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

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

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