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

Friday, May 18, 2012

Euro crisis now ensnares Spain

Euro crisis ensnares Spain - Telegraph: "Spain moved back into the eye of the eurozone storm on Thursday, as the country’s borrowing costs rocketed to unsustainable levels and the country's banking sector was hit by mass downgrades. . . ." 

UK PM: Euro Zone At Make-Up Or Break-Up Cross-Roads
Wall Street Journal
By Nicholas Winning LONDON (Dow Jones)--The euro zone is at a cross-roads and must tackle its debt crisis or face potential break-up, UK Prime Minister David Cameron said Thursday, warning its key trading partner. "Either Europe has a committed, ...

Eurozone concerns drag markets lower
BusinessWeek
By CARLO PIOVANO Fears surrounding the stability of the 17-country eurozone -- particularly the state of Spain's financial system and whether Greece might be forced out of the single currency union -- pushed global markets down again on Thursday.

UK's Cameron urges action to resolve euro crisis
BusinessWeek
By ROBERT BARR British Prime Minister David Cameron on Thursday urged Europe to sort out its currency crisis, calling on the 17-country eurozone "to make-up or it is looking at a potential break-up." "Either Europe has a committed, stable, ...

Global leaders gathering in US will focus on containing Europe's financial crisis
Washington Post
Unemployment is soaring as recession grips nearly half the eurozone countries. And global markets are on edge. All that forms a tumultuous backdrop as representatives of the G8 countries — the United States, Germany, France, Britain, Japan, Russia, ...

Euro crisis: Should I cancel my vacation?
CNN
Political deadlock is leading to fears that Greece will not have a government in place when it needs to make critical debt payments, which could in turn jeopardize its place in the eurozone. On Monday, Greeks withdrew up to €800 million from Greek ...

EU Commission chief confident euro zone and Europe will do what it takes to ...
Washington Post
In prepared remarks released by his office in advance of his speech, Barroso reaffirmed that the EU wants Greece to stay in the euro zone. “And the European Union will do all it takes to ensure it ... and we expect the Greek government — current and ...

UK PM: Core of Euro Zone, ECB Must Do More To Solve Crisis
Wall Street Journal
LONDON (Dow Jones)--Core euro-zone countries and the European Central Bank need to do more to support demand and share the burden of economic adjustment for the nations in the thick of the currency area's crisis, UK Prime Minister David Cameron said ...

Greek Eurozone Exit Could Reverberate Globally
Voice of America (blog)
The Greek economy accounts for just 2 percent of the economy in the 17-nation euro currency union, but if Athens exits the eurozone, the reverberations could be felt throughout the world. No country has quit the eurozone in its 13-year existence, ...

Eurozone concerns drag markets lower
Seattle Post Intelligencer
Photo: Daniel Ochoa De Olza / AP LONDON (AP) — Fears surrounding the stability of the 17-country eurozone — particularly the state of Spain's financial system and whether Greece might be forced out of the single currency union — pushed global ...

Insight: Greek exit could cost eurozone 100s of billions of euros
Reuters
By Paul Carrel | FRANKFURT (Reuters) - A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill.

GLOBAL MARKETS-Stocks, oil drop on latest euro zone fears
Reuters
"The whole equities market is being driven by a macro trade based upon contagion fear in Europe, and really the problem is undercapitalized banks there," said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

British PM tells Europe to quell the turmoil
Reuters
By Matt Falloon MANCHESTER, England May 17 (Reuters) - Prime Minister David Cameron urged Europe's rulers on Thursday to do more to quell the euro zone debt crisis and raised the prospect of a Greek default to argue he must stick to his unpopular ...

UK Says PM Had 'Constructive Discussion' With European G8 Leaders
Wall Street Journal
"He discussed with the others their priorities for G-8; the euro zone - including Greece, growth, and the importance of expanding trade relations between the US and the EU [European Union]," a spokesperson for his office said in a statement following ...

UK PM: Euro Zone At A Cross-Roads
Wall Street Journal
LONDON (Dow Jones)--The euro zone is at a cross-roads and must tackle its crisis or face potential break-up, UK Prime Minister David Cameron is due to say Thursday in a stark warning of the crisis in its key trading partner.

