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

Thursday, May 24, 2012

Eurozone Steps Up Greece Contingency Plans

Euro-Zone Leaders Step Up Greece Contingency Plans
Wall Street Journal
By WILLIAM BOSTON, MATTHEW DALTON and MATINA STEVIS BRUSSELS—Euro-zone officials have stepped up planning to contain the fallout of a possible Greek exit from the euro zone, even as European leaders meeting here Wednesday said they want the country to ...

ECB, Euro Zone Assessing Ramifications Of Greek Euro Exit - Sources
Wall Street Journal
(Updates with comments from Belgian finance minister on contingency planning, details from euro-zone draft statement, more background.) By Costas Paris and Matina Stevis BRUSSELS (Dow Jones)--The European Central Bank and euro-zone countries are ...

Euro-Zone Uncertainty Rattles Financial Markets
Wall Street Journal
Fears reverberated through financial markets that Greece could leave the euro zone and throw the region--and the rest of the world--into economic turmoil. The Standard & Poor's 500-stock index fell 1% to 1304, while the Dow Jones Industrial Average was ...

Euro zone to prepare for Greek exit scenario -sources
Reuters
Euro zone states urged to draft plans for Greek euro exit * Instruction given in euro working group call on Monday * Greece denies the report * Document seen by Reuters lists potential impact of exit * In event of exit, 'amiable divorce' favoured ...

Euro Zone Officials: Prepare for a Greek Exit Plan
CNBC.com
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources said on Wednesday, citing an agreement reached by officials. As well as confirmation from three euro zone ...

Amid eurozone turmoil, Germany borrows money for free
Christian Science Monitor
European leaders will try to breathe life into their stricken economies at a summit over dinner on Wednesday, but disagreement over the issue of mutual eurozone bonds and whether they can alleviate two years of debt turmoil will dominate the gathering.

Christian Science Monitor

US Stocks Slump As Investors Focus On Greece, Euro Zone
Wall Street Journal
By Jonathan Cheng US stocks joined a global selloff and the euro dropped to near a two-year low Wednesday as investors focused on contingency plans for a potential Greek exit from the euro zone. The Dow Jones Industrial Average declined 133 points, ...

Eurozone looks at Greek exit as leaders meet
CNBC.com
BRUSSELS (Reuters) - European leaders, at odds over how to resolve the deepening crisis in theeuro zone on Wednesday, have been advised by senior officials to prepare contingency plans in case Greece quits the single currency area.

Report: Eurozone Tells Members to Prepare for Possible Greek Exit
Fox Business
Eurozone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but "manageable". Three officials told Reuters the instruction was ...

Merkel comes under increasing fire on euro crisis
Los Angeles Times
Her insistence that debt-ridden European nations cut their way out of financial crises helped cost her conservative political party two state elections this month, exposed her to criticism as an inflexible taskmaster across the Eurozone and unleashed a ...

Los Angeles Times

Monti, Hollande Favor Euro-Zone Bonds As Possible Solution -Source
Wall Street Journal
BRUSSELS (Dow Jones)--Italian Prime Minister Mario Monti and French President Francois Hollande met in Brussels on Wednesday and agreed to consider all the possible measures to boost European growth, including euro zone bonds, a person close to the ...

Bond Funds Prepare for the Worst Out of Greece
Wall Street Journal
By KIRSTEN GRIND And MIN ZENG The world's biggest bond mutual funds are scrambling to protect their portfolios from a possible exit of Greece from the euro zone. Some portfolio managers are dumping debt of southern European countries, while others are ...

US STOCKS-Wall St falls on euro zone concerns, Dell
Reuters
Euro zone officials agree to prepare for Greek exit scenario * Dell revenue outlook weighs on sentiment * US new home sales, prices rise in April * Stocks down: Dow 1.1 pct, S&P 1 pct, Nasdaq 0.9 pct By Angela Moon NEW YORK, May 23 (Reuters) - US ...

