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

Tuesday, May 8, 2012

Germany warns Hollande on eurozone austerity

Germany warns Francois Hollande eurozone austerity treaty not up for negotiation
Telegraph.co.uk
Germany and the European Union have warned Francois Hollande, France's new Socialist president, that he will not permitted to renegotiate a eurozone austerity treaty despite its policies being rejected by French voters. By Bruno Waterfield, Paris Mr ...

Telegraph.co.uk 

A post-elections reality check in the Eurozone
Los Angeles Times
The vote in effect dissolves the partnership between Sarkozy and German Chancellor Angela Merkel in supporting the public spending cuts to control Eurozone debt and keep the common currency strong against the US dollar and Japanese yen.

Banks lead as euro zone shares rebound from 4-mth low
Reuters
Euro STOXX 50 up 1.6 pct after 4-1/2 month low * Banks bounce off 2009 trough on Spanish plan, short covering * Hollande's victory seen as priced in * Greek election results rock local equities By Francesco Canepa LONDON, May 7 (Reuters) - Euro zone ...

Anti-austerity ballot backlash rattles euro zone
Reuters
Samaras, who has three days to try to form a coalition, called for a national unity government to keep Greece in the euro zone but renegotiate the bailout programme. However, European Commission spokesman Amadeu Altafaj said: "Full and timely ...

Euro-Zone Elections Pose Bond-Market Challenge
Wall Street Journal (blog)
Until now, elections have followed the bond-market orthodoxy: Votes in Spain, Portugal and Ireland delivered governments that promised to follow the euro-zoneprescription of austerity and reform. The victory of François Hollande in France and the ...

Wall Street Journal (blog)

Anti-austerity ballot backlash rattles euro zone
Reuters
However, his call for a national unity government to keep Greece in the euro zone but renegotiate the bailout programme fell on deaf ears. Rebuffed by a string of anti-bailout parties, Samaras admitted defeat shortly after President Karolos Papoulias ...

Riskier Euro Zone Govt Bonds Fall On Political Woes
Wall Street Journal
By Neelabh Chaturvedi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Prices of riskiereuro-zone government bonds fell while German government bond futures hit record highs Monday as the Greek membership of the currency area was put in doubt after election ...

New eurozone crisis looms as Spain prepares bail-out
Telegraph.co.uk
A new eurozone crisis is looming as Spain signalled on Monday it was ready to bail out ailing banks after markets shrugged off the election results in France and Greece. Spain is already struggling to cope with an austerity drive that has pushed the ...

Telegraph.co.uk

Anti-austerity ballot backlash rattles euro zone
Baltimore Sun
ATHENS/PARIS (Reuters) - An anti-austerity backlash by voters in Greece and France shook theeuro zone on Monday, causing jitters for the euro currency and stock markets amid deepening doubts about whether Greece has a future in the single currency.

Eurozone Political Instability Weighs on US Futures
Fox Business
By Adam Samson Stock-index futures pointed to more selling on Wall Street following last week's selloff after weekend elections in France and Greece raised the specter of key eurozonepolitical pacts unraveling. As of 7:55 am ET, Dow Jones Industrial ...

IMF chief: euro zone knows growth is important
Reuters
ZURICH May 7 (Reuters) - The head of the International Monetary Fund said it was clear thateuro zone member states understood the importance of generating growth, adding that she believed the euro zone would remain in a solid state down the road.

German Manufacturing Orders Surge Outside Euro Zone
Wall Street Journal
By TOM FAIRLESS FRANKFURT—Orders in Germany's key manufacturing sector rose sharply in March amid resurgent domestic demand and a surge in orders from outside the euro zone, but analysts question how far Germany can continue to defy broader euro-zone ...

OIL FUTURES: Crude Down As Euro-Zone Fears Resurface
Wall Street Journal
By Konstantin Rozhnov Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Crude-oil futures fell Monday, as French and Greek election results fueled worries over the euro zone's ability to solve its sovereign debt problems and prevented crude prices from ...

Greece could drop euro but tragedy won't follow
CNNMoney
By Catherine Tymkiw @CNNMoneyInvest May 7, 2012: 2:49 PM ET The chances of Greece leaving the eurozone are rising, but it won't be disruptive. NEW YORK (CNNMoney) -- The results of the latest elections in Greece may make it more likely that the country ...

