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

Saturday, February 11, 2012

If Only Greece Would Unbind Prometheus From The Euro

If Only Greece Would Unbind Prometheus From The Euro - Forbes: "To my mind as Greek political leaders try yet again to find an agreement on austerity measures, clearing the way for a possible deal to cut the nation’s debt and win its 2nd rescue in 2 years it is as though the Euro Zone is once again being lashed to a rock … pretty soon we will have an eagle swoop again and peck away to open the wound that is Greece. The dismal debt denial, quick fix cycle is turning once again. Does no one within the bunker of Euro Zone High Command actually get it that Greece is BUST!!?? Guess that’s a no…"

Why Greece Will Default, Leave the Eurozone
CNBC.com
But it is no more irrational than predicting that Greece will stay in the euro zone. We're just conjecturing about something no one can actually know. My conjecture is based on a simple fact: If I were Greek, I'd leave the euro zone.

The euro zone's fork in the road
TODAYonline
by Mario I Blejer and Eduardo Levy Yeyati Many observers have recently declared that the euro zone debt crisis is practically resolved, or at least on hold for a few years. The falling yields at the Italian government's last bond auctions last year ...

Euro zone banks lead European shares lower
Reuters
FTSEurofirst falls 0.5 pct * Euro zone banks slip after a strong run * Alcatel-Lucent soars after results By Brian Gorman LONDON, Feb 10 (Reuters) - European shares fell on Friday, dragged lower by banks on concerns about the outcome of the euro zone ...

Eurozone gives Greece ultimatum for new bailout
AFP
Eurozone finance ministers put off a decision Thursday on a new bailout to save Greece from bankruptcy, giving Athens less than a week to meet three conditions in return for 130 billion euros in aid. Duration: 00:49.

The Euro Crisis - Bad And Getting Worse
Seeking Alpha
The eurozone situation was bad enough six months ago. It is getting worse. Why? Because none of the key players is addressing the fundamental problem the eurozone is facing: the weak sisters (Greece, Italy, Portugal and Spain) are not now and will ...

OIL FUTURES: Crude Falls On Profit-Taking; Euro-Zone Meet In Focus
Wall Street Journal
But traders paid little heed to this data, instead maintaining focus on euro-zone debt issues. "Greece will be the main driver in the coming days," a Singapore-based trader said. Nymex reformulated gasoline blendstock for March--the benchmark gasoline ...

ING Feels Euro Crisis Pain
Wall Street Journal
By MAARTEN VAN TARTWIJK AMSTERDAM—Dutch financial-services company ING Groep NV said it expects only a weak economic recovery in 2012 after reporting that its fourth-quarter results were dented by fallout from the euro-zone crisis.

Obama hails Italian leader in talks on euro crisis
AFP
US President Barack Obama met with Italian Prime Minister Mario Monti on Thursday in Washington, where Obama praised Monti's efforts toward fiscal reform amid the broader eurozonecrisis.Duration: 00:36.

They're Back: Eurozone Fears Reemerge
Fox Business
Likewise, the cost to insure the sovereign debt of a number of embattled eurozone countries climbed on Friday. According to Markit, the cost to insure $10 million of Italian bonds jumped 7.1% to $392000, while the cost to insure Spanish debt climbed ...

Euro-zone weighs Greek deal
euronews
http://www.euronews.net/ Euro-zone finance ministers have been meeting to decide whether the Greek government's down-to-the-wire agreement on reforms will be enough to make the country's debt sustainable. Greece's partners in the euro-zone and the ...

US GOLD CLOSE - Comex gold declines on Greek worries, contagion fears
FXstreet.com
“Greek tragedy has traders worried as the spreading of financial uncertainty to Portugal, Italy and other eurozone countries may push for additional capital needs at many banks, who could become sellers of gold to raise capital for their balance sheets ...

Critics worry about ECB nonchalance over payments stress
Reuters
FRANKFURT (Reuters) - European Central Bank President Mario Draghi's apparent lack of concern about growing imbalances in money being transferred between euro zone countries has revived criticism from those who see the issue as a budding new crisis.

US stocks halt rally on eurozone doubts
Financial Times
But pictures of protests, cabinet resignations, and frustrated comments from eurozone finance ministers, put the bears back in charge on Friday. The S&P 500 fell 1 per cent in the morning session, leaving the benchmark index set for its first weekly ...

