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

Friday, February 24, 2012

"Fruits of Austerity"-- Recession: Eurozone Economy Expected To Contract In 2012

"Fruits of Austerity"-- Recession-- Nobel economist Paul Krugman: "slashing spending in a depressed economy depresses the economy even more . . . "

EU Forecasts 'Mild Recession' for Euro Zone in 2012
New York Times
The euro zone economy as a whole will probably shrink 0.3 percent in 2012, the commission said. Last November, it had forecast growth of 0.5 percent. The euro zone's large, core nations, Germany and France, are set to grow in 2012, but only 0.6 percent ...

So, what would your plan for Greece be? — Crooked Timber: "Reading the media and blogs, it seems to me that left and right are united in the view that the Greek default is being handled appallingly, that the current attempts at a solution are childishly obviously wrong and that everything is the fault of someone, probably the Germans. My own view – that it is not at all clear what the direction of policy is, and that although I don’t agree with the troika plan, it’s recognizable as a good-faith plan . . . "

Euro zone economy set to shrink in 2012, deficits in focus
Reuters
Euro zone to contract 0.3 pct in 2012 - Commission * EU to show zero growth, economy fragile * Report shows growing regional divide * EU says must cut deficits; may show leniency in Spain By Robin Emmott and Julien Toyer BRUSSELS, Feb 23 (Reuters) ...

German back against euro zone firewall
Reuters
Chancellor Angela Merkel is so concerned to get a second bailout for Greece approved by her parliamentary majority next Monday that she has hardened Berlin's stance against any increase in the euro zone's financial firewalls.

Euro zone headed for recession, report says
Washington Post
BERLIN – Countries that use the euro are headed for a mild recession this year, the European Commission said Thursday, the region's second economic contraction since 2008, despite years of attempts to solidify the euro zone's economic standing.

Euro-Zone Economy Now Expected To Contract In 2012
Wall Street Journal
By Riva Froymovich BRUSSELS (Dow Jones)--The euro-zone economy will fall back into recession at the start of this year and is now expected to contract in 2012 as a whole, the European Commission warned Thursday. The new gross domestic product forecasts ...

EU Expects Eurozone to Suffer Mild Recession
ABC News
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 growth. In its latest projections, the European ...

ABC News

Euro zone economy to shrink in 2012
Orlando Sentinel
BRUSSELS (Reuters) - The euro zone's economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU's executive said on Thursday, warning that the currency area has yet to break its vicious cycle ...

Euro zone expected to suffer mild recession
Sydney Morning Herald
The 17-nation euro-zone economy will suffer a modest recession this year despite recent signs of stabilisation, particularly in financial markets, the European Union's executive branch says. In its latest projections, the European Commission forecast a ...

Eurozone WILL plunge back into recession this year... but Britain and Germany ...
Daily Mail
By Lee Moran The eurozone will plunge into recession later this year as the sovereign debt crisis continues to cause financial chaos. But although the 17-nation bloc will suffer an overall 0.3 per cent contraction, its two biggest members Germany and ...

Daily Mail

Europe's Economy Will Spin Its Wheels In 2012, Eurozone To Shrink
Forbes
That was the message from the European Commission Thursday, as the group said the eurozone is likely to contract 0.3% in 2012 while the broader EU stagnates. According to the updated growth forecast, the stall experienced in the second half of 2011 ...

Forbes

Euro-Zone Economy Seen Contracting In 2012
NASDAQ
BRUSSELS -- The euro-zone economy will fall back into recession at the start of this year and is now expected to contract in 2012 as a whole, the European Commission warned Thursday. The new gross-domestic-product forecasts will add to concerns about ...

EU Rehn: Euro Zone Must Stick To Fiscal Programs Despite Recession
Wall Street Journal
BRUSSELS (Dow Jones)--Vulnerable euro-zone countries must remain committed to their fiscal consolidation programs, despite expectations that the region will dip into recession this year, said European Union Economics Commissioner Olli Rehn Thursday.

EU expects euro zone to suffer mild recession
Globe and Mail
BRUSSELS— AP Half the economies in the 17-nation euro zone are forecast to enter a recession this year, raising concerns that government austerity programs introduced to combat unsustainable debt levels are holding back growth.

