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

Tuesday, March 13, 2012

Greece needs new bail-out; Spain, Portugal fears

Greece needs new bail-out, leaders told - Telegraph: " . . . Michael Hewson of CMC Markets: "There is widespread acknowledgment that even after last weeks debt swap that the country will in all probability need a third bailout, after economic data Friday showed that the economy shrank even more than first thought in fourth quarter, by 7.5pc." . . . Bondmarket investors ignored political claims that the Greek crisis was solved: new Greek government bonds remained the highest yielding debt in the eurozone. There were mounting fears over debt levels in Spain and Portugal yet finance ministers indicated they would not use the summit to boost the eurozone's bail-out mechanisms. . . ."

Chairman of the Treasury Select Committee calls for Greece to exit the euro - Telegraph: "In a well received speech at the annual British Venture Capital and Private Equity Association's annual chairman's dinner, Mr Tyrie said the current lull in the single currency's crisis, after last week's Greek bond swap, should be used to engineer a permanent exit for Greece.The economic and political challenges facing the country if it stays in the eurozone would be too great to be sustainable, he argued. . . ."

Euro zone ministers grill Spain over deficit path
Reuters
By Robin Emmott and Annika Breidthardt | BRUSSELS (Reuters) - Euro zone finance ministers grilled Spain on Monday over its budget deficit, which is set to break stricter new EU rules this year, stressing that Madrid must get back on target in 2013.

Views under the Palm - johnmpoole.com: In Greece Nothing Succeeds Like Failure: "OK, Greece had an "orderly default." Problem solved? Hardly-- Greece succeeds in bond deal but not in solving debts - Telegraph: "Experts warned the deal had failed to address Greece's crippling debt problem. Instead, by imposing heavy losses on Greek banks and pension funds, it may have destablised the country even more . . . "

Euro Zone Finance Ministers to Press Spain on Debts
New York Times
BRUSSELS — European Union finance ministers warned Spain on Monday to take action to reduce the country's bulging budget deficit to alleviate the latest threat to the euro zone, now that Greece has agreed with a majority of its private creditors on ...

Euro zone ministers to sign off Greek cash, grill Spain
Reuters
Finance ministers to approve second Greek bailout * Ministers to grill Spain on bid to soften deficit targets * Euro bailout fund size to be discussed, no decision likely By Jan Strupczewski BRUSSELS, March 12 (Reuters) - Euro zone finance ministers ...

Eurozone Finance Chiefs Set to Approve Greek Bailout
Voice of America
March 12, 2012 Eurozone Finance Chiefs Set to Approve Greek Bailout VOA News Finance ministers in the 17-nation euro currency bloc are set to approve Greece's new $172-billion bailout, even as they grapple with concerns about Spain missing its deficit ...

Spain's high deficit, but relatively low debt, tests Europe's commitment to ...
Washington Post
The eurozone's finance ministers struggled at a meeting in Brussels on Monday over how to deal with a country that, unlike bailed-out Greece or Portugal, vaunted low deficits until the crisis hit. Economists say budget cuts — Europe's favored tool to ...

Spain Looms as First Test of EU Rules
Wall Street Journal
By MATTHEW DALTON BRUSSELS—Euro-zone finance ministers were set on Monday to make Spain its first test of new rules designed to bolster the European Union's control over national budget policies. The rules, passed after more than a year of painstaking ...

EU CRISIS ROAD MAP: Key Milestones Ahead
Wall Street Journal
LONDON (Dow Jones)--As Greece is set to secure approval from its euro-zone partners and the International Monetary Fund on a EUR130 billion bailout this week after completing a massive debt swap, attention is now expected to shift to Spain, ...

Eurozone tries to look beyond Greece in crisis
San Jose Mercury News
Finance ministers from the 17 eurozone nations are to meet in Brussels later Monday, where they will discuss releasing funds from a euro130 billion ($172 billion) second bailout. BRUSSELS—The 17 euro countries are trying to focus on issues beyond the ...

EURO GOVT-No post-Greece relief for euro zone bond market
Reuters
Bunds hit contract high as growth concerns lend support * Portugal seen at risk, auctions weigh on Spain, Italy * New long-term Greek bonds have highest yield in euro zone By William James LONDON, March 12 (Reuters) - Rising demand for German debt ...

Euro zone economy prospects show flicker of hope: OECD
Reuters
PARIS (Reuters) - The euro zone is showing tentative signs of improvement, the latest monthly readout from the Organization for Economic Co-operation and Development (OECD) showed on Monday. The OECD's leading indicator, a measure that seeks to flag ...

Eurozone: Cash injection is a 'caffeine boost'
Financial Times
It has worked like a powerful pick-me-up on the troubled eurozone government bond markets. Bankers and strategists say the ECB's two three-year loan offers, under which eurozone banks borrowed about €489bn in the first tender and €529bn in the second, ...

