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

Tuesday, January 31, 2012

Euro crisis hangs over latest EU summit

Euro crisis hangs over latest EU summit
BBC News
The eurozone crisis is set to dominate an EU summit today, with an emphasis on growth and "smart" budget discipline. The EU has more than 23 million unemployed people and there are fears that wide-ranging budget cuts will harm enterprise and training.

BBC News

Eurozone crisis: live blog
Financial Times (blog)
Welcome back to the FT's rolling coverage of the eurozone crisis. By John Aglionby and Tom Burgis in London with contributions from correspondents around the world. All times are GMT. Today's main event is the European Union leaders' summit in Brussels ...

Oil falls as euro-zone woes raise demand concerns
MarketWatch
By Claudia Assis and V. Phani Kumar, MarketWatch SAN FRANCISCO (MarketWatch) — Crude-oil futures declined Monday as lingering concerns about the euro zone made investors called global oil demand into question and as the US dollar traded higher.

Davos Banks on Euro-Zone Survival
Wall Street Journal (blog)
While discussion continues about a possible breakup of the euro zone, few now expect this to happen—at least not yet. Bankers believe many people are still underestimating what a game-changer the European Central Bank's offer of unlimited three-year ...

Wall Street Journal (blog)

Treasurys Rise on Euro-Zone Fears
Wall Street Journal
By CYNTHIA LIN NEW YORK—Treasurys gained, picking up right where they left off last week as a broad range of euro-zone anxieties take center stage again. Investors are getting edgy with Greece, whose government still hasn't penned an agreement with ...

Portugal Will Need Euro-Zone Help to Prove Market Wrong
Wall Street Journal (blog)
But Portugal isn't necessarily doomed to a debt restructuring—as long as the euro zone has learned from Greece and steps in to fill the gap. The immediate catalyst for the Portuguese bond implosion was Standard & Poor's downgrade to "junk.

Madrid 2020: Financial crisis won't affect bid
ESPN
AP MADRID -- Spain's financial crisis should not affect Madrid's third consecutive Olympic bid and hosting the games could help the country recover from the recession, leaders of the 2020 candidacy said Monday. Madrid unveiled a colorful bid logo, ...

Why the Eurozone Can't Just Muddle Through
TIME
As Time International Editor Jim Frederick reported on Friday, one of the key themes at the World Economic Forum in Davos last week was the growing belief that “theEurozone may actually be starting to heal itself. The Eurozone crisis will continue to...

TIME

Credit ratings of euro zone countries
Washington Post
... or relevant are displayed in Top Comments, as are comments by users with these badges: . Replies to those posts appear here, as well as posts by staff writers. All comments are posted in the All Comments tab. Credit ratins of euro zone countries.

A Renewed Focus on a Financial Crisis Crackdown
New York Times
The question is, is this just window dressing, or will the latest focus on pursuing fraud during the financial crisis actually yield new cases? Although skepticism about this new effort has been expressed, there is at least a chance we will see the ...

New York Times

TSX Dips On Euro Zone Anxiety; RuggedCom Jumps On Offer - Canadian Commentary
NASDAQ
(RTTNews.com) - Canadian stocks were lingering in negative territory Monday morning as traders were concerned over the euro zone debt situation after Greece and its creditors failed to come up with an agreement on a debt swap.

Eurozone Economic Sentiment Strengthens In January
NASDAQ
(RTTNews.com) - Eurozone economic confidence improved in January, marking the first increase since March 2011, driven largely by rising confidence in services, a survey carried out by the European Commission showed Monday.

William Hague: we will take legal action if eurozone tries to use European ...
Telegraph.co.uk
William Hague, the Foreign Secretary, has warned that Britain will take legal action ifeurozone countries attempt to use European institutions against the interests of the UK. In December the Prime Minister vetoed a new European treaty which would see ...

Telegraph.co.uk

Gold Closes Lower On Eurozone Worries, Strong Dollar
NASDAQ
The drop by the price of gold came as the US dollar strengthened against most currencies amideurozone worries and France slashing its economic growth forecast for 2012. Meanwhile, the euro was trading at $1.3117 on Monday, down from $1.3216 in late ...

EUROZONE: All the latest news and views from Europe's big leagues
Daily Mail (blog)
Mario Gomez and Arjen Robben scored as Bayern Munich preserved their place at the top of the Bundesliga with a hard-fought 2-0 win over Wolfsburg. Bayern had to wait an hour before Gomez made the breakthrough against a well-organised Wolfsburg side at ...

EU Leaders Hold Fiscal Talks
Wall Street Journal
By MATINA STEVIS and LAURENCE NORMAN WSJ's Stephen Fidler reportsEurozone leaders are proposing stiff rules and penalties at their summit in Brussels to prevent countries from becoming economically unstable. AP Photo/Petros Giannakouris ...

Wall Street Journal

'Nothing to fear' on euro zone referendum - Kenny
Irish Times
European Union leaders have gathered for their first summit of the year as a deteriorating economy and struggle to complete a Greek debt write-off risk sidetracking efforts to stamp out the financial crisis. European leaders have sparred with Greece ...

Irish Times

Eurozone crisis, auto sales, and our favourite: house price update
Vancouver Sun (blog)
There is so much economic news today it is hard to know what to write about. First there is the European leaders summit in Brussels (get live updates at the Guardian). Scotia Economics has its auto sales report out– though no major news for British ...

Non-eurozone countries should be at table of talks: MEP
Focus News
The non-eurozone countries should be at the table of talks, Andrey Kovachev, deputy chairman of the Committee on Foreign Affairs in the European Parliament, told FOCUS Radio on the occasion of the European Council summit in Brussels and Stability Pact.

Finland ETF Chained by Euro Crisis
TheStreet.com
By Roger Nusbaum 01/30/12 - 07:43 AM EST NEW YORK (TheStreet) -- Throughout the financial crisis the Scandinavian countries have proven out to be fiscally very sound with low debt-to-GDP ratios and much sounder banking systems due to having had their ...

ECB's Nowotny Sees Stagnant Euro-Zone Economy
NASDAQ
BERLIN -- The euro-zone faces economic stagnation in 2012 and perhaps a short recession, but the European Central Bank's three-year loans helped avert a massive credit crunch, ECB governing council member Ewald Nowotny said Monday.

