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

Wednesday, March 7, 2012

European markets plunge, Greece threatens default

European markets plunge as Greece threatens to default - Telegraph: "European stockmarkets plunged as Greece threatened its international creditors with a default. . . . .  Greece said it was ready to impose the €206bn restructuring on bondholders who do not vote for it by the 8pm GMT deadline on Thursday. . . . Traders took the statement as a warning that Greece was expecting to use the Collect Action Clauses (CACs) to force through the deal. Rating agencies have warned that the retrospective measure, which was approved by Greek politicians last month, would constitute a sovereign default - the first in the eurozone's history. A leaked document written by the International Institute of Finance (IIF), the body that negotiated with the Greek government on behalf of private bondholders, warned of "some important and damaging ramifications" from a Greek default. . . . "

Euro zone's slump in late 2011 points to recession
Reuters
By Robin Emmott | BRUSSELS (Reuters) - A collapse in household spending, exports and manufacturing sucked the life out of the euro zone's economy in the final months of 2011, the EU said on Tuesday, showing the scope of the downturn that looks set to ...

Euro-Zone Exports Fall
Wall Street Journal
By ALEX BRITTAIN LONDON—Euro-zone businesses suffered their first fall in exports in two and a half years in the fourth quarter of 2011, underscoring the real economic impact of the region's debt crisis as it seemingly heads back into recession.

Wall Street Journal

Eurozone 2011 growth revised down to 1.4%
AFP
BRUSSELS — The eurozone economy slowed at the end of last year and is now in a "mild recession", EU officials said on Tuesday in a blow to stock markets already falling on Greek debt worries. The latest data and comment from the European Union point ...

AFP

Euro zone industry, spending slump in late 2011
Reuters
Spending, exports and industry slid in fourth quarter * Data shows wide euro zone disparities, points to recession BRUSSELS, March 6 (Reuters) - A collapse in household spending, exports and manufacturing sucked the life out of the euro zone's economy ...

Eurozone Economy Shrinks in 4Q as Recession Fears Mount
Fox Business
A collapse in household spending, exports and manufacturing sucked the life out of the euro zone'seconomy in the final months of 2011, the EU said on Tuesday, showing the scope of the downturn that looks set to become a fully fledged recession.

Eurozone crisis live: Markets fall as Europe's slide towards recession confirmed
The Guardian
10.10am: The new eurozone GDP data is out – and Eurostat has confirmed that the region shrank by 0.3% in the last three months of 2011. No change from the initial estimate. That strongly indicates that the eurozone is in recession.

The Guardian

Eurozone Q4 Economic Contraction Confirmed At 0.3%
NASDAQ
(RTTNews.com) - The Eurozone economy contracted as initially estimated in the fourth quarter, with the economic setback reflecting widespread weakness in spending, investment and foreign demand amid fiscal squeeze and debt woes.

Eurozone growth revised down to 1.4% in 2011
Economic Times
BRUSSELS: The eurozone economy grew by 1.4 percent last year, less than previously forecast, and is now in "mild recession", EU officials said on Tuesday. The overall picture points to a so-called double-dip recession within three years in the eurozone ...

Eurozone Eonomy Shrinks 0.3 Percent in Fourth Quarter 2011
HispanicBusiness.com
The eurozone economy shrunk by 0.3 percent during the fourth quarter of 2011 as the region's debt crisis triggered a slump in private consumption, trade and corporate spending, official data released Tuesday confirmed. This came after the region's ...

HispanicBusiness.com

Eurozone edges closer to recession
The Guardian
Fears that the eurozone has slid back into recession have been cemented by news that falling government and consumer spending, a drop in exports and an industry slump were all behind an economic downturn at the end of last year.

The Guardian

BASE METALS: Copper Down On Weaker Euro Zone Growth, Greece
Wall Street Journal
The euro zone's gross domestic product, the broadest measure of all goods and services produced by the economies of the 17 nations that use the euro, fell 0.3% in the final three months of 2011, according to a second reading of the GDP.

Iceland Is Wrong to Blame Its Leaders for the Financial Crisis, and So Are We
The Atlantic
His alleged crime is negligence: failure to prevent the 2008 financial crisis. On first glance, this sounds ridiculous. How was the prime minister of Iceland supposed to prevent the financial crisis? On second glance, the case looks like a leftist's ...

The euro zone's €1-trillion nightmare
Globe and Mail
But what if you're an institutional investor also holding, say, Spanish or Italian bonds or securities issued by euro zone banks? The value of many of those investments would fall off a cliff. The Institute of International Finance, the financial lobby ...

Globe and Mail

Eurozone exports dropped 0.4% in the fourth quarter of 2011
FinFacts Ireland
By Finfacts Team Eurozone exports dropped 0.4% in the fourth quarter according the second estimate of GDP (gross domestic product) from Eurostat, the statistics office of the European Union. GDP fell by 0.3% in both the Eurozone (EA17) and the EU27 ...

FinFacts Ireland

Eurozone Economy Shrinks 0.3% in Fourth Quarter Eds: Adds Details
LoanSafe
Berlin (Source: Andrew McCathie dpa, Hamburg, Germany (MCT)) – The eurozone economy shrunk by 0.3 per cent during the fourth quarter of 2011 as the region's debt crisis triggered a slump in private consumption, trade and corporate spending, ...

