"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.
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