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

Thursday, May 10, 2012

Eurozone - EUR5.2B Payment To Greece

Euro zone agrees to make 5.2 billion euro payment to Greece
Chicago Tribune
BRUSSELS (Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros ($6.72 billion) from the region's bailout fund, despite opposition from some member states following the Greek ...

Greece Could Be Out Of The Eurozone As Early As This Summer
Forbes
As the tide turns in Europe and voters reject austerity, the possibility of a GreekEurozone exit has taken real proportions once again. The rise of the Greek far-left, with Alexis Tsipras of the Syriza party now trying to build a government based on ...

Forbes

Roubini: EU To Break Up Once Contagion Hits Italy And Spain
Forbes
Another Euro bear was economist Nouriel Roubini, who expects Greece to leave the EU in 2013, sparking contagion and the possible fall of the Union if Spain and Italy are hit too hard. Spain, said Roubini, will lose market access by the end of this year ...

Forbes

Greek Political Turmoil Raises Concerns of Eurozone Exit
Voice of America
May 09, 2012 Greek Political Turmoil Raises Concerns of Eurozone Exit VOA News The political turmoil in Greece over the creation of a coalition government is raising concerns anew that the country could become the first to exit the 17-nation euro ...

France's Hollande focuses on euro crisis
The Associated Press
Hollande will meet Thursday with Jean-Claude Juncker, the Luxembourg prime minister who also chairs meetings of the eurozone's 17 finance ministers. And Hollande will make his first foreign trip after taking office to Berlin, to see Merkel.

The Associated Press

US Stocks Slump; Losses Accelerate On Euro Zone Concerns
Wall Street Journal
By Jonathan Cheng US stocks saw their losses accelerate in morning trading Wednesday as investors pulled back in the face of fresh concerns about the euro zone. The Dow Jones Industrial Average fell 130 points, or 1%, to 12801 in morning trading ...

Merkel says euro zone must stick to reform pledges
Reuters
BERLIN (Reuters) - German Chancellor Angela Merkel reaffirmed on Wednesday that the euro zone must stick to previously agreed reforms on budget discipline. Merkel is facing increased calls in the crisis-stricken euro zone to ease up on tough fiscal ...

Euro zone shift to growth could end equities rout
Reuters
Euro zone equities underperform UK, US since mid-March * Hollande's election in France boosts growth case * Investors could turn more positive once growth pact agreed By Toni Vorobyova LONDON, May 9 (Reuters) - Euro zone equities have sharply ...

Stocks Tumble on Eurozone Debt Fears
TheStreet.com
By Andrea Tse 05/09/12 - 11:12 AM EDT NEW YORK (TheStreet) -- Wall Street was awash in red again Wednesday morning as eurozone debt contagion fears overwhelmed the global markets. The Dow Jones Industrial Average was shedding 125 points, or 1%, ...

TheStreet.com

US money funds added euro zone bank debt in April
Reuters
Prime money funds resumed buying of euro zone debt * Fund buying centered on French, German bank paper * Euro zone debt flare-up slows funds' re-entry to region * Regulation, Moody's downgrade also concerns for funds By Richard Leong NEW YORK, ...

Germany's Merkel: Euro Zone Must Stick To Its Rules, Agreements
Wall Street Journal
BERLIN (Dow Jones)--German Chancellor Angela Merkel said Wednesday, in an apparent message to Greece, that euro-zone members must stick to agreements and the rules of the region's common currency. "We in the euro zone must stick to our rules and ...

Eurozone nations in talks to delay bailout aid to Greece
New York Post
BRUSSELS -- Eurozone officials are considering delaying a €5.2-billion ($6.7-billion) payment to Greece as the political backlash grows in Athens against a bailout program negotiated with international creditors, officials familiar with the discussion ...

Germany's Steinbrueck: plan B needed for smaller euro zone
Reuters
BRUSSELS (Reuters) - Europe should prepare a 'plan B' to cope with any possible departure of a country from the euro zone, Germany's former finance minister Peer Steinbrueck said on Wednesday. "If I had political responsibility, I would want to prepare ...

Euro zone may delay Greek bailout payment-report
MarketWatch
By Christopher Noble SAN FRANCISCO (MarketWatch) - Euro zone nations are debating whether to delay a 5.2 billion euro payment to Greece because some governments in the currency bloc are concerned about making payments to the debt stricken country ...

