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

Thursday, May 31, 2012

Eurozone economic confidence slides in May

Eurozone economic confidence slides in May
Boston.com
A Greek exit from the euro or a worsening financial crisis in Spain could disrupt theeurozone's shaky banking system and hurt businesses ability to borrow and expand. A resulting slump in the economy could make it harder for Europe to work its way out...

Boston.com

Euro-Zone Business Confidence Slumps
Wall Street Journal
The weakening of business confidence indicates that investment and new hiring won't pick up in coming months, and the euro-zone economy is therefore unlikely to embark on a sustained recovery. The European Commission Wednesday said its economic ... 

Euro zone expansion stalls as crisis rages
Chicago Tribune
But as the crisis has spread, rocking even core euro zone economies like Spain and Italy, those still on track to adopt the currency have begun to have second thoughts. Six of the eight candidates on the list to adopt the euro - Bulgaria, ...

News Summary: Eurozone economic confidence slides in May to lowest level in ...
Washington Post
THE NEWS: Economic confidence across Europe fell sharply in May, a further sign that the recent escalation in the region's debt crisis is being felt across the continent. THE NUMBERS: The European Commission said its economic sentiment indicator for ...

In test for euro zone, Ireland votes on fiscal treaty
Washington Post
DUBLIN — Linked by a common currency but not a common economy, the crisis-battered euro-zone nations are facing a pivotal choice: Either forge more closely together or risk their currency union breaking apart. But are European voters — some in ...

EU calls for euro zone banking union, direct bank recapitalisations
Reuters
Commission calls for direct bank recapitalisations, banking union * Euro jumps in reaction * Spain under spotlight over public finances By Jan Strupczewski BRUSSELS, May 30 (Reuters) - The euro zone should move to a banking union and consider directly ...

US STOCKS - Wall St stumbles as euro zone worry grows
Reuters
Spanish, Italian yields rise on euro zone concerns * New Greek election poll shows leftist SYRIZA has taken lead * European Commission calls for banking union * Research in Motion tumbles in premarket * Indexes off: Dow 1.1 pct, S&P 1.2 pct, ...

Euro zone should have deposit guarantees, financial supervision
Reuters
BRUSSELS (Reuters) - The euro zone should have a banking union, joint financial supervision and bank deposit guarantees as elements of a deeper economic union that European Union leaders will discuss in June, EU Commission President Jose Manuel Barroso ...

EU calls for euro zone banking union, direct bank recapitalizations
Chicago Tribune
BRUSSELS (Reuters) - The euro zone must boost growth and cut debt to regain investor confidence but it should also move towards a banking union, consider eurobonds and the direct recapitalization of banks from its permanent bailout fund, the European ...

US STOCKS - Futures drop on euro zone fears
Reuters
Spanish, Italian yields rise on euro zone concerns * European Commisssion calls for banking union * Research in Motion tumbles in premarket * Futures off: Dow 97 pts, S&P 9.7 pts, Nasdaq 19.5 pts By Chuck Mikolajczak NEW YORK, May 30 (Reuters) - US ...

US Stocks Slide As Spanish Banks Reignite Euro-Zone Fears
Wall Street Journal
By Jonathan Cheng US stocks slumped Wednesday as rising worries about the health of Spanish banks reopened another front on global investors' worries over the euro zone's debt crisis. The Dow Jones Industrial Average dropped 130 points, or 1%, ...

Crude Falls 3.2% as Euro Crisis Deepens
Wall Street Journal
By DAN STRUMPF NEW YORK—Oil futures fell more than 3% to finish at their lowest level in seven months as Spain's intensifying banking crisis prompted fresh worries about the future of the euro zone. Light, sweet crude for July delivery fell $2.94, ...

Worries About Spain Weigh on Euro Zone
New York Times
Europe's economic stagnation and continuing financial turmoil in the euro zone have weighed on confidence, the European Commission said Wednesday. The commission's indicator of business sentiment in the 17-nation euro zone fell in May to 90.6 from ...

US Treasury bond yields hit record low as eurozone worries mount
Christian Science Monitor
A decline in global stock prices Wednesday shows that many investors are taking sanctuary in US Treasury bonds, anticipating major convulsions in the eurozone – and perhaps its breakup. By Mark Trumbull, Staff writer / May 30, 2012 A man passes an...

Christian Science Monitor

Stocks sink amid euro zone crisis fears
msnbc.com (blog)
By msnbc.com news services Stocks sank Wednesday, as investors worried about a spiraling of theeuro zone's debt crisis. The Dow Jones industrial average was lately down over 140 points, erasing all of the gains made on Tuesday.

Wall Street stumbles as euro zone worry grows
CNBC.com
NEW YORK (Reuters) - Stocks dropped on Wednesday, as rising bond yields for Italy and Spain and the latest poll results in Greece worsened fears about a spiraling of the euro zone's debt crisis. The region's fiscal woes sent the yield on the safe-haven ...

Hedge funds take bets against core euro zone bonds
Reuters
By Laurence Fletcher | LONDON (Reuters) - Hedge funds are piling into bets against the bonds of core euro zone countries like Germany and France, signalling a growing fear that nations once considered safe havens could be dragged down by the crisis in ...

OIL FUTURES: Crude Plunges As Euro Crisis Deepens
Wall Street Journal
The events in Spain underscore the broader crisis facing the euro zone as its weakest members continue to face fiscal and political turmoil that threaten to rend the currency union. More broadly, oil market participants worry that further upheaval in ...

Oil slides three percent on worries over euro zone, China
CNBC.com
NEW YORK (Reuters) - Oil fell more than 3 percent on Wednesday on the threat to petroleum demand from a spreading euro zone debt crisis as China signaled it is not planning a large economic stimulus. Rising borrowing costs for Spain and Italy and the ...

Could Germany save eurozone by leaving it?
CNN
However, there is still time for European leaders to reverse this destructive dynamic with one simple, outside-the-box solution: Instead of pushing Greece out of the eurozone, Germany should voluntarily withdraw and reissue its beloved deutsche mark.

EU sees rescue-fund bailout of euro-zone banks
MarketWatch
The proposals come as the European banking system continues to creak under the strain of theeuro-zone debt crisis and a continued deterioration in economic conditions. The Spanish banking system is under particular scrutiny as the Spanish government ...

