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

Saturday, June 30, 2012

Eurozone Bailout: It Still Might Not Work

Eurozone Bailout: It Still Might Not Work
Forbes
Overnight we got the news that the euro, the eurozone, is saved. There will now be direct buying of bonds of the troubled sovereigns by the European Stability Mechanism, the ESM. Further, that the ESM purchases will not have seniority, but will rank ... 

Euro Zone Takes Radical Decisions, But Implementation Risks Loom
Wall Street Journal
BRUSSELS--European leaders' radical new measures Friday to tackle the euro zone's debt crisis -- which promise to use their sizeable rescue funds more flexibly and pave the way for the European Central Bank to assume an expanded role as supervisor for ...

Markets rally after defeat for Merkel - Telegraph: "Traders celebrated an unexpected defeat of Angela Merkel’s austerity strategy at the Brussels summit, despite warnings that the deal reached by European leaders would be insufficient to arrest the crisis."

Ambush from Italy and Spain forces Angela Merkel to dilute euro deal - Telegraph: "Angela Merkel was forced into a humiliating about-turn after being ambushed at a European Union summit by a new Latin alliance of France, Italy and Spain." 

Euro-Zone Bonds Rally
Wall Street Journal
Euro-zone government-bond investors welcomed steps European leaders agreed to take to rein in Spanish and Italian borrowing costs, sending yields on both countries' debt lower.

Wall Street Journal

Euro-Zone Economic Outlook Remains Weak
Wall Street Journal
The European Central Bank might have to take more action to spur growth in the euro zone after data suggested that German consumers are beginning to feel the strain of the debt crisis and the ECB's earlier injections of cash haven't borne fruit.

Markets rebound after eurozone deal
Financial Times
Financial markets rebounded strongly on Friday after European leaders struck an unexpectedly detailed deal to help Spain and Italy face down fears about their ability to survive the eurozonecrisis. The agreement to allow the eurozone's rescue funds.

Europeans Agree to Use Bailout Fund to Aid Banks
New York Times
BRUSSELS — In the face of pressure from the embattled euro zone countries Italy and Spain, European leaders agreed early Friday to use the Continent's bailout funds to recapitalize struggling banks directly, cheering financial markets but prompting ...

Euro zone inflation steady, room for ECB move
Reuters
BRUSSELS (Reuters) - Euro zone inflation held steady at a 16-month low in June, kept in check by a sharp fall in oil prices and supporting an already strong case for a near-term interest rate cut by the.

GLOBAL MARKETS-Euro, oil, stocks rally after euro zone deal
Reuters
NEW YORK (Reuters) - The euro jumped nearly 2 percent, oil prices surged and world stocks rallied on Friday after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain,

Eurozone inflation unchanged at 2.4 percent
The Seattle Times
Inflation has been gradually sinking in the eurozone thanks to a slack economy and lower oil prices, and the ECB expects it to fall to 2 percent sometime next year. Mario Draghi, the head of the European Central Bank, said June 15 that there was no ...

Eurozone inflation unchanged at 2.4 percent; door still open to ECB rate cut ...
Washington Post
FRANKFURT, Germany — Inflation in the 17 countries that use the euro was an annual 2.4 percent in June, a figure that leaves the door open for a possible interest rate cut by the European Central Bank.

Merkel defends concessions in euro crisis
San Francisco Chronicle
Heading in to the Thursday-Friday summit in Brussels, Merkel had appeared thoroughly uncompromising —insisting on the importance of getting budgets in order and improving eurozone strugglers' competitiveness while brushing aside talk of shared debt ...

San Francisco Chronicle

Euro zone inflation holds steady in June, room for ECB move
Reuters
Consumer price inflation at 2.4 pct, same as in May* Dramatic oil price fall offers space for rate cutsBRUSSELS, June 29 (Reuters) - Euro zone inflation heldsteady at a 16-month low in June, in line.

With Crucial Details Missing, Will EU Deal Euphoria Last?
CNBC.com
buy euro zone bonds in the primary and secondary markets. The conditions of any support remain unclear, with the European Commission talking about “very strict conditions” but Italian Prime Minister Mario Monti saying any support would not require ...

