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

Saturday, March 31, 2012

Eurozone countries build a bigger financial 'firewall'

Eurozone countries build a bigger financial 'firewall'
Los Angeles Times
REPORTING FROM LONDON –- The 17 nations of the Eurozone agreed Friday to increase their bailout resources in an attempt to keep a lid on the debt crisis that has hobbled the region's economy and raised doubts about the future of the euro. 

Euro Zone Raises Crisis Firewall Ceiling to €700 Billion
Wall Street Journal
By MATTHEW DALTON COPENHAGEN—Euro-zone finance ministers on Friday agreed to boost the bloc's bailout lending limit to €700 billion ($930 billion), choosing the least ambitious option on the table for reinforcing its anti-crisis "firewall," one some ...

Spain unveils 'most austere' Budget in democratic history - Telegraph: "The cuts fell short of the €34bn experts said were required to reduce the budget deficit from 8.5pc to 5.3pc of gross domestic product (GDP). By targeting businesses rather than individuals the Government was accused of short-termism. Christian Schulz, senior economist at Berenberg Bank, said: "If the UK has put up a sign saying 'open for business', then Spain has put up a sign saying 'siesta'."

Euro zone agrees to boost rescue capacity
Reuters
Euro zone ready to provide 500 bln euros of new money till mid-2013 * IMF's Lagarde, G20 chair Mexico say will help raise IMF resources * ECB board appointment deferred to April * Spain unveils austerity budget after strike, protests By Jan ...

Eurozone boosts financial buffers to $1.1 trillion but falls short of ...
Washington Post
Of the €800 billion limit eurozone finance ministers agreed to Friday, only some €500 billion ($670 billion) is still available for new bailout loans. About €300 billion ($400 billion) in loans have already been used to bail out Greece, ...

Eurozone gets $670 billion in fresh bailout funds
BusinessWeek
Of the (EURO)800 billion, which eurozone finance ministers agreed Friday at a meeting in Copenhagen, only some (EURO)500 billion ($670 billion) is actually still available. About (EURO)300 billion in loans have already been used to bail out Greece, ...

Q+A: Euro zone bailout spending, commitments and capacity
Reuters
By Jan Strupczewski | COPENHAGEN (Reuters) - The euro zone raised the combined lending ceiling for their two bailout funds to 700 billion euros ($930 billion) from 500 billion, striking a compromise between demands on euro zone taxpayers and assuring ...

Euro zone pumps up bailout fund to nearly $1 trillion
Washington Post
After meeting in Copenhagen, the euro zone finance ministers announced that they would substantially increase their commitments for a new permanent bailout fund to $667 billion. They said they will also make available an additional $267 billion from an ...

Euro zone agrees temporary boost to rescue capacity
Reuters
Euro zone likely to allow temporary boost of bailout capacity * Bailout power to fall after mid-2013 * Markets sceptical of real increase in firepower * Spain to unveil austerity budget after giant strike, protests By Paul Carrel and Francesca Landini ...

Euro Zone Vows To Complete Crisis Response By Reinforcing Firewall
Wall Street Journal
By Tom Fairless, Flemming Emil Hansen and Jenny Paris COPENHAGEN (Dow Jones)--Euro-zone finance ministers were preparing Friday to agree on building a stronger firewall to combat the sovereign debt crisis, coalescing around a plan that would combine ...

Euro zone agrees 800 billion euro firewall: Austria
Reuters
By Annika Breidthardt and Paul Carrel | COPENHAGEN (Reuters) - Euro zone finance ministers have agreed to boost the currency bloc's debt crisis firewall to roughly 800 billion euros ($1.06 trillion), Austrian Finance Minister Maria Fekter said on ...

Euro zone set to boost debt-crisis firewalls
Reuters
By Jan Strupczewski and John O'Donnell | COPENHAGEN (Reuters) - Euro zone finance ministers are likely to agree to temporarily almost double their financial backstops on Friday as one of the final moves to end the sovereign debt crisis, ...

Eurozone Gets $670B in Fresh Bailout Funds
TIME
Eurozone finance ministers, who were meeting in Copenhagen, Denmark, said that — in combination with some (EURO)300 billion that had already been spent on saving Greece, Ireland and Portugal — the currency union now possesses a (EURO)800 billion ...

Euro-zone boosts anti-contagion firewall
MarketWatch
By William L. Watts, MarketWatch FRANKFURT (MarketWatch)—Euro-zone finance ministers on Friday agreed to temporarily boost the lending capacity of the region's rescue funds to 700 billion euros ($934 billion) from €500 billion in an effort to convince ...

HIGHLIGHTS-Euro zone finance ministers meet on firewalls in Copenhagen
Reuters
COPENHAGEN, March 30 (Reuters) - The euro zone raised the combined lending ceiling for their two bailout funds to 700 billion euros from 500 billion, striking a compromise between demands on euro zone taxpayers and assuring markets that money invested ...

Euro Zone Lifts Firewall
Wall Street Journal (blog)
By Matthew Dalton Euro-zone finance ministers agreed a temporary boost of the bloc's bailout lending limit to €700 billion, a plan that some fear won't be enough to prevent a re-awakening ofeuro zone financial turmoil. After a months-long period of ...

Euro zone inflation slows less than expected
Reuters
BRUSSELS (Reuters) - Inflation in the euro zone slowed slightly in March but not by as much as expected, with rising oil prices hitting consumers' and complicating the European Central Bank's task of reviving growth without firing up the cost of living ...

Eurozone Boosts Bailout Fund to More Than $1 Trillion
Voice of America (blog)
The bigger account is aimed at protecting the eurozone against possible defaults by Italy and Spain, whose combined debts dwarf that of the three countries the continent has already assisted. Financial analysts, the International Monetary Fund and the ...

HIGHLIGHTS-Euro zone finance ministers agree on firewalls in Copenhagen
Reuters
COPENHAGEN, March 30 (Reuters) - Euro zone finance ministers agreed on Friday to increase the currency bloc's debt crisis firewall to about 800 billion euros ($1.06 trillion) in a bid to boost confidence in financial markets.

Eurozone Firewall to be Expanded to 800 Billion Euros
HispanicBusiness.com
The total firepower of eurozone bailout funds will be increased to around $1.07 trillion, theeurozone's finance ministers, said Friday. "All together, the euro area is mobilizing an overall firewall of approximately 800 billion euros, ...