Detroit financial crisis: City Council sued over closed sessions with review team
Detroit Free Press
By Bill Laitner A Highland Park man who champions open government has sued the Detroit City Council, saying it violated the state Open Meetings Act when council members met in January with the financial review team appointed by Gov. Rick Snyder.

Eurozone Collateral:7 National Central Bks Expand Eligibility
MNI News
By Vicki Schmelzer NEW YORK, Feb 9 (MNI) - In the wake of the European Central Bank decision Thursday, the ECB issued a statement saying the Governing Council approved eligibility criteria for additional credit claims. "The Governing Council of the ...

Friday Papers: Eurozone dismisses Greek budget deal
Citywire.co.uk
by Himanshu Singh on Feb 10, 2012 at 03:59 Financial Times: Eurozone finance ministers dismissed as incomplete a reputed €3.3 billion package of Greek budget cuts presented to them in hopes of securing a new €130 billion bailout; lenders are demanding ...

Asian rally stalls on eurozone woes
Financial Times
By Song Jung-a in Seoul Eurozone finance ministers dismissed as incomplete a reputed €3.3bn package of Greek budget cuts presented to them in the hope of securing a new €130bn bail-out and sent the country's finance minister back to Athens with a fresh ...

Euro crisis and Monti visit top plenary agenda
Europolitics.info
By Gaspard Sebag | Friday 10 February 2012 The euro crisis will feature prominently in the European Parliament's plenary session in Strasbourg, on 13-16 February, along with a debate on preparations for the March European Council and a visit by Italian ...

The Eurozone Sovereign Debt Crisis: Investment Risks and Opportunities
JD Supra (press release)
Although the crisis began in Greece more than two years ago, fears of the financial contagion have spread to several other Eurozone countries. Such uncertainty continues to shape the behavior of the US financial markets. The next few months will be ...

Greece Grapples With Financial Crisis
TopNews United States
The decision over the Greece's financial stability would be taken by the Euro zonefinance ministers, who have not yet given a green signal to austerity measures and have asked Greece to secure a second bailout plan. At present, Greece is facing a ...

TopNews United States

The Euro Needs to Watch the Greeks Now
Wall Street Journal (blog)
As the risk of contagion from Greece has subsided and global growth prospects in general have improved, investors have been happy to continue covering their short euro positions. Pledges from German Chancellor Angela Merkel to keep Greece on side and ...

Euro Crisis Spillovers To Asia So Far Mild, BoJ's Shirakawa Says
NASDAQ
He identified three potential channels of contagion, namely, trade links, financial market disturbances and deleveraging by European financial institutions. The policymaker also warned that the longer the disturbance continues in European financial ...

Brazil Stocks Down; Weak Euro-Zone Growth Expectations Weigh
Wall Street Journal
Bovespa had touched a high of 66323 points shortly after trading opened, but switched course and sank into the red after European Central Bank President Mario Draghi said he foresaw very weak growth in the euro zone in fourth-quarter 2011 and a ...

Is the Eurozone Debt Crisis Good or Bad for Gold Prices?
DailyFX
The headwinds facing the global recovery remain formidable, with the Eurozone debt crisis still a concern and boiling tension between Iran and Western powers threatening to disrupt oil supply chains, which could send crude prices soaring.

LME MORNING - Base metals stumble amid eurozone concerns, drop in Chinese demand
Fastmarkets
By Kathleen Retourne, Correspondent Kathleen.Retourne@fastmarkets.com London 10/02/2012 - Base metals declined on the LME on Friday morning when a fall in Chinese imports and a softer euro weighed on prices. Chinese copper imports fell to 413964 tonnes ...

Kudrin Sees Eurozone Crisis Continuing 2-3 Yrs
RIA Novosti
He said in late January that the currency crisis in Europe had already started and that he was 90 percent certain that one to three states would leave the eurozone. Greece, Ireland and Portugal have the largest debt problems, while Spain and Italy may ...

Napolitano: Solidarity And Austerity Needed In Euro Crisis
Agenzia Giornalistica Italia
"During the Eurozone crisis, obstacles have been posed to the principle of solidarity," said Napolitano on the eve of voting on aid to Greece. "There is now a false persuasion that some countries have only received advantages from the euro, ...