Oil falls on euro zone worries, weak economic data
CNBC.com
NEW YORK (Reuters) - Brent crude oil slumped more than 2 percent on Thursday, touching the lowest price since December, as investors avoided risky assets due to mounting fears that turmoil in Greece could spread to other stressed euro zone economies.

Euro zone fears starting to hit trade, financing
Reuters
(Recasts with euro zone comments) LONDON May 17 (Reuters) - The euro zone debt crisis is affecting trade as companies shy away from dealing with firms and banks in countries deemed at risk of contagion, a senior banker said on Thursday.

GLOBAL MARKETS-Spreading euro zone fears send shares lower
Reuters
But the contagion fears in Europe and jitters over political turmoil in Athens, where politicians rejecting harsh austerity measures are likely to win June 17 elections, have kept riskier assets under pressure. The euro was down around 0.1 percent, ...

Germany, with its economy booming, has little sympathy for Greece
Kansas City Star
Since the euro crisis began, a Berlin housing boom has seen rents rise by 70 percent in posh districts, and 23 percent even in dicey areas. And this newly forming housing bubble is just one of many signs that the fortunes of Germany and the eurozone it ...

Spreading euro zone fears send shares lower
CNBC.com
LONDON (Reuters) - The euro slipped to near four-month lows and European shares extended their losing streak on Thursday, as investors avoided riskier assets due to the deepening turmoil in Greece and fears of contagion spreading to other stressed euro ...

Merkel faces G8 isolation on eurozone
Financial Times
But the eurozone will overshadow all other conversations. “This is a euro crisis summit. It will be dominated by the crisis,” said Heather Conley, a former state department official now at the Center for Strategic and International Studies, ...

Spanish Bank Problems Add to Gloom in Euro Zone
New York Times
BRUSSELS — Mounting problems for Spain and its banks, and a broad stock market decline Thursday in Europe, were the latest signs of the deepening gloom in the euro zone. And if remarks Wednesday by Chancellor Angela Merkel could be construed as a ...

If the eurozone is serious about growth, it can have it
The Guardian (blog)
And in recent weeks we have heard many economists argue that growth in theeurozone will come from "structural reforms" that will make it easier to collect taxes, reduce red tape, and easier to hire and fire workers. But growth requires investment.

The Guardian (blog)

Euro crisis' vultures
Salon
Now, the euro zone increasingly appears to be in a terminal mess. Growth has stagnated. Debt is out of control. In vulnerable countries like Spain, interest rates are veering toward usury. Governments are bailing out banks. And Greece has imploded, ...

Salon

A Primer on the Eurozone Crisis and How It Could Affect Us
Huffington Post (blog)
The economic viability of the Eurozone continues to slowly leech away. The latest iteration of the crisis originated again in Athens. Last week, voters there chose parties on the left and right that agreed on one thing: No more austerity, ...

David Cameron: Eurozone 'at a crossroads'
UPI.com
MANCHESTER, England, May 17 (UPI) -- British Prime Minister David Cameron said Thursday Europe's 2008 financial crisis "never really went away" and urged the purchase of "eurobonds." His remarks in Manchester preceded an afternoon of conference calls ...

UPI.com

David Cameron urges eurozone to follow UK model for recovery
The Guardian
David Cameron has called on the eurozone to take a leaf out of the UK's book in order to overcome its current crisis, insisting that the British economy was "moving in the right direction". The government's austerity measures have been blamed by Labour ...

The Guardian

Oil dips further below $93 on euro crisis concern
BusinessWeek
By PABLO GORONDI Oil prices edged further below $93 a barrel on Thursday, extending a sharp two-week sell-off, as traders monitored Europe's debt crisis and its potential impact on global growth. By early afternoon in Europe, benchmark oil for June ...

UK's Cameron Urges Action on Euro Crisis
TIME
By AP Thursday, May 17, 2012 (LONDON)— British Prime Minister David Cameron is urging Europe to sort out its currency crisis, calling on the 17-country eurozone to "to make-up or it is looking at a potential break-up. In a speech prepared for delivery ...

