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

Sunday, April 22, 2012

Geithner urges 'aggressive' action to fight crisis

Geithner urges 'aggressive' action to fight financial crisis
New York Post
WASHINGTON -- US Treasury secretary Timothy Geithner said Saturday that the eurozone needed stronger action from authorities, including the European Central Bank (ECB), to tame a potential deterioration in the debt crisis.

Canada, U.S. refuse to give IMF cash for crisis
The IMF is seeking $400 billion in commitments for world financial leaders to help backstopeurozone nations in the event of a debt emergency, a drive made urgent by rising borrowing costs in Italy and Spain. On Thursday, Flaherty chastised European ...

Spain still embodies roots of financial crisis
Financial Times
The strong rallies for equities and commodities that began in December, once traders saw that the European Central Bank had averted a potential eurozone banking collapse, have halted this month. It is too early to say whether this marks the end of the ...

Canada Will Pledge Funds For Other Countries, Not Euro Zone - Flaherty
Wall Street Journal
By Nirmala Menon Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Canada will pledge funds to the International Monetary Fund in the event countries outside the euro zonerequire a bailout, but it is of the view Europe has adequate resources to deal with ...

World Bank: Euro zone woes hinder emerging Europe, Asia recovery
By Lidia Kelly | WASHINGTON (Reuters) - Continued crisis in the euro zone hurts the modest recovery under way in emerging European and Central Asian nations, the World Bank said on Friday, warning of the risk of a credit crunch in the region due to ...

George Osborne says IMF cash won't end euro crisis
The Guardian
George Osborne warned Europe that the boost to the financial firepower of the International Monetary Fund would not be enough to guarantee an end to the debt crisis that has bedevilled the eurozone. As it became clear that it would be 2013 before ...

The Guardian

Assessing the Pain in Spain
By JONATHAN BUCK | MORE ARTICLES BY AUTHOR The euro zone's fourth-largest economy will do everything it can to avoid going the way of Greece. Spain's economic plight is getting worse, but don't expect it to go the same way as Greece.

IMF scratches at the surface of the eurozone debt crisis
Telegraph.co.uk (blog)
Eurozone finance ministers were meanwhile worried that the very existence of the new firewall might even exacerbate the crisis, by making investors believe further bailouts are inevitable and thereby creating its own need. One of the absurdities of the ...

How to Solve the Eurocrisis: Have a Run on the Euro!
There's a great deal of effort being put into how we might solve the eurozone crisis. The obvious answer is that we shouldn't have had the euro in the first place and that we need to get rid of it. Out side the more europhiliac political circles it's ...

Financial crisis looms in Egypt: Can disaster be averted?
Alaska Dispatch
The International Monetary Fund is moving closer to approving a multibillion-dollar loan to help Egypt shore up its shaky finances, but the failure of some emerging political players in the Arab Spring country to endorse the plan is holding up a final ...

£44billion gab threatens eurozone crisis bailout
This is Money
By Dan Atkinson A funding gap of nearly £44billion has thrown into doubt the future of a huge global bailout scheme to rescue troubled members of the eurozone, it has emerged. The shortfall means more controversy for the scheme, unveiled with great ...

This is Money

ECB's Weidmann Says Euro Zone May Grow in Coming Years
Bundesbank President Jens Weidmann said all 17 euro members are likely to keep the joint currency in coming years and that other countries may also sign up, Welt am Sonntag reported, citing an interview. An exit by Greece wouldn't solve its problems ...

The Global Economy at Risk
New York Times
Fund officials warned that the euro-zone crisis poses a grave danger to a weak global economy. Europe's leaders, masters of denial, are still insisting on destructive austerity. The danger was underscored by the latest Brookings Institution-Financial ...

Eurozone Firewall: UK, Singapore, South Korea And Australia Contribute $41 ...
International Business Times
"South Korea's decision this time to participate in the expansion of the IMF's financial resources is very meaningful in that a country, which received bailout funds during the 1997 Asia-wide financial crisis, has become a key player in resolving a ...

International Business Times

Eurozone optimism as IMF members boost global firewall
Deutsche Welle
The eurozone has been given a boost by the expansion of a global crisis fund, with China and Russia ready to stump up more money. The euro rallied on the news, with signs of increased business optimism. There was fresh optimism for theeurozone late on ...