Euro-Zone Finance Ministers Poised to Create Stronger Firewall
Wall Street Journal (blog)
By Riva Froymovich Euro-zone finance ministers appeared ready to reach a decision Friday on creating a stronger firewall to combat the sovereign debt crisis, coalescing around a plan that would combine funds from a temporary bailout vehicle with new ...

Bundesbank Rejects Weak Euro-Zone Bonds
Wall Street Journal
By CHRISTOPHER LAWTON FRANKFURT—The central bank of Germany will no longer accept bank bonds backed by Ireland, Greece and Portugal as collateral, becoming the first euro-zonecentral bank to exercise a new privilege to protect its balance sheet from ...

Eurozone lifts total firewall to $933 billion to combat debt crisis
New York Post
COPENHAGEN -- Eurozone finance ministers reached an agreement Friday to expand the currency bloc's capacity for crisis lending to €700 billion ($933 billion), they said in a statement. The firewall comprises both the transitional rescue fund -- the ...

Euro zone raises bailout capacity to 700 bln euros
Reuters
By Jan Strupczewski | COPENHAGEN, March 30 (Reuters) - The euro zone raised the combined lending ceiling for their two bailout funds to 700 billion euros on Friday from 500 billion, euro zone finance ministers said in a statement.

Austria: Euro bailout fund will be $1.1 trillion
BusinessWeek
That gives the eurozone some (EURO)500 billion in fresh money to help debt-ridden countries. Maria Fekter said the figure should send a convincing message to financial markets and theeurozone's international partners that the currency union can ...

Euro zone agrees 800 bln eur firewall - Austria
Reuters
COPENHAGEN, March 30 (Reuters) - Euro zone finance ministers have agreed to boost the currency bloc's firewall to roughly 800 billion euros in total, Austrian Finance Minister Maria Fekter said on Friday. The amount would comprise 500 billion euros in ...

Eurozone Ministers Agree To Boost Firewall
NASDAQ
(RTTNews.com) - Eurozone finance ministers decided to raise the combined size of the region's bailout funds to prevent the possible spillover of the debt crisis in some member states. The ceiling for lending by the European Stability Mechanism (ESM) ...

Europe Ministers Reach Deal on Trillion-Dollar 'Firewall'
Voice of America
March 30, 2012 Europe Ministers Reach Deal on Trillion-Dollar 'Firewall' Selah Hennessy | London European ministers meeting in Copenhagen have agreed to create a permanent fund for the eurozone to help it recover from its debt crisis with temporary ...

Dollar Weakens as Euro Zone Moves to Boost Rescue Fund
Wall Street Journal
By WILLIAM L. WATTS And SARAH TURNER The US dollar dipped Friday, the last trading day of the first quarter, while the euro held gains as euro-zone finance ministers moved to boost the size of the region's firewall and traders awaited the release of ...

Euro Mixed After Eurozone Expands Firewall
NASDAQ
(RTTNews.com) - The euro showed mixed trading on Friday morning following the news thatEuro-zone finance ministers have agreed to temporarily boost the size of their sovereign debt firewall to 800 billion euros. The current overall limit for lending ...

Eurozone inflation falls by less than predicted
The Seattle Times
Figures from Eurostat, the EU's statistics office, showed inflation in the eurozone in the year to March fell to 2.6 percent from 2.7 percent the previous month. The decline was not as big as predicted. The consensus in the markets was for the rate to ...

Big boost for eurozone rescue fund — RT
By RT
Eurozone finance ministers have agreed to increase the bailout funds by more than half, raising its capacity to 800 billion euro from the previous 500 billion euro.
News RSS : Today

Random Roger: Financial Crisis NIMBY
By Roger Nusbaum
Financial Crisis NIMBY. Zerohedge posted a brief research note from Brevan Howard noting visibility for what it calls a fiscal drag in 2013. It views this as a certainty to be caused by an increase in capital gains and dividend taxes, presumably ...
Random Roger

5 Books: Causes of the Financial Crisis | The Big Picture
By Barry Ritholtz
I did a very long but rather interesting review in The Browser's 5 Books series last week, which is published today. I think you will find it.
The Big Picture

Today in the euro zone – a blizzard of bailout numbers | MacroScope
By Mike Peacock
Up to mid-2013, if 700 billion proves to be insufficient — i.e. someone else needs bailing out —euro zone leaders will be able to bolster it with the 240 billion euros as yet unused in the EFSF, according to the draft, although German Finance ...
MacroScope

Prison Planet.com » Biden: 'Something in the Gulf,' Eurozone could ...
By yihan
Vice President Joe Biden Thursday made some oblique references to a possible war in Iran — or a Eurozone collapse — bringing the Obama presidency to an end in November. Speaking to donors in Chicago, Biden said that it was not the ...
Prison Planet.com

The PJ Tatler » Biden: Something in Eurozone or Gulf Might Kill Re ...
By Bridget Johnson
Vice President Joe Biden, completing a three-state campaign trip in Chicago last night, told 65 supporters that there are a few conditions under which Team Obama might lose in November: “by something happening in the Eurozone or ...
The PJ Tatler

Money Circulation on the Eurozone- “Banks' Deposits” under the ...
By merijnknibbe
Today a guest post by Erwan Mahé, from OTCex group. Unlike standard ECB analysis the article focuses on monetary differences between Euro countries and dynamic as well as changing relations between monetary and other variables.
Real-World Economics Review Blog
XE.com - Euro zone agrees 800 bln eur firewall - Austria
Euro zone finance ministers have agreed to boost the currency bloc's firewall to roughly 800 billion euros in total, Austrian Finance Minister Maria Fekter said on Friday.
XE Forex News

By Brian Ashcroft
In another very good post today Simon Wren Lewis raises the issue of whether European austerity is self defeating. In the course of his piece he makes the point that a long period of economic stagnation is required in many Eurozone countries ...
Scottish Economy Watch

Crude Up On Euro-zone Hopes, Weaker Dollar‎
By NYFP
03/30/12 Oil futures were higher Friday on renewed buying appetite amid a weaker dollar and hopes a euro-zone finance ministers meeting will help stem the region's sovereign debt crisis.
DailyMarkets.com

Italian debt chief: Contagion from Spain seen starting last week ...
By Jamie Coleman
Let the finger-pointing begin! Never a good thing for the euro when they play intramural blame-the-other-guy... EUR/USD now at 1.3325.
ForexLive

Eurozone agrees temporary boost to rescue fund | Investing ...
The 17-nation currency area will combine two rescue funds for a year to make more money available in case of emergency, but markets may judge it too small to be convincing.
FP Top Stories List

Friday, March 30, 2012

Eurozone to support higher combined bailout fund

Euro Area Closes In on Boosted Firewall
Wall Street Journal (blog)
By Matina Stevis A German-backed compromise to boost the lending capacity of the euro-zone's rescue funds is set to win the backing of euro-area finance ministers in Copenhagen on Friday and officials are also likely to pick a new member of the ... 