Financial crisis in Cyprus is being successfully tackled, says Ministry
Cyprus Mail
Finance Minister Kikis Kazamias today said the government is successfully tackling the financial crisis facing the Cypriot economy. At an ceremony in Athens for Cypriot academic achievers, Kazamias highlighted the climate of political consensus and ...

Fitch downgrades five eurozone countries
Money Marketing
Credit ratings agency Fitch has downgraded the sovereign ratings of five eurozonecountries, including Italy, Spain and Belgium. The downgrades follow earlier action in December 2011, when the agency placed six eurozone countries on “Rating Watch ...

Money Marketing

Philips Posts Loss As Eurozone Crisis Bites
Sky News
Europe's largest electronics maker has reported a sharp fall in profits, becoming the latest global company to be hit by weaker European economies. Philips Electronics made a loss of 160m euros (£134m) in the last quarter of 2011, compared to profits ...

Eurozone economic sentiment rises
Independent Online
The European Commission's closely watched Economic Sentiment Indicator (ESI) for the 17-member eurozone climbed from 92.8 in December to 93.4 in January, a first increase since March 2011. Analysts had expected that the indicator would post a bigger ...

Independent Online

FTSE 100 drops on euro zone jitters, Dow Jones and S&P 500 seen lower - UPDATE
Proactive Investors UK
Likewise, shares in RBS (LON:RBS, down 2.7pct at 26.98p) and Lloyds (LON:LLOY, down 3.5pct at 31.25p) were out of favour thanks to concerns over to concerns about the part-nationalised banks' exposure to the euro zone debt crisis.

Proactive Investors UK

Greece needs to dump euro "shackles": Commerzbank
Reuters
| FRANKFURT (Reuters) - Greece must surrender the "shackles" of the euro in order to survive if it does not want to constantly ask for a handout from euro zone governments, the supervisory board chairman of Commerzbank said late on Monday.

BANKERS FEAR EURO CRISIS WILL START WORLD RECESSION
Express.co.uk
By Peter Cunliffe THERE is a high risk that turmoil in the eurozone could trigger a global recession and a new banking crisis, warns an influential international banking survey. The annual Banking Banana Skins report shows that anxiety about the ...

Jim Rogers: No One Leaves the Euro Zone This Year
CNBC.com
No country will exit the euro zone this year but a solution to the debt crisis remains elusive, Jim Rogers, CEO and Chairman at Rogers Holdings, told CNBC Monday. "I don't think we'll see anybody will leave the euro zone in 2012, there are 40 elections...

CNBC.com

Eurozone crisis: live blog | The World | International affairs blog from ...
By John Aglionby
Gideon Rachman and his FT colleagues debate international affairs.
The World

Fuel Fix » Live blog: Eurozone crisis
By FT.com - Energy
Live blog: Eurozone crisis.
Fuel Fix

Brad DeLong: The Eurocrisis: Duncan Black is HSRILL!!
By J. Bradford DeLong
Eschaton: >Eschaton: Thanks, Idiots For all you have done. >>BRUSSELS — Bowing to mounting evidence that austerity alone cannot solve the debt crisis, European leaders are expected to conclude this week that what the debt-laden, ...
Brad DeLong

The Challenges of the Eurozone
By Henning Meyer
With the eurozone recession set to get worse, world leaders (…) will have to face a number of challenges. For two years the debt crisis has loomed over Europe. Greece, Ireland and Portugal have all needed bailouts and some of Europe's ...
Social Europe Journal

Greece to leave the Eurozone and become a German colony | Bill ...
By bill
European Union leaders will sign off on a permanent rescue fund for the euro zone at a summit on Monday and are expected to agree on a balanced budget rule in national legislation, with unresolved problems in Greece casting a shadow on ...
Bill Mitchell - billy blog

EconomicPolicyJournal.com: Greek Financial Crisis Resulting in ...
By Robert Wenzel
Greek Financial Crisis Resulting in More Abandoned Children. Greece is coming apart at the seems. The Guardian had this report in late December: As Greece prepares to endure a fifth consecutive year of recession, as the crisis extends its ...
EconomicPolicyJournal.com

No Country Will Exit the Euro Zone This Year: Jim Rogers
By editor
Billionaire investor and chairman of Singapore-based Rogers Holdings, Jim Rogers believes that no country will exit the euro zone this year. I don't think.
Wall Street Pit

The Euro Crisis | gnovis
By Colleen Valentine
Georgetown University's peer-reviewed Journal of Communication, Culture & Technology (CCT)
gnovis

The Euro Crisis in Economist Covers | The Mess That Greenspan ...
By Tim
I haven't done one of these animated .gifs in quite a while, but it seemed worth the effort to put together these Economist covers on the euro crisis,
The Mess That Greenspan Made

Euro zone economic sentiment rises to 93.4 in January | ForexLive
Up from revised 92.8 in December , but marginally weaker than Reuters' median forecast of 93.8.
ForexLive

Sober Look: Can Germany decouple from Eurozone's "double-dip ...
By Walter Kurtz
Nevertherless the surveys are pointing to a potential for Germany to avoid a "double-dip" recession, which is inevitable for many other Eurozone states. ZEW: On average the experts estimate a likelihood of 71 per cent that the German GDP ...
Sober Look

Forex - GBP/USD remains lower on euro zone jitters By Forexpros
By Forexpros
Forex - GBP/USD remains lower on euro zone jitters.
Forex Pros RSS News Feed | Forex News

XE.com - UPDATE 8-Oil falls on euro zone worry, eyeing Iran
By Robert Gibbons. NEW YORK, Jan 30 (Reuters) - Oil prices fell on Monday. as traders weighed concerns about difficulties negotiating a. deal to restructure Greece's debt against the risk of a rabid. halt in Iran's oil sales to Europe. The dollar ...
XE Forex News

Stocks Lower into Final Hour on Rising Eurozone Debt Angst, Less ...
By Gary
BOTTOM LINE: Today's overall market action is mildly bearish, as the S&P 500 trades lower, but near session highs, on more global growth fears, profit-taking, high energy prices, less financial sector optimism and rising Eurozone debt angst.
BETWEEN THE HEDGES

IMF Needs More Funding to Stem Euro Crisis: Lagarde - CNBC
The International Monetary Fund needs $500 billion to help contain the spreading European debt crisis, the organization's managing director, Christine Lagarde, ...
www.cnbc.com/.../IMF_Needs_More_Funding_to_Stem_Euro...

