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

Sunday, May 27, 2012

Power Vacuum Is Killing the Euro Zone

A Power Vacuum Is Killing the Euro Zone
New York Times
AS problems mount in the euro zone, it's increasingly evident that we've been witnessing an institutional failure of monumental proportions. What is to be done about Greece? Simply keeping it in the euro zone won't help much, even if it's possible.

Spain region, Greek exit warnings rattle euro zone
Reuters
By Fiona Ortiz and Nicholas Vinocur (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by ...

No German money for Greek 'bottomless pit' - Telegraph: "Germany will not "pour money into a bottomless pit" and patience with Greece is growing thin ahead of a new election next month, according to a member of Angela Merkel's cabinet."

The eurozone crisis - time for a reality check
Bangkok Post
The current eurozone crisis may have far-reaching implications for expats everywhere. Do yourself a favour and take a reality check to prepare for what may happen in the future. There is much conjecture about the future of the euro as a currency and ...

Europe's woes threaten other economies
MiamiHerald.com
By Don Lee and Henry Chu WASHINGTON -- The Eurozone debt crisis is intensifying a global slowdown, with new signs that even powerhouse Germany may be faltering, adding to worries about China and other major pillars of economic growth.

US data, Europe woes to set tone
Reuters
By Chuck Mikolajczak | NEW YORK (Reuters) - Investors will grapple next week with major US economic reports and the looming possibility of a Greek exit from the euro zone, which is likely to keep dragging on equities for weeks to come.

For the eurozone, the worst is yet to come
Telegraph.co.uk
This euro crisis is now getting extremely serious. Events are happening quickly, closing-in on policy-makers and threatening to engulf us. Project bonds are designed to be a step towards the 'eurobonds' being promoted by France – a euphemism for ...

Telegraph.co.uk

Now Spain Circles the Drain
Forbes
Much of the news about the impending doom of the eurozone concentrates upon Greece: but Greece has never really been the problem. It's 2% (and falling) of eurozone GDP, it leaving and defaulting will be expensive but not fatal to anything other than ...

Calling bluffs in the eurozone crisis
Deutsche Welle
If opponents of the EU's austerity course win, then a Greek exit from the eurozoneseems more likely. The consequences would be fatal for Greece and uncertain for the EU. For many in Europe, there are unsettling numbers coming out of Greece: Polls show ...

Deutsche Welle

Tsipras on euro crisis: 'Both sides have nuclear option' - Today's World News
San Francisco Luxury News
And if Greece goes outside Europe, the eurozone and euro, the second day, the next day, the markets will try and find who will be the next. And the next is Italy, with 1.9tr in euros debt – not like Greece. We have only 350bn. Sure.

British Plan To Keep Greeks Out, As Euro-Crisis Nears End Game
Forbes
The potential scope of disruption following a Greek Euro exit was revealed this evening when British Home Secretary Teresa May told the Daily Telegraph that the UK authorities were exploring emergency immigration controls in case of a Greek exit and ...

Germany Walks Away From Greece
Business Insider
Preparing for Greece's exit from the Eurozone has been picking up momentum and has reached critical mass—on the way to a fait accompli. Still unspeakable in public discussion last year, it has become a routine topic at all levels of government.

Markets Resist Drag of Euro Trouble
Forbes
European Union leaders abandoned a bid to convince Britain to change the bloc's treaty to combat the eurozone debt crisis. Talks would now go forward seeking a new inter-governmental agreement designed for the 17 countries that make up the eurozone and ...

No German money for Greek ''bottomless pit'': minister
Reuters
Friedrich, who has long been a hardliner in Merkel's cabinet on Greece, became the first German minister in February to openly call for the country to leave the euro zone. While his latest comments appear to be aimed at placating Germans who are ...

UK Government Mulls Tighter Immigration Controls If Euro Zone Fractures
NASDAQ
LONDON -(Dow Jones)- The UK government may impose emergency controls on immigration from other European Union countries if the euro zone breaks up, Home Secretary Theresa May said in an interview with the Daily Telegraph newspaper that was published ...