Euro zone to back higher combined bailout fund: draft
Reuters
By Jan Strupczewski | COPENHAGEN (Reuters) - Euro zone finance ministers will raise the combined firepower of the region's two bailout funds to a potential 940 billion euros from 500 billion on Friday, a draft statement showed.

Euro Zone's Next Debate: How Big of a Bailout Fund?
New York Times
COPENHAGEN — How big is big enough for a permanent bailout fund for the euro zone? When finance ministers meet here Friday and Saturday, they will seek to agree on a figure large enough to deter speculators from further driving up the borrowing costs ...

Euro zone sentiment setback blunts recovery hopes
Reuters
BRUSSELS (Reuters) - An upturn in economic sentiment in the euro zone ran out of steam in March as manufacturers and builders faced a drop in orders, a survey showed on Thursday, dampening hopes of a return to growth in the first quarter.

Euro zone lagging behind in shaky G7 recovery- OECD
Reuters
Annualised G7 growth seen at 1.9 pct in Q1, Q2 * No rush for central banks to start tightening By Leigh Thomas PARIS, March 29 (Reuters) - Euro zone nations are falling far behind the United States and Canada as a fragile recovery takes root in ...

Survey Points to Fragile Recovery in Euro Zone
New York Times
FRANKFURT — An official gauge of the mood among consumers and businesses showed Thursday that the euro zone economy remained fragile, with manufacturers and builders growing more pessimistic about their prospects even though the sovereign debt crisis ...

Euro zone lagging behind in shaky G7 recovery: OECD
Chicago Tribune
PARIS (Reuters) - Euro zone nations are falling far behind the United States and Canada as a fragile recovery takes root in advanced economies, the OECD said on Thursday, advising central banks to keep easy money flowing so the rebound does not prove ...

Germany's Schaeuble wants bailout aid capped at 800 billion euros
Chicago Tribune
COPENHAGEN (Reuters) - The euro zone should not commit more than 800 billion euros in rescue aid, and tapping that money should only be available when countries promise reforms, German Finance Minister Wolfgang Schaeuble said on Thursday.

Berlin budges on boosting euro crisis firewall
MinnPost.com
By Siobhan Dowling, Global Post | 08:48 am Despite something of a lull following the frenzied maneuvers to prevent a Greek default, the specter of contagion still looms. As the 17 euro zonefinance ministers prepare to meet in Copenhagen later this ...

Govt loses about $49M on sale of small bank stocks
The Seattle Times
The government has lost roughly $50 million on its sale of stock in six small banks bailed out in the 2008 financial crisis. But the Treasury Department says the three-year investment was profitable after counting dividends and investments.

Eurozone plan to hold €240bn in reserve
Financial Times
Eurozone finance ministers are considering freezing €240bn in leftover funds in their temporary bailout scheme and keeping it in reserve through to the middle of next year in case they need an emergency rescue of Italy or Spain, according to a draft ...

OIL FUTURES: Crude Down On Oil Release Talk, Euro-Zone Worries
Wall Street Journal
By Konstantin Rozhnov LONDON (Dow Jones)--Crude-oil futures were lower Thursday amid talk about a release from oil strategic reserves and worsening economic sentiment in the euro-zone, while market participants await key US economic data.

German Finance Minister: Need At Least All Euro-Zone Members For Financial ...
Wall Street Journal
Schaeuble dismissed suggestions that a smaller group made up of a handful of euro-zone members could press ahead and introduce a financial transaction tax on its own. "We need at least all the members of the euro zone because we share a common currency ...

German opposition warns Merkel on fiscal pact, ESM
Chicago Tribune
BERLIN (Reuters) - Germany's opposition Social Democrats warned Chancellor Angela Merkel's government on Thursday not to take their support for new euro zone crisis-fighting measures for granted, saying more work was needed to convince lawmakers.

The euro zone's illness is returning. A cure requires more integration, but ...
The Economist
This “powerful drug” may have side-effects, he says, but it works: “The worst is over” for the euro zone. Don't be so sure. The fever has been rising again in Spain after the government wildly overshot its deficit target last year.

The Economist

Euro-Zone Fix Would Cost EUR5.1 Trillion, Says New Report
Wall Street Journal
--Says euro zone would need to pool all "excess" public and private debt and refinance it via region-wide redemption fund backed by euro-zone government bonds. By Stephen L. Bernard and Vincent Cignarella Of DOW JONES NEWSWIRES NEW YORK (Dow ...

EC euro-zone sentiment indicator dips to 94.4
MarketWatch
By William L. Watts FRANKFURT (MarketWatch) -- The European Commission on Thursday said its economic sentiment indicator for the 17-nation euro zone slipped to 94.4 in March from 94.5 in February. Economists had expected an unchanged reading at 94.5.

Eurozone to increase rescue aid budget
Taipei Times
Merkel or any other eurozone government leader could exercise a veto. Extra money won't put the debt crisis to rest, said Jens Weidmann, who was Merkel's economic adviser until he became head of Germany's central bank last year.

Eurozone set to boost firewall as Spain worries
Economic Times
BRUSSELS: Eurozone finance ministers aim to boost their debt rescue fund on Friday, as Spain presents its budget amid resurgent concern it could be the next victim of the debt crisis. After months of fraught negotiations and international pressure, ...

