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

Wednesday, February 29, 2012

European Leaders Postpone Debt Crisis Meeting; Greek Gold to be Confiscated by European Banks

European Leaders Postpone Debt Crisis Meeting
New York Times
Ireland said it would hold a referendum on an agreement to impose fiscal discipline on members of the euro zone. The prospect of more political turmoil seemed to unsettle investors, even though the country's approval is not needed for the accord to ...

Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks | ZeroHedge: "While hardly discussed broadly in the mainstream media, the top news of the past 24 hours without doubt is that in addition to losing its fiscal sovereignty, and numerous other things, the Greek population is about to lose its gold in a perfectly legitimate fashion, following amendments to the country's constitution by unelected banker technocrats, who will make it legal for Greek creditors - read insolvent European banks - to plunder the Greek gold which at last check amounts to 111.6 tonnes . . . "

ISDA to discuss whether Greek debt swap a "credit event"
Reuters
By Daniel Bases | NEW YORK (Reuters) - The International Swaps and Derivatives Association, the arbiter of rules governing the sale and use of credit default swaps, said on Tuesday it will discuss whether Greece's debt swap should be considered a ...

Eurozone cancels firewall talks on German objections
AFP
BRUSSELS — German reluctance to boost funds to prevent debt contagionpushed the EU on Tuesday into cancelling eurozone talks on the matter despite pressure from G20 ministers. The climate around the eurozone debt crisis blew hot and cold during the ...

AFP

Eurozone puts back talks on debt firewall boost
Economic Times
BRUSSELS: Eurozone leaders on Tuesday pushed back talks on boosting a financial firewall they hope will end the eurozone debt crisis, owing to pressure from Germany. "Germany is not ready," a eurozone governmental source said, of the latest move in a ...

Irish vote, German court add euro zone uncertainty
Reuters
Ireland to hold referendum on euro zone budget discipline pact * German court sidelines fast-track panel on bailout funds * Ruling may slow approval, crimp Merkel's scope to act * EU seeks Spain explanation on deficit, not weighing leniency * Portugal ...

Euro leaders delay decision on bigger bailout fund
The Associated Press
Eurozone leaders were expected to meet Friday afternoon to decide whether the currency union's bailout funds will be allowed to give more than euro500 billion ($669 billion) in loans. The decision was highly anticipated as there are concerns that the ...
 
The Associated Press

Confidence grows in euro zone economy, still fragile
Reuters
By Robin Emmott | BRUSSELS (Reuters) - Confidence in the euro zone's economy rose for a second consecutive month in February, a survey showed on Tuesday, confirming a wider stabilization across Europe that likely signals only a mild recession this year ...

Ireland to test voters' appetite for fiscal union
Financial Times
By Peter Spiegel in Brussels Ireland's planned referendum on a new eurozone budget discipline treaty will for the first time answer a question hovering over the bloc's crisis response for months: will Europe's voters support the fiscal union many ...

German court raises hurdle to euro zone bailouts
Chicago Tribune
KARLSRUHE, Germany (Reuters) - Chancellor Angela Merkel's room for maneuver on future euro zone bailouts, in doubt after a revolt by coalition lawmakers, shrank further on Tuesday when Germany's top court raised a hurdle to swift action in financial ...

Europe's financial crisis sparks protests
Washington Post
Greek Prime Minister Lucas Papademos, right, and Greek Finance Minister Evangelos Venizelos address the media after a meeting of eurozone finance ministers at the EU Council in Brussels. After more than 12 hours of talks, the countries that use the ...

Ireland to hold referendum on European fiscal pact
The Seattle Times
Ireland's citizens will vote on the European Union's new fiscal treaty, Prime Minister Enda Kenny announced Tuesday in a major test for plans to impose tougher budget discipline on the 17-nation eurozone. By SHAWN POGATCHNIK Associated Press Here is a ...

Oil falls on demand worry, eyeing euro zone
Reuters
* Market awaits further liquidity injections from ECB * US consumer confidence hits 1-yr high in Feb * US durable goods orders tumble in January * Coming Up: API oil data 4:30 pm EST Tuesday (Updates prices, market activity) By Robert Gibbons NEW YORK, ...

Ireland calls vote on European fiscal pact
Financial Times
By Jamie Smyth in London and Peter Spiegel in Brussels Dublin will hold a referendum on the eurozone fiscal pact, plunging Europe into months of uncertainty and potentially placing a question mark over Ireland's membership of the euro.

Financial Times

Eurozone Debt Crisis and Surging Fuel Costs Weighing on Airline Stocks
MarketWatch (press release)
The International Air Transport Association (IATA) emphasizes that the euro zone crisis is "far from over." Tony Tyler, IATA's Director General and CEO says that "failure to achieve a durable solution will have dire consequences for economies around ...

Eurozone crisis live: reaction to S&P's Greek downgrade
The Guardian
At least for the time being, the Eurozone biggest economy looks like a country full of optimists. 7.47am: Here's Michael Hewson, senior market analyst at CMC Markets UK, reacting to yesterday's events. On S&P grading Greece "SD" (see below): The...

The Guardian

Ireland set for referendum on eurozone fiscal treaty
The Guardian
The fate and future of the eurozone is once again in the hands of Irish voters after Ireland's attorney general recommended that a referendum be held on the EU's latest fiscal compact treaty. Irish premier Enda Kenny told the Dail this afternoon that ...

The Guardian

German objections stall EU fund talks
Bangkok Post
German reluctance to bolster EU debt rescue funds has delayed talks on the issue despite calls from the G20 for Europe to make progress on the issue, a eurozonegovernmental source said Tuesday. German Finance Minister Wolfgang Schaeuble gives a press ...