Monday, January 30, 2012

Eurozone crisis: angry Greeks condemn EU plot to control its finances

Eurozone crisis: angry Greeks condemn EU plot to control its finances
The Guardian
The eurozone's first ever debt restructuring, the bond swap foresees banks and other private investors voluntarily accepting a 50% loss in the value of their holdings, a writedown that will slice about €100bn from the nation's debt pile.

The Guardian

Eurozone's score card
BBC News
As Europe's leaders gather yet again in Brussels, it is worth assessing where we are with the eurozone crisis. It has been blowing for two years. It has not abated. In that time there have been, at least, 15 summits. Maybe more.

BBC News

Roubini Says Eurozone 'Wreck' May Force Greece Out in Year
BusinessWeek
28 (Bloomberg) -- Nouriel Roubini, the New York University economist who predicted the financial crisis, said Greece will probably leave Europe's single currency within 12 months and could soon be followed by Portugal. “The euro zone is a slow-motion ...

Euro Crisis Stabilizing After Response, Sarkozy Says
Bloomberg
French President Nicolas Sarkozy said the euro-region's financial crisis is stabilizing thanks to measures taken by European leaders. “We can say -- with caution -- that we see elements of financial stability in France, in Europe and in the world,” ...

Euro crisis dominates Davos forum, but growing gap between haves and have-nots ...
Washington Post
Despite some guarded optimism about Europe's latest attempts to stem the eurozone crisis, fears remain that turmoil could return and spill over to the rest of the world. And there were no answers to the widening inequality gap, but a mounting ...

Officials stress importance of euro zone firewall
STLtoday.com
DAVOS, Switzerland • Firewall was once again the buzzword in discussions on the eurozone debt crisis at the World Economic Forum's annual meeting on Saturday, with several senior officials from around the globe urging Europe to reinforce its defenses.

Austria Backs Boosting Euro Zone Firewall - Report
Middle East North Africa Financial Network
BERLIN, Jan 29, 2012 (Dow Jones Commodities News Select via Comtex) -- Austrian Chancellor Werner Faymann warned against allowing Greece to default and called for combining the euro zone's temporary and planned permanent bailout funds to boost the ...

Interview: Eurozone certainly imperfect, but not unsustainable: CEPS director
Xinhua
"The eurozone's problem is not lack one of these systems, but simply a no," referring to theeurozone's lacking of "a strong unified central bank, a sound financial system, a high degree of integration and flexibility to respond to economic shocks," ...

Cameron to nod through EU treaty
Financial Times
By George Parker, Political Editor David Cameron will reignite tensions in the Tory party over Europe today when he nods through a treaty intended to strengthen eurozone fiscal discipline, even though it contains elements he had previously opposed.

Did Germany sow the seeds of the eurozone debt crisis?
BBC News
By Allan Little BBC News Having to pay for its reunification after the fall of the Berlin wall, Germany broke the budget deficit rules in 2003 - did this set a bad example for the eurozone? Who is to blame for starting the current crisis in the ...

BBC News

UK remains hostile to eurozone
Press TV
As Britain moves toward affiliating itself with the world's fastest-growing economy, it continues to create problems for the eurozone countries. Being outside the eurozonebloc, Britain is attracting investments from China as it remains determined to ...

Press TV

Euro crisis to dominate WEF meetings
BusinessLIVE
This week's World Economic Forum (WEF), which congregates a record 2600 political and business leaders in the Swiss town of Davos is an ideal opportunity to solve theeurozone sovereign debt crisis. The crisis has dominated international capital ...

BusinessLIVE

Labour market reforms top priority in eurozone
Economic Times
By Klaus F Zimmermann The reform of labour markets is the most critical part of the reform process across the EU. Only successful measures in this arena can bring about a lasting, future-oriented turnaround for Europe. European heads of state have a ...

Kenya Airways issues profit warning, blames euro zone crisis
The Standard
In Africa, Kenya Airways and South Africa Airlines Kenya Airways, one of Africa's leading carriers, has issued a profit warning, blaming the euro zone debt crisis, political unrest in Egypt and escalating fuel prices. The warning is likely to surprise ...

IMF asks Swiss to add to Eurozone crisis fund
swissinfo.ch
The head of the International Monetary Fund has called on Switzerland to contribute to a eurozonecrisis fund. Christine Lagarde made the appeal to Swiss Finance Minister Eveline Widmer-Schlumpf on the sidelines of the World Economic Forum in Davos.

Fitch Ratings Agency Downgrades European Debt - Fred Dunsel (01/29/12)
WallStreetWindow.com
According to Fitch, its decision stemmed from a worsening economic outlook in much of the euro zone. Expressing concern about the divergence of monetary and credit conditions across the euro zone, Fitch said that if this phenomenon remained unaddressed ...

The circular logic of ECB cash
Business Spectator
According to reports from Davos, the consensus among global economic leaders is that the most dangerous phase of the eurozone crisis may now be over. Mario Draghi has emerged as the hero of the hour. By using the central bank balance sheet aggressively ...

Investors prepare to snap up bargain eurozone shares
Telegraph.co.uk
British investors pulled more than £100bn out of European funds last year, as fears over the eurozone crisis grew. But now, managers are saying the worst is over, and the price is right and that an opportunity beckons for contrarian investors.

Telegraph.co.uk

Stocks face headwinds next week
CNN
Portugal's borrowing costs surged to record highs last week amid concerns it could be the nexteurozone nation to face a default. Still, borrowing costs for Italy and Spain have come down and both nations have held successful auctions of short-term ...

We've Got Bigger Problems Right Now: Nouriel Roubini, Ian Bremmer - Davos
Petroleumworld.com
Nouriel and I both believe that we're presently at a G-zero, where there isn't global leadership, and that is articulating itself economically [with] the eurozone. If the Europeans don't get themselves out of this, the US obviously isn't going to, ...

Petroleumworld.com

India strong enough to brave impact of global financial crisis, says Anand Sharma
All India Radio
India has asserted that it has the mechanism to deal with issues of corruption and is robust enough to brave the impact of the global financial crisis on the domestic economy. Speaking to reporters on the sidelines of the World Economic Forum annual...

All India Radio

Severstal ready for worst case Euro Zone scenario
SteelGuru
It is reported that one of the world's biggest steel firms, Russia OAO Severstal is ready for a euro zone collapse and a return to the bleak conditions that faced the steel sector as a result of the economic downturn in 2008. Mr Alexei Mordashov CEO of ...