OECD presses G7 nations to sustain recovery
Financial Times
The rallying cry from the OECD, a club of 34 rich nations, comes as rising oil prices and the lingering danger of renewed crisis in the eurozone cloud what has otherwise been a broadly optimistic start to the year. The OECD's interim assessment of its ...

Euro-Zone Manufacturers More Gloomy
Wall Street Journal
The weakening of confidence, albeit small, suggests that the euro-zone economy won't soon recover, having contracted in the final three months of last year. The Commission last month said it expected the currency area to experience a shallow recession ...

Bank of England faces calls for full review of handling of financial crisis
The Guardian
The Bank of England is facing calls to publish a full account of how it handled thefinancial crisis after the Treasury admitted it had made mistakes when the UK's banking system was on the brink of collapse. In a 60-page review the Treasury was found ...

The Guardian

OECD Sees Europe, US Drifting Apart
Wall Street Journal
The OECD didn't provide a forecast for the euro zone, made up of the 17 countries sharing the euro currency. But it did say that the region's three largest economies—Germany, France and Italy—together will shrink 0.4% in the first quarter and grow 0...

Wall Street Journal

OECD warns eurozone lags behind in shaky recovery
euronews
Eurozone countries are falling far behind the United States and Canada even as a fragile recovery takes root according to the Organisation for Economic Cooperation and Development. The OECD's chief economist Pier Carlo Padoan said the risk of something ...

euronews

German Fin Min says will find solution on fin market tax
Reuters
| BERLIN, March 29 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Thursday he was certain euro zone countries would find a solution to a dispute about a tax on financial services and that Germany would continue to push for a deal.

Eurozone Economic Sentiment Drops For First Time In 3 Months
NASDAQ
(RTTNews.com) - Denting recovery hopes, Eurozone economic confidence dropped marginally in March as manufacturers and construction firms turned gloomy about future prospects. After improving in January and February, the economic sentiment index fell to ...

UK Treasury review: unprepared for banking crisis
The Seattle Times
Britain's Treasury was not prepared for the financial crisis which began in 2007 and still needs to do more to retain talented staff, according to a review published Thursday. The Associated Press No comments have been posted to this article.

German Parties Battle Over Merkel's Austerity Plan
Wall Street Journal
By William Boston BERLIN (Dow Jones)--Germany's main opposition Social Democrats Thursday rounded on Chancellor Angela Merkel's austerity cure for Europe and threatened to block ratification of the fiscal pact and euro-zone firewall unless the ...

bailouts may not be enough
MarketWatch
By Darrell Delamaide With everyone clamoring for a bigger permanent bailout fund in the euro zone to lend greater credibility to the European Union's commitment to preserve the joint currency, Merkel continues to hem and haw about just how much money ...

Fitch: Recession clouds Eurozone's prospects — RT
By RT
Fitch has lowered its global economy growth outlook, predicting a slide into recession for the world's major advanced economies. Emerging economies improved performance is the only bright spot in a gloomy forecast overall.
News RSS : Today

Today in the euro zone – Bonds, strikes and firewalls | MacroScope
By Mike Peacock
Spaniards call general strike to protest at austerity drive.
MacroScope

Euro-zone fix would cost 5.1 trillion euros – says new report ...
By Gerry Davies
Time for a whip-round.... Dow Jones article. EUR/USD up marginally in early European trade, presently at 1.3340. Yesterday we had reports of sell.
ForexLive

US Dollar Strengthens as Eurozone Concerns Resurface — Forex ...
By MMarquit
US dollar is strengthening in Forex trading as concerns about the eurozone continue to weigh on world markets. Slightly disappointing data in the United States, along with worries that the debt crisis in Europe isn't properly contained, are ...
Forex News

EuroZone to “increase” bail out fund to E940bn | The Big Picture
By Kiron Sarkar
The Japanese government is to announce it's 1st (in 14 years, and to cover just 6 days of expenditures) stop gap budget as political wrangling has resulted in a.
The Big Picture

Forex - EUR/USD steady on euro zone firewall hopes By Forexpros
By Forexpros
Forexpros - The euro was steady against the U.S. dollar on Thursday, supported by hopes thateuro zone leaders will increase the size of the European debt firewall to combat the fiscal crisis. EUR/USD hit 1.3346 during late Asian trade, the ...
Forex Pros RSS News Feed | Forex News

Real Pain in the Eurozone | Global Macro Monitor
By macromon
Like this: Like. One blogger likes this post. Craig Hill. This entry was posted in Black Swan Watch, Euro, PIIGS and tagged Austerity, European Sovereign Debt Crisis, Eurozone, Portugal. Bookmark the permalink. ← S&P500 Key Level = 1387 ...
Global Macro Monitor

Who was to blame for the financial crisis? « The Enterprise Blog
By Nick Schulz
During my conversation with AQR Capital Management's Cliff Asness, I asked him who was to blame for the financial crisis. Asness is careful to separate the real estate bubble from the broader financial contagion and too-big-to-fail. Of the ...
The Enterprise Blog

Sanders Proposes Investigation Into the Financial Crisis | Economy ...
By Michael Briggs
WASHINGTON, January 30 – In a letter to Senate leaders, Senator Bernie Sanders called for a major investigation into what caused the worst financial crisis since the Great Depression. Sanders proposed expanding a congressional review of ...
Economy In Crisis

Euro-Zone Sentiment Index Drops To 94.4 In March | Benzinga
By Monica Gerson
The European Commission reported that its economic sentiment indicator for the euro zonedropped to 94.4 in March, versus 94.5 in February. Economists were expecting an unchanged reading at 94.5. The consumer-confidence gauge ...
Benzinga - Stock Market Quotes,...

XE.com - Germany's Schaeuble sees euro zone agreeing 800 bln ...
The euro zone will agree a combined bailout fund of around 800 billion euros when finance ministers meet on Friday to protect the currency area and help indebted states, German Finance Minister Wolfgang Schaeuble said.
XE Forex News

Eurozone firewall increased to €700bn | Business | The Guardian
Extra funding will still leave the eurozone insurance scheme around €1.3tn short of the estimated firewall needed to protect Italy and Spain.
www.guardian.co.uk/business/2012/.../debt-crisis-europe-news

The euro crisis: Through the eye of the storm | The Economist
As Markit notes, euro-zone business activity has declined in six of the last seven months. Officialeuro-zone data have output contracting in the fourth quarter of ...
www.economist.com/blogs/freeexchange/.../euro-crisis-1?fsrc...

