Economy As Eurozone Rescue ...
By Stefan B
French Central Bank Attacks British Economy As Eurozone Rescue Plan Starts to Disintegrate. by Mike Shedlock, MarketOracle.co.uk: French President Sarkozy let his attack dogs loose on Britain as illustrated by comments form the head of ...
SGTreport.com

Eurozone crisis shows that regulations on cross-border finance are ...
By Triplecrisis
Eurozone crisis shows that regulations on cross-border finance are urgently needed. Peter Chowla, guest blogger. The storm brewing in Europe makes it all the more important that all countries prepare themselves for dangerous economic ...
TripleCrisis

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