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

Thursday, March 8, 2012

Greece could default within hours

Greece could default within hours - Telegraph: "Greece could default within hours
So this is it. After three years of high drama, the European Union is staring at its first ever sovereign default. And ironically, unlike every other deadline so far, this one looks set to happen precisely on time. At 8pm GMT on Thursday, the authorities will know - or have a very good idea - how many of Greece's international creditors have accepted its €206bn (£172bn) bond-swap offer. The results will probably take a few days to come out - Athens has to put its decisions through Brussels' sluggish decision-making processes. . . .  "

Eurozone crisis live: Greek debt swap drags on
The Guardian
The eurozone crisis copped the blame. My colleague Katie Allen reports: The Australian economy grew by just 0.4% in the final three months of 2011, just half as fast as economists had predicted. The Australian Bureau of Statistics reported a dip in...

The Guardian

Eurozone still fragile
Fin24
Brussels - The eurozone is out of the emergency ward, but it may face a chronic debilitating illness rather than a rapid convalescence. The challenges confronting Europe now are to avoid complacency, rekindle economic growth while cutting debt and ...

TSX Dips Amid Euro Zone Anxiety - Canadian Commentary
NASDAQ
From the euro zone, German industrial orders unexpectedly fell 2.7 percent in January from a month ago, the Federal Ministry of Economy and Technology said. Following a 1.6 percent rise in December, economists were expecting a slower growth of 0.6 ...

Euro-Zone Worries Bring EUR/USD
Jutia Group
Today, in addition to any announcements out of the euro-zone, traders will want to pay attention to the US ADP Non-Farm Employment Change figure. A better than expected figure could help the USD extend its recent gains. The US dollar shot up against ...

Merkel worried about Portugal, coy on firewall-sources
Reuters
She also acknowledged that the euro zone's two rescue funds could run concurrently but gave no indication that their combined lending capacity might rise above 500 billion euros, the participants told Reuters on Wednesday.

Euro zone retail figures up in January
FreshPlaza
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. Retail sales are an indication of household demand, which has long ...

German industrial orders fall sharply
Financial Times
By Ralph Atkins in Frankfurt Germany's economic rebound, which has helped counter gloom created by Europe's debt crisis, was set back in January by an unexpectedly sharp fall in industrial orders, especially from beyond the eurozone.

Did Chinese New Year Throw Off German Data?
Wall Street Journal (blog)
He writes in a research note Wednesday that the 8.6% drop in non-euro zone orders, after December's 12.1% increase “suggests that the timing of the Chinese New Year may be having a strong impact on the data.” What a wonderful illustration of the global ...

Australian and Eurozone GDP Figures Weigh on Sentiment; FTSE 100 Falls Through ...
FXstreet.com
The report came after similar figures were released in the Eurozone, which showed that GDP dropped to 0.3 percent on a quarterly basis, which is the lowest print since 2009. Adding to the slowing momentum in growth for Australia was the decline in ...

Eurozone economy contracts as investment, exports decline
China Daily
Eurozone finance ministers last week authorized the region's bailout fund to raise money for Greece's bond exchange, the first step in releasing funds from a 130-billion-euro rescue package. ECB policymakers including Draghi and Ewald Nowotny from ...

China Daily

Biondo fund soars on financial crisis positions
MarketWatch
By Marshall Eckblad CHICAGO (MarketWatch) -- A handful of positions rooted in the fadingfinancial crisis are helping a tiny fund in Pennsylvania to its own recovery--two years later. So far in 2012, The Biondo Focus Fund (MFD:BFONX) , with $20 million ...

Financial Crisis 2012, Why Central Bank Liquidity is No Longer Enough
The Market Oracle
Their primary effects are to both cocentrate more wealth and allow financial institutions to maintain very high levels of leveraged exposure to distressed debt-assets, such asEurozone sovereign bonds. As consumers pull back, workers are laid off and ...

The Market Oracle

Eurozone Crisis: Greek Tourism Revenues to Shrink in 2012
International Business Times
Strained relations with euro zone paymaster Germany, frequent anti-austerity protests and negative publicity have put off tourists from the country's top tourist markets, Andreadis said. "It's not just politicians fighting anymore.

International Business Times

Euro edges up after plunge on eurozone recession news
China Post
TOKYO--The euro edged up against the dollar and yen in Asia on Wednesday after plunging overnight on worries over the Greek debt swap and a warning of a mild eurozone recession. The euro was trading at US$1.3137 and 106.10 yen in Tokyo afternoon trade, ...

