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

Monday, May 21, 2012

G8 Consensus or Denial?

G8 Consensus? The G8's "consensus" is like telling a morbidly obese person to "exercise more."--editor's note

What happens next if Greece leaves the eurozone?
BBC News
The country has been unable to form a government, and new elections seem set to give power to parties that reject the spending cuts that have been agreed with other eurozone governments and the International Monetary Fund. But without those spending ... 

Stocks: Storm clouds continue to gather over Greece
CNNMoney
Investors are likely to continue to bail out of stocks and continue the move into US Treasuries and gold in search of safety as doubts over Greece's future in the eurozone continue to build. Elections in Greece earlier this month failed to form a ...

Weaker euro zone nations need more support from core: UK
Reuters
LONDON (Reuters) - The euro zone can protect its currency if its stronger countries provide more support for the weaker to help them deal with their problems, British finance minister George Osborne said in a newspaper on Sunday.

Greek Crisis Poses Unwanted Choices for Western Leaders
New York Times
PARIS — The leaders of the Group of 8, emphasizing growth as well as fiscal discipline at their meeting on Saturday, made a strong plea for Greece to stay in the euro zone and the European Union. And no wonder. Despite efforts at official reassurance, ...

Barroso: Lenders Stand Firm On Greek Austerity Plan
Wall Street Journal
José Manuel Barroso, president of the European Commission, described the issue of mutualeuro-zone government bonds as a "work in progress" but said the conditions hadn't yet been reached under which they could be launched.

Euro Zone's Banks Are "In Tatters" Says UK Minister -Report
Fox Business
LONDON – Former UK chancellor Ken Clarke has said Europe's banking system is "in tatters," warning the UK is "heavily exposed" to potential problems in the currency bloc, the BBC reported Sunday. The UK justice secretary also said Greek voters had to ...

G-8 leaders endorse policy of economic growth
Los Angeles Times
Meeting at Camp David, the leaders of the Group of 8 industrialized nations also emphasize that debt-ridden Greece should remain in the Eurozone. President Obama walks with the other G-8 leaders at the presidential retreat at Camp David, ...

Obama sees 'emerging consensus' developing on growth plus cuts to end eurozone ...
Washington Post
Much of the new emphasis on government-led growth seemed aimed at German Chancellor Angela Merkel, who came to the summit as the European leader who had demanded austerity as the most important step toward easing the eurozone's debt crisis.

G-8 leaders put focus on European financial crisis
BusinessWeek
The G-8 session here in this secure presidential compound nestled in Maryland's Catoctin Mountains sets the stage for a far more consequential European summit next week whereeurozone members hope to come together on specific steps to fight rising debt ...

Euro zone row gets fat pay rise for German workers
Reuters
Union's 4.3 percent pay rise to help rebalance euro zone By ...

Weaker euro zone nations need more support from bloc's core-UK
Reuters
LONDON May 20 (Reuters) - Weaker euro zone countries need more support from the core of the single currency bloc to deal with their problems, British finance minister George Osborne wrote in the Sunday Times newspaper. "Euro zone countries must either ...

Greeks must choose on euro-UK's Cameron
Reuters
| CHICAGO May 20 (Reuters) - Greek voters have a choice in next month's elections between staying in the euro or leaving, British Prime Minister David Cameron said on Sunday, urging theeuro zone to put in place strong contingency plans for either ...

Birth of new Greek drachma would be pained, rushed
Reuters
The euro zone would no longer have to worry about what has always been its weakest link. While a new Greek currency would almost certainly immediately crash in value as soon as it was issued, in doing so it would make the Greek economy much more ...

Greek Crisis Poses Choices G8 Leaders Prefer Not to Make
CNBC.com
The leaders of the Group of 8, emphasizing growth as well as fiscal discipline at their meeting on Saturday, made a strong plea for Greece to stay in the euro zone and the European Union. Despite efforts at official reassurance, no one really knows the ...

At Summit, a Struggle for Consensus on Economic Woes
Wall Street Journal
By CAROL E. LEE, SUDEEP REDDY and STEPHEN FIDLER CAMP DAVID, Md. -- Leaders of the Group of Eight major economies ended a weekend summit in which they struggled with little success to find agreement on next steps to calm the euro zone debt crisis, ...

