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

Monday, February 20, 2012

Eurozone Ministers Set to OK Greece Bailout Monday

Eurozone Ministers Set to OK Greece Bailout Monday
CNBC.com
Euro zone finance ministers look set to approve a bailout package for Greece on Monday although final details are still being worked out, Austrian Finance Minister Maria Fekter said on Sunday. Asked in a television interview if she thought a deal would ...

Germany's plan for Greece to leave the euro
". . . . "Mr Schäuble maintains that since Greece is already regarded by the financial world as bankrupt, a formal bankruptcy would have no negative consequences for other euro members."" 
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Greeks protest cuts on eve of bailout decision |
Reuters
Greece hopes euro zone finance ministers will sign off on Monday on the rescue package funded by the European Union and International Monetary Fund, Greece's second bailout since 2010. Sceptics, led by Germany, remain wary about Greece's determination ...

Eurozone seeks central banks' help in Greece
Financial Times
By Peter Spiegel in Brussels and Alan Beattie in Washington Eurozone governments are looking to the European Central Bank and national central banks to help pare back the cost of a second rescue package for Greece which would otherwise amount to €170bn ...

Euro zone set to finalise Greek bailout
Sydney Morning Herald
euro zone finance ministers will seek to finalise a second Greek bailout in a deal which they hope will also quell suggestions that Athens could be pushed out of the currency area. The deal to write off 100 billion euros ($US130 billion) of debt and ...

Euro-Zone Finance Mins Want Greece To Remain Euro Member-Fekter
Wall Street Journal
FRANKFURT (Dow Jones)--Euro-zone finance ministers are "united" in wanting Greece to stay within the currency bloc, but the country must meet the conditions of its new bailout package, Austria's finance minister said Sunday.

Greeks protest cuts on eve of bailout decision
Reuters
* Euro zone ministers to meet on bailout on Monday * Greek PM heads to Brussels ahead of meeting * Rioting, buildings on fire in earlier protest * Most Greeks want to stay in euro - poll By George Georgiopoulos ATHENS, Feb 19 (Reuters) - Several ...

Eurozone: Greek cabinet backs extra austerity measures
Ottawa Citizen
Greece was clinging on Tuesday to hope of a last-minute bond swap deal to avoid a messy default after euro zone officials sent talks back to square one by rejecting a final offer from the country's private bondholders. ATHENS, Feb 18 (Reuters) ...

Greek ministers work against clock to implement severe budget cuts
The Guardian
Debt-stricken Greece is battling against the clock to implement the drastic budget cuts needed to convince finance ministers from the eurozone to finally sign off its €130bn lifeline at Monday's crucial meeting. With Greece less than five weeks away ...

The Guardian

Greece primed for 2nd bailout package, financing gaps remain
Reuters
* Euro zone ministers expected to approve 2nd Greek package * Monday meeting to focus on Greece's debt sustainability * Still financing gaps to be filled to get numbers lined up * Greek debt-to-GDP must fall to around 120 pct by 2020 By Luke Baker ...

Greek premier rushes to Brussel to secure bailout amid uncertainty over ...
Washington Post
BRUSSELS — Prime Minister Lucas Papademos rushed to Brussels on Sunday, a day beforeeurozone finance ministers have to decide whether Greece will get a €130-billion ($170-billion) bailout and avoid a potentially devastating default.

Euro Zone FMs meet in Brussels on Monday
Zee News
Berlin: The euro zone finance ministers are expected to approve Greece's second bailout in 21 months at a crucial meeting tomorrow as the debt-laden nation fulfilled more conditions set by the European Union (EU) and the International Monetary Fund...

Zee News

Riot police guard Greek assembly as protesters gather
Reuters
* Few hundred gather in Athens to protest austerity * Euro zone ministers to meet on bailout on Monday * Rioting, buildings on fire in earlier protest * Most Greeks want to stay in euro - poll By George Georgiopoulos ATHENS, Feb 19 (Reuters) - Riot ...