Eurozone fears prompt sell-off in banks
Financial Times
The FTSE Eurofirst 300 fell 2.6 per cent to 1052.11, as weakening growth prospects both in theeurozone and China knocked market sentiment. The selling cut across major European indices, with the Xetra Dax, CAC 40, Ibex 35 and FTSE MIB all consisting ...

Eurozone crisis fails to affect jobs market in India
Economic Times
By Gaurav Seth The Eurozone crisis has adversely affected the BFSI sector in India, particularly the MNC banks with the uncertainty in their head offices in Europe. However, across all other sectors we are not seeing any impact.

Alexander Hamilton's euro zone tour
BusinessWorld Online Edition
PRINCETON -- Europe's debt crisis has piqued Europeans' interest in American precedents for federal finance. For many, Alexander Hamilton has become a contemporary hero. Perhaps one day his face should appear on the 10-euro banknote.

The hypocrisy of Europe's bankers
Business Spectator
The eurozone crisis is a strange beast. When it suddenly erupts with ratings downgrades, spiking yields and high political drama it can scare even the most experienced analysts and commentators. But it is probably much more dangerous at times when the ...

Eurozone Unlikely To Avoid Recession: IHS Global Insight
NASDAQ
(RTTNews.com) - The Eurozone economy is likely to see further contraction in the first quarter of 2012 after contracting 0.3 percent in the final three months of last year and slip into recession, IHS Global Insight Chief Economist Howard Archer said.

Greek default will cost eurozone €1 trillion
Irish Independent
By Alex Chambers and Lefteris Papadimas A DISORDERLY Greek default would cause more than €1 trillion of damage to the eurozone and could leave Italy and Spain dependent on outside help to stop contagion spreading, the main bondholders group has said ...

German Manufacturing Stumbles
Wall Street Journal
By TODD BUELL And SANTIAGO PEREZ FRANKFURT—Disappointing manufacturing orders data from Germany suggest that it may be hard even for Europe's largest economy to revive euro-zoneeconomic output. "Despite rising business confidence, hard data seem to ...

TABLE-German Jan ind. orders fall unexpectedly
Reuters
... +4.3 of which euro zone 96.1 -0.4 96.5 -6.5 non-euro zone 119.6 -8.6 130.8 +12.1 Intermediate goods 113.4 +1.9 111.3 -0.5 Of which: domestic 115.2 +6.6 108.1 -5.4 foreign 111.3 -3.2 115.0 +5.4 of which euro zone 107.9 +6.3 101.5 -4.2 non-euro zone ...

Greek bond swap gains momentum as deadline nears
Huffington Post
Greece says that despite the losses the debt swap is a good deal for investors, since they would go empty-handed if the country can't secure the bailout package from the eurozone and the International Monetary Fund that is tied to the debt relief.

German Jan industry orders post surprise fall
Reuters
* Analysts had expected 0.5 pct rise in orders * Fall blamed on lack of orders from outside euro zone * Still hope that economy could stabilise in Q1 (Adds background, analyst comment) BERLIN, Mar 7 - German industrial orders posted a surprise fall in ...

Report: If Greece Defaults, Eurozone Faces Drastic 1 Trillion Euro Meltdown'
HispanicBusiness.com
The eurozone faces a disastrous, 1 trillion-eruo blow if Greece is allowed to slide into a chaotic default, international bankers warned today. The leaked, doomsday scenario emerged from the Institute of International Finance -- the body representing ...

German Cabinet Approves Draft Bill On Fiscal Compact
Wall Street Journal
Germany wants to make these rules plus the euro zone's permanent bailout facility ESM German law by mid-June. Chancellor Angela Merkel will have to rely on the support of the opposition parties, because she cannot count on a two-thirds majority in both ...

Euro crisis 'irritating', says Rolls Royce chief executive
BBC News
Europe's top car executives have descended on Geneva for the annual motor show where a whole host of new cars are being unveiled. Once again, manufacturers are working against a backdrop of austerity which means finding European buyers for the new ...

BBC News

Eurozone crisis affects Indian apparel exports
FashionUnited India
Slowdown woes continue to affect the Eurozone and the crisis has negatively hit apparel exports the most. While the US is showing marginal recovery, orders from Europe have gone down significantly. Orders from Italy and Spain have almost become nil and ...

Greece to Leave the Euro Zone, Says Igor Purlantov
WebWire (press release)
When the full extent of the financial crisis in Greece first became clear there was hardly any mention of Greece exiting the euro zone despite widespread claims of corruption and financial fraud. As the Greek financial crisis continued to drag on this ...