Bangkok Post

Confidence grows in euro zone economy, but still fragile
Reuters
February indicator points to optimism among businesses * Morale rises in France, but largely stable in Germany BRUSSELS Feb 28 (Reuters) - Confidence in the euro zone's economy rose for a second consecutive month in February, a survey showed on Tuesday ...

Eurozone Economic Confidence Strengthens In February
NASDAQ
(RTTNews.com) - Eurozone economic confidence rose more-than-expected in February despite muted economic activity and sharp fiscal tightening in many economies. The corresponding index climbed to 94.4 from 93.4 in January, survey results from the ...

Euro-Zone Economic Sentiment Improves
Wall Street Journal
"It looks as if the improvement in financial market sentiment and better economic news from abroad have made euro-zone consumers and businesses less gloomy," said Martin Van Vliet, an economist at ING bank. "However, with more fiscal austerity in the ...

French parliament ratifies new eurozone rescue fund
MSN Malaysia News
The permanent 500-billion-euro ($657-billion) ESM, finalised last month and due to being operating in July, aims to prevent the eurozone debt crisis spreading throughout the 17-nationeurozone. A financial firewall against any repeat of the sovereign ...

Top German court limits power of Parliament panel meant to make quick euro ...
Washington Post
BERLIN — Germany's highest court on Tuesday limited the powers of a special parliamentary panel set up to make quick decisions on using the eurozone rescue fund, ruling that it can decide only on particularly sensitive bond purchases.

A deeply troubled Ireland raises risk with referendum
Globe and Mail
Ireland added yet another threat to the embattled euro zone today, calling a referendum on the fiscal pact struck late last year among members of the European Union. That's not to suggest Prime Minister Enda Kenny was wrong to put such a key issue to ...

Eurozone Leaders Put Off Bailout Fund Summit
RadioFreeEurope/RadioLiberty
The assembled eurozone leaders had been expected to discuss removing a 500 billion-euro cap on the euro area's rescue funds in order to give the bailout facility extra credibility. However, reports said the meeting was delayed after Germany indicated ...

Euro zone leaders to meet briefly on Thursday: diplomats
Reuters
BRUSSELS (Reuters) - The euro zone's 17 leaders will meet briefly during a summit of all 27 EU leaders on Thursday to reelect Herman Van Rompuy as president of the European Council, EU diplomats said on Tuesday. The meeting will take place during a ...

S&P Says Euro Zone Faces Risk From Austerity Measures
Wall Street Journal
Tuesday said the real risk facing the euro zone is if its member countries are pushed too hard to accept austerity measures that result in economic malaise and social unrest. "Challenges facing the periphery will take time to fix," said Moritz Kraemer, ...

Ireland to conduct referendum on the Eurozone fiscal compact | A ...
By P O Neill
Irish Prime Minister Enda Kenny has told the Irish parliament today that the government has decided to subject the Eurozone fiscal compact to a popular vote. Although the government was clearly tempted to bypass a popular vote, and there ...
A Fistful Of Euros

Eurozone Economic Confidence Rises
By Chuck Butler
Chuck Butler discusses the increased confidence in the economic outlook for Europe alongside the rally in the BRIC currencies and the Australian dollar.
The Daily Reckoning

Eurozone economic sentiment rises to 94.4 (exp 93.9) in Feb from ...
By Joe Brown
Business climate rises to -0.18 (exp -0.15) in Feb from -0.21 in Jan Feb Cons Inflation expectations 26.4 from 26.8 in Jan, producer prices 7.0 from.
ForexLive

The Greek exit from the eurozone is preordained
By admin
“The loss of Greece to the eurozone at this point will not be a dramatic event for financial markets, because it has already been largely pre-discounted,” he said. “In the end that will leave the remaining eurozone countries somewhat more ...
War Is Crime

Euro crisis hits big ticket power supply market - Distribution World
By Richard Wilson
Euro crisis hits big ticket power supply market. By Richard Wilson on February 28, 2012 1:07 AM | No Comments | No TrackBacks. The uninterruptible power supply (UPS) market saw year-over-year growth slow to 5% in Q4 2011 following ...
Distribution World

EU Cancels Euro Zone Summit Over Germany's Unwillingness ...
By keeptalkinggreece
The thorny question of beefing up eurozone financial defences was meant to have been dealt with over lunch on Friday, the second day of a summit gathering leaders of the 27 EU states in Brussels. However, a senior official told AFP that the ...
Keep Talking Greece

Eurozone Feb. economic confidence rises to 94.4 vs. 94.0 estimate ...
By Vincent Facchino
No Responses to “Eurozone Feb. economic confidence rises to 94.4 vs. 94.0 estimate”. Add a comment. Name (required). Email Address (required). Website. Leave a message. Email if someone else comments?
Forex News and Commentary by FXDD

Zed Books: The Guardian: Eurozone crisis live: reaction to S&P's ...
By Zed Books
My take is that it is just a technical response due to the fact that certain ratings agencies have lowered Greek ratings to SD [selective default] as CACs [collective-action clauses] have been introduced to some types of Greek government bonds.
Zed Books

Tuesday, February 28, 2012

Merkel Against Boost To Eurozone Firewall

Merkel Rejects Pressure To Boost Euro Zone Firewall
Wall Street Journal
By William Boston BERLIN (Dow Jones)--Chancellor Angela Merkel on Monday stood firm against mounting international pressure on Germany to agree to significantly boost the euro zone's firewall against financial contagion.