CNBC.com

Eurozone Leaders Try Again to Resolve the Debt Crisis
Voice of America
Stock markets cheered Friday, with indexes up sharply.

Voice of America

GLOBAL MARKETS-Euro surges, stocks jump after eurozone deal
Reuters
Euro spikes about 2.0 percent in biggest daily gain for 8months* World stocks, crude oil jump after euro zone deal* Spanish and Italian bond yields fallBy Herbert LashNEW YORK, June 29 (Reuters)

Eurozone Leaders Move to Ease Debt Crisis
Fox Business
After a round of intense meetings, eurozone leaders agreed on a broad range of measures aimed at quelling the debt crisis that is now well into its second year.

European Leaders Try To Tackle Eurozone's Crisis
NPR
European leaders worked through the night at a summit in Brussels aimed at tackling the eurozone's worsening debt crisis. There's been growing concern Italy will soon become the sixth eurozone nation to request a bailout.

Fall in euro zone loans puts more pressure on ECB
Reuters
Annual growth rate M3 May 2.9 pct, above forecasts* Monthly flow of loans to households 1 bln eur* Monthly flow of loans to non-financial firms -10 bln eurosFRANKFURT, June 29 (Reuters) - Loans to.

OIL FUTURES: Nymex Crude Rises Sharply following Euro-Zone News
Wall Street Journal
NEW YORK--Buoyed by a European Union summit's radical new measures to tackle the euro zone's debt crisis, along with renewed anxiety on Iran, crude-oil futures shot up more than 7% Friday, outperforming most other commodities on a bullish day for the ...

Markets Like Euro Crisis Deal, Merkel Defensive
Washington Post
Stock markets made gains around the world Friday after the latest European summit agreed on more substantive moves to resolve the continent's debt crisis. Germany's leader Angela Merkel was left defending concessions she made.

US Stocks Jump After Euro-Zone Banking Agreement
Wall Street Journal
European leaders at a two-day summit in Brussels said they would speed plans to create a single supervisors for the euro-zone's banks. They agreed that the euro-zone's bailout funds should be able to directly boost the capital of struggling banks ...

European leaders agree to use bailout fund to help banks, contain crisis
Washington Post
Agreement gives much-needed relief to Spain and Italy after Germany relaxes its stance.

TABLE-Euro-zone private loans shrink in May
Reuters
FRANKFURT, June 29 (Reuters) - Money supply growthaccelerated but loans to the private sector decreased in May,the European Central Bank said on Friday. The ECB gave the following percentage changes.

Spain's Auction to Stir Waters if Euphoria Fades
Wall Street Journal (blog)
Spain's bond auction next Thursday is expected to draw attention again if an initial positive reaction to this week's the European Union leaders' summit begins fading.

Euro summit: Day 2 | The World
By FT
Markets have responded powerfully with sharp moves in equities, bonds and currencies after EU leaders agreed measures that will see a shift towards central supervision of eurozone banks in exchange for short-term support on Italian and ...
The World

Calafia Beach Pundit: Eurozone crisis atmosphere fades
By Scott Grannis
The Eurozone members have not yet solved its fundamental problem—excessive government spending—but as these charts show, they have significantly reduced the threat of a near-term disaster. The ECB's liquidity injections have been ...
Calafia Beach Pundit

Euro Crisis So Bad People Selling Kidneys - Business Insider
By Max Nisen
The Euro Crisis Is So Bad That People Are Selling Their Kidneys Just To Get By. Max Nisen | Jun. 29, 2012, 12:19 PM | 549 | 5 ... Follow Max Nisen on Twitter. Ask Max A Question >. Tags: Euro Crisis | Get Alerts for these topics » ...
Business Insider

EVENT ANALYSIS: Thoughts on the Eurozone “Breakthrough ...
By Cullen Roche
Futures are soaring overnight on news out of Europe that discussions have led to a breakthrough leading to long-term union (the USA Today.
PRAGMATIC CAPITALISM

Dramatic pre-dawn Eurozone deal sends markets soaring | The Raw ...
By Agence France-Presse
A dramatic pre-dawn deal to save the euro and revamp the eurozone by leaders of the 17eurozone nations brought immediate relief to crisis-hit Italy and Spain and sent markets soaring on Friday. At the end of tense talks that stretched almost ...
The Raw Story

