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

Wednesday, February 8, 2012

The Eurozone, Seen from 6000 Miles Away

The Eurozone, Seen from 6000 Miles Away
New York Times (blog)
The Fitch people asked: What is the most likely scenario for the Eurozone? A breakup? Full fiscal and political union? Or “muddling through” to some form of hybrid position? The consensus in the room was pretty clear:  79 percent of the journalists and analysts present thought — you guessed it — that “muddling through” ...

Greeks to Brief Eurozone on Tentative Debt Deal
ABC News
A spokesman for Greece's private creditors says Greek Premier Lucas Papademos will soon tell eurozone finance ministers the contents of a deal to reduce the country's massive debt. Frank Vogl said representatives of the Institute of International ...

ABC News

Glaxo Has Been Repatriating Euro-Zone Cash Daily to UK
Wall Street Journal
By STEN STOVALL LONDON—GlaxoSmithKline PLC has been funneling cash back to the UK daily from banks in euro-zone countries as part of its strategy to reduce exposure to risks of a possible breakdown of the European monetary system.

Eurozone crisis: A deft way to buy time
Financial Times
But when the history of the eurozone crisis is written, a lunch last November for 25 chief executives of leading European banks, hosted by Mario Draghi, the new ECB president, is likely to rank among the most important. The guests were anxious for ECB ...

REPEAT-Swiss central banker a euro crisis Nostradamus?
The cap was introduced in September to stop the currency soaring as investors sought a safe haven from the euro zone crisis. Ernst Baltensperger, who supervised Jordan's thesis, said the fact it reads like a story of what actually transpired ...

5 Eurozone Technical Setups for Breakout Gains
In late 2011, the eurozone debt debacle was a driving force in the US stock market, pushing equity prices markedly lower as uncertainty in the global financial system ratcheted higher. Today, things have changed a bit. Improved investor sentiment and ...

FTSE 100 drops on euro zone concerns, US stocks fall in early trade - UPDATE
Proactive Investors UK
In the meantime, European Commissioner Neelie Kroes told a Dutch newspaper that Greece's exit would not lead to the breakup of the euro zone. She added that the governments of Germany and the Netherlands would find it hard to convince their taxpayers ...

Proactive Investors UK

Euro crisis hurts UBS investment bank
The Age
Swiss bank UBS predicted further weakness in investment banking after a restructuring of the business failed to prevent an earnings hit from the euro zone debt crisis. 08/02/12 Up next... Greece strikes amid crunch bailout talks Sorry.

Italian Prime Minister on Eurozone Crisis
PBS News Hour
Italy's Prime Minister Mario Monti says the eurozone crisis has revived "old phantoms about prejudices" in North and South Europe.

Wave of discontent breaks beyond eurozone
The Australian
ONE after another, public fury and market pressures have toppled the leaders of the eurozone's PIIGS - Portugal, Ireland, Italy, Greece and Spain - but now the political backlash against incumbents has reached beyond the eurozone.

London 2012 - WADA: Financial crisis hurting anti-doping efforts
Yahoo! Eurosport UK
Financial constraints and a general boredom with the issue could undermine the fight against doping, according to the World Anti-Doping Agency WADA. WADA president John Fahey said the organisation should start looking for new sources of funding from...

Yahoo! Eurosport UK

Bernanke: Eurozone Recession A Possibility;Severity Uncertain
MNI News
On the ongoing turmoil in Europe, the Fed chairman noted that southern members of the Eurozonehave seen their economies contract, "so certainly parts of Europe are in recession." Countries like Greece and Portugal have no option but to rely on funding ...

Secondary Sources: Housing Bottom, Euro Crisis, What Is Keynesian?
Wall Street Journal (blog)
–Euro Crisis: Ryan Avent wonders whether the euro zone has found a solution to its problems. “An awful lot of very smart people are looking at Europe, scratching their heads, and wondering two things: 1) Is it possible that the euro zone has actually ...

Analysis: Merkozy fights to prevent Merkollande
Merkel aides cite two reasons for her decision to depart from diplomatic convention at Sarkozy's request: - the need to preserve the close partnership the French and German leaders have developed in managing the euro zone debt crisis, which has earned ...