Euro-zone Economy Shrinks 0.3% in Q4: Morning Market Update
ValueWalk
Standard & Poor's 500-stock index futures declined 11 points, or 0.8%, to 1354 and NASDAQ 100 futures shed 19 points, or 0.7%, to 2597. http://money.cnn.com/2012/03/06/markets/premarkets/index.htm Euro-zone economy shrinks in fourth quarter: Output in ...

Who Should Be on Trial for the Global Financial Crisis? Send Us Your List.
New York Times (blog)
LONDON — After more than three years, a politician has gone on trial for his alleged responsibility in the 2008 world financial crisis. Is this the start of a trend? Until now, it has mostly been bankers who have taken the heat for the meltdown.

New York Times (blog)

Euro Zone: GDP down by 0.3% q/q in Q4 2011
FXstreet.com
A widespread fiscal shock within the eurozone limited intra-zone exports and will continue to strain demand in several countries going forwards, while extra-zone exports will be hit by the global economic slowdown. Exports fell by 0.4% q/q, ...

Euro stocks plunge on eurozone growth fear
Ninemsn
European stocks have fallen sharply and the euro has slipped on a warning of a mild eurozonerecession, uncertainty over the Greek debt swap and concern about China's economic outlook. At close of trade, Frankfurt's DAX 30 skidded 3.40 per cent to ...

Euro zone retail sales post surprise rise
Reuters UK
By Jan Strupczewski | BRUSSELS (Reuters) - Euro zone shoppers increased spending in January, a surprise after four months of falls but economists said a quarterly reading that smoothes over the data still showed a large decline.

Eurozone Confirms Its Economy Slid in Late 2011
Voice of America (blog)
The EU's economic commissioner, Olli Rehn, said Tuesday that the eurozone “is currently in a mild recession.” The region's economy dipped three-tenths of a percentage point in the October-to-December period and eurozone leaders say the slide is ...

Euro Zone Future Balanced on a $1.3T Knife Edge
International Business Times
By Mike Obel: Subscribe to Mike's RSS feed A refusal by Greek government bond holders to accept huge losses in the value of their investments could drain $1.3 trillion from the already staggering euro zone economy, an industry group warned Tuesday.

International Business Times

Law meets politics in the eurozone
Financial Times
The eurozone's chosen solutions to the debt crisis often involve taking a legalistic hammer to club down politics wherever it rears its unpredictable head. The futility of this approach was exposed when the new fiscal compact ran headlong into ...

DATA SNAP: Euro-zone 4Q GDP Fall Driven By Drop In Exports
NASDAQ
By Alex Brittain, Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Euro-zone businesses suffered their first fall in exports in two and a half years in the fourth quarter of 2011, underscoring the real economic impact of the region's debt crisis as it ...

Europe's Politicians Not in Sync With Euro-Zone Data
Wall Street Journal (blog)
Figures from Eurostat Tuesday showed euro-zone businesses suffered their first fall in exports in the fourth quarter since the second quarter of 2009, when the bloc was still in recession. In the same period, businesses cut investment for the third ...

Eurozone growth revised down to 1.4%
Ninemsn
Eurozone GDP growth has been revised down to 1.4 per cent for 2011. The new figure was in a second estimate issued on Tuesday by the EU statistical office, which had previously estimated 1.5 per cent. In the fourth quarter of 2011, Eurostat said ...

3 ETF Trades For The Next Euro Zone Debt Crisis
ETF Database
The Euro zone debt crisis has been at the forefront since late 2009 when it became apparent that Greece was struggling to curb its towering deficit. Greece unsuccessfully implemented several austerity meassures aimed at restoring financial stability, ...

Eurozone growth revised down
Sky News Australia
Eurozone growth revised down Updated: 05:42, Wednesday March 7, 2012 Eurozone GDP growth has been revised down to 1.4 per cent for 2011. The new figure was in a second estimate issued on Tuesday by the EU statistical office, which had previously ...

Eurozone Confirms 0.3% GDP Contraction In Q4
NASDAQ
(RTTNews.com) - Eurozone economy contracted 0.3 percent sequentially in the fourth quarter, a revised report from Eurostat confirmed Tuesday. This was the first decline in euro area gross domestic product since the second quarter of 2009.

Euro-Zone Central Bank System Massively Imbalanced @ Forex ...
By From spiegel.de
Euro-Zone Central Bank System Massively Imbalanced - More than a year ago, German economist Hans-Werner Sinn discovered a gigantic risk on the balance sheets of Germany's central bank. Were the euro zone to collapse, Bundesbank ...
Forex Factory

Is Student Loan Debt The Next Financial Crisis? - Forbes
see photosAP Photo/Chitose SuzukiClick for full photo gallery: Beat College Debt There's no doubt that we're all still a little sensitive when it comes to the ...
www.forbes.com/.../is-student-loan-debt-the-next-financial-cri...

RealClearMarkets - Financial Crisis Amnesia
The latest affront to the nation's big banks comes from Richard Cordray, head of the new Consumer Financial Protection Bureau, who said recently that he plans ...
www.realclearmarkets.com/.../financial_crisis_amnesia_12416...

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