What Ails Europe? - NYTimes.com: Paul Krugman: ". . . So what does ail Europe? The truth is that the story is mostly monetary. By introducing a single currency without the institutions needed to make that currency work, Europe effectively reinvented the defects of the gold standard — defects that played a major role in causing and perpetuating the Great Depression. More specifically, the creation of the euro fostered a false sense of security among private investors, unleashing huge, unsustainable flows of capital into nations all around Europe’s periphery. As a consequence of these inflows, costs and prices rose, manufacturing became uncompetitive, and nations that had roughly balanced trade in 1999 began running large trade deficits instead. Then the music stopped. If the peripheral nations still had their own currencies, they could and would use devaluation to quickly restore competitiveness. But they don’t, which means that they are in for a long period of mass unemployment and slow, grinding deflation. Their debt crises are mainly a byproduct of this sad prospect, because depressed economies lead to budget deficits and deflation magnifies the burden of debt. . . "

Euro-Zone Lending, M3 Data Positive Signs, But Risks Remain
Wall Street Journal
For example, Euro-zone bank lending to the private sector in January rose at a slightly faster pace in annual terms than the previous month, data from the European Central Bank showed Monday. Private sector lending increased 1.1% in January, ...

Eurozone bank lending stabilises
Financial Times
By James Wilson in Frankfurt Eurozone bank lending has shown signs of stabilisation after an abrupt fall, supporting the view that the European Central Bank's willingness to pump cheap money into the economy may help stave off a credit crunch.

G-20 to Euro Zone: Sort It Out
Wall Street Journal (blog)
By Matina Stevis Delegates from the world's 20 biggest economies, policy wonks and financiers all brought their diverse and at-times divergent agendas to Mexico City at the weekend, but one common theme emerged: they are fed up with the euro-zone ...

Eurozone crisis live: German parliament votes on Greek package
The Guardian
8.44am: Germany's interior minister has become the first member of Angela Merkel's cabinet to suggest Greece should leave the eurozone. Hans-Peter Friedrich broke ranks in an interview with Der Spiegel, in which he says: "Greece's chances of ...

The Guardian

Spectre of Eurozone credit squeeze looms
gulfnews.com
Frankfurt: Fears of a credit squeeze in the Eurozone refused to go away yesterday as data showed that bank lending to the private sector remains fragile, despite recent unprecedented injections of liquidity. The European Central Bank calculated in ...

Euro zone finance ministers to discuss Greece on March 1
Reuters
BRUSSELS (Reuters) - Euro zone finance ministers will meet to discuss Greece and its private sector debt restructuring in Brussels on Thursday, the president of the Eurogroup, Jean-Claude Juncker, said on Monday. The ministers are expected to assess ...

TABLE-Euro-zone M3 up, private loans stabilise in Jan
Reuters
FRANKFURT, Feb 27 (Reuters) - Money supply growth accelerated and loans to the private sector stabilised in January, the European Central Bank said on Monday. The ECB gave the following percentage changes in growth, seasonally adjusted: JAN 2012 DEC ...

Euro zone credit squeeze fears won't go away
RTE.ie
Fears of a credit squeeze in the euro zone refused to go away as bank lending to the private sector remains fragile. Fears of a credit squeeze in the euro zone refused to go away today as data showed that bank lending to the private sector remains ...

Did Germany approve bailout to force Greece out of eurozone?
RT
But political analyst William Engdahl believes this is part of Germany's strategy for getting “the weakest link out of the eurozone.” “The terms that Germany imposed – insisted on – for Greece's second bailout of €130 billion were so stringent that it ...

German Govt: Merkel Wants To Stabilize Greece Within Euro Zone
Wall Street Journal
BERLIN (Dow Jones)--German Chancellor Angela Merkel wants to keep Greece in the euro zone, with solidarity to be provided if Athens makes its own efforts to overcome its ballooning debt situation, her spokesman said Monday.

Euro Zone Won't Decide On Firewalls At Summit This Week-Barroso
Wall Street Journal
BRUSSELS (Dow Jones)--Euro-zone leaders will decide whether to boost the lending capacity of the regional bailout funds in March, but not at this week's heads of government meeting, European Commission President Jose Manuel Barroso said Monday.

G20 finance ministers ask eurozone to boost rescue fund
BBC News
Eurozone countries need to put more money in their rescue fund before G20 nations can step in to help them, the G20 finance ministers have said. They said such a move was "essential" to their decision to provide more resources to the International ...

BBC News

Eurozone under pressure to boost bail-out fund
European Voice
By Simon Taylor - Today, 10:29 CET G20 tells eurozone to increase the 'firewall' in order to secure more help from the IMF. Eurozone countries came under pressure to increase the size of their bail-out fund at a meeting of finance ministers from the ...

Merkel scrapes win on Greek bailout, rebels grow
Reuters
Seventeen coalition rebels voted "No" this time, compared to 13 who defied her last September in a vote to boost the euro zone rescue fund. Analysts said the outcome could weaken her politically and make it harder for her to agree to strengthen ...

US Stock Futures Decline On Concerns Over Euro-Zone Bailout Plan
Wall Street Journal
For one, Germany has been reluctant to quickly increase the capacity of a euro-zone rescue fund to make it large enough to assure financial markets that the region's debt troubles won't spread. Separately, Moody's Investors Service said while the ...

G20 inches toward $2 trillion in bailout funds for euro zone crisis
Times of Oman
MEXICO CITY: Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way for the world's leading economies to secure nearly $2 trillion in firepower to prevent further fallout from the euro-zone'ssovereign ...

Times of Oman

Why Germany can't save the eurozone
MoneyWeek
And it's true that Germany is in a better position than other eurozone countries. Unemployment stands at 5.5%, while the deficit is just 0.1% of GDP. But you shouldn't over-estimate Germany's strength. The economy shrunk by 0.2% in the last quarter.

Merkel Resists Push to Increase Euro Zone “Firewall”
International Business Times
By Staff Reporter: Subscribe to Staff's RSS feed Angela Merkel, the German Chancellor, told her Parliament, the Bundestag, that her country will agree to increase the euro zone's “firewall” – ie, a protection against financial contagion – only if other ...