Intra-Africa trade can spare continent Euro fallout
Reuters
By Aaron Maasho | ADDIS ABABA (Reuters) - African countries can prepare for the impact of theeuro-zone crisis that threatens to derail economic growth on the continent by improving trade between their countries and fighting inflation, a top World Bank ...

Chester officials offer solution to school financial crisis
Daily Local News
CHESTER — Officials from the Chester Community Charter School and Chester Upland School District have teamed up and offered a joint proposal to solve the ongoing funding crisis. “With the Governor's approval, this package of funds would allow the ...

The new European Union credit downgrades
Human Events
by Rachel Marsden The Fitch Ratings agency has downgraded the credit of another six European countries -- Belgium, Cyprus, Italy, Ireland, Slovenia, and Spain – citing “the financing risks faced byEurozone sovereign governments in the absence of a ...

PES President: Merkozy Sing Lullabies to Eurozone
Novinite.com
... the EU has the resources until 2014 to bring 2 M young Europeans out of unemployment. He added that PES have data that youth unemployment costs the EU some EUR 2 B per week. Bulgaria : PES President : Merkozy Sing Lullabies toEurozone.

Novinite.com

Mario Draghi, the Latin Bloc's monetarist avenger
Telegraph.co.uk
The eurozone money supply is contracting at an accelerating pace on all fronts. The broad M3 gauge has fallen for the last three months in a row. A slump is already baked in the pie. By Ambrose Evans-Pritchard Credit to households and firms shrank by ...

Telegraph.co.uk

Eurozone worries will overshadow economic data and earnings reports
Business Times (subscription)
By ROB CURRAN THE apparent acceleration of the economic recovery has sent the US stock market on a bull run, but the dogs of Europe are still snapping at the bull's heels. Last week, the Dow Jones Industrial Average touched its highest level since the ...

The Report That Will Blow Up The Eurozone
By The Automatic Earth
Germany and the Netherlands are likely to quit the eurozone rather than swallow an indefinite number of 'unrequited transfers' to the union's crisis-stricken nations, according to Charles Dumas, chief economist at Lombard Street Research.
Business Insider

CONTRACTION IN EUROZONE'S REPO MARKETS IS DRIVING M3 ...
By Sober Look
Yesterday the ECB released its monetary aggregates measures for the Eurozone through Dec-2011. The following chart shows the absolute level of Eurozone's M3 aggregate, a broad measure of money stock. (Note that at times it is helpful to ...
PRAGMATIC CAPITALISM

Can Greece now leave the eurozone? — Marginal Revolution
By Tyler Cowen
Meg Greene writes: I have long thought that the troika would cut Greece loose and let it default and exit the eurozone once eurozone banks had been sufficiently firewalled. Perhaps this aggressive proposal by Germany is one of the ...
Marginal Revolution

Fuel Fix » Greece rejects call for eurozone to control its budget
By FT.com - Energy
Greece rejects call for eurozone to control its budget.
Fuel Fix

Opinio Juris » Blog Archive » Julian Arato on the Eurozone Crisis ...
By Kenneth Anderson
Continuing our series of posts related to Eurozone governance issues, I have invited Julian Arato to offer the following two part comment on the role of the German Federal Constitutional Court (FCC) in the EZ crisis and its resolution. The first ...
Opinio Juris

German proposal for Greece's compliance: accelerating eurozone ...
By Megan Greene
This clause for a voluntary eurozone exit increasingly seems like a preview for things to come in Greece. Greece is currently in the midst of negotiating a PSI deal, without which it faces a hard default when it must roll over €14.5bn in debt on ...
Euro Area Debt Crisis by Megan Greene

Fear and greed in the eurozone | Gavyn Davies | Insight into ...
By Gavyn Davies
Gavyn Davies blogs for the Financial Times on macroeconomics, economic policymaking and the financial markets. Gavyn Davies is a macroeconomist who was the head of the global economics department at Goldman Sachs from ...
Gavyn Davies

Mathale blames Eurozone debt crisis for Limpopo woes - News ...
Limpopo premier Cassel Mathale has blamed the Eurozone debt crisis for hampering job creation and economic development in the province.
Mail & Guardian News Feed

Eurozone will collapse this year, says Nouriel Roubini | GoldSilver ...
Nouriel Roubini, the economist credited with having foreseen the credit crunch, has warned that theeurozone will collapse within the year...
GoldSilver.com

At World Economic Forum, Fear of Global Contagion Dominates ...
By Kit
The participants arrived amid elevated unemployment in many economies, worries about government budget deficits, and fears that contagion from a financial crisis in Europe could infect the rest of the world. They went home with all of these ...
Lim Kit Siang

EU summit to sign deal increasing control over eurozone countries
By nineoclock
BRUSSELS – The European Union is to gain dramatic powers to control tax and spending in crisis-hit eurozone countries under a deal to save the currency. The EU will have to agree the national budgets of heavily indebted countries under a ...
Nine O`Clock

DAVOS FORUM: IMF chief calls on eurozone to boost financial ...
By Wire News Sources
International Monetary Fund chief Christine Lagarde led a global push for the eurozone to build up its financial firewall at the Davos Forum on Saturday, saying.
Herald de Paris

As Davos Draws to a Close, Few Answers on Euro Crisis – Jakarta ...
By asia economy - Google News
Jakarta GlobeAs Davos Draws to a Close, Few Answers on Euro CrisisJakarta GlobeAfter the euphoria of the Arab Spring, reality has set in for the Middle East; Asia, while growing robustly, faces some tough challenges in closing the income ...
Daily Financial News

The left didn't cause the financial crisis, but it needs to point the way ...
Felipe González: Europe's left should get off the back foot and offer reforms that reward productivity, innovation and the spirit of the entrepreneur.
www.guardian.co.uk/.../2012/jan/.../financial-crisis-left-europe

Euro-zone Money Supply, Loan Growth Slows In Dec. | Fox Business
Data measuring broad money supply and private-sector loans in the euro zone both showed slowing growth in December, the European Central Bank said ...
www.foxbusiness.com/.../euro-zone-money-supply-loan-grow...

Eurocrisis is a Global Crisis
Leo Panitch: People need to build their own political organizations that push for public banking and serious capital controls.
therealnews.com/t2/index.php?option=com...id...