Financial Times

New Greek bond yields top euro-zone levels
MarketWatch
By Sara Sjolin and Kim Hjelmgaard, MarketWatch LONDON (MarketWatch) — Greek bonds issued after the country's massive bond-swap deal last week started trading at the highest yields in the euro zone, according to reports Monday. Authorities issued 20 ...

Senior EU Diplomats: More Talks On Greek Bailout Wednesday
Wall Street Journal
By Frances Robinson and Laurence Norman BRUSSELS (Dow Jones)--Euro-zone governments will continue their discussion of Greece's second bailout package at a teleconference later this week, senior EU diplomats said Monday. Euro-zone finance ministers will ...

Eurozone finalizing Greek bailout, shifting focus to Spain
Monsters and Critics.com
Brussels - Top eurozone officials signaled Monday that the second 130-billion-euro (171-billion-dollar) bailout for Greece would be finally approved this week, while the focus was shifting towards Spain's budget problems. 'In substance, there are no ...

The Impact Of Financial Crisis On Women
San Francisco Chronicle
The global financial crisis will have a lasting impact, without question. But it will have a particularly pronounced impact on women. Women with the same qualifications of their male counterparts and working the same number of hours, earn on average ...

Spain set to win euro zone leeway on rising deficit
Sydney Morning Herald
The eurozone meanwhile was expected to sign off on the remainder of a 130-billion-euro bailout for Greece this week after Athens completed a historic bond swap to erase more than 100 billion euros in privately-held debt. "We start from the principle ...

Contagion from Greece still threatens euro
Financial Times
The resilience of the euro has been due to a number of factors, not least of which is that theeurozone as a whole has a broadly balanced current account. As such, a misbehaving bond market doesn't necessarily cause a plunge in the currency, ...

Eurozone ministers to sign off Greek cash, grill Spain
Montreal Gazette
BRUSSELS - Eurozone finance ministers are to approve on Monday a second bailout package for Greece and shift their focus to Spain, whose government looks set to violate newly agreed European Union budget rules by missing its deficit target again this ...

Top ECB official sees "mild recession" in eurozone
CBS News
Benoit Coeure told Japan's Nikkei newspaper that growth was held back by scarce bank credit and necessary government budget-cutting because of problems with debt in some eurozone countries. Coeure said that higher oil prices and taxes had led the bank ...

ECB just barely dips toe into bond markets
Reuters
(For details click) After flooding the banking system with more than a trillion euros in ultra-cheap 3-year loans over the past two months, the euro zone's debt markets have calmed and ECB President Mario Draghi said last week that now it was time for ...

Euro crisis solved? I don't think so!
Uncommon Wisdom Daily
Many already think that the European sovereign debt crisis is passing. That the latest bond deal and bailout for Greece solves everything. But as far as I'm concerned, nothing could be further from the truth. First, severe austerity measures do not ...

Forex Trading Volumes Hit by Euro Zone Crisis
Wall Street Journal
By MARTIN VAUGHAN And ENDA CURRAN Foreign-exchange trading volumes fell sharply toward the end of 2011 as the euro zone's sovereign-debt crisis flared up and European banks cut back lending world-wide, the Bank for International Settlements said in its ...

Wall Street Journal

Eurozone crisis live: Finance ministers to approve second bailout for Greece
The Guardian
Not only does this dampen hopes for more effective governance in Greece over the next few years but it raises significant questions over the long term viability of the latest bailout agreement struck between Greece and the rest of the eurozone.

The Guardian

Eurozone debt woes linger as German minister refuses to rule out third Greek ...
This is Money
By Tanya Jefferies Confidence in debt-stricken eurozone countries remains fragile as the region's finance ministers gather in Brussels today to discuss finalising Greece's second bailout. Greece managed to bring off a massive debt restructuring last ...

ECB intervention is the only way to end the crisis
Financial Times
By Paul De Grauwe Since December last year the European Central Bank has injected large amounts of liquidity into the eurozone banking system. These injections were necessary to save Europe's banking system. In addition, these lender of last resort ...

Euro Zone, IMF Set to Approve Greek Bailout; VW Sales Soar 26%
123Jump.com
2:00 PM Frankfurt – European indexes traded mixed as the euro area finance ministers meet in Brussels to approve second bailout package for Greece. AĆ©roports de Paris agreed to buy 38% stake in Turkey-based TAV for $874 million.

Eurozone delays decision to boost rescue fund
Financial Times
By Peter Spiegel in Brussels Eurozone finance ministers were expected on Monday night to again put off a decision on whether to increase the size of their €500bn rescue fund, but the group's chairman said he would push for the long-delayed move to be ...

Spain throws down new challenge to eurozone
National Post
Eurozone officials are worried that allowing Spain to soften this year's target would create a dangerous precedent and undermine the credibility of the European Union's recently sharpened budget rules. By Jan Strupczewski BRUSSELS — Eurozonefinance ...