Financial Crisis American Gridlock, Why The “Left” And The “Right” Are Both Wrong
The Market Oracle
Widely acknowledged as the dean of world financial commentators, Martin Wolf outdid himself in these prescient comments made during the early days of the global financial crisis of 2007–2010. Going deeper, Gretchen Morgenson's book Reckless Engagement ...

Euro-Zone Banks' Demand For ECB's Weekly Loan Falls Slightly
Euro-zone banks' demand for the European Central Bank's unlimited one-week credit fell slightly Tuesday while remaining at the relatively subdued level seen since the ECB lent banks nearly half a trillion euros through its first ever three-year loans ...

France signals nine eurozone states ready to trigger FTT
Expatica France
French Finance Minister Francois Baroin signalled Tuesday that nine eurozone governments are ready to press ahead with the introduction of a Paris-inspired financial transactions tax. Baroin's office said the minister had written to the European ...

Euro-zone's govt debt falls to 87.4% by end of Q3
Middle East North Africa Financial Network
(MENAFN) Eurostat, the statistics office of the European Union (EU), said that by the end of last year's third quarter, the euro-zone's government debt slipped to 87.4 percent of gross domestic product (GDP) from 87.7 percent in the previous quarter, ...

IMF warns China on eurozone fallout
In November 2008, in the midst of the global financial crisis, China unveiled a Rmb4tn stimulus package to counter the effects of collapsing trade and investment. While economists estimate this massive response boosted domestic growth by at least 6 ...

Chinese banks cut exposure to euro zone -paper
BEIJING Feb 7 (Reuters) - Chinese banks and companies in the northern port city of Tianjin have cut their exposure to Europe as the euro zone debt crisis festers, the official Financial News reported on Tuesday. In a recent survey of 53 banks and 15 ...

EU fiscal treaty expected to prevent new eurozone crises
Southeast European Times
By Svetla Dimitrova for Southeast European Times in Sofia -- 07/02/12 Bulgaria and Romania joined 23 other EU countries, including the 17 eurozone nations, in agreeing to a new pact intended to strengthen budget discipline as a safeguard against new ...

Maastricht Treaty turns 20 as euro crisis continues
Twenty years ago, leaders of the European Union put their signatures under a plan for one of the most ambitious steps in European integration. The single currency. The Maastricht Treaty enable the creation of the euro, which, despite all the negatives, ...

Tokyo stocks move little amid concerns over eurozone economy
Mainichi Daily News
TOKYO (Kyodo) -- Tokyo stocks were almost flat Tuesday amid worries about the outlook for the eurozone economy as talks over debt-laden Greece to avoid default dragged on. The 225-issue Nikkei Stock Average closed down 11.68 points, or 0.13 percent, ...

Mainichi Daily News

The Eurozone Crisis And India-EU Ties - Analysis
Eurasia Review
The continuing Eurozone crisis has already started affecting economic ties adversely and is likely to affect them more in the coming years. Now the two-year-old Eurozone crisis has entered a dangerous phase. The European sovereign debt crisis has grown ...

The hazards of crisis
The Economist (blog)
1) Is it possible that the euro zone has actually figured out a way to muddle through this mess? 2) Did they somehow do all the things I said they needed to do without me noticing? I don't know whether the euro zone has figured out a way to muddle ...

China shares fall after IMF's eurozone warning
Financial Times
The biggest fall in the region was on the Shanghai Composite, which lost 1.7 per cent to 2291.9, after the International Monetary Fund warned China's growth would be cut in half this year if the eurozone debt crisis tipped the global economy into ...

UBS predicts poor Q1 over eurozone woes
UBS Q4 net profit 393 mln Sfr vs poll for 737 mln * Wealth management net new money 3.1 bln Sfr vs 3.8 bln in Q3 ZURICH Feb 6 (Reuters) - UBS warned of a poor first quarter as uncertainty surrounds the eurozone, its banks and US deficit issues, ...

How to Solve the Euro Crisis in 7 Easy Steps
Rampant speculation in the financial markets could derail any plan to break up parts of theEurozone. 3. After markets close on the chosen Friday evening make the announcement that Greece, Portugal, Spain, possibly Italy and maybe one or two other ...

