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

Monday, December 19, 2011

Reports are spreading that S&P will cut France's AAA credit rating before Christmas

Reports are spreading that S&P will cut France's AAA credit rating before Christmas--

Eurozone: France to be Stripped of AAA Rating This Week?
Forbes
There's talk that S&P will strip France of its AAA rating before Christmas: meaning this coming week of course. France could be stripped of its triple-A credit rating before Christmas, raising new doubts about the survival of the euro, analysts have ...

Eurozone to push on with crisis steps, Fitch doubts outcome
Reuters
By Jan Strupczewski BRUSSELS, Dec 18 (Reuters) - The euro zone will pursue measures to tackle its sovereign debt crisis this week by offering more cash to the IMF and long-term liquidity to banks, while moving towards tighter fiscal rules, ...

Eurozone bank failures could cause US credit squeeze: Kaufman
Reuters
By Ellen Freilich (Reuters) - Euro-zone bank failures could lead to a credit squeeze in the United States, hurting an already subpar US economic recovery, warned the well-known Wall Street economist Henry Kaufman. A deterioration in the European ...

Boris Johnson blames failing eurozone plans on political ego
The Guardian
Weak members of the eurozone may leave the single currency in the coming year because "hysterical attempts to bubblegum" the euro keep failing, the London mayor Boris Johnson warned on Sunday. In some of his most outspoken remarks on the euro,...
The Guardian

Stark quit over buying of bonds by ECB
Financial Times
By Ralph Atkins in Frankfurt The European Central Bank's top German executive has cited the way the eurozone crisis has developed as the reason for his decision to quit, making clear his strong objections to the ECB's government bond-buying programme....
Financial Times

Euro crisis now in 'chronic rather than acute phase'
Globe and Mail
Two years on, the euro zone debt crisis is now in a "chronic phase," with dire warnings and few expectations that it's going to ease any time soon. Germany's Angela Merkel has warned that there's no quick fix, though she's confident of holding together ...

Inside the Euro Zone, Bracing for Austerity
New York Times
But it is a lot harder for ordinary people across the euro zone to cut back already strained household budgets to pay those higher taxes and accept the higher unemployment that austerity measures guarantee. Here in Italy, where I live, ...
New York Times

Shares face volatile trading on eurozone problems
The Korea Herald
South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday. The KOSPI dropped 1.8 percent last week to close at 1839.96 on Friday. ...

Dollar flat as euro zone wavers
Sydney Morning Herald
The Australian dollar is largely unchanged as eurozone finance ministers prepare for a telephone conference on the debt crisis on Tuesday. A government source told Agence France-Presse on condition of anonymity that the eurozone finance ministers, ...

Possible eurozone ratings downgrade makes jittery markets
TheBull.com.au
A warning by International Monetary Fund head Christine Lagarde that the eurozonedebt crisis put the world at risk of a Great Depression attracted much attention but added little new for investors to trade on. By AAP | 19.12.2011 06:58 AM NEW YORK...
TheBull.com.au

Eurozone crisis fails to ignite French animosity against 'les rosbifs'
The Guardian
At a Christmas party in a chic part of Paris, not far from the Eiffel Tower, French and British guests were getting on famously over champagne and foie gras canapƩs. Outside, a cross-Channel diplomatic war was raging, but here was a haven of seasonal...
The Guardian

Euro 'Crisis' Or Alarmist Dialogue Amongst The Talking Heads And Where Are ...
Seeking Alpha
Germany holds the key to turning back the clock and creating a smaller, more centralized Euro comprised of a half dozen key players in the Eurozone, while releasing the economies on the margin to return to their former national currencies. ...

Beyond Borders: Europeans Stash Money Elsewhere
Wall Street Journal
In a troubling sign for European banks, investors in Greece, Portugal and Italy are asking bankers and lawyers for ways to protect their money in the case of a failure of euro-zone banks or a breakup of the euro itself. Some are converting deposits ...

Financial crisis, lingering issues plague sale of Morgan Keegan
Memphis Commercial Appeal
Europe's financial crisis in late summer and the MF Global collapse in autumn are cited. Other analysts, however, suggest lingering issues at Morgan Keegan might have dimmed the interest of potential bidders. "If Morgan Keegan, before the sale process ...