Germany And Greece Play Chicken In Demolition Derby, Euro Smashed
Forbes
The New York Times is on the story: Economic reports Thursday showed Europe's prospects dimming as the long battle to defend the euro zone continued to undermine confidence and raised the prospect of a renewed cycle of demands for austerity.

Did Corporate Debt Cause The Financial Crisis?
Forbes
In addition, debt plays a central role in financial crisis. But the data show that the opposite of this is true: corporations seem to hold a puzzlingly large amount of cash, and by historical standards corporate debt is not and was not very high.

Forbes

CANADA STOCKS-TSX keeps rally alive on gold miners
Reuters
However the rally could be fleeting with euro zone jitters still weighing on markets. On Friday, a plea from Spain's wealthiest autonomous region, Catalonia, for help from the central government to refinance its debt this year was the latest news to ...

Euro crisis: UK plans for rise in immigrants
BBC News
If the single currency breaks up, people looking for work abroad may see Britain as an attractive alternative as it is a non-eurozone country. Asked whether emergency immigration controls were being considered , Mrs May said: "It is right that we do ...

BBC News

Stocks slip on eurozone fears
CBS News
The head of Germany's central bank said it was an "illusion" to think allowing euro zone countries to borrow money jointly -- a proposal pushed by other countries -- would solve the crisis. A top official from the European Central Bank said that the 17 ...

CBS News

A Greek exit could make the Eurozone stronger
gulfnews.com
By Jacob Kirkegaard A Greek exit from the euro area would inflict heavy damage in Greece and throughout Europe. It could also be one of the best things that ever happened to the currency union. Greece's repeat parliamentary election next month will...

gulfnews.com

Greek Eurozone Exit Could Shake Canada Too
Greek Reporter
By Andy Dabilis on May 26, 2012 in News While many around the world believe a possible Greek economic collapse and the country's exit from the Eurozone would not affect them, the shock waves could reverberate around world markets and across Canada too.

Greek Reporter

Germany Looks to Its Own Costly Reunification in Resisting Stimulus for Greece
New York Times
Most economists agree that Germany could do more to help revive growth throughout the euro zone, and there are reports that Chancellor Angela Merkel is preparing a major European Union plan to accomplish that. But the German reluctance to underwrite ...

New York Times

Dallara Says Estimated EU1 Trillion Greek Euro Exit on Low Side
San Francisco Chronicle
Concern about Europe's crisis has erased about $4 trillion from global equity values, as policy makers continue to argue over how to stabilize the 17-nation euro area and limit regional contagion. European Union President Herman Van Rompuy said ...

EADS would face cost hit in euro zone collapse -CEO
Reuters
FRANKFURT May 26 (Reuters) - European aerospace and defence company EADS would have to rethink its cost structure if the euro zone collapsed and Europe returned to a system of national currencies, outgoing Chief Executive Louis Gallois said.

UK plans migrant curbs if euro folds - paper
Reuters India
Although Britain might appear attractive because it is outside the euro zone, it depends on the euro zone for 40 percent of exports, it fell back into recession in the first quarter of this year and unemployment is 8.2 percent.

What would a Greek exit mean for North America?
Calgary Herald
TD Economics warned in a report this week that "a disorderly exit by Greece from the eurozone represents the number one risk to Canada's economic outlook." "Canada has little direct exposure to Europe and the real economy would be hit more ...

Best of Friday's web: Euro crisis continues to hurt markets
NASDAQ
Global markets fell on continued panic stemming from the euro zone, as estimates of how much a Greek exit would cost have reached more than a billion dollars and concerns over Spain's region of Catalonia came to the forefront of the conversation.

Spain financial crisis: Sun setting on expats' Costa dreams
Telegraph.co.uk
As the financial crisis in Spain deepens, British expats are finding that life is becoming increasingly hard. By Maxine Frith, Nerja It was sundowner time at the Cantina tapas bar in the picturesque village of Frigiliana, a few miles inland from the ...

