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

Friday, May 4, 2012

ECB chief sees slow recovery, offers no new help

ECB chief sees slow recovery, offers no new help
Fox News
BARCELONA, Spain – European Central Bank President Mario Draghi offered little promise of any more quick fixes for the struggling economies of the 17-country eurozone and urged governments to stay the course on tough spending cuts.

Euro-zone Bond Yields Fall After Solid Auctions, Risks Ahead
Wall Street Journal
By Nick Cawley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Yields on peripheraleuro-zone government bonds fell Thursday after Spain and France successfully sold a total of around EUR10 billion of multi-maturity government debt, albeit at markedly ...

ECB chief Draghi expects eurozone economy to recover gradually, offers no new ...
Washington Post
BARCELONA, Spain — European Central Bank President Mario Draghi offered little prospect that the bank would deliver more support for the struggling economies of the 17-country eurozone, instead urging governments to agree a growth strategy that would ...

Euro zone needs growth and fiscal discipline, Draghi says
CNBC.com
BARCELONA, Spain (Reuters) - European Central Bank President Mario Draghi, reflecting growing anxiety among Europeans about their economic plight, said on Thursday growth should be at the heart of euro zone policy but it needed to go hand in hand with ...

Euro-Zone Bond Yields Edge Higher Ahead Of Supply, ECB
Wall Street Journal
London (Dow Jones)--Yields on peripheral euro-zone government bonds nudged slightly higher early Thursday ahead of supply from Spain and France and the monthly European Central Bank policy rate announcement. Markets continued to worry about the ...

ECB leaves rates steady but hints at future cut
CNN
By Ben Rooney @CNNMoneyInvest May 3, 2012: 2:45 PM ET ECB president Mario Draghi is facing more pressure to take action to help the ailing eurozone. NEW YORK (CNNMoney) -- European Central Bank officials voted Thursday to hold interest rates steady, ...

EURO GOVT-Smooth debt sales push Spanish, French yields lower
Reuters
But there was not enough to reassure markets that policymakers can prevent the euro zone from sliding deeper into recession and Spanish and Italian borrowing costs from rising, said Marius Daheim at Bayerische Landesbank. "As long as markets are not ...

Watch Athens, Not Paris, This Weekend
Wall Street Journal
Investors have been concerned by his desire to renegotiate the euro-zone fiscal pact. But that fear seems overdone: Mr. Hollande has pledged, like incumbent Nicolas Sarkozy, to cut France's budget deficit to 3% by 2013, as prescribed by Europe.

Eurozone crisis: Central bank leaves Spaniards tied into austerity measures
The Guardian
The bosses of the European Central Bank travelled to the eurozone's troubled south on Thursday, only for Spaniards to discover that they offered nothing new in the way of help for the country's recession-hit economy. As thousands of extra police were ...

The Guardian

Draghi urges eurozone to focus on growth
Financial Times
By Ralph Atkins in Barcelona and Peter Spiegel in Brussels Mario Draghi, president of the European Central Bank, challenged Europe's leaders to prepare a 10-year vision for the euro and put growth at the centre of eurozone policies, a tacit criticism ...

Eurozone unemployment rises an 11th straight month
Boston Globe
By Jack Ewing FRANKFURT - Unemployment in the eurozone rose to a new high in March, according to figures released Wednesday, a few days before crucial elections in France and Greece. The report is likely to intensify calls for an easing of the region's ...

Poland wants to join eurozone 'as soon as it's safe'
CNN
Warsaw, Poland (CNN) -- Poland, the European Union's fastest growing economy, wants to become a member of the eurozone -- but its finance minister says the country will wait until "it is safe to do so." "We want to join (the eurozone)," Jan ...

Draghi predicts 2012 eurozone recovery
Financial Times
By Ralph Atkins in Barcelona The European Central Bank still expects a gradualeurozone economic recovery in the second half of this year, Mario Draghi, its president, said after the euro's monetary guardian left interest rates unchanged at the record ...

Financial Times

ECB set to keep rates on hold amid calls for action on debt crisis Eds: ECB ...
Chicago Tribune
BARCELONA — The European Central Bank is set to leave interest rates on hold at their historic low of 1 per cent Thursday as it attempts to defy calls to step up its action to combat theeurozone debt crisis. "On balance, the ECB should stick to its ...