EUROPA - Newsroom - The financial crisis – Europe's response
The financial crisis – Europe's response. The global economy is facing a financial crisisinvolving banking systems, stock markets and the flow of credit. Seeking ...
europa.eu/newsroom/highlights/financial-crisis/index_en.htm

Thursday, March 29, 2012

Germany criticizes call for bigger eurozone firewall

Germany criticizes call for even bigger eurozone firewall, says no point in ...
Washington Post
BERLIN — Germany criticized a call for the eurozone to boost its financial firewall to €1 trillion ($1.3 trillion) on Wednesday, arguing that demanding ever-higher sums only unsettles markets. The Organization for Economic Cooperation and Development ...

Roubini Economics' Euro-Zone Specialist: LTRO Euphoria 'Overdone'
Wall Street Journal
By Bradley Davis Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Greece will restructure its debt and leave the euro zone by the end of 2014; Portugal will follow the next year, predicted the head of European economics at Roubini Global Economics.

Lending Growth Slows in Euro Zone
New York Times
FRANKFURT — Bank lending to consumers and businesses continued to grow very slowly in the euro zone in February, according to figures issued Wednesday, a sign that the “wall of money” unleashed by the European Central Bank in recent months has not yet ...

Eurozone may speed up capital payments into new bailout fund to reach capacity ...
Washington Post
The European Stability Mechanism will have a capital base of €80 billion, paid in by eurozonegovernments. This €80 billion — together with €620 billion in a form of payment guarantees from the member governments — can then be used to raise up to ...

Credit growth slows in eurozone
The Seattle Times
The European Central Bank says the flow of credit available to businesses slowed down in February - a sign that the bank's massive series of cheap loans to the financial system has yet to kickstart a lagging eurozone economy.

ECB Cash Not Yet Benefiting Private Sector
Wall Street Journal
Any signs that the ECB money is reaching the private sector "so far are disappointing and tight credit conditions remain a concern for euro-zone growth prospects," said Howard Archer, economist at IHS Global Insight. Growth in lending to companies and ...

TABLE-Euro-zone M3 up, private loans steady in Feb
Reuters
FRANKFURT, March 28 (Reuters) - Money supply growth accelerated and loans to the private sector steadied in February, the European Central Bank said on Wednesday. The ECB gave the following percentage changes in growth, seasonally adjusted: FEB JAN ...

Credit growth slows in 17-nation eurozone as ECB bank loans take time to have ...
Washington Post
FRANKFURT, Germany — The European Central Bank says the flow of credit to businesses slowed in February — a sign that the bank's massive loans to the financial system have yet to spur a fragile eurozone economy. The downbeat numbers were released as ...

Euro Zone Private Sector Loan Growth Slows
NASDAQ
Growth in lending to companies and households in the euro zone slowed sharply in February in annual terms compared with the previous month while the increase in lending to governments accelerated, data from the European Central Bank showed Wednesday.

Euro zone mulls quicker injections to firewall
MarketWatch
By Matina Stevis BRUSSELS -- Euro area countries are strongly considering paying cash into the currency union's firewall faster in order to raise its ability to lend money to countries in trouble, a senior European Union official said Wednesday.

DATA SNAP: ECB: Private Sector Loan Growth Slows In February
Wall Street Journal
By Margit Feher FRANKFURT (Dow Jones)--Bank lending growth to companies and households slowed sharply in the euro zone in February in annual terms compared to the previous month, data from the European Central Bank showed Wednesday, reflecting that ...

Loans to euro zone firms dip despite ECB operation
Reuters
FRANKFURT, March 28 (Reuters) - Banks reduced lending to euro zone businesses in February, European Central Bank data showed on Wednesday, suggesting they are not loaning out to firms the billions of euros in cheap ECB funds they tapped in recent ...

Italy PM Monti downplays Spain contagion risk
Reuters
TOKYO, March 28 (Reuters) - Italian Prime Minister Mario Monti on Wednesday played down the risk that economic troubles in Spain would spread to the rest of Europe and said he believed theeuro zone debt crisis was nearly over.

Europe set to speed up building of new bailout
Seattle Post Intelligencer
Merkel said she is open to temporarily boosting the eurozone's financial firewall to 700 billion euro (US$ 930 billion). Photo: Markus Schreiber / AP German Chancellor Angela Merkel, right, and Vice-Chancellor Philipp Roesler attend the weekly cabinet ...

Summary Box: Eurozone may speed payments into new bailout fund ahead of target
Washington Post
THE PROPOSAL: But two European Union officials said Wednesday that the eurozone is debating whether to make two payments next year, with the final one coming in 2014, instead of 2015. Under that scenario, about €400 billion in loans could be doled out ...

Eurozone woes make BRICS ministers look inwards
AFP
"It would be a very powerful financial tool to improve trade opportunities and maybe a major step to support the EU to overcome its financial crisis," said Brazilian Trade Minister Fernando Pimentel. "Even if Europe manages to solve the big issues.

AFP

ECB fails to stem reduction in lending
Financial Times
By Ralph Atkins in Frankfurt European Central Bank action to shore up the eurozone financial system failed to prevent the region's banks scaling back lending to the private sector again last month, but it did spur a surge in demand for government bonds ...

Case-Shiller home price index hits new post-financial crisis low
Joplin Globe
LOS ANGELES — A key measure of home prices in large US cities fell to a new post-financial crisis low in January, the latest indication that the housing market continues to hunt for a bottom even as sales pick up. Economists expected the drop and ...

SEB: Eastern European Outlook: Increased polarisation - Russia and Poland ...
Reuters
Eastern European Outlook: Increased polarisation - Russia and Poland withstanding the euro zone crisis well Eastern (including Central) Europe also began an economic deceleration in the second half of 2011. But as SEB predicted, regional heavyweights ...

Italy eurozone: Monti's test of strength with unions
BBC News
And if he is not able to, what might that mean for Italy and the eurozone? Just how serious is all this? The current row focuses on the government's effort to tackle what is sometimes called Italy's two-tier labour market. Many older workers tend to be ...

