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

Thursday, April 26, 2012

Draghi urges eurozone not to give up on austerity

Draghi urges eurozone not to give up on austerity
EUobserver.com
"We are just in the middle of the river we are crossing, the only way out is to persevere," the Italian economist in charge of the eurozone's central bank said. He admitted that "fiscal adjustment" - a euphemism for budget cuts - is contributing to ... 

ECB: Bank Credit-Standard Tightening Eases In 1Q Due To 3-Year Loans
Wall Street Journal
By Margit Feher FRANKFURT (Dow Jones)--Euro-zone banks' tightening of their credit standards eased substantially in the first quarter of this year as a result of an improvement of their funding and liquidity conditions in the wake of the European ...

ECB's Draghi calls for 'growth compact'
MarketWatch
By Todd Buell BRUSSELS -- European Central Bank President Mario Draghi Wednesday refused to commit to further concrete action to support the euro zone's economies and banks putting the onus on governments, even as he acknowledged that uncertainties ...

ECB's Draghi, seeking growth, throws crisis ball to governments
Reuters
By Robin Emmott BRUSSELS, April 25 (Reuters) - European Central Bank President Mario Draghi called on Wednesday for a "growth compact" but put the onus on euro zone governments to shape-up their economies. He gave no indication the ECB was poised to ...

ECB President Urges Rigor for the Long Term
New York Times
FRANKFURT — Mario Draghi, the president of the European Central Bank, acknowledged the popular backlash against government belt-tightening Wednesday, calling for a “growth compact” and a reexamination of where the euro zone is headed.

New York Times

Euro-Zone Bonds Extend Rally But Italy Auction Looms
Wall Street Journal
LONDON (Dow Jones)--Euro-zone government bonds continued to rally in early trading Wednesday after Tuesday's solid Dutch bond auction helped to ease tensions, although concerns remain that Friday's Italian auction could be a harder sell.

Draghi: No Change to Policy
Wall Street Journal
By TODD BUELL, MARGIT FEHER and MATINA STEVIS BRUSSELS—European Central Bank President Mario Draghi Wednesday refused to commit to further concrete action to support the euro-zone's economies and banks, putting the onus on governments.

Wall Street Journal

Banks see end to tightening euro zone loan standards
Reuters
In its latest quarterly Bank Lending Survey, the ECB said that only a net 2 percent of the euro zonebanks that took part expect to tighten their criteria firms must meet to borrow in the second quarter of the year. The survey, which was conducted ...

Eurozone Woes Weigh on Insolvencies - Conditions Improve in US
MarketWatch (press release)
The Eurozone led slowdown in global growth and the tight financing conditions make it more difficult for businesses to grow. Uncertainty over the Eurozone sovereign debt crisis and development of the economy has increased tensions in financial markets, ...

Eurozone leaders push for growth
BBC News
Eurozone leaders have urged governments to focus on growth amid fears about the negative impact of austerity measures. European Central Bank President Mario Draghi called for a "growth compact", to go with the balanced-budget pact agreed last year.

BBC News

Analysis: Politics force growth back on to Europe's agenda
Reuters
The euro zone will not suddenly abandon budget discipline and spend its way back to growth as Germany, Europe's paymaster, would not stand for it. Nor, in their current mood, would the bond markets. But one three-pronged strategy under discussion, ...

This Is Still Not the Time to Sell the Pound
Wall Street Journal (blog)
In the euro zone, signs are that several peripheral members have already fallen back into recession and recent activity data suggests that Germany could well be dragged down with them. The fall of the Dutch government over budget talks earlier this ...

Germany reaffirms 0.7 pct 2012 growth forecast
The Seattle Times
Germany's government reaffirmed its growth forecast of 0.7 percent this year despite the turmoil of the European debt crisis, adding that their country's economy would run ahead of its 16 partners in the eurozone. The Associated Press No comments have ...

Did the eurozone crisis cause the double-dip recession?
The Guardian
Is the eurozone crisis really to blame? I've been speaking to Tim Leunig, chief economist at the liberal thinktank Centre Forum. He told me it's very difficult to tell the causes of the double dip from these figures. He said: There's very little you ...

The Guardian

REFILE-NYMEX-Crude firm on API data, reduced fears on euro zone
Reuters
... prices were higher on Wednesday, trading slightly below $104 a barrel, after industry data showing an unexpected draw on crude stocks and solid demand at European bond auctions allayed immediate fears about the euro zone's prospects hurting demand.

Merkel: eurozone needs growth as well as cuts
The Local.de
German Chancellor Angela Merkel reiterated on Wednesday that the eurozone needed economic growth as well as deficit-cutting measures. Germany continued to register slight growth, while the UK slipped into recession. "In Europe, we are called to ...