Saturday, January 28, 2012

Fitch cuts Italy, Spain, other euro zone ratings

Fitch cuts Italy, Spain, other euro zone ratings
Reuters
Fitch said it had weighed up a worsening economic outlook in much of the euro zone against the European Central Bank's December move to flood the banking sector with cheap three-year money and austerity efforts by governments to curb their debts.

Euro-Zone Bank-Lending Growth Slows
Wall Street Journal
By MARGIT FEHER and TODD BUELL FRANKFURT—Euro-zone bank lending growth slowed sharply in December, a sign that economic activity will remain subdued and inflation depressed in the region, opening up room for further rate cuts, while the effects of the ...

Eurozone Fears Permeate Davos
Council on Foreign Relations
The ongoing eurozone sovereign debt crisis has dominated the start of the World Economic Forum in Davos, Switzerland, with many private sector business leaders urging Germany to do more to alleviate Europe's fiscal woes. German Chancellor Angela Merkel ...

Euro zone may need to help Greece more: Juncker in paper
Reuters
VIENNA (Reuters) - Euro zone members may have to increase their financial support for Greece if Athens and the private sector do their part to address the country's debt crisis, Eurogroup head Jean-Claude Juncker told a newspaper.

David Cameron in U-turn over fiscal policing of eurozone
The Guardian
The prime minister has abandoned his pledge to block the eurozone from using common EU institutions to police a new regime of fiscal integration and stiff German-style rules for the embattled single currency. Ahead of Monday's summit of EU leaders,...

The Guardian

Osborne lays down conditions for eurozone fund contribution
The Guardian
"And crucially, IMF resources to support individual countries cannot be a substitute for further credible steps by the eurozone to support their currency," he said. "In other words, the world needs to see the colour of their money before it contributes ...

The Guardian

Tensions rise over eurozone firewall
Financial Times
By FT reporters Fresh signs of tension between France and Germany over theeurozone rescue emerged on Friday, as expectations rise that a deal to restructure Greece's sovereign debt could be agreed as early as this weekend. “We are very close to a deal ...

Financial Times

Euro-zone Leaders Could Meet After EU Summit Mon - Sources
Wall Street Journal
BRUSSELS (Dow Jones)--The 17 euro-zone leaders may hold a special meeting Monday to discuss Greece, following the main summit of all 27 European Union leaders, a European official told Dow Jones Newswires Friday. "A euro-area summit has not been called ...

Eurozone crisis live: Greece inches towards deal with creditors
The Guardian
7.39am: Not surprisingly, much of the attention around the euro crisis is focused on Greece this week as the talks over the bond swap go on. But there is a growing belief that Italy is really the key battleground. Our Brussels correspondent Ian Traynor ...

The Guardian

Mt. Euro-Zone Is Dormant, Not Extinct Volcano
Wall Street Journal (blog)
By RICHARD BARLEY Is the worst of the euro-zone bond-market crisis over? It's tempting to think so: Italian 10-year yields are under 6%, their lowest since October, while Spanish yields are well under 5%, a level not seen in over a year.

Eurozone will not fail: economist
Vancouver Sun
Canada does not need to prepare for the collapse of the eurozone because it is not going to happen, Herbert Grubel, a Fraser Institute senior fellow and emeritus professor of economics at Simon Fraser University said Thursday.

Euro zone crisis puts Asean model into question
Jakarta Post
Pailin Chuchottaworn, CEO of PTT Plc, told the audience at the World Economic Forum in Davos that the crisis in the euro zone has suddenly thrown the Asean model into question. "Asean 10, which is starting an Asean Economic Community, was modelled ...

'Show us the colour of your money' Osborne tells eurozone
Channel 4 News
Chancellor George Osborne says Britain will contribute more to the IMF as it comes to the aid of struggling EU countries, but only if the eurozone takes action to deal with its debt crisis. Mr Osborne made the comments in a speech to business leaders ...

Channel 4 News

Don't Let Iran Benefit From EU Financial Crisis: John R. Bolton
Bloomberg
The European financial crisis and the ineffective effort to stop Iran's nuclear-weapons program are crashing into each other. As the European Union adopts new restrictions on importing Iranian oil, the most-troubled EU economies will continue to seek ...

Bloomberg

Greece Leaving The Euro Zone Won't Bring Recovery - Spokesman
Wall Street Journal
ATHENS (Dow Jones)--Greece leaving the euro zone wouldn't bring about economic recovery, the government's spokesman said Friday, even as the country struggled to secure a new EUR130 billion loan it needs to avoid default. Speaking on privately owned ...

Sweden can back eurozone pact: Riksdag
The Local.se
Sweden's parliament on Friday gave as expected the government a green light to support the eurozone pact on fiscal discipline at an EU summit next week, as long as certain terms are met. The parliament's EU affairs "committee concluded that the ...

The Local.se

Steel Firm Readies Itself for Worst Case Euro-Zone Scenario
Wall Street Journal (blog)
By Andrea Hotter One of the world's biggest steel firms, Russia's OAO Severstal, says it's ready for a euro-zone collapse and a return to the bleak conditions that faced the steel sector as a result of the economic downturn in 2008.

The Euro Zone's Bridges from Nowhere
BusinessWeek
When the euro crisis started brewing, Stam set to work bringing the bridges, those woebegone symbols of European cooperation, to life. “I thought it was funny that me, just a regular designer, could take something that big and just claim it,” says Stam ...

BusinessWeek

Live Blog: 'The Future of the Euro Zone' Event in Davos
CNBC.com
The Future of the Eurozone is chaired by Maria Bartiromo, anchor of CNBC's "Closing Bell." All times are Central European Time (CET). The event is scheduled to run one hour. 10:28 am The crowd settles in at Congress Hall within the Congress Centre in ...

CNBC.com

Eurozone policies forcing deflationary debt spiral: Soros
Moneycontrol.com
Soros Fund Management Chairman George Soros says that eurozone policies are pushing the region into a deflationary debt spiral, reports CNBC-TV18. "The policies that Germany is pushing on the eurozone strict fiscal austerity, it is creating a ...

Moneycontrol.com

Eurozone Leading Index Rises For First Time In 10 Months
NASDAQ
(RTTNews.com) - Eurozone's leading economic indicator increased for the first time in ten months December, partly reflecting a modest decrease in the level of stress on financial markets, data from a survey by the Conference Board showed Friday.