BBC News

Despite Really Nasty Financial Crisis, Teaching Kids About Money Not A Priority
Huffington Post
"The financial crisis has put economic news on the front pages of newspapers daily, requiring individuals not just to be abreast of concepts such as deficit, national debt, and interest rate spread but also to evaluate the economic reforms that ...

Huffington Post

Eurozone crisis live: Mario Monti claims crisis 'almost over'
The Guardian
8.31am: Mario Monti's claim that the euro crisis is almost over (see 8.17am) has been swiftly challenged in the City. Elisabeth Afseth of Investec pointed out that Italian bond yields hit their highest level of the month yesterday, with the 10-year ...

The Guardian

Eurozone M3 Growth Accelerates In February
NASDAQ
(RTTNews.com) - Eurozone money supply growth accelerated unexpectedly in February, data from the European Central Bank showed Wednesday. The broad monetary aggregate M3 increased 2.8 percent year-on-year, faster than the 2.5 percent rise seen in ...

Germany Wants To Ensure That Euro Zone Firewall Is Credible -- German Spokesman
Wall Street Journal
BERLIN (Dow Jones)--Germany on Wednesday warned that calls for a higher firewall could destroy the credibility of the euro zone's response to its debt crisis, responding to OECD demands this week for EUR1 trillion to prevent the debt crisis from ...

ECB loans not yet boosting lending to private sector
AFP
By Simon Morgan (AFP) – 14 minutes ago FRANKFURT — Eurozone banks appear reluctant to lend out to the private sector the vast amounts of cheap cash they recently borrowed from the European Central Bank, data showed on Wednesday.

AFP

Eurozone money supply growth accelerates in February: European Central Bank
Economic Times
FRANKFURT: Growth in eurozone money supply, a key indicator of demand in the economy, picked up again in February, the European Central Bank said on Wednesday. The M3 indicator rose 2.8 percent last month, following a gain of 2.5 percent in January.

EU Nears One-Year Rescue Boost to EU940 Billion, Draft Says
San Francisco Chronicle
For more on the euro crisis, click on EXT4.) March 28 (Bloomberg) -- European governments are preparing for a one-year increase in the ceiling on rescue aid to 940 billion euros ($1.3 trillion) to keep the debt crisis at bay, according to a draft ...

Fitch: Global Econ Recovery Modest; Euro-Zone Recession Likely In 1H
Wall Street Journal
Pointing to a 0.3% decline in the euro zone's fourth-quarter gross domestic product and other weak economic data, Fitch said it believes a recession in the first half of 2012 is likely for the region. Euro-zone businesses suffered their first fall in ...

Sarkozy, Schäuble and eurozone musical chairs | Brussels blog ...
By Peter Spiegel
Brussels blog from the Financial Times covering the EU's foreign and economic policies and news on the European Commission and European parliament.
Brussels blog

Eurozone Feb M3 annual growth 2.8% | ForexLive
By Joe Brown
Better than the Reuters poll of 2.4% M3 moving average Dec-Feb 2.3% from 2% Nov-Jan Feb annual Private loan growth 0.7% ( vs Reuters poll of 1.2%)
ForexLive

Dollar mixed as euro zone meeting in focus By Forexpros
By Forexpros
Forexpros - The U.S. dollar was mixed against its global counterparts on Wednesday, as dovish comments by Federal Reserve Chairman Ben Bernanke weighed, while the euro remained supported ahead of a meeting of euro zone finance ...
Forex Pros RSS News Feed | Forex News

Snyder to address Detroit financial crisis at WCCC town hall meeting
By lukabottle
Rick Snyder will address Detroit's ongoing financial crisis and take questions from the public regarding a proposed consent agreement at a town hall meeting on Wednesday, his spokeswoman told MLive today. Snyder will speak at 11 a.m. at ...
DetroitYES Forums

April 23: “The Bubble – Understanding the Financial Crisis” | Beacon ...
By editor
“The Bubble: Understanding the Financial Crisis”. Monday, April 23rd 6:00 pm – Reception 6:30 pm – Speaking Engagement. Club LeConte 800 South Gay Street, Plaza Tower, 27th Floor Knoxville, Tennessee 37929. Beer, wine, and light ...
Beacon Center of Tennessee

Sober Look: Eurozone periphery governments "encouraging" banks ...
By Walter Kurtz
The Eurozone periphery governments are effectively telling their banks: don't worry about your customers for now. We ARE your main customer. Get your 1% 3-year ECB loans and buy our government debt - keep the rates low. The banks of ...
Sober Look

XE.com - UPDATE 1-Italy PM Monti downplays Spain contagion risk
Italian Prime Minister Mario Monti on Wednesday played down the risk that economic troubles in Spain would spread to the rest of Europe and said he believed the euro zone debt crisis was nearly over.
XE Forex News

Real Estate Weekly » Blog Archive » New York's Euro Zone
By admin
New York's Euro Zone. 11:59 am, March 28, 2012. Tweet. By Liana Grey. For the last few months, Sam DeFranceschi, a sales associate at Nest Seekers International, has been marketing a one-bedroom loft near the South Street Seaport, ...
Real Estate Weekly

Eurozone Crisis: Hope for the Best, Plan for the Worst | What Am I ...
By WhatAmIMissingHere
The pundits predicted a collapse of the euro.The resilience of the euro has been due to a number of factors, not least of which is that the eurozone as a whole has a broadly balanced current account. The euro has also been on the other side ...
What Am I Missing Here?

Eurozone: real money still recessionary | Mindful Money
By Simon Ward
Eurozone money supply figures for February confirm a positive impact from the ECB's liquidity injections but real money trends have yet to signal a recovery in economic activity. An optimistic interpretation would highlight a turnaround in broad ...
Mindful Money

OECD pushes for $1.3 trillion eurozone crisis fund - Yahoo! News
From Yahoo! News: The 17 countries that use the euro need to build a €1 trillion ( $1.3 trillion) firewall to help the struggling currency union return to growth, the ...
news.yahoo.com/oecd-pushes-1-3-trillion-eurozone-crisis-fun...

Trichet warns of nations' 'behavioral contagion' - MarketWatch
Jean-Claude Trichet, the former president of the European Central Bank, is worried that controversial quantitative easing and other nontraditional steps that ...
www.marketwatch.com/.../trichet-warns-of-nations-behavioral...