Sovereign debt more popular as ECB collateral
Baltimore Sun
In its annual report published on Wednesday, the euro zone's central bank said that while reduced use of its funding over 2011 saw collateral put forward by banks cut by 11 percent to 1.79 trillion euros($2.36 trillion), the safety net they left ...

Eurozone crisis live: Can the UK avoid a double-dip recession?
The Guardian
7.18am: Good morning and welcome to today's rolling coverage of the eurozone financial crisis. The big news this morning will be the UK's GDP figure, which will tell us if we've fallen into a double-dip recession or not. The economy shrank by 0.3% in ...

The Guardian

EFSF Bond Demand Steady Despite Latest Euro-zone Challenges: Frankel
Wall Street Journal
Founded in 2010, the EFSF -- which has been tapped for bailouts to Ireland, Portugal and Greece -- was created to provide financial assistance to euro-zone countries. The fund can issue bonds to help raise the money needed to provide loans to those ...

Draghi Says Euro Area Is in 'Most Difficult' Austerity Phase
Bloomberg
European Central Bank President Mario Draghi comments on fiscal austerity in the euro area, Spain's budget plans, special ECB measures to tackle the financial crisis and the outlook for prices in Europe. Draghi spoke to a European Parliament committee ...

The Financial Crisis on Trial
Wall Street Journal
... out of 15—decided to acquit Haarde of three of the four charges, but found him guilty on the fourth count: that he had not held a sufficient number of meetings of government ministers on important issues before and during the financial crisis.

Draghi says Europe needs growth pact
The Associated Press
The EU's executive commission predicts the 17-country eurozone will see their economy shrink by 0.3 percent this year, and recent surveys of purchasing managers in industry and service suggest that the economy might even fall short of that.

The Associated Press

Draghi calls for Europea 'growth compact'
Financial Times
The president of the European Central Bank urged the eurozone to adopt a “growth compact” to boost economic prospects as he scaled back his hopes for an early economic rebound in the single currency bloc. Striking a distinctly more downbeat tone than ...

Financial Times

Estonia Central Bank: Euro-Zone Debt Crisis Main Risk To Fincl Stability
Wall Street Journal
The euro-zone debt crisis poses the main risks to financial stability and economic development, and the weak euro area growth outlook and a sometimes fragile banking system suggest the crisis isn't over, Estonia's central bank said in a statement ...

The Euro-Zone Omnishambles
National Review Online (blog)
The Netherlands is just one of five big budget contributors in the eurozone – along with Austria, Germany, Luxembourg and Finland. Taxpayers from these countries are being asked, in effect, to bail out governments that have been less prudent than their ...

Toxic assets from financial crisis could become AAA bonds
Reuters
By Adam Tempkin April 24 (IFR) - Bank of America and Morgan Stanley plan to re-sell some of the toxic real-estate securities damaged during the financial crisis as high-grade bonds, if they can win them at auction from the Federal Reserve, sources said ...

WSJ: European Markets Rise on Gains in Banks, Tech Shares
Wall Street Journal
Also helping to allay euro-zone fears, Spain's Bankinter posted a small increase in first-quarter net profit. Its shares jumped 6.6%. Fellow Spanish lender Banco Santander added 2.2%. The bank sector was further helped by the European Central Bank's ...

Why Eurozone Woes are Creating Headwinds for Global Firms
Knowledge@Wharton
"Those countries that have been hardest hit by the eurozone recession --including Greece, Italy, Portugal and Spain -- together represent less than 7% of the total FDI investment by US multinationals." Still, the problems of those weak countries are...

Knowledge@Wharton

Germany's Merkel Backs Draghi's Call For Structural Reform In Europe
Wall Street Journal
Speaking to a conference on raw materials hosted by her Christian Democratic Union party, Merkel insisted that Europe needs budget discipline and instruments like the new European fiscal compact to overcome the euro-zone debt crisis.

The Eurozone need less Europe, not more | vox - Research-based ...
Does Europe need a fiscal union to support its monetary union? This column argues that the cause of Europe's problems is not public sector ill discipline but rather private sector ill discipline. In such a situation, it asks whether we should be ...
VoxEU.org: Recent Articles

Calafia Beach Pundit: The Eurozone crisis has not proved contagious
By Scott Grannis
Reader "Bill" asks "Will we catch the Euro contagion?" The Eurozone economies now appear to be in a recession, and the UK economy is also. It seems valiant to assert that the U.S. will avoid catching this double-dip Euro recession flu, but so ...
Calafia Beach Pundit