Davos 2012: All the action from day three of the World Economic Forum
The Guardian (blog)
10.11am: Jill Treanor, at the session on the Future of the Eurozone, reports that Olli Rehn had made an full-throated pitch for the US and the UK to put more money into the International Monetary Fund. The eurozone finance ministers on the panel also ...

The Guardian (blog)

Eurozone optimism rears its head in Davos
Macleans.ca
But despite the expressions of optimism in Davos, things don't look so pretty elsewhere in theEurozone. Portugal's bond yields are on the rise, and EU and IMF officials are in Athens to bargain with Greek officials on how to ensure the next tranche of ...

DAVOS: UK Osborne: Need More Euro-Zone Resources To Stand Behind Euro
Wall Street Journal
(Dow Jones)--UK Chancellor of the Exchequer George Osborne said Friday in an interview with CNBC from Davos that the euro zone needs to provide more resources for its currency. "Ultimately, we need to see more resources from the euro zone to stand ...

Why aren't you panicking about the Eurocrisis right now?
MarketWatch (blog)
I'm going to throw it out there for you guys once again, as I do everytime the Greece/Eurocrisis panic subsides — NOW IS THE TIME TO PANIC ABOUT GREECE! Seriously, if you were worried about Greece's debt crisis and the ability of the Euro currency to ...

LEAD: Germany resists pressure to boost eurozone bailout funds
Monsters and Critics.com
Brussels - Germany on Friday resisted pressure to agree to an immediate expansion of eurozonerescue funds, despite fresh calls for such from France and the European Union's executive, while Poland raised issues with a draft budget discipline pact.

Fuel Fix » Tensions rise over eurozone firewall
By FT.com - Energy
Tensions rise over eurozone firewall. ... Share share E-mail. Fresh tensions emerge between France and Germany over the eurozone rescue despite expectations a deal to restructure Greece's debt is imminent. 3. |. Tweet. Share share E-mail ...
Fuel Fix

Fitch downgrades 5 eurozone nations | Washington Examiner
By The Associated Press
U.S. ratings agency Fitch says it is downgrading the credit ratings of five countries that use the euro, including economic heavyweights Italy and Spain.
Examiner World RSS

Update from the eurozone, the very very latest hottest news you can ...
By Tyler Cowen
You will find the report here, and I thank John B. Bryant for the pointer.
Marginal Revolution

mainly macro: Optimism or Pessimism on the EuroZone Crisis?
By Mainly Macro
Yesterday Fred Bergsten and Jacob Kirkegaard at VoxEU sound a much more optimistic note about the ability of European leaders to see their way through the Eurozone crisis. They say “We therefore believe the Eurozone crisis – despite the ...
mainly macro

Eurozone M3 Money Supply up 1.6% vs 2.2% expected for year ...
By Vincent Facchino
Private loans up 1.0% vs 2.1% for year. Eur/Usd has dipped below 1.31 to trade at 1.3092. Categories: Forex News | Tags: Euro. No Responses to “Eurozone M3 Money Supply up 1.6% vs 2.2% expected for year”. Add a comment ...
Forex News and Commentary by FXDD

Forex Trading: Eurozone M3 Money Supply Up 1.6% Vs 2.2 ...
By Greg Michalowski
Forex Trading: Eurozone M3 Money Supply Up 1.6% Vs 2.2% Expected For Year. By Greg Michalowski on January 27, 2012 | More Posts By Greg Michalowski | Forex News By FXDD · Subscribe by RSS · Email/Share Page · Tweet ...
DailyMarkets.com

Sober Look: Restoring confidence in Eurozone's sovereign credit ...
By Walter Kurtz
Restoring confidence in Eurozone's sovereign credit markets. Portuguese bonds continue to sell off as the market focuses on Portugal becoming the next Greece. Portuguese spreads have completely decoupled from the rest of the Eurozone ...
Sober Look

Stratfor: Eurozone Prepares to Eject Greece | Global Macro Monitor
By macromon
Be the first to like this post. This entry was posted in Black Swan Watch, Euro, PIIGS, Sovereign Debt, Sovereign Risk and tagged Ejection, Euro, Eurozone, Greece. Bookmark the permalink. ← Lagarde: The Trillion Dollar Woman and Best IMF ...
Global Macro Monitor

XE.com - HIGHLIGHTS-Euro zone finmins speaking in Davos
Following are comments by euro zone finance ministers speaking at the annual World Economic Forum meeting of political and business leaders on Friday.
XE Forex News

JPMorgan's Dimon Says Bank Stayed in Eurozone Periphery for ...
By Stefan B
JPMorgan's Dimon Says Bank Stayed in Eurozone Periphery for 'Social Reasons'. Jamie Dimon, the chief executive of JP Morgan Chase, is sticking with decisions to invest heavily in the eurozone “for social reasons”. by Jeremy Warner ...
SGTreport.com

Germany unable to cope with eurozone debt crisis alone : Voice of ...
Germany is unable to cope with the debt crisis in the eurozone on its own. This opinion was expressed in an interview for the newspaper "Le Figaro" by chairman of the Eurogroup, Prime Minister of Luxembourg Jean-Claude Juncker.
Voice of Russia, News

Tension over size of eurozone firewall
Tension over size of eurozone firewall. published about 7 hours ago. Fresh tensions emerge between France and Germany over the eurozone rescue despite expectations a deal to restructure Greece's debt is imminent. Financial Times - ...
NewsOnFeeds.com World News

Euro Zone May Yet Escape Recession as Services Jump - EU ...
The euro zone may yet escape recession thanks to a surprise upturn in the service sector that outweighed the ongoing contraction in manufacturing this month, ...
www.cnbc.com/.../Euro_Zone_May_Yet_Escape_Recession_a...

Austerity Fails: Eurozone Countries in Mass Downgrade | Common ...
S&P said austerity was driving Europe even deeper into financial crisis as it also cut Austria's triple-A rating, and relegated Portugal and Cyprus to junk status.
www.commondreams.org/headline/2012/01/14-0

The coming resolution of the Eurozone crisis | vox - Research-based ...
Policy reactions to the Eurozone crisis are seen by many as short-sighted, incoherent, and driven by political expediency. This column disagrees. What we are ...
www.voxeu.org/index.php?q=node/7568

Eurozone: Fiscal or trade crisis? - Economic Times
Most people think of the eurozone crisis as a fiscal crisis. They see the southern European countries collectively called the PIIGS (Portugal, Ireland, Italy, Greece ...
articles.economictimes.indiatimes.com/.../30639118_1_fiscal-...