Will the Euro Zone Go Up In Smoke?
Daily Beast
Barring a miracle, Greece is hurtling toward a destination that is not even supposed to exist: bankrupt, and outside the euro zone. And if Greece is kicked out the door, the political as well as economic staying power of other debt-plagued members of ...

Daily Beast

Obama Sees 'Emerging Consensus' on Eurozone Rescue, Promotes Growth
ABC News (blog)
Today's focus on the Eurozone comes on the heels of elections in France and Greece that ushered in new leaders who are focused on growth, a blatant rejection of the austerity model championed by Germany. But German Chancellor Angela Merkel said today ...

ABC News (blog)

Obama hails G8 consensus
Politico
CAMP DAVID – President Barack Obama is heading to the NATO summit in Chicago with some solid G8 agreements on oil markets and the global economy but little certainty that the Eurozone financial crisis or the fallout from Iranian sanctions won't derail ...

France's Hollande: Learned At G-8 Not Alone To Back Eurobonds At EU Summit
Wall Street Journal
CHICAGO (Dow Jones)--French President Francois Hollande said Saturday he won't be alone in proposing euro zone bonds at an upcoming European Union summit next week, suggesting that he's gaining allies in pushing for growth measures in the troubled ...

G8 Summit Ends with Consensus on Eurozone Reforms
Voice of America
"We agreed upon the importance of a strong and cohesive Eurozone, and affirmed our interest in Greece staying in the Eurozone while respecting its commitments.” The decisions the leaders make could have political consequences.

Voice of America

Eurozone steps closer to the edge
Futures Magazine
By Brian Dolan It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place ...

Futures Magazine

Obama warns of euro zone threat, welcomes growth focus
Reuters
CAMP DAVID, Maryland (Reuters) - President Barack Obama, wrapping up the G8 summit he hosted at Camp David, welcomed Europe's focus on rekindling growth and warned the crisis in the euro zone was dangerous for the world. Obama, whose re-election ...

KRUGMAN: Euro crisis: Pay now, or pay more later
Santa Rosa Press Democrat
Then, with the financial crisis of 2008, the flood dried up, causing severe slumps in the those nations. At that point, Europe's lack of political union became a severe liability. Florida and Spain both had housing bubbles, but when Florida's bubble ...

The EuroCrisis and Oil Prices
NASDAQ
A disorderly break-up of the EuroZone could drive Brent Crude Oil prices to as low as 60 bbl in the resulting sharp European recession and negative Global economic consequences, Bank of America Merrill Lynch ( BAC ) said Friday.

France's Hollande to make Eurobond proposals at EU summit
Reuters
| CAMP DAVID, Maryland (Reuters) - French President Francois Hollande said on Saturday he would make proposals for eurobonds at an upcoming European summit as he outlines his ideas to stimulate growth and help ailing economies within the euro zone.

G-8 leaders to discuss eurozone crisis, Syria, Iran
INDOlink
WASHINGTON: Leaders of the world's eight most powerful economies are set to discuss the eurozone crisis, apart from key international issues like Iran, Syria, Myanmar and North Korea at their crucial summit at Camp David in the US.

Harper to Eurozone: Stimulus alone won't save you
Sun News Network
WASHINGTON, DC - World leaders emerged from the isolation of Camp David on Saturday confident the Eurozone financial crisis can, and will, be solved. But Prime Minister Stephen Harper reminded his G8 colleagues - some of whom are pushing for heavy ...

Sun News Network

The only way to stop a eurozone bank run
Financial Times
By Wolfgang Münchau If you want to know what will drive the eurozone to destruction, my advice would be to follow the money, and ignore the real economy. I am exaggerating, of course, but only a little. The distortions in competitiveness between ...