Deutsche Welle

German business confidence index up for 6th month
Those conditions defy the worsening fears about the eurozone debt crisis. Spain and Italy are seeing higher costs to borrow money on bond markets and roll over their debt loads, while their economic growth is sagging. Germany appears to be easily ...

Canada in the minority opposing more IMF firepower
Globe and Mail
At a press conference Friday evening, Mr. Flaherty kept up his months-long attack on the bigger members of the euro zone, repeating that they haven't done enough on their own to deserve international help. “They need to step up to the plate and ...

Globe and Mail

IMF Raises $430 Billion for Financial Crisis Firewall
Jakarta Globe
The IMF raised $430 billion in new funds for crisis intervention Friday, with China and other emerging economic giants taking part despite worries the money will go to more eurozonebailouts. After weeks of seeking pledges for its “global firewall,” ...

Oil not second round price effects driving inflation: Weidmann
Orlando Sentinel
BERLIN (Reuters) - Euro zone inflation is above target mainly because of high oil prices but the European Central Bank must remain vigilant that this does not translate into higher inflation expectations among citizens, Bundesbank President Jens ...

Why Won't the Euro Crisis Just Go Away?
Heritage.org (blog)
Why won't the euro crisis just go away? Even if the Greeks et al adopted every effective growth policy known to man, they would still be left with their unsolved devaluation problem. No bailout fund of any size can solve it.

Heritage.org (blog)

Europe must do more to fight debt crisis: IMF members
Orlando Sentinel
The International Monetary Fund's governing panel said the euro zone needed to take further steps to get its debt under control, ensure the stability of its banking system and carry out "bold structural reforms" to return to growth.

German business morale up for sixth straight month
Pakistan Observer
Berlin—German business sentiment rose unexpectedly for the sixth month in a row in April in a sign that Europe's largest economy continues to outpace peers and shrug off worries about theeuro zone debt crisis. The Munich-based Ifo think tank said on ...

OECD's Gurria Says There's Now A 'Formidable Package' To Deal With Euro Zone
Wall Street Journal
WASHINGTON -(Dow Jones)- The combination of an added boost to the International Monetary Fund's resources, the European Central Bank's actions and Europe's firewall are a "formidable package" to deal with the debt crisis, according to the head of the ...

G-20 commits $430 billion to IMF
Jakarta Post
The Spanish government is under intense pressure to show it can rekindle economic growth and cut its budget deficit to avoid becoming the next eurozonecountry to need a bailout, while the joblessness rate is 23 percent and the economy is shrinking.

Jakarta Post

Continued uncertainty and recession in euro zone weaken recovery in emerging ...
Sofia Echo
The moderate recovery in Emerging Europe and Central Asia (ECA) in 2010-2011 is now threatened by continued uncertainty and recession in the euro zone, resulting in slowing growth across most of the region in 2012, World Bank officials told a news ...

Sofia Echo

UK's Osborne:Euro-zone 'Instability' Shows Finl System 'Fragility'
MNI News
By Steven K. Beckner WASHINGTON (MNI) - British Chancellor of the Exchequer George Osborne said Saturday that "ongoing instability" in the euro zone shows that the single currency area's financial system is "fragile" and in great need of reform.

Outrage as Osborne pledges another £10bn of taxpayers' money to bail out the ...
This is Money
By Alex Brummer and Tim Shipman Beleaguered George Osborne was at the centre of a fresh row last night after he pledged another £10billion of taxpayers' money to bail out the ailing eurozone. Mr Osborne announced that the UK would support a $400billion ...

This is Money

EU investment bank preparing for euro's demise
European Investment Bank officials have begun writing contracts that hedge against the possible dissolution of the single-currency Eurozone, beginning with Greece. "The European Investment Bank is hedging itself against a Greek exit from the eurozone ...

Canada 'not alone' in reluctance to dole out more cash to the IMF: Flaherty
Brandon Sun
The United States and several other countries have also ruled out doling out more cash to the IMF, which succeeded earlier in the day of securing an additional US$430 billion to its euro-zonebailout fund. "I can assure you there is not a uniformity of ...