Friday, January 27, 2012

Leaders in Euro Zone Shift Focus Beyond Gloom

Leaders in Euro Zone Shift Focus Beyond Gloom
New York Times
Instead, the debate is now focusing on the best way for the euro zone to weather an economic downturn and whether it can emerge stronger from the ordeal. Leaders like Chancellor Angela Merkel of Germany are displaying a renewed will to preserve the ...

CORRECT: US Republicans Gearing Up To Stop Funding IMF Bailout Of Euro Zone
Wall Street Journal
By Ian Talley Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Republicans are gearing up their political machinery to prevent a US rescue of the euro zone as the International Monetary Fund is pushing to bulk up its resource base to more than $1 ...

Euro-Zone Govts Discussing Losses On Greek Debt Held By Central Banks -Sources
Wall Street Journal
By Matthew Dalton Of DOW JONES NEWSWIRES BRUSSELS (Dow Jones)--Euro-zonegovernments are discussing whether the currency bloc's central banking system should accept losses on its holdings of Greek debt, but the idea is so controversial that it is ...

Cameron tells Davos: Germany must be bold over eurozone crisis
The Guardian
Cameron urged all the eurozone's leaders to follow Britain's "bold and decisive" action in dealing with its debt crisis as he warned that the continent was facing a "perilous" moment. He argued that three things needed to be done urgently in 2012: ...

The Guardian

Euro Zone Needs to Reduce Headcount, Czech Banker Says
Wall Street Journal (blog)
By Sean Carney Kamil Janacek, a rate setter at the Czech Republic's central bank, which just approved a €1.5 billion contribution to the euro-zone's bailout fund via the International Monetary Fund, has concerns that the currency zone's problems won't ...

More pain awaits euro zone periphery
Reuters
By Jonathan Cable and Andy Bruce | LONDON (Reuters) - Greece, Portugal, Spain, and to a lesser extent, Ireland, still face a year or two of economic strife as severe austerity measures rip into growth prospects for the euro zone's weakest members, ...

Top bankers say more optimistic on euro crisis
Reuters
By Lisa Jucca and Paritosh Bansal | DAVOS Jan 26 (Reuters) - Some of the world's top bankers are increasingly hopeful that the euro zone's debt crisis can be resolved and confident of a deal to ensure Greece's now inevitable debt default will be ...

Fitch: Eurozone Crisis Continues to Drive Global Credit Outlook
MarketWatch (press release)
Fitch Ratings says in its latest bi-annual global credit outlook report that the intensification of theeurozone crisis in H211 triggered an overall rise in the proportion of negative rating outlooks assigned by the agency. Whilst still broadly in line ...

US prime money funds cut euro zone exposure: Fitch
Reuters
NEW YORK (Reuters) - Prime money market funds further reduced their exposure to securities issued by euro zone banks in December because of nagging worries about the region's sovereign debt crisis, Fitch Ratings said on Thursday.

BIS: Banks Cut Lending To Central, Eastern Europe, Euro-Zone
Wall Street Journal
LONDON (Dow Jones)--Banks cut their lending to a number of countries in central and eastern Europe in the third quarter, and slashed their lending to troubled euro-zone economies. The Bank for International Settlements Thursday said that adjusted for ...

UPDATE DAVOS: Mexico President Calls For `Bazooka' In Euro Crisis
Wall Street Journal
By Michael J. Casey Of DOW JONES NEWSWIRES DAVOS, Switzerland (Dow Jones)--The euro-zone crisis is a ticking time bomb threatening the world economy and the international community must act urgently and aggressively to defuse it, Mexican President ...

Why Portugal Might Be The Real Trigger That Causes The Eurozone To Spiral Out ...
Business Insider
... Greek bank Commerzbank owns €1.4 billion ($1.8 billion). While a Greek default may already be priced in, a Portuguese one likely is not. If Portugal goes, it might be the trigger for a downward spiral of contagion that would be difficult to stop.

Eurozone Crisis Greece Resume Debt Deal Negotiations As Private Creditors In ...
Sky News
But at the heart of the eurozone crisis, confidence that the country can grow its way out of its indebtedness is waning. The IMF believes the situation is so severe that EU institutions and governments must help out. However, the European Central Bank ...

Sky News

Eurozone crisis will affect Gulf countries
Economic Times
DUBAI: A worsening Eurozone debt crisis will affect the GCC countries as European banks will shrink their capital and be less effective in the restructuring efforts in the region, a senior official has said. Nitin Mehta, Managing Director of CFA ...

Eastern Europe's Growth Hinges on Euro Zone: EBRD
CNBC.com
Growth in Central and Eastern Europe hinges on developments in the euro zone and a slowdown in the CEE region is already underway, European Bank for Reconstruction and Development (EBRD) chief economist Erik Berglof told CNBC on Wednesday.

CNBC.com

The IMF's eurozone woes
European Voice
By Ian Wishart - 26.01.2012 / 05:10 CET The International Monetary Fund (IMF) is involved in a deep, complex and potentially corrosive relationship with the European Union over the response to theeurozone's sovereign debt crisis.

Russians watch euro-zone crisis from a distance
MarketWatch (blog)
He spoke to me about Russian banking, the economic and political situation in the country as well as the impact of the euro-zone sovereign debt crisis. “The euro-zonecrisis is something we're watching from a distance, but Russia isn't experiencing the ...

MarketWatch (blog)

French bank boss says eurozone crisis has peaked
BBC News
First he is convinced that the worst of the eurozone crisis is behind us - thanks in part to the massive injection of three-year loans into the eurozone banking system by the European Central Bank, which I have been banging on about for weeks here and ...

BBC News

Crisis-hit euro zone fades as beacon for neighbours - EBRD
Reuters UK
By Paul Carrel | DAVOS, Switzerland (Reuters) - The euro zone's obsession with its debt crisis means the bloc is fading as a beacon for newer and potential EU members, raising the risk they soft-pedal or even reverse reforms, the European Bank for ...

FUND VIEW-PIMCO tells clients diversify out of euros
Reuters
By Neal Armstrong | LONDON (Reuters) - PIMCO is advising clients to diversify out of euros to protect the value of their investment holdings amid a highly uncertain outlook in the euro zone, with emerging market currencies seen as an attractive ...

