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

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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