IMF gets $430bn to fight debt contagion
Irish Examiner
It is hoped the fund will allow the IMF to respond - should the debt problems that have engulfed three euro zone countries, including Ireland, spread. The head of the IMF, Christine Lagarde has said the fund now has more than a trillion dollars in its ...

Continued Uncertainty and Recession in Eurozone Weaken Recovery in Emerging ...
eNews Park Forest
WASHINGTON--(ENEWSPF)--April 20, 2012 ― The moderate recovery in Emerging Europe and Central Asia (ECA) in 2010-2011 is now threatened by continued uncertainty and recession in the Eurozone, resulting in slowing growth across most of the region in ...

Dollars and $ense: Eurozone debt crisis far from over- Greeks turn to ...
By The Extinction Protocol
April 21, 2012 – THE HAGUE, Netherlands -The prime minister of the Netherlands says seven weeks of talks to hammer out an austerity package aimed at bringing the budget deficit back within European Union limits have collapsed.
The Extinction Protocol: 2012 and beyond

ekathimerini.com | Weidmann expects Greece to stay in eurozone
An exit by Greece from the eurozone would not solve the country's problems and may lead to pressure on other members to quit the currency, Bundesbank President Jens Weidmann told German newspaper Welt am Sonntag. Solidarity in the ...
Latest News

America's Debt Is Greater than Entire Eurozone's (and UK's)
By Don Polson
As the chart shows, America's debt is currently $15.1 trillion, while the Eurozone (which includes France, Germany, Greece, Italy, Spain, the U.K., and others) has a combined debt of $12.7 trillion. (All dollar amounts are in U.S. dollars, and the ...
polecat news and views

German Mercantilism and the Failure of the Eurozone, Guest Post by ...
By yanisv
One of the most poignant analyses of the deeper causes of the Euro Crisis, amongst the many presented in INET's Berlin Conference, was a paper entitled 'German Mercantilism and the Failure of the Eurozone', by Heiner Flassbeck. With the ...
Yanis Varoufakis

LawPundit: Law is a Seamless Web: Confidence in Eurozone Euro ...
By Andis Kaulins
We anticipated this development when we wrote about the general state of currency affairs some days ago at Central Bank Reserves and Eurozone Sovereign Debt Crisis: Quo Vadis? as Recent Economic Indicators Seem to be Positive both ...
LawPundit: Law is a Seamless Web

WRAPUP 6-G20 doubles IMF's war chest amid fears on Europe ...
By ChadReznik
G20 pledges will help IMF should euro zone crisis worsen. * Leading emerging nations ...Investors welcome funds but euro zone crisis still looms. By Lesley ... protect the global economy from the euro-zone debt crisis. The promised funds ...

Podcast of the April 21, 2012 – Word of the Day – “Responsibility ...
By Ken Gross
News on Detroit & Financial Manager *** Steve Hood joins Ken Gross on The Financial CrisisTalk Center on 3/31/12 · Q & A About the Independent Foreclosure Review – Announced the Week of 11/1/11 – from the Wall Street Journal with ...
Financial Crisis Talk Center...

EU investment bank preparing for euro's demise | M ...
By Joel Gehrke
European Investment Bank officials have begun writing contracts that hedge against the possible dissolution of the single-currency Eurozone, beginning with Greece. "The European Investment Bank is hedging itself against a Greek exit from ...

RealClearPolitics - No Easy Answers for Europe's Vicious Cycle
By David Smick, Washington Post
The euro zone crisis is back. Policymakers in those nations worry that they have entered a vicious cycle. Efforts at reform to demonstrate fiscal rectitude are leading to a weaker economy. The austerity medicine appears to be killing the patient.
RealClearPolitics - Homepage

Globalization must be inclusive: Ban – WIF leaders urge more ...
By Kuwait Times
DOHA: Globalization must be reformed to achieve social equality for the poor nations in the wake of the world financial crisis, high-level speakers said at the opening of a UN trade conference. “Globalization must be inclusive … Failure at this ...
Kuwait Times

Focus of euro crisis shifts to Spain
Under pressure from the European Union and the international financial markets, Spain is sliding into a downward spiral of austerity and recession.

The PIIGS Get to Live Longer | ZeroHedge
Wolf Richter www.testosteronepit.comGermans work longer hours and retire later than many of their brethren in Europe, and after many years of shrinking real ...

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