FOREX-Euro rises as Draghi more upbeat on economy
Reuters
Draghi, in comments after the ECB kept rates unchanged at 1 percent, said the euro zoneeconomy was likely to recover this year, although the outlook remained vulnerable to downside risks. He added that inflation was likely to remain above 2 percent ...

ECB Holds Rates Steady
Fox Business
The European Central Bank held interest rates at 1.0 percent on Thursday and will resist calls to do more to fight the euro zone crisis, putting the onus on governments to foster growth and head off anger over austerity policies.

TEXT-Fitch report on Eurozone alternatives
Reuters
Link to Fitch Ratings' Report: The Future of the Eurozone: Alternative ScenariosMay 3 - In a new report, Fitch Ratings expands on its existing view that it expects the eurozone to 'muddle through' the crisis and to survive intact as economic adjustment ...

Pound May Not Give King What He Wants
Wall Street Journal (blog)
After months of resilience, the euro appears to have succumbed to fears the euro-zone debt crisis is in a new and more dangerous phase as the fiscal pact starts to unravel and funding costs rise for larger debtors such as Spain and Italy.

Barcelona's Ring of Steel
Wall Street Journal (blog)
Demonstrations against government austerity have been a mainstay of the financial crisis, which saw Spain enter its second recession of the period. Spain's economy contracted 0.3% in the first quarter of 2012 from the previous period.

Strong appetite for euro zone debt, but Spanish costs rise
Reuters
Both sales were important tests of investor nerves after S pain surged b ack to the forefront of theeuro zone debt crisis due to concern over its public deficit, recession-hit eco nomy an d ailing banks. A source from Spain's Economy Ministry said the ...

Draghi Says Uncertainty Prevails Over Eurozone Outlook
RTT News
For now, the ECB will continue with its wait-and-see approach, even as Spain and other troubled nations on the periphery of the euro zone slide back into recession. "The economic outlook continues to be subject to downside risks," Draghi said while ...

RTT News

MARKET COMMENT: Europe Stocks Trim Gains After Draghi, US Data
Wall Street Journal
By Sara Sjolin LONDON (Dow Jones)--European stock markets ended slightly higher Thursday, trimming gains after European Central Bank President Mario Draghi offered no hints of further monetary easing for the troubled euro zone and a gauge of activity ...

EURO GOVT-Bunds edge down ahead of Spanish auctions, ECB
Reuters
The ECB is expected to keep interest rates on hold at 1 percent and sound a more cautious tone on the euro zone growth outlook. Ahead of the meeting in Barcelona, Spain will test market appetite for its debt for the first time since Standard & Poor's ...

Fitch: Risk Of Adverse Outcomes Of Euro Crisis Rising
Wall Street Journal
LONDON (Dow Jones)--Fitch Ratings said Thursday that although its main view remains that theeuro zone will survive the region's sovereign debt crisis intact, the risk of alternative outcomes is rising, with a Greek euro-zone exit the most likely of ...

Bank Of England's Blindness Doesn't Bode Well
Wall Street Journal
By ALEN MATTICH Bank of England Governor Mervyn King made a rare radio speech late Wednesday where, in a nutshell, he washed his hands of any culpability for the financial crisis, save perhaps for not warning enough about excess leverage in the ...

European Central Bank Opposes Higher Taxes
New York Times
Mr. Draghi's comments came after a meeting of the ECB's governing council on Thursday during which the central bank left its benchmark interest rate unchanged, at 1 percent, choosing not to react immediately to signs that the euro zoneeconomy was ...

New York Times

MPs demand Bank of England's role in financial crisis should be investigated ...
Daily Mail
By Becky Barrow and Jason Groves The Bank of England's role in the biggestfinancial crisis since the 1930s which has crippled Britain should be urgently investigated, senior MPs said today. The call for a major inquiry comes after the Bank's governor, ...

Daily Mail

Euribor rates dip ahead of ECB meeting
Reuters
FRANKFURT, May 3 (Reuters) - Key euro zone bank-to-bank lending rates fell to new 23-month lows on Thursday as the record amount of cash the European Central Bank has pumped into financial markets since late last year continued to exert downward ...

European stocks open higher despite disappointing US, eurozone data
FOX 4 News
LONDON -- European stocks started higher, but sentiment is fragile following recent disappointing US and eurozone economic data and ahead of a Spanish bond auction and the European Central Bank's (ECB) rate announcement, both of which will keep ...