International Business Times

G20 working on $2-trillion eurozone rescue package
Montreal Gazette
The world's leading economies worked Sunday to line up a deal on a second global rescue package worth nearly $2 trillion to stop the eurozone sovereign debt crisis from spreading and putting at risk a tentative economic recovery.

Bigger eurozone firewall needed - G20
Herald Sun
THE eurozone will have to put in place a bigger financial firewall to combat the crisis before other countries will pour more cash into the IMF, the G20 top and developing economies say. In a statement released after a meeting of the group of 20 ...

Eurozone Finance Ministers To Meet On Thursday To Discuss Greek Bailout Deal
RTT News
Eurogroup President Jean-Claude Juncker has convened a meeting of the Eurozone finance ministers on Thursday to discuss progress with Greece's second bailout package. In a statement on Monday, Juncker said ministers are expected to take stock of the ...

Stocks fall after eurozone debt crisis unresolved
Canada.com
By Gordon Isfeld, Postmedia News February 27, 2012 9:54 AM Markets fell after G20 finance officials said Europe must provide extra funding to protect the eurozone from the debt fallout from Greece. North American markets were lower early Monday as ...

G20 Demands Euro Zone to Increase Its Rescue Fund
FXstreet.com
by Dean Popplewell , Scott Boyd - OANDA Corporation | View company's profile The world's leading economic powers said they would not allocate more money to fight euro zone debt crisis until the European members increase their own contributions.

Merkel playing for time on eurozone firewall deal
EurActiv
Eurozone officials said they do not expect a decision at a European leaders' 1-2 March summit on combining the resources of two European rescue funds – the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM).

EurActiv

S&P Indices Launches UK, Eurozone Versions of its High Yield Dividend ...
MarketWatch (press release)
The S&P UK High Yield Dividend Aristocrats and S&P Euro High Yield Dividend Aristocrats indices measure the performance of the highest dividend-yielding UK and Eurozone companies, respectively, within the S&P Europe Broad Market Index.

G20 leaders insist no more IMF cash unless eurozone boosts financial firewall
Irish Independent
Photo: Reuters By Richard Blackden, and Louise Armitstead THE world's leading economic powers said they would not stump up more cash to fight Europe's debt crisis until the eurozone members increase their own contributions, in a move that piles ...

Irish Independent

Turning the eurozone lending trends
FX-MM
Again, as Draghi has admitted, this probably served to stave-off a credit crunch in the eurozone, as he noted in comments at the January Davos meeting. But it's going to be a big change for banks to start to lend out further cash borrowed this week.

Eurozone Economic Indicators Rose in January
HispanicBusiness.com
Leading indicators for Europe's 17-member eurozone rose 1 percent in January, the Conference Board said Monday. The index that tracks a variety of business activities rose to 104.1 in the month after rising 0.4 percent in December and falling 0.1 ...

Euro Drops after Eurozone Bashing at the G-20 — Forex News
By MMarquit
This past weekend, the G-20 meeting in Mexico City seemed to have a common refrain: Theeurozone needs to get its act together. Concerns about the eurozone were top of the list at the meeting, with delegates asking questions about the ...
Forex News

Euro zone M3 money supply grows more-than-expected By Forexpros
By Forexpros
Euro zone M3 money supply grows more-than-expected.
Forex Pros RSS News Feed | Forex News

Why Germany doesn't want euro zone bonds | MacroScope
By Jeremy Gaunt
Ever wanted to know why Germany is not keen on single euro zone bonds? Look no further.
MacroScope

Eurozone: How to Drive an Economy in Reverse
By Admin
Global Economic Intersection's Opinion Blog - Econintersect.com blogs news, analysis and opinion.
Global Economic Intersection...

Eurozone countries must not be forced to meet deficit targets | The A ...
By Jean Pisani-Ferry
The A-List from the Financial Times provides timely, insightful comment on the topics that matter, from globally renowned leaders, policymakers and commentators.
The A-List

Reasons for Euro crisis – Republican story, the German story, and ...
By Amol Agrawal
Even though people may not agree to Paul Krugman most of the time, they have to agree that no one matches him in econ writing…He really is gifted when it comes to making a point… In his recent post he looks at reasons for Euro crisis.
Mostly Economics

Euro zone unemployment figures out this week | Olive Press ...
By Smart Currency Spain
Data out of Europe this week also includes German retail sales and the Consumer Price Index (CPI)
Olive Press Newspaper Spain

Frontier Post :: Business :: Brazil wants IMF power for extra eurozone ...
By shimran
BRASILIA (Agencies): Brazil has said that developing nations would be happy to provide more money to ease the eurozone's debt crisis, in return for more power within the International Monetary Fund (IMF).The comments were made by ...
Frontier Post

Eurozone economic indicators rose in January » Latin Business Today
By Latest News - UPI.com
BRUSSELS, Feb. 27 (UPI) — Leading indicators for Europe's 17-member eurozone rose 1 percent in January, the Conference Board said Monday. The index that tracks a variety of business activities rose to 104.1 in the month after rising 0.4 ...
Latin Business Today

G-20 answers how large are the losses hidden in Eurozone financial ...
By Richard
Regular readers know that under the Japanese model for handling a bank solvency based financial crisis banks, with regulatory approval, hide the true extent of their on and off balance sheet losses (see RBS's Stephen Hester confession).
Trust Your Instincts

Euro zone January M3 annual growth 2.5% | ForexLive
By Gerry Davies
Stronger than Reuter's median forecast of 1.8%. M3 moving average Nov-Jan 2.0% vs 2.1% Oct-Dec.
ForexLive

Mike Norman Economics: Warren Mosler on the Eurozone
By Tom Hickey
The views expressed may contain certain forward-looking statements. Although they are forecasts, actual results may be meaningfully different. This material represents an assessment of the market and conditions at a particular time and is not ...
Mike Norman Economics

XE.com - TABLE-Euro-zone M3 up, private loans stabilise in Jan
2012-02-27 09:34 (UTC). FRANKFURT, Feb 27 (Reuters) - Money supply growth. accelerated and loans to the private sector stabilised in. January, the European Central Bank said on Monday. The ECB gave the following percentage changes ...
XE Forex News

Euro zone economic train hopes to recouple | Video | Reuters.com
But -- today's show the eurozone economy shrank by zero point 2% in the three months to December. That was in line with expectations. But beyond the ...
www.reuters.com/.../euro-zone-economic-train-hopes-to-recou...