BASE METALS: Copper Settles Down, Eurozone In Focus
Wall Street Journal
By Tatyana Shumsky Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Copper futures pared losses Wednesday on signs that euro-zone creditors will extend Greece the next installment of bailout aid, though the weaker euro and swirling concerns about the ...

Eurozone fund approves next Greek bailout payment
CBS News
BRUSSELS — The eurozone's bailout fund has approved the release of the latest batch of š”š½.2 billion ($6.7 billion) in aid to shore up Greece's finances only days after the nation's chaotic election outcome. The European Financial Stability Facility ...

Henkel Not Repatriating Euro-Zone Cash, Believes Euro WIll Survive
Wall Street Journal
XE) believes the euro will survive and is not funneling cash back to Germany from banks in euro-zone countries to reduce exposure to risks of a possible breakdown of the European monetary system. That view contrasts with that of GlaxoSmithKline PLC ...

Eurozone crisis: Angela Merkel forced to postpone 'fiskalpakt' ratification
Telegraph.co.uk
Angela Merkel was on Wednesday forced to postpone German ratification of theeurozone's "fiskalpakt" until after an Irish referendum on May 31 by a gathering domestic and European backlash against austerity. German Chancellor Angela Merkel Photo: AP By ...

Telegraph.co.uk

Spain nationalises Bankia as euro crisis escalates
Telegraph.co.uk
The reform comes as Spain faces the full brunt of contagion from chaos in Greece, with mounting fears of a chain-reaction. Nicolas Doisy from Cheuvruex said the Spanish shoe "is about to drop", with an EU-IMF rescue more likely by the day.

Telegraph.co.uk

Eurozone blocks one bn euros in Greek bailout: Report
Economic Times
BRUSSELS: The eurozone has blocked 1.0 billion out of 5.2 billion euros in bailout loans for Greece until Monday amid uncertainty over the country's political future, a European government source said. "An amount of 4.2 billion euros will be disbursed ...

German foreign minister: up to Greece if it stays in euro zone
Reuters
German Foreign Minister Guido Westerwelle said on Wednesday that it was up to Greece if it wanted to stay in the euro zone. "We want Greece to stay in the euro zone. Whether it stays in theeuro zone is in the hands of Greece," Westerwelle told ...

The Eurozone Is Not An Empire
Slate Magazine (blog)
The German government's approach to the Eurozone has the effect of creating a substantial undervaluation of German currency and overvaluation of Spanish and Italian currency. But it's misleading to think of this as primarily a means by which Germany ...

Stocks Lower on Eurozone Worries
Morningstar.com
The political divisions in Greece have some speculating that a new government, when created, will seek to withdraw from the eurozone. Kevin O'Shaughnessy is an assistant editor for Morningstar.com. Markets also turned their attention to Spain today, ...

What Hollande's Election Means for the Eurozone
Knowledge Wharton Today
This approach has been pushed by the economically stronger eurozone members in the North (particularly Germany) and the International Monetary Fund. But exhaustion with this strategy -- sometimes labeled "expansionary fiscal contraction" -- has been ...

Knowledge Wharton Today

Oil's fall deepens on euro zone worry, supply
CattleNetwork.com
Brent crude oil slipped over a dollar towards $111 on Wednesday, extending its longest losing streak in nearly two years, as political turmoil in the debt-laden euro zone deepened worries about prospects for fuel demand. Rising oil stocks in the United ...

Gold falls below $1600 on euro zone uncertainty
CNBC.com
NEW YORK (Reuters) - Gold dropped below $1600 an ounce in heavy trading on Wednesday, nearly wiping out gains for 2012 as political uncertainty in Greece and Spanish bank worries prompted investors to sell bullion for a third straight daily decline.

Eurozone crisis live: Greek exit fears growing as coalition talks continue
The Guardian
9.17am: Fears of a Greek exit from the eurozone have sent investors flocking into 'safe havens' such as German bonds, and out of debt issued by peripheral countries. The yield* on Spanish 10-year bonds has just risen through 6% - a sign that investors ...

The Guardian

PRECIOUS-Gold falls below $1600 on euro zone uncertainty
Reuters
* Gold down again on questions about Greece bailout * Bullion sell-off nearly wipes out 2012 gains * US gold open interest up 1 percent * Coming up: US import, export prices Thursday (New throughout, updates prices, market activity) By Frank Tang NEW ...