Globe and Mail

Eurozone in 'Mild Recession,' EU Says
HispanicBusiness.com
The eurozone is in a "mild recession" but there are signs of "stabilization," the European Union executive said Thursday as it published revised gross domestic product (GDP) estimates predicting a contraction of 0.3 percent in 2012.

HispanicBusiness.com

G20 to urge eurozone to increase 'firewall'
Financial Times
Eurozone finance ministers will face pressure to increase the size of their financial “firewall” as the continent's sovereign debt crisis dominates discussion at the G20 meeting of finance ministers and central bank governors in Mexico this weekend.

Eurozone heading into recession, says EU
Telegraph.co.uk
The eurozone economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU said, warning that the area has yet to break its vicious cycle of debt. Despite signs of stabilisation this year, ...

Telegraph.co.uk

Eurozone slipping into 'mild' recession
Financial Times
By Stanley Pignal in Brussels The eurozone economy is going through a “mild recession”, according to the European Commission, and will contract this year, highlighting the challenges facing policymakers as they attempt to boost growth to overcome the ...
 
Financial Times

Euro zone heads for recession
Irish Times
The euro zone was last in recession in 2009, when the economy contracted 4.3 per cent during the deepest global slump since the 1930s. The euro zone economy is heading into its second recession in just three years and the wider European Union will ...

Irish Times

Eurozone set for continuing hard times
RT
The Eurozone economy is set to face a mild recession later this year, despite recent signs of stabilization. The European Commission forecast that economic output in the 17 nations sharing the euro will contract 0.3% this year, reversing an earlier ...

RT

Eurozone faces recession throughout 2012
Business Times - Malaysia
BRUSSELS: More bad news hit the eurozone on Thursday as EU data predicted recession throughout 2012, with a 0.3-per cent contraction compared to 0.5-per cent growth and a likely downturn in the previous November forecast. "The unexpected stalling of ...

European shares fall after euro zone data, weak results
Reuters
FTSEurofirst down 0.2 pct * Charts show index is still supported * Grim euro zone data hits auto stocks * Banks fall after weak results, outlooks By Francesco Canepa LONDON, Feb 23 (Reuters) - European shares fell for a third straight session on ...

Euro Zone Will Face a Tough 2012
ValueWalk
By Abhijit Sen The European Commission in its interim forecast report has warned that the European Union has yet to break its vicious cycle of debt, and the euro zone economy could be heading into its second recession in just three years, ...

Summary Box: European Union expects mild recession in eurozone this year
Washington Post
SOBERING PROJECTION: The European Commission forecast a 0.3 percent contraction in theeurozone economy for 2012, with Greece's economy leading the way downward with a massive 4.4 percent decline. THE BACKGROUND: In its November forecast, ...

Eurozone Recession Looms As Output Shrinks
Sky News
The EU Commission has warned that the eurozone is heading for its second recession and has lowered its growth forecast for 2012. The Commission forecasts that economic output in the 17 nations sharing the euro currency will contract by 0.3% this year, ...

Sky News

ECB's Draghi says euro zone recovering slowly
Reuters
FRANKFURT (Reuters) - 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.

EU expects eurozone economy to shrink in 2012
CBC.ca
In its latest projection, the European Commission forecasted a 0.3 per cent contraction in the eurozone in 2012. That's a departure from the modest 0.5 per cent gain the agency was expecting when they last issued their forecast in November.

CBC.ca

UK to narrowly escape recession, European commission forecasts
The Guardian
The UK will narrowly escape recession in the first half of this year as Europe as a whole stagnates and the eurozone suffers a short-lived, "mild" contraction, according to the latest forecasts from Brussels. The ultra-cautious prediction by the...

The Guardian

Greek Woes Weigh on European Economy
Voice of America
February 23, 2012 Greek Woes Weigh on European Economy Jeff Seldin European Commission reversed its previous growth forecast and predicted 0.3 percent economic contraction contrasted with commission's estimate just three months ago that eurozone ...