Financial "Crisis" in Greece - YouTube
thank you for the "bailout" Germany. hehe. facebook:http://www.facebook.com/ pages/Mr-Panos ...
www.youtube.com/watch?v=Zvl9N9GdraQ

OECD pushes for $1.3 trillion eurozone crisis fund Alex Jones ...
17 Responses to “OECD pushes for $1.3 trillion eurozone crisis fund”. Game Over Lord says: March 28, 2012 at 2:11 am. ameriKa is fuked. Please continue to ...
www.infowars.com/oecd-pushes-for-1-3-trillion-eurozone-cris...

Wednesday, March 28, 2012

Eurozone needs "mother of all firewalls"

Never enough: Eurozone needs "mother of all firewalls" according to head of OECD--
Euro crisis needs "mother of all firewalls"-OECD
Reuters
OECD says investor confidence fragile, banks weak * Euro zone needs "credible" debt reduction targets * EU's Rehn defends austerity, says will bring rewards By Robin Emmott BRUSSELS, March 27 (Reuters) - Euro zone finance ministers need to impress ...

Euro crisis needs "mother of all firewalls": OECD
Reuters
By Robin Emmott | BRUSSELS (Reuters) - Euro zone finance ministers need to impress finance markets with the size of their rescue fund for indebted countries when they meet later this week, the head of the OECD said on Tuesday, advocating "the mother of ...

Euro crisis needs 'mother of all firewalls,' OECD warns
Los Angeles Times
By Tiffany Hsu Keeping the Eurozone financially stable amid "daunting" challenges will require a bailout fund of at least 1 trillion euros, or $1.3 trillion -- "the mother of all firewalls" -- the head of the Organization for Economic Cooperation and ...

Eurozone Follies: Confusing Callousness for Courage
Huffington Post
reels again as rates rise over doubts it can roll over its debt, it is time to step back and note that the eurozone can almost surely solve its problems in the medium term if it truly wants to. Surprise? It shouldn't be. But rarely has there been such ...

OECD: Eurozone Needs Much Bigger Bailout
Voice of America
March 27, 2012 OECD: Eurozone Needs Bigger Bailout Fund, Reforms Lisa Bryant | Paris The Organization for Economic Cooperation and Development (OECD) demanded more reforms and a stronger financial rescue fund to help the eurozone recover from its debt ...

OECD Urges Euro Zone to Boost Firewalls
Wall Street Journal
By RIVA FROYMOVICH BRUSSELS—The European Union and the Organization for Economic Cooperation and Development on Tuesday urged euro-zone leaders to forge ahead with a decisive boost to the bloc's firewall to prevent runs against solvent sovereigns.

OECD Urges Euro Zone To Boost Firewalls Towards EUR1 Trillion
Wall Street Journal
BRUSSELS (Dow Jones)--The Organization for Economic Cooperation and Development, in a report Tuesday, urged euro-zone leaders to immediately reinforce firewalls to prevent runs against solvent sovereigns. The report comes ahead of a key meeting of ...

OECD pushes for $1.3 trillion eurozone crisis fund
Kansas City Star
Angel Gurria, the secretary-general of the Paris-based international development body, said existing plans for a (EURO)500 billion ($664 billion) European rescue fund were not enough to restore market confidence in the eurozone.

OECD Says Eurozone Needs Much Bigger Bailout Fund
Voice of America (blog)
On Tuesday, Angel Gurria, the OECD's secretary general, said eurozone finance ministers meeting later this week in Copenhagen need to create a $1.3 trillion rescue fund. He said the “mother of all firewalls” is needed — to be certain the fund has ...

Detroit's financial crisis: Key things you should know
Detroit Free Press
Detroit needs about $60 million a month to operate – much more than it takes in. Without a massive overhaul of how the city does business – including big concessions in pay and benefits for city employees, a change from a defined-benefit to a defined ...

Detroit Free Press

OECD: Eurozone Not Out of the Woods Yet
Fox Business
The euro zone's public debt crisis is not over despite calmer financial markets this year, the OECD said on Tuesday, with a warning that the bloc's banks remain weak, debt levels are still rising and fiscal targets are far from assured.

Detroit's financial crisis tests preachers' patience
Detroit Free Press
David Bullock has been preaching about Detroit's financial crisis from the pulpit. "Every Sunday," said Bullock, pastor of Greater St. Matthew Baptist Church in Highland Park and president of the Detroit chapter of the Rainbow PUSH Coalition.

Merkel's Plan at Home and Abroad
Wall Street Journal (blog)
By William Boston After yesterday's announcement that Germany plans to go along with a largereuro-zone firewall — even if the least effective option on the table — Chancellor Angela Merkel will now start to make sure her message does not get lost in ...

OECD Urges Euro Zone To Boost Firewalls To E1 Trillion
NASDAQ
BRUSSELS -- The European Union and Organization for Economic Cooperation and Development Tuesday urged euro-zone leaders to forge ahead with a decisive boost to the economic bloc's firewalls to prevent runs against solvent sovereigns.

Euro-zone needs 1 trilllion euro firewall: OECD
MarketWatch
By William L. Watts FRANKFURT (MarketWatch) -- Euro-zone finance ministers meeting at the end of this week need to boost the firepower of the region's rescue funds to at least 1 trillion euros ($1.34 trillion) in order to restore market confidence, ...

Bernanke Tackles 2008 Financial Crisis In Third GW Lecture
Forbes
Federal Reserve Chairman Ben Bernanke is finally getting to the juicy, current events portion of his four-lecture series at George Washington University Tuesday, discussing the 2008 financial crisis. Previously released documents from the Fed have ...

Eurozone needs 'mother of all firewalls', says OECD
Telegraph.co.uk
The eurozone needs "the mother of all firewalls" if it is to protect the EU's single currency from debt contagion, the Organisation for Economic Co-operation and Development (OECD) has warned. By Bruno Waterfield, in Brussels Angel Gurria,...

Telegraph.co.uk

Europe Urged to Increase Firewall to a Trillion Euros
New York Times
BRUSSELS — The European Union should increase its financial firewall to about €1 trillion to restore market confidence in the euro zone and prevent the spread of fiscal contagion, the head of the Organization for Economic Cooperation and Development, ...