Why the Eurozone Debt Crisis Never Really Went Away - Money ...
By David Zeiler
How many times have we been told the Eurozone debt crisis is resolved, only to have it turn up again like a bad penny? Last year's string of good news/ bad news on the Eurozone debt crisis had the markets going up and down like a yo-yo ...
Money Morning

Contagion and the viral spreading of debt based systems – CEO pay ...
By mybudget360
We are not talking about the United States but the massive block in the Eurozone. The unemployment rate in the 17 country block reached a new all-time high at 10.9 percent as austerity measures are being used to combat massive levels of ...
My Budget 360

MICHAEL LEWIS: After The Financial Crisis, This Is The Question ...
By Linette Lopez
Best selling author and Wall Street legend Michael Lewis was on CNBCs Squawk Box this morning for a segment the show has been doing this week on books you need to read. If anyone should be able to answer that question, it's Lewis.
Clusterstock

The Street Light: Eurozone Unemployment and the Recession of 2012
By Kash
Eurozone Unemployment and the Recession of 2012. Europe is on its way back into recession. During the second half of 2011 several EU countries already met the most common definition of recession, namely two consecutive quarters of ...
The Street Light

Frontline's Financial Crisis Series Is Epic | Phil Pearlman
By ppearlman
Posted by ppearlman; on May 2nd, 2012. Frontline's four part series on the financial crisisentitled Money, Power and Wall Street is thorough, smart and riveting and all of the episodes are available here. It is the very best television has to offer.
Phil Pearlman

Eurozone Unemployment Hits Record High | Care2 Causes
By Associated Press
Pressure is growing on Europe's leaders to focus less on austerity and more on stimulating growth.
Care2 Causes

Trust Your Instincts: Sir Mervyn King's view of the financial crisis and ...
By Richard Field
It is only with this data that market participants can assess the risk of each bank and end the threat of financial contagion by adjusting the amount of their exposure to what they can afford to lose given the risk of each bank. So how did banks ...
Trust Your Instincts

Eurozone unemployment hits record high | Stuff.co.nz
The 17 countries that use the euro are facing the highest unemployment rates in the history of the currency as recession once again spreads across Europe, pressuring leaders to focus less on austerity and more on stimulating growth.
Stuff.co.nz - Business

New CB boss committed to eurozone - Cyprus Mail
CYPRUS' new Central Bank Governor said he was committed to the eurozone and to efforts to restore trust in the bloc, dismissing as "tongue-in-cheek" a suggestion he made a year ago that Germany should quit the single currency. Panicos ...
Cyprus Mail

EMU DATA: Producer prices in the Eurozone rose by an. | ForexLive
By Market News International
EMU DATA: Producer prices in the Eurozone rose by an expected 0.5% on the month in March to bring annual inflation to +3.3%, also as forecast, Eurostat.
ForexLive

What are the alternatives to austerity for the Eurozone? — Marginal ...
By Tyler Cowen
Paul Krugman's post on the topic was revealing, compared especially to the analytic and rhetorical flourish which he applies to criticizing austerity. You can't fault his IQ or his knowledge of the situation, there simply isn't much convincing to ...
Marginal Revolution

Citing eurozone fears China, Japan, South Korea and 10 Southeast ...
Citing eurozone fears China, Japan, South Korea and 10 Southeast Asian countries agree to enlarge emergency liquidity programs - @Reuters.
Breaking news - www.breakingnews.com

Eurozone to Environmentalists: “Austerity Doesn't Work” | The ...
By admin
After causing untold pain with very little to show for it, the backlash against austerity in theEurozone is gaining ground. The diktats from Brussels and Berlin have pushed public tolerance to its limit. Politicians standing on an anti-austerity ...
The Intersectionist

Eurozone unemployment hits record high - Yahoo! News
From Yahoo! News: The 17 countries that use the euro are facing the highest unemployment rates in the history of the currency as recession once again spreads ...

Euro crisis worsens
As the various countries that make up the European Union struggle with austerity measures, British Prime Minister David Cameron says there is worse to come.
digitaljournal.com/article/323937

Austerity Leads to Rising Debt in Euro Zone: Commerzbank - EU ...
The resignation of the Dutch government over the weekend showed how difficult it is for elected officials to push through austerity measures.
www.cnbc.com/.../Austerity_Leads_to_Rising_Debt_in_Euro_...

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