Euro zone will break up, Prasarn predicts - The Nation
Euro zone will break up, Prasarn predicts. Central bank chief believes strong economies will distance themselves from common currency.
www.nationmultimedia.com/.../Euro-zone-will-break-up-Prasa...

Monday, February 27, 2012

German minister: Greece should exit eurozone

Interior minister: Greece should exit eurozone
The Local.de
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone. Friedrich told the news magazine Der Spiegel, “I do not mean that Greece should be kicked out of” the 17-nation eurozone, but he said the bloc should “create incentives for an exit that they cannot turn down.” Merkel is opposed to Greece leaving the eurozone, and agreed in January with French President Nicolas Sarkozy that Greece should be kept in the monetary union, as long as its government imposes strict budgetary reforms. She expects the Bundestag to approve the second bailout package in a vote Monday. Friedrich, of the CSU, the Bavarian sister party to Merkel’s Christian Democrats, is the first member of the federal government to have spoken out suggesting a radical change of course in euro crisis policy. “Outside European monetary union, Greece’s chances of regenerating itself and becoming competitive are definitely better than if it remained inside the eurozone,” Friedrich told Der Spiegel."

The Local.de 

G20 works for huge euro crisis rescue deal in April
Reuters
The twin proposals being discussed at a G20 meeting in Mexico City on Sunday would build up massive international resources by the end of April - when the G20 group next meets - and aim to convince financial markets that the euro zone's deep problems ...

G20 insists eurozone must help itself
Financial Times
That view was so widely held among non-eurozone countries going into the meeting, including the US, the UK and Japan, that the drafting of a communiqué was unusually smooth. A rough first draft was agreed at midnight on Saturday – by which time most ...

Euro zone decision on size of bailout fund seen delayed
NDTV
Euro zone leaders may not be able to meet international demands to ramp up their own funds for bailing out the bloc's debtors when they meet next week because Germany is showing no sign of dropping its opposition to the plan, euro zone officials said.

G20 finance ministers tell eurozone to boost rescue fund
The Guardian
Finance ministers from the world's leading economies heaped pressure on the eurozone on Sunday to bolster the firewall around the embattled single currency before they agree to provide more funds for a planned $2tn (£1.3tn) global rescue package for ...

The Guardian

Japan Urges Bigger Euro-Crisis Firewall Before G-20 in April
BusinessWeek
By Toru Fujioka Feb. 27 (Bloomberg) -- Jun Azumi, Japan's finance minister, wants Europe to widen measures preventing the spread of its debt crisis before global finance chiefs reconvene to discuss the International Monetary Fund's expansion in April.

Euro-zone deal on firewall awaits Germany
CNBC.com
MEXICO CITY (Reuters) - Germany may not be ready to back an increase in the euro zone's bailout fund at a summit next week, delaying progress towards building up nearly $2 trillion in firepower to tackle fallout from Europe's sovereign debt crisis.

G-20: Draft Communique Links Extra IMF Resources To Euro-Zone Firewall
Wall Street Journal
By Costas Paris and William Horobin MEXICO CITY (Dow Jones)--Boosting the resources of the International Monetary Fund is linked to the euro-zone building larger rescue funds in a draft of the communique to be issued by finance ministers and central ...

George Osborne rules out more bailout funds without credible eurozonefirewall
Telegraph.co.uk
Britain and other leading economies are not ready to fund anothereurozone bailout, UK Chancellor George Osborne said on Sunday. In an interview with Sky News, Mr Osborne said: "We are prepared to consider IMF resources but only once we see colour of ...

Telegraph.co.uk

Eurozone crisis overshadows G20 finance ministers meeting
Daily News & Analysis
Place: Mexico City | Agency: PTI Eurozone debt crisis and the urgency to enhance firepower of the IMF to deal with the financial turmoil dominated the deliberations at the G-20 meeting of Finance Ministers and Central Bank Governors here.

Debt crisis: Chancellor George Osborne rules out new Eurozone bailout
Telegraph.co.uk
Britain and other leading economies are not ready to fund anothereurozone bailout, George Osborne said today. Speaking as finance ministers meet in Mexico for the G20 summit, the Chancellor said extra funds would not be handed over until countries who ...

Telegraph.co.uk

G20 warns on eurozone 'firewall'
IBNLive.com
Mexico City: A meeting of G20 finance ministers began in Mexico City on Saturday with a series of warnings that Europe must do more to build its "firewall" against financial contagion. "We still have to build the mother of all firewalls," said Angel ...

IBNLive.com

Greece cannot imagine leaving eurozone: advisor
AFP
Hardouvelis comments came after German Interior Minister Hans-Peter Friedrich said Saturday that debt-stricken Greece should be given incentives to leave the eurozone, arguing such a move would improve its chances of becoming competitive again.

AFP

Britain is not ready to fund another eurozone bailout, vows George Osborne
Daily Mail
By Daily Mail Reporter Britain and the world's leading economies should not fund another eurozone bailout, George Osborne warned today. Speaking as finance ministers gather in Mexico for the G20 summit, the Chancellor said extra funds would not be ...

Daily Mail

Chancellor Rules Out New Eurozone Bailout
Sky News
George Osborne has told Sky News that Britain and other leading economies are not ready to fund another eurozone bailout as finance ministers meet in Mexico for the G20 summit. Speaking to Sky's Dermot Murnaghan, the Chancellor said: "We are prepared ...