Stock futures hit by euro zone, Dell concerns
Reuters
NEW YORK (Reuters) - Stock index futures fell on Wednesday ahead of a meeting of European leaders and on concerns over Greece's future in the euro zone. A weaker-than-expected revenue forecast from computer maker Dell also weighed on investor sentiment ...

Perhipheral Euro-Zone Debt Rattled By Greece; German Sale Eyed
Wall Street Journal
LONDON (Dow Jones)--Lower rated euro-zone government bond markets opened marginally lower ahead of an informal summit of European Union leaders later Wednesday, after a warning by former Greek prime minister Lucas Papademos that "the risk of Greece ...

US STOCKS-Wall Street falls 1 pct on Europe, Dell
Reuters
* Euro-zone officials agree to prep for Greek exit scenario * Dell revenue outlook weighs on sentiment * US new home sales, prices rise in April * Facebook shares rebound despite lawsuit * Dow off 1 pct, S&P off 0.9 pct, Nasdaq off 0.8 pct By Ryan ...

Greek's debt woes put Europe on financial knife edge
msnbc.com
They are part of a larger group discussing the future of the euro zone. By John W. Schoen, Senior Producer Talk about a Herculean task. Or is it Sysiphusian? Europe's heads of state are meeting Wednesday to come up with a plan to jump-start the second ...

msnbc.com

TREASURIES-Bonds gain safety bid on Greece euro zone exit fears
Reuters
By Karen Brettell NEW YORK, May 23 (Reuters) - US Treasuries prices gained on Wednesday as concerns over the repercussions from a possible Greek exit from the euro zone increased demand for safe haven US debt. Euro zone officials have agreed that each ...

HIGHLIGHTS-Comments ahead of EU leaders' summit
Reuters
| BRUSSELS May 23 (Reuters) - European leaders are to explore ways to revive their stricken economies in talks on Wednesday evening, but the issue of euro-zone bonds and whether they can help alleviate two years of debt turmoil will dominate their ...

France to Press for New Euro-Zone Architecture at EU Summit
Wall Street Journal
By DAVID GAUTHIER-VILLARS and WILLIAM HOROBIN PARIS—France will use an informal summit of European leaders in Brussels on Wednesday to propose that members of the euro zonestart working on a new architecture of the currency bloc that would eventually ...

Greek fears drive European shares down
Reuters
The euro zone's blue chip Euro STOXX 50 index declined by 2.7 percent. Germany's DAX fell 2.3 percent, France's CAC-40 fell 2.6 percent while Spain's IBEX dropped 3.3 percent. Traders cited a Reuters report that euro zone countries would have to ...

Euro crisis pain primes Britain for more stimulus
Reuters
By Sven Egenter and Olesya Dmitracova | LONDON (Reuters) - The Bank of England signaled on Wednesday it was likely to pump more money into the struggling British economy if the euro crisiscauses more mayhem, and the government flagged new steps to ...

MARKET COMMENT: Europe Stocks Sink On Greece Fears; Summit Looms
Wall Street Journal
By Barbara Kollmeyer and Sara Sjolin, LONDON (Dow Jones)--Renewed speculation over Greece exiting the euro zone took a heavy toll on European stocks Wednesday, with banks and oil stocks in the firing line, as investors also awaited signs of any ...

Germany's Merkel: EU Treaties Forbid Joint Debt Liabilities
Wall Street Journal
(Adds Finnish, Dutch Prime Ministers opposing euro-zone bonds, commenting on Greece in the sixth through 13th paragraphs.) BRUSSELS (Dow Jones)--German Chancellor Angela Merkel reiterated her opposition to euro-zone bonds Wednesday, ...

Eurozone's turmoil threatens global economy
Chicago Tribune
When economic and financial conditions have grown particularly dicey in the eurozone during the last couple of years, European leaders have made a habit of throwing pacifiers at the markets. So as European leaders meet in Brussels on Wednesday, ...

FOREX-Euro sinks to 21-mth low as Greek exit fears rise
Reuters
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.

