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

Monday, April 2, 2012

As Euro Crisis Cools, Distress Remains for Workers

As Euro Crisis Cools, Distress Remains for Workers
New York Times
Europe's long-running euro crisis may be cooling. But the economic distress it has left in its wake is pushing a rising tide of workers into precarious straits in France and across the European Union. Today, hundreds of thousands of people are living ...

Europe on brink of another financial crisis, Darling warns
The Independent
Mr Darling, who accurately predicted in 2008 that Britain was on the brink of the worst economic downturn for 60 years, said European Union leaders should not be lulled into thinking that the worst of the eurozone crisis is over. 

Lord Wolfson: Why an easy exit from the euro is impossible - Telegraph: " . . . On first inspection the problem appears deceptively simple. If Spain, for example, came out of the euro, a Spanish worker who was paid €30,000 (£25,000) a year would simply be paid 30,000 New Pesos, the shops would convert their prices to New Pesos, the currency would devalue by 20pc, Spain would be competitive, tourists would flock to holiday in Spain and so would start the slow road to recovery. . . . "

Eurozone adds €500b to firewall
Sydney Morning Herald
Eurozone finance ministers decided yesterday that €500 billion ($645 billion) in fresh money would go along with €300 billion already committed to create an €800 billion defense against the turmoil. Europe is counting on those sums, plus the European ...

Sydney Morning Herald

Eurozone reminds G20 of cash pledge
NEWS.com.au
NOW it's economic firewall is expanded, the eurozone is chasing funds promised by other countries. After providing loans to help debt-wracked countries such as Greece, Christine Lagarde, head of the International Monetary Fund, has asked members to ...

NEWS.com.au

Eurozone boosts debt firewall to €800b
New Zealand Herald
Photo / AP The 17 eurozone countries have boosted their emergency funding for indebted countries to €800 billion ($1.3 trillion) - falling short of what the union's international partners had said was needed to calm markets. Of the €800 billion limit ...

The G20 should say no to the eurozone
Financial Times
The finance ministers of the eurozone settled on one of the lesser proposals for an increase in the firewall. The agreement raises three immediate questions. How big is the firewall really? Will it all be enough? And should the Group of 20 leading ...

Analysis: Resistance to austerity stirs in southern Europe
Reuters
An unexpectedly broad general strike in Spain on Thursday and mounting opposition to Prime Minister Mario Monti in Italy are among indicators that resistance is growing in a region at the centre of concerns about a resurgence of the euro zone debt ...

EU Treaty Vote Offers Opportunity To Recommit To Euro Zone
Wall Street Journal
"In this referendum, we have a brilliant opportunity to say to the world that Ireland believes in the future of the euro, that Ireland is central to the future of the euro zone, that Ireland is four-square with Europe, as together we build a system ...

Eurozone firewall goes up, but 'mother' left out
Brisbane Times
EUROPE'S 17-nation eurozone agreed to deliver €500 billion ($A644 billion) in new bailout funds last week in the hope of erecting a firewall big enough to contain the sovereign debt crisis, placate the markets, and encourage non-eurozoneInternational ...

Brisbane Times

Euro Crisis Next Phase All About Spain, the Mother of All Housing Bubbles
The Market Oracle
I keep noting that the third leg of the euro crisis, the trade imbalance between northern and Southern Europe, must be addressed or there is no real solution, just short-term Band-Aids. Ambrose's column goes on to note that Germany is hoping the rest ...

Stephen Henderson: Detroit's financial crisis: Keep focus on city's people ...
Detroit Free Press
The lights are still out on East Lafayette Boulevard in Detroit -- at least they were when I drove home Friday night. It has been three weeks since I first wrote about the darkness in that area, and I can remember the lights being off as far back as ...

'Crisis of moral values' fuels global financial crisis, Vatican and rabbis say
Jewish Telegraphic Agency
(JTA) -- A “crisis of moral values” is at the root of the global financial crisis, according to Vatican and Israeli rabbinical representatives who met in Rome. In a joint statement, the 11th meeting of the Bilateral Commission of the Delegations of the ...

Eurozone crisis may hit Bangladesh exports: WTO
Daily Star Online
An economic slowdown in Europe may affect Bangladesh as it is highly dependent on exports to the Eurozone, said World Trade Organisation (WTO) Director General Pascal Lamy yesterday. "Macroeconomic development is not looking very good, especially for ...