Eurozone finance ministers must raise ONE TRILLION euro bailout for the ...
Daily Mail
By Anthony Bond The eurozone bailout fund should be increased to 1 trillion euros to provide 'the mother of all firewalls', the head of a leading international development body said today. Angel Gurria, the secretary general of the Organization for ...

Daily Mail

Today in the euro zone –
Reuters Blogs (blog)
By Mike Peacock Conflicting pressures for the euro zone bond market today – a strong signal from Germany that it is willing to increase the firewall built around the currency bloc but ongoing concerns that Spain is being dragged into the mire.

Germany open to raise crisis firewall to $930 bn
BusinessWeek
By GABRIELE STEINHAUSER and DAVID RISING Germany has backed down from its resistance to boosting Europe's financial firewalls, after Chancellor Angela Merkel admitted that she was open to temporarily boosting the eurozone's bailout funds to (EURO)700 ...

Europe's Firewall Follies
Wall Street Journal
Angela Merkel said Monday that the German government will support expanding the resources of the euro zone's bailout fund to €700 billion from €500 billion. The European Commission wants €940 billion for the European Stability Mechanism (ESM), ...

German Leader Agrees to More Bailout Money for Euro Zone Nations
New York Times
BRUSSELS — The European Union took a big step on Monday toward building a financial firewall strong enough to prevent the spread of fiscal contagion to major economies like Spain. The move came after Germany dropped its opposition to bringing the ...

OECD calls for 1.0-tn-euro eurozone debt fund
AFP
BRUSSELS — The eurozone came under new pressure to boost the firepower of its debt rescue fund on Tuesday, with the 34-nation OECD pressing for a safety net of at least 1.0 trillion euros ($1.33 trillion). "The European firewalls should be expanded ...

AFP

Bernanke In Lecture Defends Fed's Actions In Financial Crisis
NASDAQ
By Kristina Peterson and Michael R. Crittenden WASHINGTON -(Dow Jones)- The Federal Reserve's forceful response during the financial crisis prevented a more severe economic recession, Chairman Ben Bernanke said Tuesday in one of his most comprehensive ...

OECD calls on eurozone finance ministers to take decisive action
The Guardian
The struggling eurozone needs the "mother of all firewalls" to provide the breathing space from its debt crisis needed to revive growth, the west's leading economic thinktank said on Tuesday. In its annual health check on the 17-nation single currency ...

The Guardian

OECD urges eurozone rescue fund boost to 1tn euros
BBC News
The head of the Organisation for Economic Co-operation and Development (OECD) has said that the eurozone needs to double its bailout fund to 1 trillion euros ($1.3tn, £836m). Angelo Gurria said the eurozone must show investors they have the "firepower ...

BBC News

Euro zone rescue funds should be at least 1 trn euros: OECD
Zee News
London: The debt-laden euro zone nations should bolster their financial firewall to at least one trillion euros to boost growth in the region, Paris-based think tank OECD said Tuesday. The 17-nation euro area, that share the common currency euro, ...

Zee News

Germany agrees to more bailout money for eurozone
Austin American-Statesman
Michael Sohn/AP German Chancellor Angela Merkel said she was open to temporarily boosting the eurozone's bailout funds to 700 billion euros, reversing Germany's stance on the lending capacity. As part of a technology change, commenting will not be ...

Austin American-Statesman

OECD presses eurozone on need for 1-trillion-euro bailout fund
Monsters and Critics.com
By Alvise Armellini Mar 27, 2012, 11:35 GMT Brussels - The eurozone needs a 1-trillion-euro (1.34-trillion-dollar) bailout fund, the Organization for Economic Cooperation and Development (OECD) insisted Tuesday, as the currency bloc was set to approve ...

Jeff Madrick: Eurozone Follies: Confusing Callousness for Courage
By Jeff Madrick
The essence of the euro crisis is that members cannot devalue or control their own monetary policy. But the ECB could have done so. If it had recognized its obligations, the crisis would not have been nearly as great.
Europe on Huffington Post

Will Holland Escape the Eurozone Debt Crisis by Exiting the ...
Will Holland Escape the Eurozone Debt Crisis by Exiting the European Union? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website.
The Market Oracle

Forex - NZD/USD steady amid euro zone uncertainty By Forexpros
By Forexpros
Forexpros - The New Zealand dollar was steady against its U.S. counterpart on Tuesday, as markets were jittery after downbeat German economic data while concerns over a third round of monetary easing in the U.S. weighed on demand for ...
Forex Pros RSS News Feed | Forex News

French Politics: OECD Warns Eurozone on Need for Reform
By Arthur Goldhammer
OECD Warns Eurozone on Need for Reform. The OECD has told the Eurozone that it needs to undertake "ambitious structural reforms" in order to avoid a further recession. It also warned that the financial backstop might need to be increased.
French Politics

OECD predicts tough times ahead for eurozone - Business - Mail ...
The Organisation of Economic Cooperation and Development has warned that the eurozone'sdebt crisis is not over and banks in the bloc remain weak.
Mail & Guardian News Feed

Marc Faber: Continuing Financial Crisis Must Be Endured ...
By Stefan B
Marc Faber: Continuing Financial Crisis Must Be Endured. by Ed Bace, CFA, Seeking Alpha: Marc Faber, editor of “The Gloom, Boom and Doom Report,” kicked off the CFA Institute Middle East Investment Conference by quoting Ernest ...
SGTreport - The Corporate Propaganda...

OECD's Gurria: Eurozone needs to boost bailout funds beyond ...
By Joe Brown
In an effort to also boost reassurance in the markets which are still shaky. We need the mother of all firewalls to shock markets positively with.
ForexLive

XE.com - Most JGBs fall as Fed, eurozone firepower hopes boost ...
Most Japanese government bond prices edged down on Tuesday on expectations of prolonged monetary easing in the United States and measures to bolster the euro zone's rescue funds.
XE Forex News

Euro zone debt crisis far from over: OECD - Yahoo! News
From Yahoo! News: BRUSSELS (Reuters) - The euro zone's public debt crisis is not over despite calmer financial markets this year, the OECD said on Tuesday, ...
news.yahoo.com/euro-zone-debt-crisis-far-over-oecd-110113...

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