Eurozone's shaky 'breakthrough' to prevent catastrophe now ...
By The Extinction Protocol
June 29, 2012 – EUROPE - European leaders reached a “breakthrough” deal early Friday to ease the recapitalization of struggling banks that should help draw the eurozone back from the brink of a gathering crisis. Under the deal, European ...
The Extinction Protocol: 2012 and beyond

EU agrees on growth compact; eurozone heads for banking union ...
The European Union's (EU) top leaders have agreed on a growth compact for long-term economic revival, while the crisis-hit eurozone has been one step closer to the banking union as a two-day summit ended here on Friday.
philstar.com - Breaking News

Major new deal on Eurozone debt signals victory for Irish taxpayers ...
Major new deal on Eurozone debt signals victory for Irish taxpayers: The Irish government has won its battle to alleviate the country's debt burden on the tax-payer in a new deal with the European Union.
IrishCentral.com - Top Stories

Friday, June 29, 2012

Euro zone mulls covered bonds for Italy and Spain

Euro zone mulls covered bonds for Italy, Spain
Reuters
BRUSSELS (Reuters) - Euro zone experts discussed a Finnish proposal for Spain and Italy to issue covered bonds to make their debt more attractive and to allow the euro zone's permanent bailout fund to.

Euro-zone Governments Mull Ways to Help Ease Borrowing Costs for Spain, Italy
Wall Street Journal
BRUSSELS--Euro-zone officials were mulling a variety of options Thursday aimed at helping Spain and Italy deal with sky-high borrowing costs, including the prospect of direct bond purchases by the region's rescue funds, as heads of government met in ...

WSJ UPDATE: Euro Zone Reviews Debt Costs for Spain, Italy
Wall Street Journal
While the Brussels summit was tasked with agreeing on a growth package for the region and discussing longer-term plans for tying the 17 economies of the euro zone closer together, the increased difficulties getting funding from financial markets faced ...

Germany's economy, eurozone's largest, at a glance
San Jose Mercury News
Germany s economy has weathered Europe s debt crisis far better than the 16 other countries that use the euro currency.

Cyprus banks must ringfence Greek risk: central bank head
Reuters
The euro zone minnow became the fifth casualty this week of the debt crisis that began in Greece and has spread across the euro zone, applying for emergency funds to help support local banks crippled by their losses on Greek bonds. In his first public ...

World stocks outlook tempered by euro zone
Reuters
LONDON (Reuters) - Persistent fears about the euro zone's future and an increasingly subdued global economy will restrain further advances for the world's major stock markets, according to Reuters polls.

Euro zone crisis saps confidence in June as leaders meet
Reuters
BRUSSELS (Reuters) - Euro zone economic sentiment fell by more than expected in June, as managers of businesses and in factories across the currency area saw little reason for cheer as the region's economy.

A slowdown in Germany, eurozone's biggest economy, could complicate ...
Washington Post
FRANKFURT, Germany — For Germany — the biggest of the 17 countries that use the euro — the crisis gripping Europe can feel like someone else's problem. Its economy is growing. Unemployment is low. And its government can borrow at lower interest ...

TEXT-Fitch: Eurozone debt crisis clouds 2012 outlook for emerging Europe
Reuters
The following statement was released by the rating agency)June 28 - Fitch Ratings says in its newly-published global Sovereign Review and Outlookthat the eurozone sovereign debt crisis is affecting.

Euro zone crisis saps business confidence again in June
Reuters
Mood worsens across the euro zone's economy* Economic, business sentiment fall to 2009 lowsBRUSSELS, June 28 (Reuters) - Euro zone economic sentimentfell by more than expected in June, as managers.

Euro-Zone Mulls Ways to Help Spain, Italy
NASDAQ
NASDAQ News: Euro-Zone Mulls Ways to Help Spain, Italy.

The Global Note: Eurozone “Plane Crash”…Trader Outrage…Hillary's 100th ...
ABC News (blog)
Nothing we could write here can top this from The Independent's John Lichfield – as Eurozoneleaders make what's billed as a last-ditch effort to ease the crisis and save the Euro itself: “If this 'last chance' fails, it really will be time to brace ...