RealClearPolitics - Banks Are on a Eurozone Knife-Edge
By Martin Wolf, Financial Times
Desmond Lachman, The American. While markets are again correctly obsessing over Italy and Spain's poor economic growth prospects, as reflected in markedly higher government bond yields for those two countries, they seem to have taken ...
RealClearPolitics - Homepage

Jesse's Café Américain: Tavakoli: Another Financial Crisis Looming ...
By Jesse
Tavakoli: Another Financial Crisis Looming, And You're On Your Own. Janet Tavakoli takes the gloves off and tells it like it is in the cover story in the May 2012 issue of Research Magazine. You'll have to read it here, because I doubt you ...
Jesse's Café Américain

Draghi downbeat on eurozone growth | Nicosia Business Review ...
By admin
Mario Draghi, European Central Bank president, has struck a distinctly gloomy note on eurozonegrowth prospects, dropping previous references to a gradual recovery this year. Speaking in the European Parliament, Mr Draghi said recent ...
Nicosia Business Review Worldwide:...

Referendum and the Euro crisis: “Its unravelling, if it comes to that ...
By Mick Fealty
Even though David Begg could not get the numbers in the ICTU to call for a Yes vote for the Fiscal Compact Treaty, he has clearly has some of concerns of his own about where a No vote would take Ireland. RTE reports this afternoon that ”he ...
Slugger O'Toole

Fuel Fix » Draghi downbeat on eurozone growth
By FT.com - Energy
ECB chiefs says recent signs of weakness in survey data highlight 'prevailing uncertainty' while adding that interest rates would remain 'accommodative'. Read more from Financial Times ...
Fuel Fix

Capital News » Swazi king gets birthday jet amid financial crisis
By AFP
TweetMBABANE, Apr 25 – Swazi King Mswati III has received a jet for his 44th birthday, despite the tiny country's crippling financial crisis, the prime minister said on state radio Wednesday. Prime Minister Barnabas Dlamini said the king now ...
Capital News

Better Markets Featured in New Documentary on the Financial Crisis
By kristy
Better Markets Featured in New Documentary on the Financial Crisis Fellow fighters for financial reform: We would like to let you know of a very important.
EthicalMarkets.com | Supporting...

Debt Dynamics Unsustainable in Euro Zone « Financial Survival ...
By Stefan B
Debt Dynamics Unsustainable in Euro Zone. Ilian Miihov, Deputy Dean, INSEAD says that high yields, lack of growth, make debt dynamics unsustainable in the euro zone. ...Published: April 25th, 2012 | Category: News. Leave a Reply Cancel ...
Financial Survival Network

Anti-austerity in the Eurozone from Holland to Hollande « Civitas
By Natalie Hamill
The collapse of the Netherlands centre-right coalition government marks the latest in a long line ofEurozone governments to be brought to its knees by the debt crisis plaguing the EU. The implementation of austerity measures proved too ...
Civitas

The Eurozone is a polarised economic model | Mindful Money
By Peter J.R. Morgan
The Eurozone is not a uniformly successful economic model. For one group of member states to succeed another group will fail. This is as a result of the Euro providing a single currency value across the whole of the Eurozone, which in turn ...
Mindful Money

Stocks Surging into Final Hour on Less Eurozone Debt Angst, Fed ...
By Gary
Broad Market Tone: Advance/Decline Line: Substantially Higher; Sector Performance: Almost Every Sector Rising; Volume: Below Average; Market Leading Stocks: Outperforming. Equity Investor Angst: VIX 17.05 -5.91%; ISE Sentiment Index ...
BETWEEN THE HEDGES

Number of Insolvencies Rises in Eurozone and Improves in US | The ...
By TP Newswire
Amsterdam, Netherlands - Atradius, one of the leading global credit insurance companies anticipates an increase in insolvencies across most developed markets.
The Toonari Post - Breaking News,...

BERNANKE: Lessons From The Financial Crisis - Business Insider
Bernanke is giving a speech entitled "Reflections on the Crisis and the Policy Response" at Russell Sage Foundation and The Century Foundation Conference ...
articles.businessinsider.com/.../31335599_1_financial-crisis-in...

Eurozone Crash, Dutch Government Collapse, Czech on the Verge ...
More than £122.3bn was wiped off the value of Europe's biggest companies on Monday amid fears that the eurozone's commitment to austerity was being swept ...
ncrenegade.com/.../eurozone-crash-dutch-government-collaps...

Ex-Soros Adviser: Japan Could Face Fiscal Collapse

Prime Minister Shinzo Abe’s fiscal and monetary stimulus measures may trigger a collapse of Japan’s economy as early as this year, according to Takeshi Fujimaki, a former adviser to billionaire investor George Soros.

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