Euro Crisis Deepens as Bank of Spain Governor Resigns
123Jump.com
The European indexes traded lower as the fear of contagion took a deeper hold in the region and peripheral nations' bond yields rose again. Spanish bond yields rose to a record high since joining the euro and investors sought the safety of the ...

Eurozone crisis 'shows UK strength'
Fife Today
The deepening eurozone crisis has emphasised the need for the UK to stick together and share the risks and rewards of the union, according to Labour leader Johann Lamont. Scotland could weather the storm if Greece withdraws from the euro, according to ...

Fife Today

Futures Dragged Lower on Euro Zone Fears
CNBC.com
US stock futures were dragged lower Wednesday, with the euro trading near 23-month lows against the dollar, as worries over the euro zone crisis intensified. Futures had briefly pared their losses earlier after the European Commission said the euro ...

EU urges direct bank aid in boost for Spain
Reuters
By Jan Strupczewski and Julien Toyer | BRUSSELS/MADRID (Reuters) - The European Commission advocated direct aid from a euro zone rescue fund to recapitalize distressed banks in a move that could eventually help Spain, the latest front in Europe's debt ...

Imagining A Eurozone Break Down
Forbes
Itau BBA imagines a "Lehman-like scenario" if the euro zone was dismantled. Whether or not Greece leaves the euro will be known sometime shortly after the Greek elections on June 17. If Greece leaves the euro, the eurozone GDP is seen ending the year ...

Forbes

Euro zone economic sentiment falls to near 3-year low
Reuters
BRUSSELS (Reuters) - Euro zone economic sentiment fell more than expected in May, as pessimism among manufacturers and retailers in particular worsened, although consumers became slightly less downbeat about the economy for the year ahead.

Lending, money data indicate weak eurozone economy
The Seattle Times
Credit and money data from the European Central Bank are showing that the eurozone economy remains weak. The Associated Press No comments have been posted to this article. Credit and money data from the European Central Bank are showing that the ...

Eurozone Economic Sentiment Near 3-Year Low
RTT News
This is not surprising given that the economic fundamentals currently look an unhealthy mix for consumer spending across the Eurozone - high and rising unemployment, recent sticky inflation, generally muted wage growth and tightening fiscal policy in ...

RTT News

Waiting For Godot: Existential Eurocrisis Edition | ZeroHedge
By Tyler Durden
Waiting For Godot: Existential Eurocrisis Edition. Tyler Durden's picture. Submitted by Tyler Durden on 05/29/2012 18:16 -0400. Michael Cembalest. From JPM's Michael Cembalest. Average: 4.214285. Your rating: None Average: 4.2 (14 ...

Keithgram: Contagion Defined | The Daily Capitalist
By Jeff Harding
I have not really preferred the word contagion. When an effect happens, even in the monetary system, it has a cause. This is generally not merely that a.
The Daily Capitalist

Spain Crisis Quickening Pace for Eurozone Response | FDL News ...
By David Dayen
A couple days ago, Spain floated an idea to deal with their bailout of Bankia, which would have represented a back-door way for the country to print money.
Firedoglake

It's Groundhog Day for saving the euro zone | Ian Bremmer
By Ian Bremmer
Despite all of the elections, the pain, the protests, and the German Sturm und Drang, the fundamental basis of the crisis, and the situation, remains the same. Yet this isn't as bad as it sounds.
Ian Bremmer

Sober Look: Eurozone contagion spreads to emerging markets
By Walter Kurtz
Eurozone contagion spreads to emerging markets. Emerging markets currencies are under pressure again. In particular the rupee is getting slammed - now above R56 per $1. The Eurozone-based risk aversion as well as India's economic ...
Sober Look

Eurozone Should Consider “Banking Union” - 24/7 Wall St.
By Paul Ausick
The executive branch of the European Union — the European Commission (EC) — is set to release a report today that recommends allowing the funds in the European Stability Mechanism (ESM) to be used directly to increase capital in the ...
24/7 Wall St.

Calling bluffs in the eurozone crisis | Brèves | LEAP 2020
By Deutsche Welle
In mid-June, Greece will have renewed elections. If opponents of austerity win, a Greek exit from theeurozone seems more likely. The consequences would be fatal for Greece and uncertain for th...
LEAP 2020

ekathimerini.com | Greeks in the UK, Lagarde, eurozone, buying ...
EU should force Greece to stay in the eurozone. To force Greece to exit the Eurozone is legally absolutely impossible. To force the country to stay in the Eurozone is a much smarter strategy! One irrefutable fact about financial crises is: serious ...
Latest News

Euro-Zone continues down the plug hole | The Big Picture
By Kiron Sarkar
Australian retail sales declined unexpectedly by -0.2% in April MoM, the 1st fall in 10 months. The weaker data suggests further cuts of interest rates by.
The Big Picture

Euro-Zone Crisis Delay and Pray, Stock Market Not Bearish Enough ...
Euro-Zone Crisis Delay and Pray, Stock Market Not Bearish Enough to Support a Rally :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website.
The Market Oracle

May 30, 2012: Eurozone fears lower global indexes
By mike.yamamoto@optionmonster.com
U.S. equity futures are indicating a negative open as Eurozone sovereign debt fears further gripped the markets today.
optionMONSTER News

DealBook | Dim Prospects for Financial Crisis Prosecutions ...
By 4closureFraud
As has been noted many times, the lack of criminal prosecutions arising out of the financial crisishas been painfully obvious. And two items in the news last week underscores that the prospect for a signature case is growing even more distant.
Foreclosure Fraud - Fighting...

EU calls for euro zone banking union, direct bank recapitalisations ...
By From reuters.com
EU calls for euro zone banking union, direct bank recapitalisations - The euro zone must boost growth and cut debt to regain investor confidence but it should also move towards a banking union, consider eurobonds and the direct ...
Forex Factory

Euro crisis: Should I cancel my vacation? - CNN
In the last decade of the 20th century, the Turkish lira fell in value 1000 times against the U.S. dollar, meaning that tourists returning to that country after several ...
articles.cnn.com/.../travel_greece-tourism-euro-fears_1_euro-c...

Greece and Germany in War of Words Over Euro Crisis - NYTimes ...
A telephone conversation on Friday between Germany's chancellor and Greece's president became the latest flashpoint in the unfolding crisis over Greece's ...
www.nytimes.com/.../a-war-of-words-between-greece-and-ger...