Eurozone crisis keeps oil prices heading downward
New Zealand Herald
The eurozone region continues to wrestle with a mountain of debt, and the only cure at hand appears to be a wave of severe spending cuts and pleas for more international aid. European Union leaders have hammered out a new plan for more central ...

Why the Eurozone Will Ultimately Fracture
Seeking Alpha
The risks are high that there will be a fracture in the eurozone based upon simple group dynamics of the eurozone's failure to live up to its initial promise. The question is whether it will be orderly or disorderly. The equity markets have not fully ...

Pranab sees no possibility of recovery in euro zone now
Hindu Business Line
V. Sreenivasa Murthy Even though there is some amount of recovery in the US, there is no possibility of a recovery in the euro zone, said the Union Finance Minister, Mr Pranab Mukherjee, here on Sunday. Addressing a press conference, after chairing the...
Hindu Business Line

EasyJet CEO says no hit from euro zone crisis - paper
Reuters UK
. . . has felt no impact on its business from the ongoing debt crisis in the euro zone, its chief executive told a German newspaper. Asked whether the company had felt any fallout, Carolyn McCall told Welt am Sonntag: "So far we haven't. ...

Flash Eurozone PMI: Has Europe Passed The Worst?
Seeking Alpha
The Markit Flash Eurozone Composite PMI improved to 47.9 from 47.0 in November. The Flash Services PMI increased to 48.3 from 47.5, while the Flash Manufacturing PMI rose to 46.9 from 46.4 in November. Germany's services sector is growing again with ...

November jobless rate forecast to show rise amid eurozone crisis
eTaiwan News
18 (CNA) Taiwan's jobless rate for November would probably show an increase, indicating that the economy is vulnerable to the eurozone debt crisis, labor experts said Sunday ahead of an official jobs report that is due Dec.22. ...

Baht seen weakening to 32.50 to US dollar on euro-zone crisis
The Nation
The euro zone's sovereign debt crisis could worsen in three months, which will likely push the euro below the pre-subprime-crisis level and the baht to 32.50 per dollar, an economist at Standard Chartered Bank (Thai) said last week. ...
The Nation

Political Realities Split The Eurozone
Business Insider
Recessions are rare in France: between the end of the war and the beginning of thefinancial crisis, there were two. Then came the four negative quarters of 2008/2009. Now, Insee forecasts another contraction: -0.2% in the fourth quarter of 2011 and ...
Business Insider

Economic mess: Is India staring at a financial crisis?
NDTV
The Big Fight: On The Big Fight we discuss if the growth story is over and whether India can bounce back.

What next after the euro crisis summit?
Malta Independent Online
The summit, Van Rompuy said, would focus on the fiscal compact and agreement between theeurozone-plus group but also on growth and competition within the EU at large. The eurozone-plus group refers to the 17 countries that share the currency plus ...

Mining services companies Sedgman and Ausenco rise from ashes of global ...
Courier Mail
Picture: Jono Searle Source: The Courier-Mail DURING the global financial crisis, the shares of Brisbane-based mining services groups Sedgman and Ausenco were hammered. Those who bought in at their nadir in early 2009 have done OK since, ...

90 seconds at 9 am:New Eurozone fears (news with Bernard Hickey)
Interest.co.nz
Fitch Ratings warns May cut France Italy and Spain Belgium cut 2 notches 'Comprehensive deal' 'Technically, politically' 'Beyond reach' No credible backstop European finance ministers Teleconference tonight Detail fiscal compact Ireland demands debt ...

In the Midst of Eurozone's Decline, Nations' Credit Still up for Debate
Forex Pros
It's also a judgment that the new fiscal compact agreed at the Summit simply consigns manyEurozone economies to years of weak growth and increases their painful debt burdens, while doing nothing to improve their ability to re-pay. ...

it's going to be a bumpy year
gulfnews.com
Central and Eastern Europe are exposed to the Eurozone. And turmoil in the Middle East is causing serious economic risks — both there and elsewhere — as geopolitical risk remains high and thus high oil prices will constrain global growth. ...