National Post

Contagion OR Continent Domination?
News24
However going back to the title of Contagion or Continent control-what's really going on between South Africa and Nigeria? Was it just a diplomatic spat exposing strained relations or is more than that? 1.As economic rivals,both South Africa and ...

How Housing Policy Caused the Financial Crisis: Q&A with AEI's ...
By Anthony Randazzo
The 2008 financial crisis "proved that financial markets are not self-regulating," says political scientist Francis Fukuyama in a recent interview with the website TheBrowser: "[Peter Wallison] lays it all at the door of Fannie and Freddie and ...
Reason Magazine Full Feed

French Politics: A Eurozone Crisis Primer
By Arthur Goldhammer
Arthur Goldhammer, the originator of this blog, has been a student and observer of French politics since 1968. In that time I've translated more than 100 books from the French, including Tocqueville's Democracy in America. I chair the seminar ...
French Politics

The Global Financial Crisis is a Global Human Rights Crisis :: The ...
The Global Financial Crisis is a Global Human Rights Crisis :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website.
The Market Oracle

By 2020 the Euro zone should comprise essentially all EU Member ...
By Eberhard Rhein
In the on-going debate about the future of the Euro it is often forgotten that membership in the Euro-zone is mandatory for all EU member States provided they fulfil the Maastricht criteria – budget deficit below 3 per cent and public debt below ...
Rhein on Energy and Climate

Eurozone tries to look beyond Greece in crisis - seattlepi.com
No final decisions are expected on these issues Monday, but the talks will set the tone for how theeurozone plans to deal with an economic crisis that continues despite recent market calm.
Business Heds Index

There Will Be Euro-zone Debt Crisis Contagion, The Next Greek ...
By Stefan B
There are much broader implications for the eurozone should Greece have to restructure its debt. People fail to see the costs to both Greece and the eurozone of a restructuring: the cost to its citizens, the cost to its access to markets. If Greece ...
SGTreport - The Corporate Propaganda...

XE.com - Euro zone ministers to sign off Greek cash, grill Spain
Euro zone finance ministers will sign off on a second bailout package for Greece on Monday and shift their focus to Spain, whose government looks set to violate newly-agreed EU budget rules by missing its deficit target again this year.
XE Forex News

The Center of the Universe » Blog Archive » Euro zone deficit hawks ...
By WARREN MOSLER
Schaeuble Says Deficit Spending Backers Have 'Learned Nothing'. (Bloomberg) German Finance Minister Wolfgang Schaeuble said that deficit spending is the wrong way to bolster economic growth. People who believe you can generate ...
The Center of the Universe

FORECLOSURE FRAUD THE FINANCIAL CRISIS AND SHREK'S ...
By 4closureFraud
THE FINANCIAL CRISIS AND SHREK'S ONION OF FRAUD. Author: L. Randall Wray. In the last couple of weeks I've been pushing foreclosure fraud. Well, not pushing the fraud but rather arguing that foreclosure is fraud. It has to be.
Foreclosure Fraud - Fighting...

USD Meltdown Is Your Gold Advantage by Morris Hubbartt
The best thing to do in preparation for any financial crisis is to own physical gold. It should be your largest holding. Asian physical buyers are accumulating gold at these highly attractive prices. In the gold market, a good motto is, “Do as the ...
LewRockwell.com

Euro zone economy prospects show flicker of hope: OECD @ Forex ...
By From reuters.com
Euro zone economy prospects show flicker of hope: OECD - The euro zone is showing tentative signs of improvement, the latest monthly readout from the Organization for Economic Co-operation and Development (OECD) showed on Monday ...
Forex Factory

Eurozone making international relations more party political ...
By Mick Fealty
The reason is that important policy decisions have shifted from the national to the eurozone level. Take the fiscal compact, recently signed by European Union leaders, most of whom are from the centre-right. The compact was Ms Merkel's idea; ...
Slugger O'Toole

Could IDNX Indicate Financial Crisis Is Over? | Elliot's Blog
By Elliot Silver
For many people throughout the world, the past few years have caused quite a bit of economic hardship. In concert with the world economy, the domain market took.
Elliot's Blog

Top banking official sees 'mild recession' in eurozone | KLEW CBS 3 ...
A top European Central Bank official says the 17 countries that use the euro will probably see a "very mild recession" this year and that higher oil prices should not have a lasting impact on inflation.
KATU - News - Business

Portugal to Fall, Greece to Leave Euro Zone: Roubini - US Business ...
Portugal is likely to be the next to restructure its debt and exit the euro zone, economist Nouriel Roubini predicted on CNBC Friday.
www.cnbc.com/.../Portugal_to_Fall_Greece_to_Leave_Euro_...

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