Lower Rated Euro Zone Govt Bonds Fall On Political Woes
Wall Street Journal
LONDON (Dow Jones)--Lower-rated euro-zone government bonds fell while Bund futures hit record highs Monday after election results in Greece fanned fears that the country could leave theeuro zone, spurring investors to shun assets perceived to be risky ...

A Better Solution For The Euro Crisis: Europeanization Of Banking
Forbes
Fuest serves as chairman of the German finance ministry's technical advisory committee and is an expert on issues relating to the Eurozone. Many observers of the Eurozone debt crisis argue that the Euro can only survive if the common currency is ...

Forbes

A continental shift for euro zone investors
Reuters
By John Wasik | CHICAGO (Reuters) - If this weekend's elections in France and Greece do nothing else then they should remind investors that these are individual countries, despite being members of the euro zone. The 17 current countries in the currency ...

CANADA STOCKS-TSX falls on euro zone worries
Reuters
Euro zone debt fears escalated after incumbent governments in France and Greece lost re-election bids on Sunday. Market watchers were concerned the new governments may not have the stomach for painful austerity measures seen as key to tackle the ...

Eurozone crisis: democracy trumps austerity but will the euro survive?
The Guardian
In the fantasy world of policymakers in Brussels, the eurozone would fast-track to full fiscal union, but there is no realistic chance of this happening any time soon. Nor does there seem much prospect of ameliorating austerity with a growth strategy ...

The Guardian

Riskier Euro Zone Bonds Fall On Political Woes
NASDAQ
LONDON -- Prices of riskier euro-zone government bonds fell while German government bond futures hit record highs Monday as the Greek membership of the currency area was put in doubt after election results showed the two main political parties lacked ...

Stocks Mostly Lower; Eurozone Elections Eyed
Morningstar.com
By Kevin O'Shaughnessy | 05-07-12 | 11:00 AM | Email Article Stocks were mostly lower at midday as investors focused on weekend elections in the eurozone. In France, socialist candidate Francois Hollande defeated incumbent Nicolas Sarkozy to become the ...

Slate: Can Hollande save the Eurozone economy?
The Hour
But whatever you think of Hollande's economic policy ideas, the real question is whether he can inject some much-needed perestroika into Eurozone-wide economic governance. There's ample reason to think that he simply can't. That the Eurozone is simply ...

France and Greece elections: Threat to Eurozone recovery?
Christian Science Monitor
The elections in France and Greece won't bode well for economic recovery in Europe, according to Karlsson. By Stefan Karlsson, Guest blogger / May 7, 2012 French president-elect Francois Hollande waves to crowds gathered to celebrate his election ...

Christian Science Monitor

EURO GOVT-Peripheral euro zone CDS up on Greek worries
Reuters
LONDON May 7 (Reuters) - The cost of insuring Italian and Spanish bonds against default rose on Monday after a poor election result of the pro-bailout parties in Greece revived concerns of aeuro zone break-up. Five-year credit default swaps (CDS) on ...

German Chancellor Angela Merkel faces a fight for the eurozone's future
Telegraph.co.uk
Photo: AFP By Roland Gribben There is little prospect of the German chancellor putting her hands up and losing the economic war she has been waging with hereurozone partners for two years now. Austerity Rules OK might be the graffiti shorthand for the ...

Telegraph.co.uk

Eurozone elections: Rejecting austerity at the polls
BBC News
The Germans will have to show some flexibility but they will not abandon insisting on tough new spending rules for the eurozone. In Greece voters were threatened that a vote against austerity could lead to their having to leave the euro.

BBC News

Euro zone stocks rebound after lows
Newsday
Nation Newsday > News > Nation Print Aa Euro zone stocks rebound after lows Published: May 7, 2012 7:55 AM By Combined wire services LONDON - Eurozoneblue chips turned positive by mid-session on Monday, bouncing back from oversold territory after a ...

Newsday

Anti-austerity voters shake eurozone
National Post
ATHENS/PARIS – An anti-austerity backlash by voters in Greece and France shook the eurozone on Monday, sending the euro currency and shares sliding on deepening doubts about the ability of Athens to survive in the single currency area.

National Post

VEGOILS-Palm oil higher on bargain hunting; euro zone fears weigh
Reuters
French voters ousted incumbent Nicolas Sarkozy in a presidential election on Sunday while the first Greek election since the euro zone debt crisis threatened to put the country's bailout programme at risk. But concerns of the market being oversold ...