Insight: Greek exit could cost eurozone 100s of billions of euros ...
From Yahoo! News: FRANKFURT (Reuters) - A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect ...
news.yahoo.com/insight-greek-exit-could-cost-eurozone-100s...

Wednesday, May 30, 2012

Euro Zone Bank Safety Net Leaves Holes Unplugged

Euro Zone Bank Safety Net Leaves Holes Unplugged
CNBC.com
As the euro zone ponders a possible Greek exit, policymakers have not yet built a shield robust enough to prevent a bank run in one country sending others in the bloc deeper into crisis. Last week, European leaders discussed pan-European means of ...

CNBC.com

Funds Cut Exposure to Euro Zone Banks
CNBC.com
Just another day in the eurozone. Spain's stock market tumbles to nine-year lows, its borrowing costs soar, and shares in one of the country's biggest banks fall nearly 30 per cent after Madrid announces a planned multibillion euro nationalisation.

Euro-Zone Bond Yields On Hold Ahead Of Supply, Polls And Data
Wall Street Journal
However, a variety of event risks on the horizon are expected to keep market participants on edge as the euro-zone crisis shows no signs of abating. "In the absence of much real news today so far, our risk takers today expect the tendency will be for ...

Hedge funds take bets against core euro zone bonds
Reuters
Fears rise that core euro zone could get dragged into crisis * Managers believe safe-haven bets have gone too far * Managers shorting France, Austria, Belgium, Germany * Wary of liquidity drying up in peripheral markets By Laurence Fletcher LONDON, ...

Dangers Of Contagion: EU Banks Sitting On A Lot Of European Bonds
Forbes
With countries and institutions already ramping up contingency planning for a possible Greek exit, it might be a good idea to look at banks' exposure to different peripherals and countries that could be in trouble to understand the risks of contagion.

Forbes

Eurozone crisis: Spanish fears send euro near to two-year low against dollar
The Guardian
The European commission is to deliver economic and fiscal policy prescriptions for theeurozone countries on Wednesday amid intense speculation that Spain will need to be given a longer and looser timeframe for budget deficit reduction.

The Guardian

Spanish Recession Seen Deepening Amid Crisis Contagion: Economy
BusinessWeek
By Angeline Benoit on May 29, 2012 Spain will sink deeper into a recession in the second quarter, the Bank of Spain said, as data showed retail sales fell by a record annual rate in April. Indicators suggest output will keep falling in the quarter ...

Greece and the Eurozone: Weakness Brings Power
Huffington Post
This is the paradox presently prevailing within the Eurozone. Until recently, the idea of issuing Eurobonds was dismissed as politically infeasible because it would in effect commit the EU's financially most prudent members to guaranteeing the loans of ...

Dim Prospects for Financial Crisis Prosecutions
New York Times
By PETER J. HENNING As has been noted many times, the lack of criminal prosecutions arising out of the financial crisis has been painfully obvious. And two items in the news last week underscores that the prospect for a signature case is growing even ...

Spain in focus as EU readies euro zone economic strategy
Reuters
Italy, the euro zone's third biggest economy and a country under close market scrutiny because of its large debt and slow growth, is likely to get praise for its fiscal consolidation efforts under technocrat premier Mario Monti, a draft document ...

Greek Contagion Could Drag Euro Below $1.19: Charts
CNBC.com
The US dollar Index Gold The speed and severity of the effect underlines the comparative weakness of many economies as they still struggle to climb out of the wreckage of the Global Financial Crisis. The GFC is not over, and it's too soon to say if the ...

Hungary Prepared For Negative Euro-Zone Scenarios -PM
Wall Street Journal
BUDAPEST (Dow Jones)--Hungary is ready to tackle all emerging unfavorable scenarios involving theeuro-zone crisis, Prime Minister Viktor Orban said Tuesday. "I sat down with the central bank governor and the economy minister last week to assess all ...

Eurozone crisis live: Fears grow over Spain as banking crisis deepens
The Guardian
That's a record fall (based on data going back to 2004), and indicates that thefinancial crisis is now hitting consumer spending hard, with Spain now officially in recession. 8.03am: Spain's problems are well-covered in today's UK newspapers.

The Guardian

Keeping Greece in the euro zone
Washington Post
THESE ARE TENSE times for the global economy. China seems headed for at least a mild downshifting in its previously hectic growth. Brazil's central bank says that country's economy contracted in the first quarter of 2012. Bond-rating agencies have just ...

The Eurozone Crisis for Dummies
Financial Post
When the market moves on every headline out of the eurozone, but it's hard to remember what's important. This guide will help. Worries about an economic catastrophe in Europe are heating up again, and dramatic forecasts about doom are popping up ...

Financial Post

World Markets Spin as Financial Contagion Reach to Spain
123Jump.com
3:40 PM New York – Stocks in New York traded higher and the growing financial contagion spread to Spain dragging the euro to a 2-year low as investors seek the safety in currencies and increase the US dollar exposure. Commodities traded volatile and ...

MAPI: Eurozone Heads for a Recession
PCBDesign007
The Eurozone is headed for a recession in 2012, much of it due to concern with the negative effects of the ongoing sovereign debt crisis weighing on both confidence and the outlook, according to the Manufacturers Alliance for Productivity and ...

Rubin: Leaders "behind the curve" on Euro crisis
CBS News
Rubin warned if Greece were to pull out, "the probability was very high that it would have very serious contagion effects across the Eurozone and that in turn could have very serious adverse impact to the United States and the entire world.

Wall Street to rise on China stimulus hopes, calm euro zone
CNBC.com
NEW YORK (Reuters) - US stocks were set for a higher open on Tuesday, indicating equities may continue to rally after their first weekly gain since April, on hopes China may unleash more spending measures and Greek election polls pointing to support ...

EU Barroso Calls For Deeper Euro-Zone Integration
Wall Street Journal
BRUSSELS (Dow Jones)--European Commission President Jose Manuel Barroso reiterated Tuesday that euro-zone members need to move ahead with deeper integration in order to become a full economic and monetary union. "We will support an ambitious and ...