'The Financial Crisis Was the Result of Government Housing Policy ...
By Anthony Randazzo
The American Enterprise Institute's Peter Wallison on how government, not greed, was the essential ingredient in the 2008 meltdown.
Reason.com

DAVID CAMERON: The Eurozone Needs To 'Make-Up Or Break-Up ...
By AP
"Either Europe has a committed, stable, successful eurozone with an effective firewall, well capitalized and regulated banks, a system of fiscal burden sharing, and supportive monetary policy across the Eurozone. Or we are in uncharted ...
Clusterstock

NewsDaily: Insight: Greek exit could cost eurozone 100s of billions ...
By Paul Carrel
A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill.
NewsDaily: Top Headlines

Liquidity Risk and Credit in the Financial Crisis | The Big Picture
By Guest Author
The 2007–08 financial crisis was the biggest shock to the banking system since the 1930s, raising fundamental questions about liquidity risk. The global.
The Big Picture

Oil trades below $93 on euro crisis concern | WSLS 10
NEW YORK (AP) The price of oil dipped below $93 a barrel on Thursday, extending a sharp two-week sell-off, as traders monitored Europe's debt crisis and its potential impact on global growth. Benchmark oil for June delivery rose 8 cents.
WSLS 10 - News

Eurozone Bank Worries Send Euro Lower — Forex News
By MMarquit
1200 euros Eurozone bank worries are sending the euro lower today, along with rises to funding costs. Uncertainties about what's next for Greece and for the eurozone remains, and that is weighing on the euro in Forex trading right now.
Forex News

Forex - USD/CAD higher as euro zone fears boost safe haven ...
By Forexpros
Forexpros - The U.S. dollar rose to a four-month high against its Canadian counterpart on Thursday, as demand for the safe haven greenback remained supported amid concerns over the crisis in the euro zone. USD/CAD hit 1.0157 during ...
Forex Pros RSS News Feed | Forex News

Fuel Fix » Stocks relapse on chronic eurozone fears
By FT.com - Energy
Posted on May 17, 2012 at 7:09 am by FT.com - Energy in. Concerns of a Greek exit from the euro left many benchmarks at multi-month troughs. Read more from Financial Times · « Previous Post · Next Post » · FT.com - Energy. You can read ...
Fuel Fix

Romania Blames Recession on Euro Crisis :: Balkan Insight
Romanian economy's technical recession this year blamed on general European woes and government spending cuts.
Politics and Society

Singapore keeps growth forecast amid eurozone woes – Full Story ...
By Newswires
(via AFP) Singapore on Thursday stuck to its economic growth projections of 1.0-3.0 percent for 2012 but warned there was a chance of a disorderly s...
The Wall Street Examiner

The Eurozone Crisis: An End to Austerity? by Jeff Madrick | NYRblog ...
By Jeff Madrick
The announcement Wednesday by Germany's chancellor, Angela Merkel, that her nation is ready to discuss economic stimulus to keep Greece in the eurozone is—if serious—a hugely important development. But the critical test will be what ...
nybooks.com: Recent items

EconoSpeak: The Problem with the Eurozone's Throw-Greece-from ...
By Peter Dorman
There is no democratic deficit in Greece: its people have clearly indicated they want to do two things, clean the slate by defaulting on their debts and staying within the Eurozone. This is seen as unacceptable in Brussels and Frankfurt, and ...
EconoSpeak

Eurozone avoids recession as Germany powers ahead - Yahoo! News
From Yahoo! News: Germany prevented the economy of the 17 countries that use the euro from falling into a recession in the first quarter of the year despite a ...
news.yahoo.com/eurozone-avoids-recession-germany-powers-...

A Black Mark for Survivor of Financial Crisis - ABC News
The reputation that Jamie Dimon honed for decades on Wall Street has been severely damaged in a matter of days. In the 1980s and 1990s, he was the protege ...
abcnews.go.com/.../black-mark-survivor-financial-crisis-1633...

Playing Chicken in the Eurozone | Mother Jones
Playing Chicken in the Eurozone. —By Kevin Drum. | Mon May. 14, 2012 7:51 AM PDT. Tweet. Will Greece leave the eurozone? Will Germany squawk loudly but ...
www.motherjones.com/kevin.../05/playing-chicken-eurozone

Horrible Eurozone Industrial Production Numbers - Business Insider
Horrible Eurozone Industrial Production Numbers. Joe Weisenthal|May 14, 2012| . 1290|1. (Markit). And it gets worse! From Markit: And from DJ FX Trader: image ...
articles.businessinsider.com/2012-05-14/.../31693051_1

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