Eurozone crisis live: Greek market rocked by election
The Guardian
9.14am: Good morning and welcome to our eurozone live blog, which on this public holiday in the UK promises to provide lots of twists and turns following the elections in France and Greece. The prospects of a fight against austerity measures in Europe ...

The Guardian

Greek election causes eurozone fears | European Voice
greek election causes eurozone fears financial markets react badly to success for parties opposed to austerity measures.
European Voice - RSS

Where is the deflationary pressure in the eurozone “going ...
By Tyler Cowen
The difficulty of wording this question is indicative of Scott Sumner's point about the poverty of our language. Here is Scott: The most recent inflation rate in Greece is 1.7%, whereas Spain has 1.9% inflation. I don't know about you,
Marginal Revolution

French Election Reflects Broken Consensus Among Eurozone | FDL ...
By David Dayen
Francois Hollande's victory in the French Presidential election, which may actually mean less for policy in France than meets the eye – in the.
Firedoglake

Noahpinion: What is a "financial crisis"? (reply to John Cochrane)
By Noah Smith
In contrast to much conventional wisdom, the stylized fact that deep contractions breed strong recoveries is particularly true when there is a financial crisis. In fact, on average, it is cycles without a financial crisis that show the weakest relation ...
Noahpinion

France hails new leader amid new eurozone debt concern
By adekunle
PARIS (AFP) – France's president-elect Francois Hollande set about the task of building his government and ties with allies on Monday as world markets eyed political developments in theeurozone with concern. The 57-year-old Socialist won ...
Vanguard News

PBS interview about financial crisis with Joe Stiglitz - AMERICAblog
By Chris in Paris
One of America's most influential progressive political blogs, providing news analysis of US politics, by John Aravosis in Washington DC.
US Politics | AMERICAblog News

Early Warning: One Way the US is like the PIIGS
By Stuart Staniford
A good way of thinking about at least some of the PIIGS country troubles is as primarily current account crises - these countries borrowed too much from foreign lenders. Some (Spain) mainly did this through the private sector, while others ...
Early Warning

Bad moon rising: Eurozone governments and markets slide deeper ...
By The Extinction Protocol
May 7, 2012 – ATHENS — A day after Greece's two dominant parties collapsed at the polls, the leader of the center-right New Democracy party announced Monday that he had failed to form a governing coalition, pushing the mandate to the ...
The Extinction Protocol: 2012 and beyond

The euro crisis: A winner in France, alarm in Greece | The Economist
By The Economist | BRUSSELS
"EUROPE is watching us," declared François Hollande (video here, in French) after being confirmed as winner of the French presidential election. “At the moment when the result was proclaimed, I am sure that in many countries of Europe ...
Charlemagne's notebook

The Coming Crisis: Au revoir, austerity! New Euro crisis as French ...
By Lynsey
New Euro crisis as French and Greeks reject cuts and vote for return to ruinous spending. Europe is facing a fresh economic crisis after France rejected austerity and elected a tax-and-spend socialist president. Nicolas Sarkozy suffered a ...
The Coming Crisis

Fuel Fix » Risk assets shunned after eurozone votes
By FT.com - Energy
The euro and equities fell and the bond yields of periphery European countries rose after voters rejected pro-Europe parties in the weekend's elections. Read more from Financial Times ...
Fuel Fix

Dow lower on eurozone jitters, Electronic Arts in focus – Proactive ...
By Newswires
Proactive Investors USA & CanadaDow lower on eurozone jitters, Electronic Arts in focusProactive Investors USA & CanadaUS equity markets were mixed...
The Wall Street Examiner

Dow lower on eurozone jitters, Electronic Arts in focus ...
U.S. equity markets were mixed as Wall Street reflected on voting results over the weekend in which Greece and France rejected pro-austerity candidates.
Proactiveinvestors USA & Canada website

American Power: ZOMG! New Euro Crisis as French Vote For Return ...
By Donald Douglas
Ruinous Spending. And here's Daily Mail's report online, "Au revoir President Bling Bling! Sarkozy concedes defeat as Hollande becomes new leader of France." PREVIOUSLY: "Socialist François Hollande Wins French Presidential Election." ...
American Power

French candidate Hollande's projected win could change eurozone's
French presidential frontrunner Francois Hollande, of the Socialist Party, could prompt major changes to the German-led austerity model, which much of Europe ...
www.csmonitor.com/.../French-candidate-Hollande-s-projecte...

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