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

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...

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