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

Friday, May 25, 2012

Eurozone governments ponder Greek exit contingency

Eurozone governments ponder Greek exit contingency
Reuters
By Giuseppe Fonte and Eero Vassinen | ROME/HELSINKI (Reuters) - At least half of euro zonegovernments as well as banks and large companies are making contingency plans in case Greece decides to leave the single currency area, even though the preferred ... 

Euro zone citizens want to keep common currency: poll
Reuters
LONDON (Reuters) - Citizens from Germany to Greece would vote to keep the euro if their countries held a referendum tomorrow, according to a poll centered on the key national players in the euro zone debt crisis. Six out of 10 voters who expressed a ...

Euro-Zone Economic Contraction Deepens
Wall Street Journal
By ALEX BRITTAIN LONDON—Concerns over the future of the euro deepened Thursday on more evidence of policy inertia and a fresh spate of dire economic data that showed some of the remaining supports for business activity in the 17-country euro zone ...

Britain's Clegg warns Greek exit from eurozone would hurt Europe; backs eurobonds
Washington Post
BERLIN — Britain's Deputy Prime Minister Nick Clegg warned Thursday that a Greek exit from theeurozone could have drastic consequences for all of Europe, and called for a new “grand bargain” to help even the field between the monetary union's haves ...

Eurozone's Economic Slump Deepens
Fox Business
The shadows being cast over the global economy darkened this month as the euro zone's private sector declined further and China's once-booming factories faltered, business surveys showed on Thursday. Worryingly for European policymakers, ...

Europe's slump deepens; US, China lose momentum
Reuters
By Jonathan Cable and Steven C. Johnson | LONDON/NEW YORK (Reuters) - The shadows over the global economy darkened on Thursday as the euro zone's private sector contracted, US manufacturing growth slowed and China's once-booming factories faltered.

EU running out of time as Greece nears the exit
The Associated Press
By DANIEL WOOLLS, AP – 1 hour ago ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone,...

The Associated Press

GLOBAL MARKETS- Weaker euro zone economy sends dollar higher
Reuters
Euro-zone PMI data confirms downturn spreading * Euro hits two-year low around $1.2515 * German bond yields fall to record lows By Richard Hubbard LONDON, May 24 (Reuters) - The US dollar climbed to a 20-month high and safe-haven German bonds set ...

Euro Crisis: Is the Currency (Finally) Doomed?
TIME
Europe has all but admitted that Greece will exit the euro zone. It seems impossible to me that the second round of elections in Greece on June 17 will produce a government that will strictly adhere to the austerity measures agreed to by the previous...

TIME

Much Euro Ado About Nothing
Wall Street Journal
By SIMON NIXON A meeting of euro-zone leaders that wasn't designed to decide anything didn't actually decide anything. So what? The lack of any concrete conclusions from Wednesday night's dinner does not signify anything about how the euro-zone crisis ...

Clegg says time to shift UK economy up a gear
Reuters
Britain's economy, in its second recession since the 2007-08 financial crisis, contracted by 0.3 percent between January and March, Thursday's data showed, following a slump in construction output. "The revision of the growth figures for the first ...

Weaker euro zone economy sends dollar higher
CNBC.com
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.

Europe Holds Crisis Management Hostage to Voters
BusinessWeek
By James G. Neuger on May 24, 2012 European leaders tied their next steps on the financial crisisto the outcome of a bitterly contested election in Greece that may determine whether the 17- nation euro currency splinters. A six-hour summit ended early ...

Merkel: Makes No Sense To Solve Problems With Euro-Zone Bonds
Wall Street Journal
BERLIN (Dow Jones)--German Chancellor Angela Merkel Thursday defended her opposition to joint debt issuance in the euro zone, saying that such tools would not actually get to the roots of the problem. Still, she cautioned that Germany can only remain a ...

GLOBAL ECONOMY-Europe's slump deepens, US, China lose momentum
Reuters
* Euro zone downturn deepens in May * Malaise taking root in core countries * US manufacturing growth loses momentum, exports slow * China factory data suggests weak first-half By Jonathan Cable and Steven C. Johnson LONDON/NEW YORK, May 24 (Reuters) ...

Britain's Clegg warns of impact of Greek euro exit
The Associated Press
By DAVID RISING, AP – 1 minute ago BERLIN (AP) — Britain's Deputy Prime Minister Nick Clegg warned Thursday that a Greek exit from the eurozone could have drastic consequences for all of Europe, and called for a new "grand bargain" to help even the ...

EU struggles to keep Eurozone intact, stave off economic collapse
Los Angeles Times
Competing visions embraced by the continent's political heavyweights, France and Germany, clashed at an informal summit of European Union leaders with little chance of reconciliation even as fears grew that Greece could be forced out of the Eurozone ...