Andrew Lo On Financial Crisis Reads: 'After Each Book I Felt Like I ...
By The Huffington Post News Editors
A while back, the MIT economist Andrew Lo set out to review a couple books about the financial crisis. Those books led to a couple more books, which led -- you see where this is going -- to 17 more books.
The Huffington Post | Full News Feed

Willem Buiter: Greek eurozone exit probability rises to 50%
By Zarathustra
Willem Buiter of Citi raises the probability of a Greek eurozone exit from 25-30% to 50% for the next 18 months.
Also sprach Analyst

Dutch: We Can Live Without Greece in Eurozone | Atlantic Sentinel
By Nick Ottens
The Dutch prime minister Mark Rutte and European Commissioner Neelie Kroes both said on Tuesday that the single currency area would survive a Greek exit. Rutte said in a radio interview that the eurozone could “handle” a country leaving ...
Atlantic Sentinel

How Economists Contributed to the Financial Crisis – Trade Reform
By Ellen Croibier
How Economists Contributed to the Financial Crisis. John T. Harvey | February 6, 2012 | Forbes. A lot of blame has been spread around regarding the financial collapse and the onset of the Great Recession. Greedy speculators, big banks, ...
Trade Reform

Greece should remain in Eurozone - Venizelos : Voice of Russia
It is important that Greece should remain part of the Eurozone and sign a new loan agreement with the European Union and International Monetary Fund, said the Greek Finance Minister Evangelos Venizelos following his talks with the ...
Voice of Russia, News

UBS predicts poor Q1 over euro zone woes (Reuters)
published about 10 hours ago. Reuters - UBS warned of a poor first quarter as uncertainty surrounds the eurozone, its banks and U.S. deficit issues, as it posted a sharp drop in fourth-quarter profit that missed analyst expectations on Tuesday.
NewsOnFeeds.com Business News

Federal Union | The UK and the new eurozone governance: what ...
By editor
Organised by the Aston Centre for Europe, together with the European Commission,. Our conference will bring together politicians, bankers, journalists, academics and seasoned Brussels watchers in order to examine two core issues, ...
Federal Union

Euro crisis: “We are not fully in control of the sequence of events ...
By Pete Baker
A similar message was delivered with a more optimistic spin by Jean-Claude Juncker, chairman of the “eurogroup” of eurozone finance ministers, who said he had no doubt that Greece would remain within the eurozone, provided that it met its ...
Slugger O'Toole

The Financial Crisis Of 2008 Was Just A Warm Up Act For The ...
The truth is that the financial crisis of 2008 was just a warm up act for the economic horror show that is coming. Nothing really got fixed after the crash of 2008. We are living in the biggest debt bubble in the history of the world, and it has gotten ...
Kevin Trudeau Show

Greek bankruptcy less likely to contaminate eurozone: minister
While it would be preferable for Greece to remain within the Eurozone, enough measures have been taken that 'we could deal with such a departure', prime minister Mark Rutte said on Tuesday.
News from DutchNews.nl

The effects of the Euro zone crisis on the CFA franc zone: a View ...
By Raju Jan Singh
Furthermore, the budget in Cameroon does not rely heavily on aid, hence any adverse impact from lower aid following fiscal austerity measures in the Euro zone should be limited. The economic slowdown in the Euro zone will thus more ...
blogs.worldbank.org - Our conversatio...

EconoSpeak: Ten Minutes to Grok the Eurocrisis
By Peter Dorman
I like these little mini-lectures where a hyperactive hand scribbles out an animated commentary. Here, clocking in at under ten minutes, is the Punk Economics explanation of what's wrong with Merkozy's "solution" to the Eurozone fiscal crisis.

Capital market collapse The simple cause of every financial crisis in ...
Throughout history the story behind financial collapse has been the same. Times are good, so both producers and speculators borrow more so as to make more ...

Jim Rogers: No-One Leaves the Euro Zone This Year - Business ...
No country will exit the euro zone this year but a solution to the debt crisis remains elusive, Jim Rogers, CEO and chairman at Rogers Holdings, told CNBC ...

Hungary's Malev Folds as Euro Crisis Claims Second Carrier ...
Malev Zrt., the state-owned Hungarian airline founded in 1946, ceased flying after the government withdrew financing, becoming the second victim of European ...

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