EU's Barroso to Eurozone: Come Up With a Timetable
Fox Business
Euro zone countries should come up with a timetable to reach full economic union, to reassure investors about the future of the single currency bloc, European Commission President Jose Manuel Barroso said on Tuesday. Barroso said in a speech that ...

Copper up on China stimulus plan, euro zone woes limit gains
CNBC.com
SHANGHAI (Reuters) - London copper prices edged up on Tuesday after Chinese equities gained on signals that China will soon launch an economic stimulus scheme, but fears that Spain's debt problems will worsen the euro zone debt crisis limited gains.

Amid Euro Crisis, This Company Is Literally Printing Money
Minyanville.com
By Vincent Trivett May 29, 2012 12:50 pm If Greece finally exits the eurozone, this British currency printer might have a new client. MINYANVILLE ORIGINAL Global instability is usually anathema to stolid, centuries-old companies.

The eurozone could survive apocalypse in Athens but not a meltdown in Madrid
Daily Mail
Depositors are also covered up to £85000 by the UK protection scheme. Nonetheless, the Spanish banking crisis is bad news for everyone. The Eurozone might be able to survive Greece, but it could not withstand a meltdown in Madrid.

Daily Mail

US Summers: Not Totally Sure Can Rebuild Faith In Greece As Euro-Zone Member
Wall Street Journal
Speaking to reporters in Singapore, Summers said he believed a Greek exit from the currency bloc would be manageable if it wasn't accompanied by substantial contagion, but there was such a risk. "Despite what politicians hope, much of economics is not ...

Jay Bryan: A happy ending for eurozone?
Calgary Herald
MONTREAL - There's actually a simple solution to the unending agonies of the eurozone debt crisis. But if it's simple, it's not easy: the problem is persuading Germany, the zone's dominant economic power, to accept it. And if Germans have learned one ...

Eurozone Crisis Poll: Pew Research Center Finds Europeans Ambivalent ...
Huffington Post Canada
UPDATE: The Pew Research Center's survey on attitudes in the Eurozone found that residents of Greece -- now into its third year of a massive debt crisis -- consider themselves the hardest-working people in Europe. That's in stark contrast to the rest ...

US STOCKS-Wall St up on China stimulus hopes as euro zone steadies
Reuters
* Greek polls point to pro-bailout parties * Spanish bank worry continues * Vertex Pharma plunges after data correction * Indexes up: Dow 1.1 pct, S&P 1.2 pct, Nasdaq 1.4 pct By Chuck Mikolajczak NEW YORK, May 29 (Reuters) - US stocks rallied on ...

Greek Contagion Spreads to Ireland | Via Meadia
By Walter Russell Mead
For the past month, contagion from Greece's slow motion meltdown has been spreading west. Spain is now on the verge of collapse, and Italy and Portugal may not be far behind. Now the crisis may be spreading north as well. Despite recent ...
Via Meadia

Eurozone Banks Reasonably Sturdy | The Big Picture
By Barry Ritholtz
Eurozone Banks Reasonably Sturdy - By Barry Ritholtz - May 29th, 2012 . . .
The Big Picture

Hedge funds take bets against core euro zone bonds | Reuters | The ...
By Newswires
Hedge funds are piling into bets against the bonds of core euro zone countries like Germany and France, signaling a growing fear that nations once consider...
The Wall Street Examiner

Greece To Leave EuroZone June 18 — GraniteGrok
By Steve MacDonald
That's the headline. And some folks sound happy to see the freeloaders gone. “The basic question is that a German has to increase working from 65 to 67 and that is to pay for Greeks retiring at 50. The 17th.
GraniteGrok

Cameron demands proof UK is ready for eurozone collapse as he
By Lynsey
The Governor and FSA chief briefed Mr Cameron on the resilience of British banks and measures being taken to insulate the UK economy from the risk of contagion spreading from bankrupt Greece to other economies. Read More. Posted by ...
The Coming Crisis

What's Next for Europe? Look at the Eurozone Countries' Numbers
The borrowing costs for the weaker members of the eurozone tell the current story, and suggest what may come next at this critical time.
AdvisorOne

What happens to LatAm if Greece leaves the euro zone? | Brazilian ...
By Brazilian Bubble
Itau responds. According to them, Mexico and Argentina will be toast. Here is an excerpt of their analysis What happens to LatAm if Greece leaves the euro.
Brazilian Bubble

Greek eurozone exit will mean looser association between UK and ...
By Sidney Donald
If Angela Merkel or Wolfgang Schauble still possess a tin hat inherited from the war days (in their case the coal-scuttle model), I strongly advise them to don.
Speaker's Chair

Tsipras on Euro Crisis: ' Both sides have nuclear option « Greek Left ...
By SOZ
Do you think the eurozone will continue to insist on Greek austerity? We don't believe that they will instate the austerity measures because now they can understand that the problem is not a Greek problem. It's a European problem.
Greek Left Review

The Never Ending European Financial Crisis | The Economic Populist
By Robert Oak
Additionally it was proclaimed bank runs have started in Europe. A bank run is now happening within the eurozone. So far it has been relatively slow and prolonged, but it is a run nonetheless. And last week, it showed signs of accelerating ...
The Economic Populist

David Cameron urges eurozone to follow UK model for recovery ...
Cameron says eurozone is at a crossroads and urges it to adopt its own pro- business, pro ...
www.guardian.co.uk/business/2012/.../david-cameron-eurozo...

Eurozone looks at Greek exit as leaders meet - Yahoo! News
From Yahoo! News: BRUSSELS (Reuters) - European leaders, at odds over how to resolve the deepening crisis in the euro zone on Wednesday, have been ...
news.yahoo.com/euro-zone-officials-agree-prepare-greek-exit...

Germany's Eurozone Dilemma (Portfolio) - YouTube
Stratfor analyst Adriano Bosoni examines Germany's domestic political dilemma as it tries to ...
www.youtube.com/watch?v=_o9KV477qO8

A Greek Exit? Euro Zone May Be Ready — Greece Business News ...
It is increasingly conceivable that Greece may leave the euro zone, not just because of its own political dysfunction but also because the consequences of such ...
www.cnbc.com/id/.../A_Greek_Exit_Euro_Zone_May_Be_Re...