UK will fare better in this Anglo-French spat
Financial Times
Eurozone leaders believe they have solved the crisis by agreeing a fiscal compact. It was a definitive decision, taken at the European summit of just over a week ago. There will be no fiscal union, no eurobonds, no European Central Bank bail-out. ...


RealClearPolitics - Inside the Euro Zone, Bracing for Austerity
By David Unger, New York Times
But it is a lot harder for ordinary people across the euro zone to cut back already strained household budgets to pay those higher taxes and accept the higher unemployment that austerity measures guarantee. Read Full Article ››. Related ...
RealClearPolitics - Homepage

G4 Central Balance Sheets /European Contagion | The Big Picture
By David Kotok
G4 Central Balance Sheets /European Contagion December 17, 2011 David R. Kotok ~~~ “A picture is worth one thousand words.” We present 13 pictures to.
The Big Picture

The English Blog: Video: Too Late to Solve Eurozone Crisis?
By Jeffrey Hill
The credit rating agency Fitch has told the eurozone countries it believes a comprehensive solution to the debt crisis is "technically and politically beyond reach". ALSO SEE • Fitch: It's too late to solveeurozone crisis (Channel 4 News) •...
The English Blog

Instapundit » Blog Archive » EUROZONE MILITARY RISK: Defence ...
By Glenn Reynolds
EUROZONE MILITARY RISK: Defence chiefs are drawing up plans to cope with the potential military fallout from the eurozone crisis, according to General Sir David Richards. “The military planning work has come to light after The Daily ...
Instapundit

Flash Eurozone PMI: Is Europe past the worst? « Investment ...
By Prieur du Plessis
The Eurozone GDP-weighted PMI indicates that the private sector in the Eurozone is contracting in the final quarter of the year, but GDP growth is likely to be positive on a year-ago basis thanks to government consumption and expenditure. ...
Investment Postcards from Cape Town
By Mark Thoma
It doesn't have to be this way: A Financial Crisis Needn't Be a Noose, by Christina Romer, Commentary, NY Times: Recessions after financial crises are long and severe, and the subsequent recoveries are protracted. That is the bold ...
Economist's View

Eurozone to push on with crisis steps, Fitch doubts outcome | Stock ...
By Editor - Business News
By Jan Strupczewski BRUSSELS | Sun Dec 18, 2011 12:20pm EST BRUSSELS (Reuters) - Theeuro zone will pursue.
Rocket News

Comprehensive euro zone deal "beyond reach": Fitch - Wall Street ...
Comprehensive euro zone deal "beyond reach": Fitch Reuters – 4 hours ago.. . By Gavin Jones and Stephen Brown ROME/BERLIN (Reuters) - A comp...
Bears Chat at The Wall Street Examiner

Eurozone looks to assure markets over debt crisis response | News ...
The eurozone will pursue measures to tackle its sovereign debt crisis this week by offering more cash to the IMF and long-term liquidity to banks, while moving towards tighter fiscal rules, after ratings agency Fitch cast doubt on it ability to forge ...
FP Top Stories List

Unemployment surges to 17-year high as eurozone crumbles
By Lynsey
Unemployment surges to 17-year high as eurozone crumbles. Female unemployment has risen to a 23-year high and youth joblessness has broken a new record amid mounting eurozone woes, official figures reveals. Total unemployment is ...
The Coming Crisis

Wolf Richter: Political Realities Threaten To Split The Eurozone ...
By Yves Smith
Recessions are rare in France: between the end of the war and the beginning of the financial crisis, there were two. Then came the four negative quarters of 2008/2009. Now, Insee forecasts another contraction: -0.2% in the fourth quarter of ...
naked capitalism

EURO News: Ratings Agency Warns Euro Zone Pact Beyond Grasp ...
By Jet Encila
AN ALL-inclusive answer to the financial storm sweeping across the Euro Zone is beyond the grasp of the troubled region.
Gainpips.com

Comprehensive euro zone deal "beyond reach": Fitch - Yahoo! News
From Yahoo! News: ROME/BERLIN (Reuters) - A comprehensive solution to the euro zone debt crisis is beyond the region's reach, rating agency Fitch said, ...
news.yahoo.com/fitch-comprehensive-euro-zone-deal-beyond...

