"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
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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

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