Tuesday, May 29, 2012

Eurozone volatility dominates stocks and commodity prices

Eurozone volatility dominates stocks, commodity price moves
Futures Magazine
By John L. Caiazzo The Eurozone continues to be the dominant factor in most market activity. This week after Moody's previously announced downgrade of Spanish Banks, Standard & Poors announced additional Spanish bank credit downgrades.

Futures Magazine

Greece to Leave Euro Zone on June 18: Wealth Manager
CNBC.com
Greece will leave the euro zone on June 18 if the populist government wins the country's elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com ...

UK's Cameron Discusses Euro-Crisis Contingency Plans With BOE, FSA Chiefs
Wall Street Journal
By Nicholas Winning LONDON (Dow Jones)--UK Prime Minister David Cameron gathered the heads of the Bank of England and the country's financial services regulator and his top three ministers Monday to discuss contingency plans for the euro-zone crisis.

Wall St Week Ahead: US data, Europe woes to set tone
msnbc.com
By Reuters NEW YORK -- Investors will grapple next week with major US economic reports and the looming possibility of a Greek exit from the euro zone, which is likely to keep dragging on equities for weeks to come. As contingency plans are made for ...

INSIGHT-European firms plan for Greek unrest and euro exit
Reuters
* Companies prepare for civil unrest and switch to drachma * Cut Greek debts, slow investments and credit worthiness checked * Worries Greek problems may spread to other eurozone areas By David Jones LONDON, May 28 (Reuters) - British electrical ...

Eurozone bonds some way off, risk-sharing already reality
Reuters
By Ana Nicolaci da Costa | LONDON (Reuters) - Germany keeps reaffirming its long-standing opposition to shared euro zone bonds but analysts say the region is already headed towards implicit mutual responsibility for national debts and Berlin will come ...

Morning Briefing: Euro Zone Sentiment to Set Tone
Wall Street Journal (blog)
By Sean Carney Trade in central Europe Monday will track euro-zone developments after the head of Spain's Catalonia region Friday called for the central government to act quickly to help regions share their debt burdens, while stressing Catalonia will ...

Euro Zone Crisis Pushing Away Emerging Europe: EBRD
CNBC.com
The deepening euro zone crisis is threatening the integration of Eastern European nations into the single currency area, the Chief Economist at the European Bank for Reconstruction and Development (EBRD) told CNBC's “Worldwide Exchange”.

CNBC.com

Eurozone's ties that bind grow tighter
Financial Times
By James Mackintosh The ties that bind the eurozone's tottering banking system to its weakest governments are growing ever-tighter. The region would clearly be better off if its banks owned no government debt. But the banks are the biggest owners of ...

Threat Of Euro-Zone Breakup Harming UK
Wall Street Journal
By PAUL HANNON LONDON—The threat of an "extreme outcome" to the euro zone's fiscal crisis has made capital more expensive, weakening investment and the UK economy's growth potential, a member of the Bank of England's Monetary Policy Committee said ...

UK's Cameron holds meeting about eurozone crisis
The Seattle Times
Britain's Prime Minister David Cameron has met with top economic officials to discuss the financial crisis in the neighboring eurozone. The Associated Press No comments have been posted to this article. Britain's Prime Minister David Cameron has met ...

Insight: European firms plan for Greek unrest and euro exit
Chicago Tribune
As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system. Those preparations include sweeping cash out of Greece every night, cutting debts, ...

UK's Cameron meets with nation's top economic officials to discuss eurozone crisis
Washington Post
LONDON — Britain's Prime Minister David Cameron has met with top economic officials to discuss the financial crisis in the neighboring eurozone. Cameron's office said in a statement the prime minister met for an hour Monday with Bank of England ...

Analysis: With or without euro, Europe must raise its game
Reuters
Nor did he detect that Europe was tightening its belt as urgently as Asia did after its 1997/98financial crisis. "While euro zone economies have contracted a bit, people seem to be bent on enjoying life as usual," Xie wrote in New Century weekly, ...

PRECIOUS-Gold firms on euro rebound; Europe worries linger
Reuters
* Gold lacks conviction, awaits direction from euro zone * Spot gold may rebound to $1588/oz - technicals * Increase in gold shorts outpaces gains in longs - CFTC (Adds details; updates prices) By Rujun Shen SINGAPORE, May 28 (Reuters) - Gold rose on ...

Eurozone crisis is raising borrowing costs for UK firms, says Bank adviser
The Guardian
The euro crisis is a key factor in Britain's return to recession, after fears of a Greek exit triggered a sharp rise in borrowing costs for UK firms, according to a Bank of England policymaker. Funding costs for UK banks have soared as international ...

The Guardian

European shares knocked by Spain bank worries
Reuters
The FTSEurofirst 300 closed down 0.1 percent at 984.01, having earlier reached a high of 993.21 - boosted by opinion polls suggesting Greece's pro-bailout parties may be able to form a government committed to staying in the euro zone.

As Goes Greece
Huffington Post
If Greece failed to deliver on the austerity demands, Greece could somehow be tossed out of the Euro and the rest of the Eurozone would be healthier for it. That also proved to be fantasy. Failure to help Greece revealed the vulnerability of the system ...

PRECIOUS-Gold prices slightly lower as euro slips
Reuters
Lingering concerns over sluggish growth in the euro zone and the health of Spanish banks mean the unit is also on track to fall 5 percent this month. Spot gold was at $1570.96 an ounce at 1:46 pm EDT (1746 GMT), down $2.59 or 0.6 percent.

Euro zone ying and yang
Reuters Blogs (blog)
And the Lloyd's of London insurance market said it had reduced its exposure “as much as possible” to the euro zone in preparation for a collapse of the single currency. German Bund futures have slipped as a result of the latest Greek polls but traders ...

No magic potion for eurozone banks
BBC News
As I mentioned a couple of weeks ago, the biggest short-term risk to the stability and cohesion of the eurozone is that banks in the financially stretched southern European countries run short of cash, as their depositors and creditors withdraw their ...

BBC News

World stock markets inch higher as polls suggest Greeks prefer to stay in eurozone
Toledo Blade
The likelihood of Greece leaving the eurozone has been growing steadily since early May, when political parties opposed to the harsh terms of the country's financial rescue received unexpectedly high support in polls. The Greek exit would extend ...