Oil Futures Drop Again on Renewed Fears About Euro Zone
Wall Street Journal
NEW YORK--U.S. oil futures tumbled sharply Thursday on renewed fears that this week's euro-zonesummit would again fall short of resolving the crisis. Nymex oil futures settled at $77.69 a barrel, down $2.52, or 3.1%. The fall came as European leaders ...

Euro-Zone Confidence Weakens
Wall Street Journal
Businesses and consumers in the 17 countries that use the euro became more pessimistic about their prospects in June as the currency area's fiscal and banking crisis deepened, with sentiment weakening significantly in France, Germany and the ...

3 Leadership Lessons From The Euro Crisis
Forbes
German Chancellor Angela Merkel arrives prior to an European Council at the Justus Lipsius building, EU headquarters in Brussels (Image credit: AFP/Getty Images via @daylife) It might be no surprise that today's EU summit is exposing even more ...

Oil prices fall ahead of eurozone meeting
Christian Science Monitor
Oil prices dropped to near $80 a barrel Thursday as markets awaited a meeting between Europe's leaders menat to find solution's to the region's debt crisis. Benchmark oil prices were down 17 cents to $80.04 per barrel.

Christian Science Monitor

Germany vs. Italy: At eurozone meeting, the battle is over urgent action
Christian Science Monitor
As Europe's leaders meet in Brussels today, Germany is pushing hard for long-term reform. But Italy PM Monti says Europe faces disaster if high borrowing costs aren't addressed quickly.

Christian Science Monitor

Brent oil falls on euro zone worry
CNBC.com
LONDON (Reuters) - Brent crude oil slipped on Thursday, as investors waited for the outcome of aeuro zone summit that many expected would do little to address a festering debt crisis in the continent.

Dow Pulls Back on Eurozone Debt Concerns
TheStreet.com
The Dow's decline deepens in late morning trading Thursday.

Brent falls towards $93 on euro zone
CNBC.com
LONDON (Reuters) - Brent crude oil slipped to around $93 per barrel on Thursday as worries a deepening euro zone crisis would curb economic growth and energy demand outweighed a cut in Norwegian oil output.

EU to Mobilize €120 Billion for Growth Measures
Fox Business
European Union leaders meeting Thursday were set to commit to a growth pact worth 120 billion euros ($149.8 billion), including a boost in the capital of the European Investment Bank of EUR10 billion, as well as finalizing a plan to strengthen the euro ...

EU leaders seen discussing primary market support for Italy, Spain
Reuters
BRUSSELS (Reuters) - European Union leaders are likely to discuss the possibility of the euro zone's bailout funds buying Spanish and Italian bonds as they are issued, to help ease funding costs for Rome.

Gold Settles Lower On Eurozone Concerns, Strong Dollar
RTT News
Gold futures ended lower Thursday, mostly on investor skepticism on the outcome of the ongoing European Union summit meeting, a strengthening dollar and a significant decline is U.

Germany leader opposes full debt sharing in Eurozone crisis
Los Angeles Times
On the eve of a European summit, German Chancellor Angela Merkel touts tighter budgetary controls and says debt sharing will not occur 'as long as I live.'

Los Angeles Times

IMF Will Join Cyprus Bailout
Wall Street Journal
The financial rescue package for Cyprus will involve the International Monetary Fund and will be tied to strict conditions on fiscal policy, bank deleveraging and structural reforms, euro-zone finance ministers said Wednesday.

Why There Was no “Euro Crisis” in the USA | PRAGMATIC ...
By Cullen Roche
One of the better analogies for understanding the Euro crisis is to look at the USA and the relationship between the states and the federal government. The.
PRAGMATIC CAPITALISM

Euro Crisis Threatens Global Security - The National Interest
By Steven Grundman, A. J. Wilson
While we are hardly yet at the brink of Yeats's apocalypse, the financial crisis is rapidly weakening the hold of European institutions on countries on the EU periphery. By calling into question the sixty-year momentum of European unity, the ...
The National Interest

Eurozone Entering Danger Zone - Business Insider
By Matthew Boesler
Titled No Getting Away from the Eurozone Crisis, the report walks through recent developments in sovereign ratings and trends that have been followed closely by the market and reported extensively in the media this year. Right away, the ...
Business Insider