Euro Zone Debt Crisis a Potential Hazard for Oil & Gas Companies
MarketWatch (press release)
NEW YORK, NY, May 09, 2012 (MARKETWIRE via COMTEX) -- To kick off the week oil prices have dropped to their lowest levels of the year as election results in Europe raised concerns for the region's plan for economic recovery. France and Greece rejected ...

Calafia Beach Pundit: Eurozone banks: the sum of all fears
By Scott Grannis
Eurozone banks: the sum of all fears. As these charts show, Eurozone financial conditions are still under a lot of stress; Euro swap spreads reflect a significant degree of systemic risk. The U.S. has largely avoided Eurozone contagion, but the ...
Calafia Beach Pundit

France President-Elect Hollande Focuses On Euro Crisis
By The Huffington Post News Editors
PARIS — French President-elect Francois Hollande didn't wait to take office to press his agenda for digging Europe out of economic crisis: He met Wednesday with the European Union president and presented his case for joint European ...
The Huffington Post | Full News Feed

Today In Commodities: European Contagion @ Forex Factory
By From seekingalpha.com
Today In Commodities: European Contagion - Energy: With crude oil collapsing over $10 in the last week we've gotten the correction I had anticipated. If readers remember I was calling for $97.50 4-6 weeks ago. The next support level is $94...
Forex Factory

Greek Eurozone Exit Mulled Over in Germany | FDL News Desk
By David Dayen
With the imminent crackup of the Greek political system, leading to a re-vote in Parliamentary elections, I think we're moving toward the moment.
Firedoglake

Eurozone rigor mortis | Forex Crunch
By Yohay
The implications of events in both France, and more so Greece, are seeping through markets and have made themselves known within most asset classes. In FX,
Forex Crunch

REPORT: Eurozone Countries Debate Delaying Aid Payments to ...
By Simone Foxman
The WSJ reports that eurozone countries are debating delaying aid payments to Greece in the wake of elections that ousted pro-bailout parties. This follows the cancellation of a trip by troika inspectors to Greece that was planned for later this ...
Money Game

The euro crisis: No way out | The Economist | The Wall Street ...
By Newswires
THE conventional wisdom that emerged immediately after Europe's weekend elections—that voters may have forced Europe into a new crisis reckoning—seems ...
The Wall Street Examiner

Greenback strength drives gold lower on euro zone worries By ...
By Forexpros
Forexpros - Gold futures traded lower during U.S. trade Wednesday, falling to the lowest level since January as Greek political turmoil and growing concerns over Spain's fiscal health drove investors to the relative safety of the U.S. dollar.
Forex Pros RSS News Feed | Forex News

Nouriel Roubini 2012-2013 Predictions: Euro Zone Slow Motion ...
By Stocks To Buy
Nouriel Roubini was on CNBC just a little while ago and made some bold predictions for theEuro Zone and the US economy. Nouriel Roubini says multiple countri…
Forum Discussions - Stocks To Buy Forum

Brussels Says Eurozone Should Pay Greece E5.2 Bln Loan Tranche ...
By Market News International
BRUSSELS (MNI) - The European Commission on Wednesday evening said that it expectsEurozone governments to pay Greece a E5.2 billion tranche of aid.
ForexLive

Dow lower on eurozone pain, News Corp. in focus ...
U.S. equity markets bounced back from a sharp sell-off Wednesday afternoon as investors continued to fret about Greece and Spain.
Proactiveinvestors USA & Canada website

Greece is the word as Eurozone remains in the spotlight | The ...
By Mike Paterson
The Euro faces a tough examination over the next few days and weeks as recent complacency again gives way to real fears of political and economic melt-down.
The Economic Voice

Euro crisis: “Europe will be lucky if it ends up in stagnation like ...
By Pete Baker
Mr Tsipras said he had failed to reach agreement with mainstream parties because of his insistence on rejecting austerity measures demanded by the EU and IMF as part of a bailout deal. He made the announcement after talks with the Pasok ...
Slugger O'Toole

Eurozone Elections Spook Markets (^FTSE)
The Motley Fool - Election results in France and Greece, plus poor U.S. jobs figures, send shares sliding again.
www.fool.com/.../05/.../eurozone-elections-spook-markets.asp...

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