Euro Zone Crisis Boils as Leaders Fail to Signal New Steps
New York Times
BERLIN — With Greece's membership in the euro zone teetering, fears of bank insolvency rising and Europe's leaders bickering about what to do, the euro crisis is once again intensifying and threatening to undermine fragile growth globally.

New York Times

Eurozone edgy as it considers Greek exit
UPI.com
UPI/John Angelillo BRUSSELS, May 24 (UPI) -- European market analysts are calling it both ways on an exit of Greece from the 17-member eurozone, as the drama of economic woes deepens on the continent. "I don't think there's an imminent Armageddon.

UPI.com

Euro Recovers From 22-Month Low
Wall Street Journal
Interest in buying the euro emerged just above $1.25 as traders sought to lock in profits, having seen the single currency slide sharply from this week's high above $1.28 on Monday, amid growing worries about a possible Greek exit from the euro zone.

EU Leaders Reach No Consensus On Euro-Zone Bonds, Debate ECB Role
Wall Street Journal
BRUSSELS (Dow Jones)--A drum beat of recent calls for some form of euro-zone debt issuance ran into a phalanx of opposition at a European Union summit Wednesday, with a number of leaders saying the idea was premature or counterproductive.

Another Support Snaps Under The Euro House Of Stilts
Wall Street Journal
Then it was Germany, ruling out once again any hopes that it would support region-wide euro-zonebonds that would lower borrowing costs for the Greeces of this world. And now, perhaps of even more importance itself, is the German economy, ...

EU summit ends with lots of uncertainty, few plans
CBS News
(AP) BRUSSELS - European Union leaders concluded their latest summit early Thursday with few concrete steps to fix the continent's festering financial crisis even as the potential for a messy Greek exit from the euro appears to be rising.

CBS News

Two-year German bond yield may go negative
MarketWatch
By Min Zeng NEW YORK (MarketWatch) — For the first time, the two-year German bond yield may dip below zero, a rare occurrence in the global fixed-income universe and one that flags growing fears over the future of the euro zone.

Citigroup Sees Greek Exit On Jan. 1 2013
Wall Street Journal
By Eva Szalay Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Greece will likely leave the euro zone on Jan. 1 2013 and its new currency will immediately fall by 60% against the euro, unleashing a massive yet manageable wave of contagion across Europe, ...

Eurozone private sector May performance worst in 3 years — RT
By RT
The eurozone is getting deeper into the doldrums, as its private sectors contracted the most sharply in May since mid-2009, according to a Thursday report by Markit. Shrinking demand for new orders was the first factor to blame.
News RSS : Today

Safe-Haven Currency ETFs Shine in Euro Crisis | ETF Trends
By Tom Lydon
Currency exchange traded funds pegged to perceived safe havens such as the U.S. dollar and Japanese yen have rallied on fears Greece will leave the euro. The Japanese yen, U.S. dollar and even Swiss franc are considered reliable ...
ETF Trends

Killed by friendly fire? The Euro zone, banks and Draghi's “Big ...
By Olaf Storbeck
In December and February, the ECB lended about one trillion Euro for three years to banks in theEuro zone. One tacit motive of the “Long Term Re-financing Operation” (LTRO) – nicknamed after the Krupp howitzer by nobody less than Mario ...
Economics Intelligence

BusinessWeek Cover Perfectly Sums Up The Euro Crisis
By Eric Platt
BusinessWeek Cover Perfectly Sums Up The Euro Crisis. Eric Platt | May 24, 2012, 10:35 AM | 1873 |. · Bloomberg Businessweek is all about the crisis in Europe this week and the cover ...
Business Insider

Eurozone Debt Crisis: What to Expect if Greece Dumps the Euro ...
By Diane Alter
A Greek exit or Grexit from the euro could be how the Eurozone debt crisis plays out. But here's why that end may not be as sweet as some think. Money Morning - Only The News You Can Profit From.
Money Morning

Mish's Global Economic Trend Analysis: Eurozone PMI Disaster ...
By Mike Mish Shedlock
Mish's financial blog covers global news and macroeconomic events regarding the world economy. The blog's primary focus is inflation, deflation, and hyperinflation topics, especially currencies, gold, silver, crude, oil, energy and precious ...
Mish's Global Economic Trend Analysis

Euro zone manufacturing PMI shrinks at fastest pace in 35 months ...
By Forexpros
Forexpros - Manufacturing activity in the euro zone contracted at the fastest pace since June 2009 in May, while service sector activity shrank at the steepest pace in seven months, preliminary data showed on Thursday. In a report, market ...
Forex Pros RSS News Feed | Forex News

Sober Look: Eurozone breakup risk and the currency markets
By Walter Kurtz
As discussed earlier, the Intrade probability of at least one nation exiting the Eurozone by the end of 2013 is now around 60%. In the past, many participants in the FX markets believed that Greece and other smaller periphery nations exiting ...
Sober Look

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