Greeks stage new protest on eve of eurozone bailout meeting
Economic Times
ATHENS: Several thousand banner-waving protesters staged rallies in Athens and Thessaloniki on Sunday to protest budget cuts as eurozone ministers prepare to approve a new 130-billion-euro bailout for debt-crippled Greece. Hundreds of police shadowed ...

Eurozone set to deal Greece new bailout hand
AFP
BRUSSELS — The eurozone intends Monday to draw a line under the contentious second Greek bailout with a deal which they hope will also quell suggestions Athens could be pushed out of the currency area. After several false starts during weeks of what ...

AFP

William Hague says the eurozone was built with no exits
BBC News
Eurozone finance ministers are due to discuss a 130bn euro ($171bn; £108bn) bailout package for Greece on Monday. "They don't have the old currency sitting in the vaults ready to distribute," he said. "It's not straightforward to leave the euro.

BBC News

Sarkozy Says France Avoided Catastrophe During Financial Crisis
BusinessWeek
19 (Bloomberg) -- President Nicolas Sarkozy said France avoided a “catastrophe” under his rule, while accusing his Socialist challenger of not understanding the depth of the financial crisis. “You can't be trusted to lead the country out of the crisis ...

ECB would support euro zone combining firewalls-Asmussen
Reuters
ECB's Asmussen says euro zone could combine bailout funds * Says IMF more likely to boost funds in April * Says China yuan can only play larger role if more flexible BERLIN, Feb 19 (Reuters) - The European Central Bank would support the euro zone ...

How does Greece's debt swap work?
The Guardian
Greece has finally set a date for a €200bn (£166bn) debt swap for private bondholders, which is part of a second €130bn bailout for the country that is being presented for approval by eurozone finance ministers on Monday.

The Guardian

Between Greek democracy and default
Business Spectator
The eurozone wants to impose its choice of government on Greece – the eurozone's first colony. I understand Schäuble's dilemma. He has a fiduciary duty to his parliament and is being asked to sign off on a program that he doubts will work.

Britain warns of difficulties of Greek eurozone exit
Economic Times
LONDON: British Foreign Secretary William Hague said Sunday that Greece would find it difficult to leave the eurozone, on the eve of a Brussels meeting aimed at securing a new deal to manage the country's debts. While refusing to speculate on the ...

Eurozone crisis: Will it create a United States of Europe?
Economic Times
The Eurozone crisis has led some to predict its collapse, and others to fear that Europe will become a German empire. But a third line of thought, from those wanting a far more integrated Europe, holds that the crisis is actually a god-given ...

Economic Outlook: Eurozone data to be tested
Financial Times
By Stephen Smith Manufacturing and service sector figures for the eurozone will be watched closely on Wednesday for any sign that bearish fears on growth prospects might have been exaggerated. Markets took some comfort last week from the fact that ...

SANDERS: The glory that was Greece…
Washington Times
By Sol Sanders Its essence does not revolve around Greece's role in the European Union or the eurozone, per se. After all, before the fall, Greece constituted only 1.8 percent of the gross national product of the world's largest trading bloc.

Washington Times

Greece primed for debt deal
TVNZ
Euro zone finance ministers are expected to approve a second rescue package for Greece at a meeting tomorrow, a move officials hope will draw a line under four months of social unrest and financial market turmoil that has shaken Athens.

Greek premier rushes to Brussels to secure bailout
Newsday
Before the rest of the eurozone and the International Monetary Fund can sign off on Greece's new rescue package, which was tentatively agreed to in October, and comes on top of a €110 billion bailout granted in 2010, several issues have to be resolved: ...

Greek Prime Minister headed for Brussels
Bismarck Tribune
By DEMETRIS NELLAS AP AP Photo/Petros Giannakouris ATHENS, Greece (AP) -- Prime Minister Lucas Papademos unexpectedly headed Sunday to Brussels a day ahead of a crucial Eurozonefinance ministers' meeting to discuss a euro130 billion ($170-billion) ...

Greeks stage big rally on eve of eurozone meeting
The West Australian
The measures, which total 3.2 billion euros, were drawn up in return for the new bailout, which eurozone finance ministers are due to finalise in Brussels Monday to try to save Greece from bankruptcy and a possible exit from the euro.