Fuel Fix » Eurozone dismisses Greek budget deal
By FT.com - Energy
Posted on February 10, 2012 at 5:13 am by FT.com - Energy in. 31. |. Tweet. Share share E-mail.Eurozone finance ministers dismiss a reputed €3.3bn package of Greek budget cuts and send the country's finance minister back to Athens. 31 ...
Fuel Fix

Eurozone Finance Ministers Delay Greek Bailout | FDL News Desk
By David Dayen
Greece has agreed to new bailout terms, with brutal austerity measures attached, but Eurozonefinance ministers don't believe the Greeks will follow.
Firedoglake

Euro crisis: You have six days to comply… « Slugger O'Toole
By Pete Baker
The finance minister says that if you want to stay in the eurozone, then you have to agree to cuts in pensions as demanded by the EU and the IMF. He, Gavin Hewitt that is, thinks the 'deadline' will be met. The most likely outcome is that Greece ...
Slugger O'Toole
Shrink the eurozone to save it | OdeWire
By odewire
And with each passing day, as the Greek economy continues its downward spiral under the weight of externally imposed draconian budget austerity, there is the increased risk that a disorderly Greek euro exit could result in real contagion to ...
OdeWire

Eurozone postpones Greece bailout: Voice of Russia
Eurozone finance ministers have postponed the signing of a bailout deal for Greece pending the implementation of certain conditions on the part of Athens. The chairman of a meeting of Eurozonefinance ministers Jean-Claude Juncker says ...
Voice of Russia, News

Euro Zone Postpones Greece Bailout « Voices from Russia
By 01varvara
Euro Zone finance ministers postponed the signing of a bailout deal for Greece pending the implementation of certain conditions on the part of Athens. Jean-Claude Juncker, the chairman of a meeting of Euro Zone Finance Ministers, said that ...
Voices from Russia

Pharmaceuticals: Eurozone Owes Firms Euros 12bn - Drugs.com ...
From Guardian (UK) (February 10, 2012) Pharmaceuticals companies are owed euros 12bn (pounds 10bn) for unpaid medicine bills in the eurozone - half of that in S.
Drugs.com - Pharma News

XE.com - UPDATE 1-Euro zone bright spot Estonia suffers Q4 GDP ...
Estonia's economy contracted for the first time in more than a year in the final quarter of 2011, though analysts said on Friday one of the euro zone's better performers was likely to avoid a full recession.
XE Forex News

The Euro Crisis – Bad and Getting Worse | Morss Global Finance
By Elliott Morss
The Euro Crisis is far from over. And what makes it worse, none of the key players are focusing and what has to be done to remedy the situation.
Morss Global Finance

Weekly Eurozone Watch: Greece's Freaky Friday | Global Macro ...
By macromon
Weekly Eurozone Watch: Greece's Freaky Friday. Posted on February 10, 2012 by macromon. Greece's political instability ruined a relatively well behaved week in Euro sovereign spread land. Italy and Spain wider by 20 + bps today. France ...
Global Macro Monitor

Is the Eurozone Debt Crisis Good or Bad for Gold Prices?
By Admin
The headwinds facing the global recovery remain formidable, with the Eurozone debt crisis still a concern and boiling tension between Iran and Western powers threatening to disrupt oil supply chains, which could send crude prices soaring.
AnyOption Review - Binary Options

Greece - Euro CRISIS: Yesterday's latest Greek bailout agreement ...
From Zero Hedge: Remember the pomp and circumstance with which Venizelos showed up in Brussels yesterday carrying a two paragraph statement from Lucas Papademos in hand, saying Greece promises it has agreed to make idiotic ...
The Daily Crux

Six Films on the Financial Crisis | BillMoyers.com
Still wondering exactly what happened, why, and how? These six films -- even just their previews -- can help.
billmoyers.com/content/six-films-on-the-financial-crisis/

Eurostat: Eurozone debt actually decreasing | Letters from Europe
Between June and September 2011, the debt of eurozone governments as a percentage of GDP fell from 87.7% to 87.4%. The recovery's combination of GDP ...
euroletters.wordpress.com/.../eurostat-eurozone-debt-actually-...

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