Gold holds ground, underpinned by steady euro
Reuters
FUNDAMENTALS * Spot gold traded nearly flat at $1574.28 an ounce by 0047 GMT, after falling more than 1 percent last week on jitters over the euro zone debt crisis. * US gold edged up 0.4 percent to $1574.2. * Greece's conservatives have regained an ...

European shares boosted by Greek euro hopes
Reuters
The weekend polls went some way towards reassuring investors worried about a possible Greekeuro zone exit in case of a leftist victory in the June 17 election - an event with unpredictable and potentially costly contagion risks for the other economies ...

At Cannes, films explore financial crisis
Spartanburg Herald Journal
By JILL LAWLESS Associated Press CANNES, France (AP) — There was Brad Pitt and Nicole Kidman, red carpet glamour and a crop of new Academy Award contenders — but this was also the year the global financial crisis exploded onto movie screens at Cannes.

Eurozone crisis live: Markets rally after latest Greek polling data
The Guardian (blog)
Thought you were a little quiet 8.51am: Over in Greece, the news that IMF chief Christine Lagarde had argued the financial crisis was payback time for years of good living and tax avoidance has provoked a stormy reaction. Political leaders from across...

The Guardian (blog)

Euro Crisis Meets Eurovision
Wall Street Journal
Tongue-in-cheek number crunchers discover possible euro crisis/Eurovision link By Katie Martin Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Gagging on the austerity medicine spooned out by its euro-zone partners, Greece has hit back where it really ...

Greece To Exit Euro Zone On June 18 Says Fund Manager
ValueWalk
He labelled the Greek people “cheaters” in the Euro Zone. The manager said that “Greek society is built on cheating and scheming” and added that finally getting caught was inevitable for the country. Whether his harsh analysis of Greek society is to be ...

ValueWalk

Eurozone Crisis Will Hurt US Economy, Obama Bid for Reelection
Independent Voter Network
By Bob Morris on 05/28/2012 in Economy, Elections 2012, President with 0 Comments A seriousEurozone crisis is imminent. It will have serious,nasty ramifications for the US economy and for Obama's bid for reelection. Incumbent presidents generally get ...

IFC chief: eurozone crisis will hit poor countries hardest | beyondbrics
By Stefan Wagstyl
beyondbrics, from the Financial Times, brings news and comment from more than 40 emerging economies, headed by China, India, Brazil, Russia, Mexico, Indonesia and South Africa. We cover politics and economics, finance and business ...
beyondbrics

Rashomon, the Eurozone Crisis and Turkey - EconoMonitor
By Emre Deliveli
Here is the intro. to my Hurriyet Daily News column from two weeks ago, where I went over the two distinct narratives of the Eurozone crisis, and why Turkish policymakers have chosen to subscribe to one particular story (basically it makes ...
EconoMonitor

Pension Pulse: Anti-Austerity Winds Blowing Across Eurozone?
By Leo Kolivakis
Despite the SPD's demands, the party - which has until now backed Merkel on euro zone policies - has made clear it will not torpedo the fiscal pact, seen as the centrepiece of Europe's drive to overcome its debt crisis and recover market ...
Pension Pulse

Africa GDP seen rising, euro zone a concern – Zimbabwe News ...
ARUSHA, Tanzania - Africa's economy will expand 4.5 percent this year before accelerating to 4.8 percent in 2013, the African Development Bank said on Monday though it warned the festering euro zone crisis may hurt demand for African ...
The Zimbabwe Mail

French Politics: German Internal Politics and the Euro Crisis
By Art Goldhammer
German Internal Politics and the Euro Crisis. The European Council on Foreign Relations provides a document that usefully summarizes the positions of the various German parties with respect to theeuro crisis. (h/t JS). Posted by Art ...
French Politics

The Irish Economy » Blog Archive » Treaty and future of eurozone
By Frank Barry
I wrote the following background piece in response to a request last week. It's similar to John's Compact Logic. My respondent wrote back: “So a Yes will facilitate EU growth policies, the exact opposite of the No position?”. I was also asked ...
The Irish Economy

Cameron to meet BofE chief over eurozone crisis – Full story | The ...
By Newswires
(via AFP) Prime Minister David Cameron will meet the head of the central bank and the head of Britain's financial watchdog on Monday to discuss the ...
The Wall Street Examiner

Commodities advance as Greek poll calms eurozone fears ...
Key commodities advanced Monday on bullishness that the eurozone's debt crisis might be contained on hints that voters in Greece may back the cost-cutting required for European Union financial aid.
Proactiveinvestors USA & Canada website

PM calls eurozone crisis summit « This Is Guernsey
By PA
Prime Minister David Cameron is convening a top-level meeting at 10 Downing Street to discuss the crisis in the eurozone.
This Is Guernsey » This Is Guernsey

EUROPE TO US CONTAGION: Episode 1 in the coming complete ...
By John Ward
EUROPE TO US CONTAGION: Episode 1 in the coming complete crock of nonsense. The U.S. Federal Reserve is well equipped to deal with any fallout from Europe's escalating debt crisis, a top official said today. “There's absolutely no ...
A diary of deception and distortion

Eurozone Crisis: Why is the 7pc Bond Yield Important for Spain ...
By Stefan B
Eurozone Crisis: Why is the 7pc Bond Yield Important for Spain? Spanish bond yields today climbed closer to 7pc, as investors took fright at the growing cost to the government of shoring up Spain's banks following the bail-out of Bankia.
Financial Survival Network

Groundhog Day, June 17th – “For the eurozone, the worst is yet to ...
By Andy Duncan
If the Eurocrats in Brussels let the Greeks have their pesky election, and let the soon-to-be newly elected Greek government have its head, then Greece should drop out of the Euro in pretty short order. At least, that's what the splendid Liam ...
The God That Failed

Spain region, Greek exit warnings rattle euro zone - Yahoo! News
From Yahoo! News: (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, ...
news.yahoo.com/spain-region-greek-exit-warnings-rattle-euro...

Monday, May 28, 2012

Eurozone Grexit Cometh?

Will Greece exit the eurozone?
Economic Times
The contagion will spread since faith in the euro would vanish. Peripheral countries such as Portugal and Spain, where the banking system is perceived to be weak, will also come under assault as people will pull out funds. Once the contagion spreads, ...