Telegraph.co.uk

Eurozone uncertainty sees mortgage costs edging up
Scotsman
Continued uncertainty over the eurozone is beginning to drive up mortgage costs and restrict availability of loans to first-time buyers, with more major banks tightening lending criteria in recent days. Fears grew for the housing market in Scotland ...

Spain region, Greek exit warnings rattle eurozone
Deccan Chronicle
Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the eurozone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances.

Deccan Chronicle

Spain's Serious Banking Troubles Presage Eurozone Crackup | FDL ...
By David Dayen
The crisis in Europe that we talk about, one of austerity-induced recession and mass suffering, has also led to a crisis that we're just starting to.
Firedoglake

Mark Wadsworth: "Euro crisis: UK plans for rise in immigrants"
By Mark Wadsworth
From the BBC: The Home Office is drawing up contingency plans to cope with a possible large increase in immigration from Greece if the euro collapses. Home Secretary Theresa May told the Daily Telegraph "work is ongoing"and "trends" ...
Mark Wadsworth

Blogoir: Financial Crisis: Grey Pytel Stakes his Claim to Originality
Have you heard of anyone called Greg Pytel? The name rang no bell with me either until this morning, when this annoying peevish message arrived: Dear Mr Crawford,. Over a year ago I wrote an article "Regulating financial risks" (it was also ...
blogoir

Economics - Euro crisis hits Eurovision
By Penny Brooks
Amidst the depths of concern about where the Greek crisis and the eurozone might take us, can I offer a lighter note. Putting aside UK contingency planning to deal with mass immigration and Bankia's request for a 19bn bailout, perhaps the ...
Economics

Greece, Eurozone in deep, deep …. » anilnetto.com
By Anil Netto
The news coming out of the Eurozone isn't pretty and this weekend could be crucial for Greece and the Eurozone. What will the effect be on the global economy – and Malaysia? Economics commentator Mike Whitney has the story: May 23 ...
anilnetto.com

Spain region, Greek exit warnings rattle euro zone | Camarillo ...
By Camarillo Publishing
By Fiona Ortiz and Nicholas Vinocur. (Reuters) – Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already ...
Camarillo Publishing Co.

PLAN B: Morgan Stanley's 5-Step Guide To Containing Contagion ...
By Ben Duronio
PLAN B: Morgan Stanley's 5-Step Emergency Response For Limiting Greek Exit Contagion. 1/6 ...Ultimately, everyone is worried that an exit will be disorderly and result in rampant contagion across the eurozone and perhaps the world.
Clusterstock

The Big Picture: Eurozone impact on India
By T T Ram Mohan
The fall in the rupee is a natural response to the widening of the current account deficit beyond 4%, exacerbated by the flight of FII capital in the wake of the Eurozone crisis. The decline in the rupee is a natural stabiliser and should cause the ...
The Big Picture

Oil prices drop on weak China data, euro zone concerns ...
Oil prices fell this week as concerns about the euro zone debt crisis outweighed disappointing results of talks between Iran and six world powers over its controversial nuclear programme.
Proactiveinvestors United Kingdom...

Documentary on the financial crisis: The End of the Road | Steve ...
By Steve Baker
I have just watched a fascinating documentary about the financial crisis by Austrian School thinkers including Peter Schiff, author of the superb book How an.
Steve Baker MP

Spain region, Greek exit warnings rattle euro zone | Firstpost
By fwire
(Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances.
Firstpost

Eurozone crisis live: Alexis Tsipras visits Berlin as IMF warns UK ...
Syriza's leader takes his campaign to Germany, on the day that Christine Lagarde says the Bank of England should ease UK monetary policy now.
www.guardian.co.uk/.../eurozone-crisis-greece-eu-summit-tsip...

EUobserver.com / Economic Affairs / Eurozone in 'very political ...
Eurozone finance ministers are to hold a "very political" meeting on Monday amid intensified speculation of a Greek exit from the single currency and fresh ...
euobserver.com/19/116245

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