US Politics | AMERICAblog News: Eurozone on edge of recession ...
By Chris in Paris
News and opinion about US politics from a liberal/Democratic/progressive perspective.
US Politics | AMERICAblog News

Ron Paul: Greatest Threat Is Another Financial Crisis – Not Iran
By RonPaul.com
Browse: Home / CPAC 2011 / Ron Paul 2012 / Ron Paul: Greatest Threat Is Another Financial Crisis– Not Iran. Ron Paul: Greatest Threat Is Another Financial Crisis – Not Iran · Leave a response. By RonPaul.com on March 6, 2012 ...
Ron Paul .com

How Economists Contributed to the Financial Crisis | Economy In ...
By John T. Harvey
A lot of blame has been spread around regarding the financial collapse and the onset of the Great Recession. Greedy speculators, big banks, Wall Street executives, and Fannie Mae and Freddie Mac have all taken turns as whipping boys.
Economy In Crisis

Reason Foundation - Financial Crisis Theories Reviewed Series ...
By anthony.randazzo@reason.org (Anthony Randazzo)
Recently we sat down with Peter Wallison the Arthur F. Burns Fellow at the American Enterprise Institute and a member of the congressionally appointed Financial Crisis Inquiry Commission, set up to look into the causes of the crisis, to ask ...
Reason Foundation -

Lehman is back! Is the financial crisis over? - Analysis & Opinion ...
By Antony Currie
If only. Sure, the worst may be history as the ghost of the Wall Street firm finally emerges from bankruptcy. But uncertainty still obscures new rules and how another Lehman meltdown will be avoided. Worse, governments look far more ...
Breakingviews

mainly macro: The Other Eurozone Crisis
By Mainly Macro
What follows is not a new story: many people have argued that the problems of the Eurozone are as much about private sector expansion, current account imbalances and misalignment, as they are about excessive debt. What follows is an ...
mainly macro

We are all PIIGS: statement on the German Finance Minister « Greek ...
By SOZ
Schäuble is one of the main protagonists of the neoliberal right that is imposing the logic of austerity and cuts on the whole of Europe – and particularly on Portugal, Ireland, Italy, Greece and Spain – as a supposed solution to the Eurozone ...
Greek Left Review

Trust Your Instincts: Is massive imbalance in Eurozone central ...
By Richard Field
But in a financial crisis, they can potentially lead to catastrophe because the cash flow between banks suddenly falters. This is what has happened since 2007: Banks in all of the euro zonecountries have had to hold onto their money.
Trust Your Instincts

Is a 2015 Chinese Financial Crisis Inevitable? | Centives
By Centives
In Time Michael Schuman argues that a financial crisis on the level of the one seen by Japan and Korea is inevitable. Here's why: China has used the “Asian Devilment Model” to reach its current levels of growth and prosperity. The steps to ...
Centives

As The EUR Jumped In January, German Non-Eurozone Factory ...
By Tyler Durden
Where the demand collapse came from was non-Eurozone (read China and America) orders which fell a whopping 8.6% in January, after posting a 12.1% rise in December as the EUR was plumbing 2011 lows. As a result, the blended orders ...
ZeroHedge

Mike Norman Economics: Izabella Kaminska — Monetary blanks in ...
By Tom Hickey
Izabella Kaminska — Monetary blanks in the Eurozone. Izabella Kaminska expands on Richard Koo. Read it at The Financial Times Monetary blanks in the Eurozone Posted by Izabella Kaminska. (h/t Andy Blatchford via email). Posted by ...
Mike Norman Economics

Credit at Times of Stress: Latin American Lessons from the Global Financial Crisis. CGD. A 50-page US paper that identifies the factors that contributed to real credit growth in Latin America during the global financial crisis. Carlos Montoro ...
PolicyPointers.org

Business cycles: Tracking the euro-zone economy in real time | The ...
A resolution, in turn, will be difficult to come by if the euro zone falls back into recession. If output is shrinking and unemployment rising, then austerity measures ...
www.economist.com/blogs/freeexchange/.../business-cycles

Alexander Hamilton's euro zone tour Alex Jones' Infowars: There's a ...
HAROLD JAMES Business World Online March 7, 2012. Europe's debt crisis has piqued Europeans' interest in American precedents for federal finance.
www.infowars.com/alexander-hamiltons-euro-zone-tour/

Euro Crisis - Google News

Fiscal Cliff - Google News

Economics, interest rates, house prices, inflation, Bank of England

Markets News - Global Financial Market News

Financial Crisis

Jeremy Warner - Finance and business comments

Ambrose Evans-Pritchard - Finance and business comments

Jeff Randall - Business and politics comments

New Normal News

Views under the Palm

johnyah