The West Australian

Greek 'escrow' account at heart of bailout talks
New Zealand Herald
Photo / AP Greek Prime Minister Lucas Papademos rushed to Brussels overnight, a day before eurozone finance ministers have to decide whether Greece will get a 130-billion euro ($NZ204b) bailout and avoid a potentially devastating default.

Thousands In Athens Protest Austerity; Youths Clash With Police
Wall Street Journal
The protests come on the eve of a crucial meeting in Brussels of euro-zone finance ministers, who are expected to approve a second bailout for the debt-ridden country. Late Sunday, the office of Greek Prime Minister Lucas Papademos said he was also ...

Greece in final bailout talks in Brussels
The Guardian
The Greek prime minister, Lucas Papademos, is to hold last-minute talks witheurozone finance ministers on Monday to ensure his near-bankrupt country finally secures a vital €130bn bailout and avoids a default on its debts that could put the single...

The Guardian

Thousands Gather In Athens To Protest Austerity Measures
Wall Street Journal
The rallies come on the eve of a crucial meeting of euro-zone finance ministers in Brussels, who are expected to approve a second bailout for the debt-ridden country. Late Sunday, the office of the Greek prime minister Lucas Papademos said via a text ...

EU set to approve Greece deal
Irish Times
Photograph: Yiorgos Karahalis/Reuters Euro zone finance ministers look set to approve a bailout package for Greece tomorrow although final details are still being worked out, Austrian finance minister Maria Fekter said today.

Irish Times

Greeks protest on eve of bailout meeting
Ninemsn
Several thousand banner-waving protesters have staged rallies in Athens to protest budget cuts aseurozone ministers prepare to approve a new 130-billion-euro ($A160 billion) bailout for the debt-crippled nation. Hundreds of police shadowed the latest ...

Eurozone Ministers Meet Monday on Next Step for Tottering Greece
Moneynews
A decision is expected on Monday when eurozone finance ministers meet. Clearing this hurdle would open the way for Greece to take on the still more difficult task of restructuring its economy - far beyond the initial steps it has taken so far.

Five Reasons Europe Looks Less Disastrous
BusinessWeek
An impressive performance, considering that the euro crisis is far from over and a risk still exists that Greece won't have the money to pay bondholders come March 20. So why the sunnier feelings? Investors have a lot of reasons, ...

Dallas on Short-Termism and the Financial Crisis - Law Professor ...
By Securites Lawprof
This article is a comprehensive exploration of why financial and nonfinancial firms engage in short-termism with particular attention given to the financial crisis of 2007-2009. Short-termism, which is also referred to as earnings management (or, ...
Securities Law Prof Blog

Fuel Fix » Eurozone seeks central banks' help in Greek bail-out
By FT.com - Energy
Eurozone seeks central banks' help in Greek bail-out.
Fuel Fix

Euro zone finance ministers want Greece to remain euro member ...
Gonna be interesting start to the week, that's for sure. If you want to read article (which isn't overly long) do google search using headline.
ForexLive

Greeks stage new protest on eve of eurozone bailout meeting
Hundreds of banner-waving protesters staged a rally in Athens to protest at deep budget cuts aseurozone.
Calgary Herald - News

Economic outlook: Eurozone data will reveal extent of gloom | iPolitics
By The Financial Times
“Data in the eurozone are still playing second fiddle to Greek political and economic events,” said Victoria Cadman at Investec. “However, data releases for the week ahead look set to provide important barometers of whether the earlier gloom ...
iPolitics

Eurozone turmoil makes Poland think twice about joining the ...
By THEUNHIVEDMIND
http://www.guardian.co.uk/business/2012/feb/19/poland-eurozone-turmoil-join. The cliched western view of Poland – bogged down by communist inefficiency and rusting tractors – is long gone. This was the only EU economy to avoid ...
THE UNHIVED MIND

Just how bad is the Eurozone crisis?
By Alice Cook
The output collapse in the Eurozone - how deep will it go? If previous crisis are any guide, the Eurozone periphery economies could decline by as much as a fifth.
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