Afghanistan and Euro Economic Problems to Top Talks at Chicago ...
CHICAGO -- President Obama arrived in his hometown of Chicago Saturday night looking to collaborate with European allies at the NATO summit on bringing the war in Afghanistan to a close, but the shadow of the Eurozone economic ...
Fox News

G8 Summit Juggles Eurozone Crises at Camp David | TheBlaze.com
By Erica Ritz
(The Blaze/AP) -- President Barack Obama and the leaders of other wealthy nations underscored an increasing consensus that their countries need to adopt growth measures and relentless budget cutbacks in order to resolve their debt ...
TheBlaze.com - Stories

The anatomy of the eurozone bank run | Gavyn Davies | Insight into ...
By Gavyn Davies
Gavyn Davies blogs for the Financial Times on macroeconomics, economic policymaking and the financial markets. Gavyn Davies is a macroeconomist who was the head of the global economics department at Goldman Sachs from ...
Gavyn Davies

The Coming Crisis: Barack Obama warns eurozone to focus on jobs ...
By Lynsey
US President Barack Obama, wrapping up the G8 summit hosted at Camp David, says the euro zone crisis is threatening the world economy, but welcomes Europe's new focus on jobs and growth as a potential remedy. Mr Obama, whose ...
The Coming Crisis

G-8 Leaders Discuss Eurozone Crisis & Consider Tougher ...
By sbhagav
World leaders are now in Western Maryland for the G-8 Summit. On the table, many topics including the eurozone crisis, Afghanistan and Iran's nuclear program. But the meeting doesn't come without protests.
CBS Baltimore

G-8 leaders hope Greece remains in eurozone | NOLA.com
By The Associated Press
Leaders of industrial nations emphasize need to keep bringing deficits down through austerity measures.
New Orleans Metro Real Time News

The Fire Next Time: The Euro Financial Crisis - G-8 to Germany: End ...
By AZ BlueMeanie
Posted by AzBlueMeanie: In advance of the G-8 Summit at Camp David this weekend, Paul Krugman's column on the the Euro financial crisis was decidedly pessimistic with the government in Greece this week rejecting the austerity plan ...
Blog For Arizona

Wealthy eurozone countries must back weak nations, George ...
By From telegraph.co.uk
Wealthy eurozone countries must back weak nations, George Osborne warns - "Eurozonecountries must either stand behind their currency or face up to the prospect of Greek exit with all the risks that could involve," the Chancellor wrote in ...
Forex Factory

Obama Sees 'Emerging Consensus' on Eurozone Rescue » Talk ...
By cBruno
Jewel Samad/AFP/GettyImages(WASHINGTON) — There were a couple new faces in town at the annual Group of Eight summit, and a couple new allies for President Obama, who has been urging Europeans to follow America's lead. And with ...
Talk Radio 600 WBOB Jacksonville,...

Obama says euro zone crisis threatens global economy - Stabroek ...
By Stabroek editor
President Barack Obama, wrapping up the G8 summit he hosted at Camp David, welcomed Europe's focus on rekindling growth and warned the crisis in the euro zone.
Stabroek News

Eurozone Fears Weigh on ETFs, Confidence | ETF Trends
By Tom Lydon
Investors are still feeling bearish about the stock market, evidenced by large outflows from domestic stock mutual and exchange traded funds. Recent evidence suggests that investors are staying on the sidelines not because of the market ...
ETF Trends

Up with Chris Hayes - Eurozone in fragile balance
The state of the Eurozone is at the forefront of concerns after world leaders convened at Camp David for the G8 Summit. The Up w/ Chris Hayes panelists – including Bill Black, former litigation director for the Federal Home Loan Bank Board; ...
Newsvine - Up with Chris Hayes...

Greek politics, Spain banks test eurozone survival - Yahoo! News
From Yahoo! News: Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an ...
news.yahoo.com/greek-politics-spain-banks-test-eurozone-sur...

'The Financial Crisis Was the Result of Government Housing Policy ...
The American Enterprise Institute's Peter Wallison on how government, not greed , was the ...
reason.com/archives/2012/05/17/the...crisis.../singlepage

REPORT: Eurozone Countries Debate Delaying Aid Payments to ...
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 ...
articles.businessinsider.com/.../31634767_1_aid-payments-gre...

Greek Voters to Face Month of Eurozone 'Fear-Mongering' to ...
Greek voters are in for several tumultuous weeks ahead of next month's parliamentary elections as the country's "troika" of creditors – the European Union, the ...
www.commondreams.org/headline/2012/05/16-6

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