Europe firewall boost throws spotlight on IMF
Economic Times
COPENHAGEN: With a decision to expand its anti-crisis "firewall", the eurozone has thrown the ball firmly back into the court of other economic powerhouses who pledged more cash for the IMF if Europe stumped up first. After providing loans to help ...

Euro Zone Increases Bailout Firewall to $1.06 Trillion
Broadcast Newsroom
By GrabNetworks It seems Euro Zone finance minsters listened to the call for more money.They agreed on Friday on a temporary increase in their financial rescue fund to prevent a second-coming of the sovereign debt crisis. The increase was 700 billion ...

Ron Dzwonkowski: Michigan business development exec sells state amid Detroit's ...
Detroit Free Press
President and CEO Michael Finney's job is complicated by Detroit's financial crisis. / MEDC A big part of Michael Finney's job is selling Michigan. And like any good salesman, he's not going to dwell on what's wrong with his product.

Euro-zone builds firewall but calls for bigger global financial emergency fund
MercoPress
“If the IMF takes precautions to prevent possible contagion or threats to the world economy, then Europe for its part will make a decisive contribution.” While welcomed by European central bankers, the firewall decision stopped short of a bolder step ...

MercoPress

Afghanistan not to face financial crisis in 2014
International News Network
KABUL: Afghan Finance Minister Hazrat Omar Zakhelwal has dispelled the impression that Afghanistan will plunge into a major financial crisis after the foreign military pullout in 2014. He said the government is working hard to find alternatives to ...
 
International News Network

A shortfall in exportable supply
Korea Times
By Patrick Artus The troubled eurozone countries including Greece, Portugal, Ireland, Spain and Italy owe their problems to their external deficit, not to their fiscal deficit. The current-account deficit, which is still as high as 8 percent of gross ...
 
Korea Times

The Euro Ends a Bullish Week as European Finance Ministers Agree on Boosting ...
Middle East North Africa Financial Network
The European common currency continues to post gains against the US dollar for the third consecutive week, supported by the optimism triggered on Friday by the euro zone finance ministers, who agreed to boost the firepower of the European rescue fund ...

Real Causes Of Eurozone Problems Lie In The Euro's Design
Seeking Alpha
With reserve ratios at record lows in most of the developed world - one percent in the eurozone - banks can create a €1000000 loan by just hitting some keys on a computer keyboard and then afterwards coming up with €10000 in cash to deposit in the ...

Do Eurozone banks run the place?
New Europe (blog)
There is a lot of talk going on over the exemption of the European Central Bank's and some national Eurozone central banks' holdings of Greek bonds from the 53.5% 'haircut' inflicted on all private (bank) holders of such debt paper, under the Private ...

Global economic woes shift from eurozone to China, oil
Middle East North Africa Financial Network
(MENAFN - The Peninsula) The global economy is looking healthier this spring than it did last year, when many analysts were predicting a breakup of the eurozone. Markets have rebounded, particularly in the US which is showing positive signs of recovery ...

German job prospects defy eurozone crisis
Times of Malta
Photo: AFP Unemployment in Germany, Europe's biggest economy, fell to a new record low in March, as the robust outlook for jobs continues to defy the eurozone debt crisis, new data showed last Thursday. “The German economy is currently experiencing a ...

Why The Rally In Stocks May Come To An End During Q2
Seeking Alpha
Eurozone finance ministers said Friday they will increase the amount earmarked (via the combination of the ESM and the EFSF) for EU member bailouts to 800 billion euros from 500 billion euros, a laughable amount considering a bailout of Italy and Spain ...

The bailout cushion
Khaleej Times
Eurozone's bailout cushion dream now seems more practical. With finance ministers of the 27-member grouping having agreed to pour in their due share for the rescue fund, it seems quite likely that the cash-crunch crisis, at least, in Italy and Spain ...

DAN ATKINSON: It's all gone too quiet on the eurozone - but don't believe it's ...
This is Money
In the manner of the cheesiest Westerns, all the signs are that the eurozone is not simply quiet but too darned quiet and that bullets and arrows will be flying again before too long. Not merely because the whole project is flawed in its imposition of...