Sky News

Eurozone needs to prop up currency
gulfnews.com
The world's leading finance ministers and central bankers concluded their meeting in Mexico city yesterday — a gathering that was overshadowed by Europe's debt crisis, itsEurozone travails and how the rest of the world should provide liquidity to the ...

Euro crisis dominates G20
New Zealand Herald
Concerns about Europe's sovereign debt crisis topped the agenda yesterday at a meeting in Mexico City of G20 finance ministers, with financial sector leaders praising Greece's offer to repay bondholders at a steep discount.

EU's Rehn sees deal on euro zone bailout funds in March
Zee News
Mexico: Euro zone countries are likely to boost the combined capacity of their bailout funds during March, in time for a follow-on deal on more crisis-fighting funds for the International Monetary Fund in April, Europe's top economic official said on ...

Zee News

Eurozone Rescue Fund May Reach $2 Trillion
The Fiscal Times
Finance leaders from the Group of 20, meeting in Mexico City this weekend, are trying to build up massive international resources by the end of April to convince financial markets they can prevent the euro-zone's deep problems from inflicting more ...

The Fiscal Times

Mantega calls for more eurozone flexibility
Financial Times
Arguing that currency devaluation would have aided Greece as it battled with the threat of sovereign default, Mr Mantega said of eurozone nations: “The real problem that I see is that during a moment of crisis, countries do not have exchange rate ...

Financial Times

Eman El-Shenawi: The Eurozone's coup d'état in Greece is complete
Al-Arabiya
(File photo) By EMAN EL-SHENAWI Greece has not been bailed out; theeurozone has. This is an agonizing point analysts are continuing to drum home to a world which eagerly follows the thespian events in the country's debt saga.

Al-Arabiya

G-20 inches toward US$2 tril. in rescue funds for eurozone
China Post
MEXICO CITY--Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way for the world's leading economies to secure nearly US$2 trillion in firepower to prevent further fallout from the eurozone's sovereign ...

Spat over eurozone firewall overshadows G20 meeting
Bangkok Post
Germany clashed with some of its key G20 partners over raising the eurozone's firewall at the start of a key meeting of finance ministers and central bankers dominated by the debt crisis. German Finance Minister Wolfgang Schaeuble.

Bangkok Post

Euro zone will break up, Prasarn predicts
The Nation
Bank of Thailand Governor Prasarn Trairatvorakul envisions the eventual break-up of the euro zone. Much depends on the euro economies' commitment to the handling of their structural problems and agreement to amend the Maastricht Treaty to embrace ...

The Nation

Interior minister: Greece should exit eurozone - The Local
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone.
The Local - Germany's news in English

German Cabinet Minister Calls For Greek Eurozone Exit | Via Meadia
By Walter Russell Mead
Hans-Peter Friedrich is the interior minister of Germany, and he has publicly stated that it would be better for all concerned if Greece just left the eurozone. It would certainly have been better if the Greeks (and the Spaniards, Portuguese, ...
Via Meadia

Fuel Fix » G20 meeting begins with eurozone 'firewall' warnings
By FT.com - Energy
G20 meeting begins with eurozone 'firewall' warnings.
Fuel Fix

Developing Countries to the Rescue of the Eurozone - KHAAMA ...
By wadsam
Brazillian Finance Minister Guido Mantega said that developing nation would be willing to provide more money to ease the eurozone's debt crisis, in return for more power within the International Monetary Fund. Minister Guido Mantega made ...
KHAAMA PRESS | Afghan Online Newspaper

Germany's Friedrich: Greece should exit eurozone
By nineoclock
With German Chancellor Angela Merkel facing a parliamentary vote Monday on a second Greek bailout, her interior minister, Hans-Peter Friedrich came out over the weekend in favour of Greece leaving the eurozone. According to BBC ...
Nine O`Clock

Corporate Governance After The Financial Crisis
By Steve Bainbridge
In his new book, Corporate Governance after the Financial Crisis, UCLA law professor and popular blogger Stephen Bainbridge provides a longer historical perspective on one aspect of this choking proliferation of rulemaking. (The book ...
ProfessorBainbridge.com

Bullish on the Eurozone (Mostly)
By Admin
Last week's news that Eurozone GDP declined by 0.3% in the fourth quarter of 2011 set all the usual pundits moaning about the inevitable decline of Europe. Even eu-flagSMALL Andrew Roberts, a wonderful historian with whom I almost ...
Global Economic Intersection...

Raedwald: Eurozone doomed to colonisation?
By Raedwald
In fact, the plummeting percentage of population of working age in the Eurozone is worse than shows above. Germany, with Japan, faces a reduction of more than 20% in the working age population by 2030; Switzerland, the Netherlands, ...
Raedwald

America's Per Capita Government Debt Worse Than Any of the PIIGS
By The Doc
We have stated here repeatedly that the US is Greece times 100. The graphic below demonstrates this as the US' per capita official government debt (not including $100 Trillion in unfunded liabilities) is worse than any of the PIIGS nations.
SilverDoctors

Europe Forecasts 'Mild Recession' for Euro Zone in 2012 - NYTimes ...
Contractions seen in Italy and Spain led the European Commission to lower its growth forecast for the entire currency bloc.
www.nytimes.com/.../eu-forecasts-mild-recession-for-euro-zon...

Video: David Cameron: we ...
The eurozone has agreed a second €130bn (£109bn) Greek bailout after asking private investors to take bigger losses on Greece's debt and by further stripping ...
www.telegraph.co.uk/.../David-Cameron-we-have-to-prevent-...