The contagion of the European Union and banking debt – 20 ...
By mybudget360
The contagion of the European Union and banking debt – 20 European Banks have liabilities above 50 percent of their home country GDP. Why an EU FDIC is highly unlikely in the short-term. The crisis in Europe is boiling over yet again.
My Budget 360

- Alpha.Sources - The Eurozone Doomsday Machine of Austerity
By CV
Interesting perspective on the effect of fiscal contraction in the eurozone by Econbrowser. I guess it makes sense. If the multiplier at the zero bound is high for positive spending it should be equally high (with a negative sign) if fiscal spending is ...
Alpha.Sources

Euro Zone Crisis: Why Put a Dog "In Charge of the Sausages - Care2
By Kristina Chew
Expectations for Thursday and Friday's euro zone summit in Brussels became quite a bit dimmer -- became pessimistic -- on Wednesday after German Chancellor Angela Merkel, in a speech to the Bundestag, the German Parliament, said that ...
Care2 Causes

Euro zone crisis saps confidence in June as leaders meet – Reuters ...
By Newswires
Euro zone crisis saps confidence in June as leaders meetReutersBRUSSELS (Reuters) - Euro zoneeconomic sentiment fell by more than expected in June, as man...
The Wall Street Examiner

EU summit: Live blog | The World
By FT
Unexpectedly, senior officials from all 17 eurozone finance ministries met on the sidelines of the summit to weigh emergency plans for Rome and Madrid, which focused on using the rescue fund to buy Italian and Spanish bonds to reverse the ...
The World

Forex - AUD/USD higher but euro zone concerns linger By Forexpros
By Forexpros
Forexpros - The Australian dollar rose to a one-week high against its U.S. counterpart on Thursday, as market sentiment remained supported by Wednesday's positive U.S. economic data, but investors were cautious as a key European summit ...
Forex Pros RSS News Feed | Forex News

Thursday, June 28, 2012

Euro Zone Riddled With Shaky Banks

Euro Zone Riddled With Shaky Banks
New York Times
Spain and Cyprus may be the current locus of European anxiety, but many other banks are in a weakened state, cut off from money markets because investors ... 

Banks face billions of dollars of claims after Barclays settles - Telegraph: "Barclays is named as one of around 20 defendants, which also include Royal Bank of Scotland and HSBC, as well as US lenders Bank of America, Citigroup and JP Morgan. The action is co-ordinated with five other lawsuits, including a claim by discount brokerage Charles Schwab against 11 banks, including Barclays. The sums involved are potentially vast. Libor is used to price various financial products. The Bank for International Settlements calculates that the market for over-the-counter interest rate derivatives, such as swaps, had a notional value of more than $500 trillion in 2011. Just a small element of proven mispricing could trigger billions of dollars of claims. Michael Hausfeld, chairman of Hausfeld LLP – one of two law firms leading the Baltimore class action – told The Daily Telegraph that while it was difficult to quantify the potential damages claims banks faced: “I think it’s far bigger than many people thought originally.”" 

Debt crisis: Angela Merkel dismisses Spain and Italy's pleas for aid - Telegraph: "Germany's Chancellor angrily rejected desperate pleading by Italy and Spain as a Franco-German rift over eurozone debt sharing threatened to unravel efforts to find a fix for the single currency at a meeting of European leaders on Thursday. Before flying last night to Paris for emergency talks with Francois Hollande, the French President, Mrs Merkel told German MPs that instead of more cash the eurozone needed to step up debt reduction and economic reforms. "I fear that at the summit we will talk too much about all these ideas for joint liability and too little about improved controls and structural measures," she said." 

Angela Merkel isn't bluffing; like everyone else in Europe, she's defending national sovereignty - Telegraph: "You turn if you want to. The lady's not for turning. No, not Mrs Thatcher, but Angela Merkel, the latest big beast of the European political scene to dig her heels in and refuse to go along with the international consensus." 

Debt crisis: as it happened - June 27, 2012 - Telegraph: "Henry Samuel has spoken to a French diplomat about the thorny issues of eurobonds, and Angela Merkel's claim yesterday that they won't be introduced while she's still alive. Asked whether Fran├žois Hollande would have to kill Angela Merkel as she said no eurobonds "as long as I live", a French diplomatic source said he presumed she meant "in her political life"."