This is Money

When Fred Choate lost his financial security in the financial crisis, he found ...
The Idaho Statesman
In fact, if the financial crisis had not come along and forced his hand, he might never have taken the risk. “I don't mean to be irreverent, but I'm glad the economy tanked because it forced me to do what I always wanted, but was too afraid to do,” he ...

The Idaho Statesman

Prior Week Market Movers: Quiet Week Belies EU Crisis Signals
Seeking Alpha
However for most of the week the big story was renewed fears of contagion from Spain, and to a lesser degree, Italy and Portugal. No big surprise here, because everyone knew the lull in the EU crisis was temporary. The ECB's LTRO program addressed ...

Europe's struggling trade unions
Aljazeera.com (blog)
Throughout the long and painful story of the Eurozone crisis, from early 2010 to the present, it's difficult to think of a single significant victory for organised labour.There have been many strikes and protests in Greece, Italy, Spain and Portugal.

India and the Euro Zone – a complete mess | The Big Picture
By Kiron Sarkar
What's India and the Euro Zone got in common - well they are both a complete mess. India The political and economic situation in India is deteriorating.
The Big Picture

The Larger Financial Crisis Surrounding Goldman Sachs
By Joyce
William Black often writes about Goldman Sachs and other Wall Street banks and points out ways that fraud, especially accounting control fraud, helped create the financial crisis. You can find his essays here and a video on MF Global below: ...
Goldman Sachs Information, Comments,...

EconomicPolicyJournal.com: Political and Financial Crisis ...
By Robert Wenzel
Political and Financial Crisis Continues to Intensify in China. The developing financial crisis in China is causing increased dissatisfaction amongst the populace. The central bank along with other central planners have created a phony ...
EconomicPolicyJournal.com

EUROZONE DEBT: Brace yourselves for Monday trading in ...
By John Ward
The Spanish trading deficit is smaller than most in the eurozone, but its economic collapse has been deeper: a quarter of all young people are unemployed, and probably the country needs stimulation more than most. This isn't going to be ...
The Slog

Most IT Leaders Still in Denial About the Euro Crisis, But Not All
By Andrea Di Maio
At the beginning of my section I asked anybody working for a company that has either developed or is about to develop IT plans to deal with the euro crisis to raise their hands. When I asked the very same question at the European CIO forum ...
Andrea DiMaio

Global economic concerns shifts from the Eurozone to China and oil ...
By Qatar is BooMING
The global economy is looking healthier this spring than it did last year, when many analysts were predicting a breakup of the Eurozone. Markets have rebounded, particularly in the US which is showing.
Qatar Business & Corporate News

Forex – Weekly outlook: April 2 – 6 – Forex Rate It!
By admin
Euro zone finance ministers agreed to boost the bloc's bailout lending limit to EUR800 billion, in order to combat the threat of sovereign debt contagion to larger economies such as Italy and Spain. The firewall is to be comprised of EUR500 ...
Reshoring Manufacturing

The euro crisis: A three-headed beast | The Economist
IN ANCIENT Greek mythology, a three-headed dog guards the gates of hell and prevents the damned from leaving. It's not a bad metaphor for the present euro ...
www.economist.com/blogs/freeexchange/.../euro-crisis-2?fsrc...

Euro zone agrees to boost rescue capacity - Yahoo! News
From Yahoo! News: COPENHAGEN (Reuters) - Euro zone finance ministers agreed on Friday to increase their financial firewall to 700 billion euros to ward off a ...
news.yahoo.com/euro-zone-agrees-boost-rescue-capacity-193...

The problems with the Eurozone | vox - Research-based policy ...
Divergent behaviour from Eurozone countries that have very different economic, social, and political structures is threatening the existence of the single currency ...
www.voxeu.org/index.php?q=node/7808

THE ASTUTE BLOGGERS: FORMER CHANCELLOR OF THE ...

By Reliapundit
Mr Darling, who accurately predicted in 2008 that Britain was on the brink of the worst economic downturn for 60 years, said European Union leaders should not be lulled into thinking that the worst of the eurozone crisis is over. In a lecture to ...
THE ASTUTE BLOGGERS 

mainly macro: Is Eurozone Austerity Self Defeating, and is it all ...
Does that mean that all this austerity in the Eurozone is counterproductive? This is the question raised by John McHale. Here is an attempt at an answer, ...
mainlymacro.blogspot.com/.../is-eurozone-austerity-self-defeat...

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