Saturday, February 25, 2012

No G20 deal on IMF cash this weekend, pressure on Europe to do more

No G20 deal on IMF cash this weekend, pressure on Europe
Reuters
By Luis Rojas and Alonso Soto | MEXICO CITY (Reuters) - The world's leading economic powers will not reach a deal this weekend to provide the IMF with more money to help ease the euro zone debt crisis because European leaders first need to do more ...

Eurozone Economy to Contract 0.3 Percent in 2012
HispanicBusiness.com
The economic output of the 17-nation eurozone is expected to contract 0.3 percent in 2012, instead of the previous estimated growth of 0.5 percent, the European Commission said in a report Thursday. If the EU's forecast materializes, this would be ...

HispanicBusiness.com

Euro Crisis Week Ahead as ECB Prepares Three-Year Cash Operation
San Francisco Chronicle
Feb. 24 (Bloomberg) -- Following is a timeline of events scheduled for the next weeks after European governments approved a second bailout package for Greece and won concessions from private investors in their efforts to resolve the debt crisis.

G-20 set to press Europe over crisis firewall
MarketWatch
By Polya Lesova, MarketWatch NEW YORK (MarketWatch) — European officials heading to Mexico this weekend will face strong pressure from other Group of 20 members to boost theeuro zone's firewall against the sovereign debt crisis that's plaguing the ...

What happens to the eurozone after the second Greek bailout?
CNN (blog)
This week's Wikistrat drill looks at possible future pathways for the eurozone. Greece: Should I pay or should I go now? The second bailout imagines Greece reducing its debt burden down to about 120 percent of its GDP from its current position north of ...

ECB Greek bond swap could raise euro zone yields -S&P
Reuters
FRANKFURT (Reuters) - The European Central Bank may have made it harder for debt-strained euro zone countries to raise funding by exempting itself from taking losses on its Greek bond holdings, Standard & Poor's said on Friday.

EU expects eurozone to suffer mild recession
NorthJersey.com
AP AP Olli Rehn, a top European Commission economic official, is predicting that the 17-nation eurozone will have a modest recession this year, despite recent signs of stabilization. While the contraction is expected to be relatively severe in Greece, ...

NorthJersey.com

Eurozone to slip back into recession in 2012, EU officials predict
Austin American-Statesman
By Stephen Castle BRUSSELS — The European Union lowered its growth forecast Thursday for this year and warned that the eurozone would undergo a "mild recession," casting further gloom on the continent's economic prospects. The new figures are likely ...

EU expects eurozone to suffer recession
Southeast Missourian
By PAN PYLAS and GABRIELE STEINHAUSER ~ AP BRUSSELS -- Half the economies in the 17-nation eurozone are forecast to shrink this year, raising concerns that government austerity programs introduced to combat unsustainable debt levels are holding back ...

Fears for crude overtake euro crisis woes
Financial Times
By Javier Blas, Commodities Editor “Until recently, my mornings started with a check on the Italian bond yield,” says Wall Street strategist Ed Yardeni. Not anymore, though. Now he checks the price of Brent crude first. In a week when oil prices jumped ...

European Commission: Eurozone economy will shrink slightly this year
Helsingin Sanomat
According to the European Commission, the gross domestic product in the eurozone is expected to contract by 0.3 per cent this year compared with 2011. The estimates, however, are somewhat uncertain owing to the fact that there is a lot of variation ...

Europe Fiscal Pact to Tame Euro Crisis, Slovak Prime Minister Says
Wall Street Journal (blog)
By Leos Rousek BRATISLAVA — Europe's latest agreement on the Greek bailout and fiscal rules are sufficient safeguards to prevent the euro-zone debt crisis from escalating further and engulfing other governments, Slovak Prime Minister Iveta Radicova ...

Euro zone crisis: a pause for reflection
GlobalPost (blog)
The euro zone crisis at half-time, what's going to happen next? (Sean Gallup/AFP/Getty Images) It's half-time in the euro zone crisis. So gather round and take a knee, and let's figure out what we've learned from the first half. 1.

Euro Zone Is Reason to Buy, Not Sell, Sterling
Wall Street Journal (blog)
By Nicholas Hastings The euro zone may still be casting a nasty dark shadow over sterling, but there is still little reason to really sell the UK currency just now. On the contrary, the recent decline in sterling, triggered by concern that the Bank of ...

Trouble in Euro Zone Paradise?
Wall Street Pit
This is what Greek economist Yanis Varoufakis has called “cauterize and print”: Germany's belated epiphany is that, without a major redesign of the euro architecture, a number (>1) ofeurozone member states are irretrievably insolvent.

The Euro Zone's Austerity Dilemma
Wall Street Journal
The UK—outside the euro zone but also pursuing austerity—has promised three-quarters of its budget reduction will come from lower spending. Iain Begg, a professor at the London School of Economics, says he thinks the balance of spending cuts to tax ...

Wall Street Journal

ECB chief defends eurozone austerity
AFP
FRANKFURT — European Central Bank (ECB) president Mario Draghi defended eurozone austerity on Friday in an interview and urged countries to press on with reforms despite a gloomy economic forecast. "There is no feasible trade-off" between economic ...

AFP

Eurozone to contract by 0.3 per cent
The Independent
The economy of the eurozone will contract in 2012, according to the latest forecast from the European Commission. The executive body of the European Union says that the 17 members of the currency bloc will shrink by 0.3 per cent in 2012, ...

Eurozone set for mild recession, warns EC
MyFinances.co.uk
Workers in Greece began a 48 hour strike today following demands by Eurozone ministers for the country to make more cuts in exchange for a financial bailout. The Eurozone is heading for a mild recession in 2012, latest predictions from the European ...

Greece leaving the eurozone is 'not a credible option'
Montreal Gazette
The main issue facing Greece right now is whether the country can stabilize its economy, resume growth and remain within the eurozone, given how a disorderly default might threaten the survival of the zone itself. Against this backdrop, the Greek ...