TREASURIES-Bonds gain on Greece exit fears
Reuters
Euro zone officials have told members of the currency area to prepare contingency plans in case Greece decides to quit the bloc, an eventuality Germany's central bank said would be "manageable." "Comments like that set you up for another round of risk ...

Fear Is The Glue Keeping Greece Attached To Euro
Wall Street Journal
By MICHAEL J. CASEY The last two prime ministers of Greece have both just taken a leaf out of Hank Paulson's financial crisis playbook. They reached for the fear card. Lucas Papademos, speaking to Dow Jones Newswires in his first interview since his ...

Wall Street Journal

Euro exit worry prompts more Greeks not to pay tax
Reuters
By Lefteris Papadimas | ATHENS May 23 (Reuters) - Greeks are notoriously reluctant to pay taxes, but even those that do are holding off at the moment until they are sure their country stays in theeuro zone. State coffers are on track for a 10 percent ...

CANADA STOCKS-TSX sinks on euro zone fears; near 2012 low
Reuters
TSX down 181.42 pts, or 1.6 pct, to 11270.36 * Energy, materials sell off on Europe fears * Euro zone woes overshadow good bank earnings By Jon Cook TORONTO, May 23 (Reuters) - Toronto's main stock index fell sharply on Wednesday as mining and energy ...

Greece Eurozone Exit: Countries Preparing For Scenario
By The Huffington Post News Editors
Euro zone states urged to draft plans for Greek euro exit * Instruction given in euro working group call on Monday * Greece denies the report * Document seen by Reuters lists potential impact of exit * In event of exit, 'amiable divorce' favoured ...
The Full Feed from HuffingtonPost.com

Euro crisis imperils recovering global economy, OECD warns ...
By Carol Williams
Most major economies are enjoying growth and recovery after four years of turmoil but the improvements are uneven and the Eurozone crisis could spill outside Europe "with very serious consequences for the global economy," the ...
World Now

Pension Pulse: Swiss Pensions Dumping Eurozone Bonds?
By Leo Kolivakis
Swiss pension funds have been dumping sovereign bonds from troubled euro zone issuers and snapping up those of corporate and emerging markets issuers as they strive for the returns they need to maintain funding ratios, a survey found on ...
Pension Pulse

Why is the eurozone different? Part 3 | Martin Wolf's Exchange
By Martin Wolf
Martin Wolf, chief economics commentator at the Financial Times, opens discussion on a topic of his choice.
Martin Wolf's Exchange
Bracing For The Euro Without Greece… Other PIIGS Too (EWG ...
By Administrator
So much for any great help from the ECB, France, Germany, and any other entity being able to help the Euro stay together. Rumors have been out that nations have been instructed to make contingency plans for what they will do if Greece ...
24/7 Wall St.

Can German wage agreements help other eurozone countries ...
By Deutsche Welle
Labor costs are sinking in the south of the eurozone, while Germany funds generous wage agreements. But is this balancing of inequalities the best way out of the euro crisis? For the best part of...
LEAP 2020

Capital gains on international portfolios: New evidence from the - Vox
News reports today are full of negative stories on the Eurozone. This column presents evidence of a much-overlooked benefit. The common currency has led to increased financial integration and in turn increased risk sharing, which helps to ...
VoxEU.org: Recent Articles

Greece, Syriza, and the Euro Zone Crisis | Recorded Future
By Chris
More than the future of Greece will be in the balance when its people go to the polls again for legislative elections on June 17; the survival of the eurozone and the economic well being of Europe may be at stake. Two weeks ago, the previously ...
Recorded Future

EU Leaders Urge Each Eurozone Member to Prepare for a Greek ...
By CRONKITE
“BRUSSELS (Reuters) – Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources said on Wednesday, citing an agreement reached by officials.
iBC_FN | iBankCoin Financial News

Eurozone crisis live: Greece heads for make-or-break elections as ...
The president of Greece failed in a final attempt to form a unity government today, as new GDP data shows the eurozone narrowly avoided falling into recession.
www.guardian.co.uk/.../eurozone-crisis-gdp-greek-governmen...

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