Cyprus: Eurozone countries accept bailout request
Fox News
Officials from the European Commission, the European Central Bank and the International Monetary Fund will begin assessing next week how much bailout ...

Eurozone executive body: aid for Spanish banks to go through ...
Washington Post
MADRID — Spain insisted Wednesday it will continue to push for European financial aid to be delivered directly to its troubled banks, rather than count as ...

Cyprus EU bailout bid accepted, IMF involved
Reuters
NICOSIA (Reuters) - Cyprus won support from its euro zone partners on Wednesday for emergency funding to prop up its banks, crippled by their Greek debt ...

Merkel rebuffs pleas for debt action on summit eve
Reuters
Italy, Spain demand action to lower borrowing costs* Merkel says control must come before debt sharing* Euro zone details aid plans for Spain, Cyprus* Merkel ...

EU Leaders Aim to Lift Doubts on Euro
Wall Street Journal
On the eve of the EU Summit in Brussels, Dow Jones Newswires' Michael Casey examines whether Eurozone leaders can make any real progress toward ...

Wall Street Journal

Merkel Refuses to Yield on Eve of Summit Meeting
New York Times
By comparison, German bunds, the euro zone benchmark for safety, trade to yield ... Prime Minister Mario Monti of Italy, who has proposed using the euro zone ...

EU's changing faces raise doubts for future
Boston.com
BRUSSELS (AP) — Often these days, the first order of business at European Union summits isn't the continent's dreadful financial crisis.

Germany's Merkel backs French-led growth pact, but differences ...
Washington Post
PARIS — Germany's Chancellor Angela Merkel rallied Wednesday for a €130 billion ($162 billion) Europe-wide stimulus package in a gesture to French ...

Merkel Shuts Door to Euro Bonds in Rebuff to Rajoy on Spain
San Francisco Chronicle
“The sovereign debt crisis shows us daily that deficiencies in one euro-zone country can cause difficulties in the entire euro zone,” Merkel told lawmakers.

Merkel stands firm on euro bonds before EU summit
Reuters
Merkel says controls must come before joint bonds* Speech in parliament a day before crucial EU summit* German leader says FTT funds could be used ...

Clock Ticking for Euro Zone; Greece Out in 2013: Pro
CNBC.com
Euro zone policymakers have a small window of opportunity to save the disintegrating bloc and an orderly Greece exit could save the currency union from total ...

CNBC.com

News Summary: Eurozone executive body says aid for Spanish ...
Washington Post
NO FREEBIES: The eurozone group of nations insisted Wednesday that the rescue loans for Spain's troubled banks would be channeled through the national ...

IMF's Lagarde: Ready To Answer Cyprus' Request For Help
Wall Street Journal
The head of the International Monetary Fund Wednesday said the institution is ready to join the euro zone in helping Cyprus meet its financial needs.

Eurozone and IMF Ready to Help Cyprus With Full Bailout
HispanicBusiness.com
Eurozone finance ministers and the International Monetary Fund (IMF) said Wednesday that they were ready to help Cyprus with a full bailout, covering both its...

HispanicBusiness.com

Eurozone crisis live: Merkel reiterates opposition to euro bonds
The Guardian
The systemic crisis engulfing the eurozone and downward pressure on eurozonesovereign ratings is unlikely to diminish until European leaders articulate a ...

The Guardian

The German Bluff Trade
Wall Street Journal (blog)
If the euro's brief but stomach-churning slide Tuesday shows us anything, it's that currency traders deep down think Germany is bluffing.

Wall Street Journal (blog)

Merkel rejects sharing eurozone debt through bonds
BBC News
German Chancellor Angela Merkel again rejects the idea of pooling eurozone debt through bonds and urges greater competitiveness in the EU.

BBC News

Copper slips on euro zone caution, EU summit eyed
Reuters
LONDON (Reuters) - Copper slipped on Wednesday as growing concern about the euro zone debt crisis prompted caution in the market ahead of a European ...