Eurozone problems top G20 agenda
euronews
Eurozone countries want their G20 partners to commit more money to the International Monetary Fund to help victims of the crisis. But a number of the G20 governments feel Europe must increase funding for its own financial firewalls before they back any ...

euronews

EU's Barroso In Germany: No Alternative To Supporting Bailout Programs
Wall Street Journal
BRUSSELS (Dow Jones)--Speculation about Greece falling into a disorderly default is undermining confidence in the euro zone and there is no alternative but to support bailout packages for the country, European Commission President Jose Manuel Barroso ...

The Euro Crisis and the Decline of Europe
AINA (press release)
Greece, a member state of the EU and a member of the euro-zone, is now a candidate for ejection. Decades of cradle-to-grave socialism, a short work week and long vacation periods for European Union workers have taken a toll on the treasuries of the ...

Eurozone headed for 'mild recession' in 2012, EU says
Salt Lake Tribune
The eurozone economy as a whole will probably shrink 0.3 percent in 2012, the commission said, the region's second economic contraction since 2008, despite years of attempts to solidify the eurozone's economic standing. The eurozone's largest economies ...

ECB's Draghi Says Euro Zone Recovering Slowly
CNBC.com
The euro zone economy is on the mend after a very weak end to 2011 and there have been more positive signs over the last two weeks, European Central Bank President Mario Draghi was quoted on Thursday as saying. Asked if the positive signs had increased ...

CNBC.com

EU's Juncker: Hopeful Greece Will Meet Conditions For Bailout
Wall Street Journal
By Andrea Thomas Of DOW JONES NEWSWIRES STRALSUND, Germany (Dow Jones)--Jean-Claude Juncker, head of the group of euro-zone finance ministers, said Friday he is hopeful Greece will meet the conditions required for it to receive its second bailout ...

Eurozone slips into double-dip recession
Sky News Australia
Eurozone slips into double-dip recession Updated: 12:04, Friday February 24, 2012 Theeurozone's double-dip recession is official. Data released on Thursday by the European Union shows the 17-nation currency bloc's economy slumping into recession for ...

Euro zone in recession, commission declares
Irish Times
THE EUROPEAN Commission yesterday said the euro zone had entered its second recession in three years. Economics commissioner Olli Rehn insisted the recession was “mild” and that the European economy was showing signs of stabilising, ...

Irish Times

Business Bites: Eurozone to dominate G20 meeting
BBC News
The question of eurozone funding is set to dominate discussions between G20 finance ministers and central bankers as they meet in Mexico City. Eurozoneofficials want G20 partners such as China and Japan to put more money into the European stability ...

BBC News

Recession Looms in Euro Zone | Wall St. Cheat Sheet
By info@wallstcheatsheet.com (Damien Hoffman)
The euro zone is headed for a mild recession this year, the region's second economic contraction since 2008, the European Commission said Thursday.
Wall St. Cheat Sheet

The Euro Crisis and the Decline of Europe | FrontPage Magazine
By Joseph Puder
The nations that made up the EU gave up a portion of their sovereignty to join a competitive and effective market, and in the process 17 euro-zone European nations (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, ...
FrontPage Magazine

New Economic Perspectives: Trouble in Euro Zone Paradise?
By Mitch Green
Germany's belated epiphany is that, without a major redesign of the euro architecture, a number (>1) of eurozone member states are irretrievably insolvent. As for the two strategic choices, the first is Berlin's conclusion that German politics ...
New Economic Perspectives

Expert: Look outside the eurozone — RT
By RT
After the global crisis of 2008 and disturbances of 2011, investors around the world are puzzling over the best places to put their money. Alex Friedman, wealth manager at UBS, disclosed to RT a few home truths on investment opportunities in ...
News RSS : Today

Greece (and the PIIGS) Are a MAJOR Problem... Even for the ...
By Phoenix Capital Research
Graham's note: this is an excerpt of a client letter I sent out to clients. Deutsche Bank trades on US stock exchanges and so has to publish SEC filings on its balance sheet risk. Well, according to Deutsche Bank's own filings, it had 1.6 billion ...
ZeroHedge

Forex - U.S. dollar lower on strong euro zone numbers, ECB support ...
By Forexpros
Forex - U.S. dollar lower on strong euro zone numbers, ECB support.
Forex Pros RSS News Feed | Forex News

Euro Crisis Gives Cause for Worry: Indonesian Bankers | The ...
Indonesian bankers have expressed concern over the potential impact of the euro zone crisis on the nation's economy and on its banks.
Jakarta Globe RSS: Business

Europe says goodbye to solidarity | Presseurop (English)
Behind the name-calling that marks out Greece's relationship with its eurozone partners lies a complete breakdown of trust. Many Europeans – and I am not talking only about Germans – do not believe that politicians in Athens will keep their ...
Presseurop

Grahnlaw: Transparency during the eurozone crises
By Grahnlaw
During these last two years, no questions have been more central to the economic wellbeing of European citizens than the ongoing multiple crises in the eurozone, the efforts to contain the effects and to return to a path towards economic ...
Grahnlaw

Raising Flags Over The Eurozone | iStockAnalyst.com
Aside from the obvious—the eurozone is experiencing some economic troubles—the estimate also sheds light on an underappreciated factor we frequently point out in this space. Europe continues to operate as a relatively multi-speed ...
Home: iStockAnalyst.com Feed

Coeure: ECB's Liquidity Helping to Stabilize Eurozone Economy ...
PARIS (MNI) - The European Central Bank's efforts to pump liquidity into the banking system have helped to forestall fire sales of bank assets and are.
ForexLive

The American Spectator : Background to the Financial Crisis
A key error of postwar finance, still uncorrected, was the persistent encouragement of debt.
spectator.org/archives/2012/.../background-to-the-financial-cr

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Fiscal Cliff - Google News

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