In Euro Zone, a Debate Over Bonds
New York Times
FRANKFURT — To euro zone countries in need, euro bonds would be a noble expression of European solidarity and a crucial instrument for preserving the common currency. To Germans and quite a few others, though, euro bonds would be a lot like co-signing ...

Eurozone spells trouble for US
InvestmentNews
By Jeff Benjamin As the question of Greece's abandoning the eurozone increasingly shifts from “if” to “when,” speculation mounts about what impact a European crisis would have on the US economy and the upcoming presidential election.

Clegg dismisses Eurozone exodus as 'breathless talk' in clear barb at Theresa May
Daily Mail
He said there were no intentions to 'pull up the drawbridge' on an exodus of workers from crisis-hit eurozone nations. The Deputy Prime Minister, speaking on BBC1's Andrew Marr show, said: 'I really do think some of the breathless talk in the media ...

Daily Mail

BOE'S Dale says expects euro zone uncertainty set to continue
Reuters
LONDON (Reuters) - Uncertainty in the euro zone will continue for the next few years, acting as a drag on the UK economy, Bank of England policy maker Spencer Dale was quoted as saying in a newspaper on Sunday. Britain is not a member of the single ...

How to build a fiscal union to save the eurozone
Financial Times
If Greece were forced to abandon the euro, the eurozone would mutate from a monetary union into a loose single currency area. I would then expect a mass withdrawal of foreign investment, a credit crunch and a large sustained fall in economic output.

Euro crisis: Leaders debate the F-word
GlobalPost
(Sinead Lynch/AFP/Getty Images) London — The euro zone crisis boils along, like a tea kettle left screaming on the stove. Another summit of European leaders last week failed to resolve the crushing questions of Greece and how to square the circle ...

Greek pro-bailout party committed to euro zone
TVNZ
Greece's conservatives have regained an opinion poll lead that would allow the formation of a pro-bailout government committed to keeping the country in the euro zone, a batch of new surveys showed on Saturday. Greece was forced to call repeat ...

Nick Clegg: eurozone foundations are 'weaker than anyone could have predicted'
Telegraph.co.uk
Nick Clegg has warned that the foundations of the eurozone are "weaker than anyone could have predicted", as he urged Greece to stay in the euro and stick with its austerity programme. By Andrew Trotman It comes as Business Secretary Vince Cable ...

Telegraph.co.uk

Switzerland draws up eurozone collapse action plan
AFP
GENEVA — Switzerland does not foresee a break-up of the eurozone but is nonetheless drawing up an action plan in the event of its collapse, the country's central bank chief said on Sunday. Thomas Jordan, who became chairman of the Swiss National Bank ...

AFP

WEEK AHEAD: Traders seek data distraction from Eurozone uncertainty
Hamilton Spectator
TORONTO Expectations for the Toronto stock market are fairly tame this week as traders continue to labour under the growing possibility of a Greek exit from the eurozone and uncertainty surrounding the knock-on effects such a move would have on other ...

Clegg dismisses immigration claims
Irish Times
British deputy prime minister Nick Clegg dismissed suggestions today that Britain was planning to “pull up the drawbridge” on any exodus of workers from crisis-hit euro zone nations. His intervention came after home secretary Theresa May disclosed that ...

Crisis, what crisis? Have another Ouzo, Greece is staying in the eurozone
Daily Mail
John Cridland, the boss of the Confederation of British Industry, said Britain faced an 'economic earthquake' if Greece left the eurozone. Head of the IMF Christine Lagarde and other bureaucrats have made similar apocalyptic pronouncements.

Daily Mail

EuroCrisis: Run on Banks Expected in Europe
Live Trading News
As the EuroCrisis continues, several possible outcomes have emerged according to Economist Shayne Heffernan. 1. Europe finds the money for a real bail out of Greece, Spain, Italy, Portugal, for now this seems unlikely. 2. Greece leads the mass exit of ...

Live Trading News

Greek Exit from Eurozone Could Undermine the ECB
Greek Reporter
By Andy Dabilis on May 27, 2012 in Economy, News, Politics With growing fears that Greece could be forced out of the Eurozone if voters on June 17 elect parties opposed to the bailout deals from international lenders who required austerity measures in ...

Greece could decide fate of US economy
Philadelphia Inquirer
THANASSIS STAVRAKIS / Associated Press Will Greece exit the eurozone? Hard to believe, but the answer to this question could determine the fate of the US economy this year. Global investors have been driving stock prices down, as odds rise that Greece ...

Eurozone crisis: if Greece goes, Germany's prosperity goes with it
The Guardian
It is only the efforts of the European Central Bank, as a giant recycler of liquidity to dry areas of the eurozone banking system, that is ensuring a stability of sorts. This position can't be sustained. You would be hard-pressed to identify any shift ...

The Guardian

Better for Club Med to stay in eurozone
The Australian
None of that should surprise the leaders of the eurozone. For as former German chancellor Helmut Kohl said, with the euro "integration became irreversible". But that irreversibility is not merely because of the euro's design, which lacks any mechanism ...

Traders look to slew of economic data as distraction from eurozone uncertainty
CanadianBusiness.com
By Malcolm Morrison, The Canadian Press | May 27, 2012 TORONTO - Expectations for the Toronto stock market are fairly tame this week as traders continue to labour under the growing possibility of a Greek exit from the eurozone and uncertainty ...

The Eurozone Crisis For Dummies
Yahoo!7 News
When the financial crisis hit, however, problems came to a head. Debt levels in Portugal, Italy, and Greece became unsustainable, and taxes in a contracting economy are no longer enough to pay the bills. Greece, Portugal, and Ireland are still ...

BSP chief expects banks to resist euro zone woes
BusinessWorld Online Edition
PHILIPPINE BANKS have continued to reduce their exposure to the troubled euro zone and thus the possibility of a further worsening will have a limited impact, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said.

Cable: 'Don't lecture eurozone'
BBC News
The UK should learn from Germany's successful economy, rather than lecturing the eurozone, Business Secretary Vince Cable says. He also said that being called a socialist who did not support business was "absolutely ludicrous".

BBC News

Merkel party urges opposition to back fiscal pact
Chicago Tribune
"We have clear-cut conditions in the interest of a stable euro zone and the coalition has to accept them - otherwise there won't be backing from the SPD," SPD deputy party leader Andrea Nahles said on Saturday. Greens parliamentary floor leader Renate ...