International Political Economy Zone: PIIGs in a Blanket: IMF ...
By Emmanuel
I've often harped on the idea that Europe's troubled PIIGS nations shouldn't be receiving IMF funding since the nature of their woes do not primarily deal with balance-of-payments woes the institution was meant to address. Greece simply ...
International Political Economy Zone

The Coming Crisis: German back against euro zone firewall
By Lynsey
Chancellor Angela Merkel is so concerned to get a second bailout for Greece approved by her parliamentary majority next Monday that she has hardened Berlin's stance against any increase in the euro zone's financial firewalls. As a result ...
The Coming Crisis

Robert Teitelman: Stephen Bainbridge's Corporate Governance ...
By Robert Teitelman
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 Huffington Post Full Blog Feed

Dombrovskis: economic stability required to ensure eurozone's ...
By The Baltic Course | Baltic States news & analytics
For the eurozone to return to economic growth, it is necessary to ensure its economic stability, Latvian Prime Minister Valdis Dombrovskis (Unity) announced during yesterday's discussion on the future of the euro area at the EU House.
The Baltics Today

EU expects eurozone to suffer mild recession | Stuff.co.nz
The 17-nation eurozone economy will suffer a modest recession this year despite recent signs of stabilisation, particularly in financial markets, the European Union's executive branch said.
Stuff.co.nz - Business

XE.com - UPDATE 3-Euro zone economy set to shrink in 2012 ...
The euro zone economy is heading into its second recession in just three years and the wider European Union will stagnate, the EU's executive said on Thursday, warning that the currency area has yet to break its vicious cycle of debt.
XE Forex News

GREECE AND THE EU FINANCIAL CRISIS « Greek Left Review
By SOZ
An interview with Dr. Stathis Kouvelakis, Professor at Kings College London, discussing thefinancial crisis in Greece and the probability of defaulting on its EU debt. Filmed on 31 January 2012 by Global Voices for Justice at UCLA.
Greek Left Review

ECB's Draghi says euro zone recovering slowly — Clearing and ...
By RSS Feed
FRANKFURT (Reuters) – 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 ...
Clearing and Settlement — Clearing...

EU predicts mild recession in eurozone this year but notes signs of ...
By The Canadian Press
BRUSSELS, Belgium — The European Union's executive branch expects the 17-nationeurozone economy to suffer a modest recession this year despite recent signs of stabilization, particularly in financial markets. In its latest projections ...
iPolitics

$A lower on euro zone concerns | WA Business News
By dan.wilkie
The Australian dollar is lower as concerns grow around the Greek bailout and growth in Europe. At 1700 AEDT, the local unit was trading at 106.47 US cents, down from 106.71 cents yesterday. Since 0700 AEDT, the local unit traded between ...
WA Business News - Latest News

Eurozone PMI contracts in February
By Global Macro Monitor
From Markit's release earlier today, The Markit Eurozone PMI® Composite Output Index fell ...
Money Game Contributors

ECB'S Draghi: Euro zone recovering very slowly: report – forex.ch
By Forex.ch
The euro zone is recovering very slowly and although financial markets are more stable than a few months ago it is hard to say whether the bloc's debt crisis is over, ECB President Mario Draghi said on … Read this article: ECB'S Draghi: Euro ...
forex.ch

Contagion during the Greek sovereign debt crisis | vox - Research ...
Since 2010, Eurozone countries have engaged in unprecedented rescue operations to avoidcontagion from a potential Greek sovereign default. This column ...
www.voxeu.org/index.php?q=node/7653

Euro zone economy to shrink in 2012 - Yahoo! Finance
From Yahoo! Finance: The euro zone's economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU's ...
finance.yahoo.com/.../euro-zone-economy-shrink-2012-1009...

Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By ...
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 ...
www.zerohedge.com/.../projected-piigs-pillage-32335-tons-go...

Eurozone seals unprecedented Greek bailout deal | Bangkok Post ...
BRUSSELS - Finance ministers sealed an unprecedented deal early Tuesday for a new 237-billion-euro ($310 billion) bailout designed to keep Greece in the ...
www.bangkokpost.com/.../eurozone-opts-to-keep-greece-in-th...

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