Eurozone Crisis: Why Even Politicians Cannot Save The Euro Now After Fitch ...
Sky News
Such is the scale of the eurozone's problems, Fitch ratings has dashed any hope that Angela Merkel might do a Wonder Woman twirl and unleash a Big Bazooka with enough financial firepower to end the debt crisis once and for all. ...
Sky News

Swift action key to eurozone rescue plan
Xinhua
17 (Xinhua) -- After a marathon of tough negotiations on how to tackle the eurozone debt crisis, the new European financial pact is likely to have little effects in fixing the region's financial turmoil. Last week, eurozone leaders agreed on fresh ...

Divisions in eurozone over ECB bond-buying
Telegraph.co.uk
The eurozone was facing fresh splits today after one of the European Central Bank's most senior figures said the bank should not be used to fund national debts and that if it was forced to, it would mean the end of the single currency. ...
Telegraph.co.uk

UK, France and the eurozone
For Argyll
It is now known that, because of continuing worries about the pressures on the French banks because of their exposure to debt in some of the shakiest of the eurozoneeconomies, British banks withdrew £18.8 billion from France earlier this year, ...
For Argyll

A Financial Crisis Needn't Be a Noose
New York Times
By CHRISTINA D. ROMER RECESSIONS after financial crises are long and severe, and the subsequent recoveries are protracted. That is the bold conclusion of “This Time Is Different,” the book by Carmen Reinhart and Kenneth Rogoff, and it has become ...

Amid euro crisis, Merkel beset by domestic turbulence
NDTV
A success for the eurosceptics could have thrown into doubt the survival of the fractious coalition already buffeted by FDP reluctance to support German aid for debt-wracked eurozone countries. "FDP is and remains a clearly pro-European-oriented party ...

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 ...

Trade finance drying up amid financial crisis
AFP
GENEVA — Trade finance is drying up amid the financial crisis, threatening jobs and economic growth, trade sources warned Saturday. Banks like Credit Agricole and BNP Paribas -- two of the 25 financial institutions most active in such financing ...
AFP

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. ...

Why ECB lending won't solve the euro crisis
Reuters Blogs (blog)
“By this time next week,” says Simone Foxman, “the euro crisis could be over”; she obviously doesn't think much of Fitch's analysis, which concludes that “a 'comprehensive solution' to theeurozone crisis is technically and politically beyond reach”. ...

Business Highlights
BusinessWeek
Moody's Investors Services downgraded Belgium's credit rating by two notches, citing strains oneurozone countries as they try to finance their heavy debt loads. The ratings remain investment grade. -- The Fitch Ratings agency announced it was ...

Gartner to CIOs: Weigh on Euro crisis
CFOworld
By Veronica C. Silva With the Eurozone crisis threatening to bring the world into another global recession, Gartner is advising CIOs to be on guard as the responsibility to ensure business continuity is in their hands. In a report titled "CIOs Should ...

Taiwan banks' exposure to PIIGS countries down
eTaiwan News
17 (CNA) Exposure of banks operating in Taiwan to the debt shouldered by Portugal, Ireland, Italy, Germany and Spain (the PIIGS countries) fell by US$800 million (NT$24.3 billion) at the end of the third quarter of this year from a quarter earlier to ...

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 ...

Norman Lamont: Eurozone is in denial
BBC News
Consevative former chancellor Lord Norman Lamont has told the BBC that theeurozone countries are "in a state of denial", and need to act more quickly to resolve the debt crisis. Mr Lamont was giving his view of how the eurozone should respond to...
BBC News

Poverty peaks in Greece amid financial crisis, experts say
Economic Times
ATHENS: Poverty in Greece has risen to new heights under a gruelling recession exacerbated by austerity that has swelled the ranks of the unemployed, the homeless and the destitute, experts said on Saturday. In comments to Ethnos daily, ...

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