Global markets week ahead: Summer of discontent beckons
Pakistan Daily Times
An escalating euro zone crisis and weak data from China and Europe have turned investment flows ever more firmly toward safe-haven assets, mainly in the US, and away from anything with a hint of risk - a trend that is firmly entrenched.

Shadow of the eurozone crisis may accelerate a dive in property prices
The Independent
A difficult spring for the property market could turn into a summer of discontent for house sellers as the eurozone crisis goes from bad to worse. This time of year usually sees a boost in sales as potential buyers begin house hunting but the latest ...

Europe debt crisis and jobs numbers to drive stocks
CNN
Following a three-day weekend (US markets are closed Monday for Memorial Day), uncertainty will continue to swirl over Europe, with the threat of Greece leaving the eurozone still looming. Worries over Greece's future and the broader region's debt ...

Gold, oil rise despite eurozone fears
MENAFN.COM
The yellow metal has falled in two of the past three sessions as investors continue to worry over Greece's fate, and whether it will have to exit from the euro, as well as the fate of the entire eurozone region. For the week, gold was down 1.4 per cent ...

MENAFN.COM

Migrant alert over euro crisis
Scotsman
There are concerns, too, that the contagion could spread to other weak Eurozone countries. In a newspaper interview, May said the government was examining “trends” to see whether immigration was rising from countries with stricken economies.

Scotsman

GLOBAL RECESSION: Mounting signs of deepening global economic slump
Center for Research on Globalization
by Andre Damon New economic figures point to a renewed downturn of the world economy amid a growing debt crisis in Europe and the threatened breakup of the euro zone. The economy of the 17-member euro zone contracted sharply in May, according to the ...

Center for Research on Globalization

EuroCrisis: Greece Decides
Live Trading News
Greek exit from the EuroZone can result in turmoil in the country and create a Domino Effect in the single-currency bloc, a German economist warned in a recent interview. Horst Loechel, professor of economics with Frankfurt School of Finance ...

Live Trading News

A Power Vacuum is Killing the Eurozone — Marginal Revolution
By Tyler Cowen
That is the title of my latest column, here is one excerpt: We thus face the danger that the euro, the world's No. 2 reserve currency, could implode. Such an event wouldn't be just another depreciation or collapse of a.
Marginal Revolution

The Eurozone Crisis For Dummies - Business Insider
By Simone Foxman
Sovereign bonds in the PIIGS countries (Portugal, Ireland, Italy, Greece, and Spain) — which just a few years ago were highly rated — have lost their high ratings, forcing banks to fear big write downs that cripple lending. Investors wary about ...
Clusterstock

Sentences to Ponder on the Eurozone, Arnold Kling | EconLog ...
By Arnold Kling
John Cochrane says it makes no sense for Greece to stop using euros. Well, as long as somebody is willing to lend them euros, yes. But if no one is willing to lend them euros, and they have big budget deficits, and they are not allowed to print ...
EconLog: Library of Economics...

NewsDaily: BOE'S Dale says expects euro zone uncertainty set to ...
Uncertainty in the euro zone will continue for the next few years, acting as a drag on the UK economy, Bank of England policy maker Spencer Dale was quoted as saying in a newspaper on Sunday.
NewsDaily: Business Headlines

MoreLiver's Daily: 27th May - Weekender: Euro Crisis
By MoreLiver
Last November, the Germany's economic advisor council, known as the Wisemen, recommended a redemption fund in the euro zone as an alternative to joint bond proposals and as a strategy to put the region's debt on a sustainable path.
MoreLiver's Daily

Feldstein: Greece Will Leave the Eurozone and Soon
By Robert Wenzel
Feldstein: Greece Will Leave the Eurozone and Soon. My favorite Keynesian economist, Martin Feldstein, in the clip below talks about the euro. He knew the euro was going to be a disaster right from the start. In an article, "EMU and ...
EconomicPolicyJournal.com

In the Euro Zone, a Lethal Vacuum — Economic View – NYTimes.com
By Newswires
AS problems mount in the euro zone, it's increasingly evident that we've been witnessing an institutional failure of monumental proportions. ... The...
The Wall Street Examiner

Time-Consuming US Schools Vs EURO-ZONE Academic Success ...
By Caafaan-u-ma
Time to learn the difference between the words gourmand (glutton) gourmet (connoisseur) and gaspillage (squandering) when it comes to education. With Arizona school hours running from 32 to 35 hours a week for Elementary grades, with ...
Arizona Politics for Conservatives:...

Nick Clegg on Andrew Marr this morning - Eurozone, human rights ...
By Caron
Nick Clegg on Andrew Marr this morning - Eurozone, human rights, immigration and vested interests. Another superb performance from Nick Clegg on Andrew Marr this morning. As befits someone who was there when the Euro was born, ...
Caron's Musings

Bank of England governor Sir Mervyn King hosts secretive summit ...
By Jean
The eurozone is paralysed as it awaits the outcome of elections in Greece on June 17. The left-wing Syriza party is leading in the polls and is pledged to reject austerity. Hawks led by Germany insist that Greece must stand by the cuts ...
2012: What's the 'real' truth?

Meade-Swann and how two simple lines perfectly illustrate the ...
By Marcus Nunes
I won´t mention Greece. It´s the Eurozone “free-rider” par excellence and will likely only leave the euro if expelled! Let´s take a more representative agent, Spain, whose people are beginning to consider “life outside the zone”. Why´s that?
Historinhas

Inside Job: On Wall Street and the 2008 Financial Crisis
By Rohit
Caliber Magazine is UC Berkeley's award-winning entertainment and lifestyle magazine.
Caliber Magazine

Eurozone crisis: if Greece goes, Germany's prosperity goes with it ...
By Gerry Davies
'If the eurozone were to shrink, Germany's once-captive markets would become too poor to import: and the rapid appreciation of a stronger euro would make its.
ForexLive

Spain region, Greek exit warnings rattle euro zoneeShareholder ...
By Yahoo! Finance: Top Stories
Greece accounts for little more than 2 percent of the euro zone economy but could pose a profoundcontagion threat if it quit the currency area, throwing the spotlight on Portugal, Spain and even Italy. "There is no organized discussion at the ...
eShareholder

Euro Crisis - Google News

Fiscal Cliff - Google News

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Financial Crisis

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