WORLD FOREX: Dollar Struggles For Direction Amid Lull In Euro Crisis
Wall Street Journal
By Kosaku Narioka Of DOW JONES NEWSWIRES TOKYO (Dow Jones)--The dollar struggled for direction against the yen in Asia Thursday as investors mulled new trading themes, such as prolonged easy monetary policy in the US and potential yen weakness, ...

Rio chief hopeful on euro-zone crisis
Sydney Morning Herald
Rio Tinto chief executive Tom Albanese said the recent signs of action in Europe were keeping alive hopes that the global economy would continue to recover from thefinancial crisis of 2008. ''My sense is that in the past 30 to 60 days, ...

Sydney Morning Herald

Fitch: US Money Fund Exposure to Eurozone Banks Diverging
MarketWatch (press release)
US prime money market funds (MMFs) continued to reduce their exposure to Eurozone banks, according to Fitch Ratings. In other signs of ongoing risk aversion, MMFs maintained relatively sizable exposure in the form of repos and in short-term Treasury ...

At Euro Talks, a Calm Arm-Twister From Washington
New York Times
It is at times an awkward role, but the stakes are enormous, not just for the United States but for preservation of the euro zone and its currency. Ms. Brainard, 49, operates mostly behind the scenes, in private phone calls and discreet visits — 17 ...

Ackermann Says Greece Solution Still 'Open' as Debt Talks Resume
BusinessWeek
26 (Bloomberg) -- Resolving the Greek sovereign-debt crisis is crucial to avoiding contagion in Europe, said Deutsche Bank AG Chief Executive Officer Josef Ackermann, as private bondholders met Prime Minister Lucas Papademos to seek an accord to cut ...

Soros: euro crisis might wreck EU
The Guardian
Nouriel Roubini, one of the few economists to predict the global financial crisis, said: "The policy response is making the recession worse. What Europe needs is less austerity and more growth." Ken Rogoff, a former chief economist at the International ...

Factory growth frozen by eurozone turmoil
Yorkshire Post
Business lobby group the Confederation of British Industry (CBI) said while many UK manufacturers have cash, turmoil in the eurozone has made them think twice about spending it. The figures came as Britain's economy planted one foot in recession, ...

Yorkshire Post

Euro Group's Juncker Says Greek Default Would Lead to Contagion
BusinessWeek
26 (Bloomberg) -- Jean-Claude Juncker, the prime minister of Luxembourg who leads the group of euro-area finance ministers, said that Greek default would lead to contagion, meaning the possibilty needs to be avoided, according to an interview published ...

Eurozone and IMF to make new analysis of Greek debt: source
MSN Philippines News
The eurozone and IMF will conduct the analysis and the debt writedown deal Greece is negotiating with its private creditors would be adjusted depending on its conclusions, added the Greek finance ministry official on condition of anonymity.

Soros damns German handling of euro crisis - The Local
Prominent US investor George Soros launched a devastating broadside against the Germany's handling of the European debt crisis, saying the eurozone was on a “self-destructive” course.
The Local - Germany's news in English

Calafia Beach Pundit: The Eurozone crisis is slowly fading away
By Scott Grannis
Eurozone swap spreads are still elevated, but they have come off their highs and as such are no longer signaling an imminent disaster. U.S. swap spreads have moderated substantially, having returned to the low 30s, well within the range that ...
Calafia Beach Pundit

Behind the financial crisis: A fraud investigator talks | The Big Picture
By Barry Ritholtz
Tom Borgers was tasked by a Congressional commission to investigate the causes of the financial crisis and found repeated examples of mortgage fraud. So why.
The Big Picture

Core inflation in the Eurozone « Real-World Economics Review Blog
By merijnknibbe
One week before the crucial monthly monetary policy meeting of the board of the ECB and two weeks before the 'real' data is published, Eurostat publishes a 'flash' estimate of inflation in theEurozone. This estimate tries to predict headline ...
Real-World Economics Review Blog

Chancellor Merkel oasis of calm among Eurozone firestorm — RT
By RT
Many were hoping for a bold move from Angela Merkel. Instead, all they got from the German chancellor was a plea for time and calm.
News RSS : Today

Gov't gives conditional approval to join eurozone's fiscal compact ...
Gov't gives conditional approval to join eurozone's fiscal compact. ČTK |. 26 January 2012. Prague, Jan 25 (CTK) - The Czech government yesterday voiced a conditional consent to the prepared EU fiscal discipline pact and it decided that it ...
Prague Monitor

XE.com - TEXT-Fitch:U.S. money fund exposure to Eurozone banks ...
The following statement was released by the rating agency)
XE Forex News

Merkel is correct about Eurozone reforms - But which reforms ...
By Protesilaos Stavrou
Exponentially more are the voices calling for an exit of Greece from the euro as a panacea to the maladies of the country and the difficulties the eurozone is facing, allegedly because of Greece. Among them are key figures of the ...
Protesilaos Stavrou

Davos focused on euro crisis | Baltic Review
By mr.balticum@live.de (Mr. Balticum)
The euro crisis is the main topic at Davos, but the economic rescue of Europe should not drive the political European project into the background, writes historian Timothy Garton Ash in a guest commentary in the left-liberal daily La Repubblica ...
Baltic Review

Spain calls for eurozone rescue fund boost - The Olive Press
By Eloise Horsfield
Foreign minister Jose Manuel Garcia-Margallo also called for sweeping changes to the structure of the eurozone, and urged the ECB to increase bond purchases.
Olive Press Newspaper Spain

Uganda: World Bank Boosts Developing Countries Affected By ...
By agyateng
The World Bank Group has announced that it is making $27 billion in funding available over the next two years for countries of Emerging Europe and Central Asia (ECA) impacted by the Eurozone crisis. In a January 25 statement Robert B.
Ghanamma.com

Pillsbury: Cracks in the Eurozone
By Administrator
Pillsbury: Cracks in the Eurozone. ... Norton Rose: The Eurozone crisis: What Eurobond issuers need to know · Kirkland & Ellis: Addressing Multijurisdictional Complexity in Europe · Baker & McKenzie: 2012: What to Expect on the European ...
myCorporateResource.com

Greek creditors urge quick deal after eurozone rejection - Yahoo ...
From Yahoo! News: ZURICH/ATHENS (Reuters) - Greece's private creditors pleaded on Tuesday with European officials who rejected their bond swap offer to ...
news.yahoo.com/euro-zone-minister-reject-private-bondholde...

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