Merkel: no quick solution to euro crisis
San Francisco Chronicle
The German leader is holding out against mounting pressure for her country to give up its resistance to pooling debt — for example by agreeing to jointly issued ...

San Francisco Chronicle

Germany rules out pooling of eurozone debt
The Guardian
Angela Merkel made it clear she will not yield to pressure for the common issuance ofeurozone debt in the form of eurobonds.

The Guardian

OECD Says Euro-Zone Crisis Has Led to Some Emigration
Wall Street Journal
People are leaving countries that are in the front line of the euro-zone fiscal crisis, but so far the rise in emigration has been modest, the Organization for ...

Wall Street Journal

Merkel says no easy answers to end euro crisis
Reuters
BERLIN, June 27 (Reuters) - German Chancellor Angela Merkelsaid on Wednesday, one day before a crunch European Unionsummit, that there were no quick ...

Euro-zone leaders call for banking union
The Deal Pipeline
Ahead of Thursday's summit, a blueprint proposes common banking supervision and deposit insurance.

The Deal Pipeline

Germany's Merkel: no quick and easy solution to eurozone debt crisis
Minneapolis Star Tribune
BERLIN - German Chancellor Angela Merkel is renewing her insistence that there is no quick and easy solution to the eurozone debt crisis.

Q&A: EU 'integration' summit
BBC News
Far-reaching plans for tight policy co-ordination in the eurozone are on the table. ...Much attention has focused on "eurobonds" - pooled eurozone debt which ...

BBC News

France, Germany in talks before key EU summit
AFP
France and others have pushed the idea of issueing debt backed by the entireeurozone as a means of tackling the crisis, but Germany insists closer political ...

AFP

In Germany, actions speak louder than words
Fortune (blog)
FORTUNE -- While the markets fear the worst from this week's upcoming eurozone summit, recent developments inside Germany could provide some much ...

Fortune (blog)
Eurozone crisis: between meurons and zombies | openDemocracy
By Krzysztof Rybinski
Welcome to the Eurozone, homeland of what I shall call meurons (euro-morons) and zombie-bankers. The zombies, whom I identified at an early stage of the crisis, are still around (see "There is no zombie free lunch", 19 March 2009 ).
openDemocracy

Commentary: Euro Zone on the Brink | The National Interest
By Douglas Elliott
This week, the EU meets again to discuss how to shore up the euro zone. The summit is potentially important, but as with previous meetings, Europe's leaders will almost certainly fail to take all the necessary steps to resolve the present crisis.
The National Interest

Eurozone group says it's ready to bail out Cyprus | The Raw Story
By Agence France-Presse
The eurozone is ready to bail out embattled Cyprus in coordination with the International Monetary Fund, finance ministers from the 17-nation single currency area said Wednesday. “The Eurogroup acknowledges that an adjustment ...
The Raw Story

Could Eurobonds be the answer to the Eurozone crisis? — Social ...
By Jeffrey Frankel
Solutions to the Eurozone crisis must balance the evils of austerity and moral hazard. This column argues that the blue/red Eurobonds proposal might just get this balance right. Any solution to theEurozone crisis must meet two objectives.
Social Europe Journal» Columns

Dark night rises over Eurozone as nations squabble over ways to ...
By The Extinction Protocol
June 27, 2012 – EUROPE – The fact that Europe's top central banker is no longer willing to rule out a return to the old national currencies shows how serious the situation is. Until recently, it was seen as a … Continue reading →
The Extinction Protocol: 2012 and beyond

Euro Zone Crisis: A Plan For the (Sort Of) United States of the Euro ...
By Kristina Chew
A key topic of discussion at this week's upcoming euro zone finance minister summit is a plan to turn the 17 euro zone countries into a full-fledged political federation.
Care2 Causes

Eurozone crisis overwhelms Cyprus: Voice of Russia
By Jessica Jordan
The Eurozone crisis continues. Today Cyprus became the fifth Eurozone country to seek emergency funding from Europe., Jessica Jordan.
Voice of Russia, News

Flailing Eurozone Countries Agreeing To Two Years Of Austerity ...
By Bess Levin
Flailing Eurozone Countries Agreeing To Two Years Of Austerity Makes About As Much Sense To Nouriel Roubini As Him Agreeing To Go Two Years Without Getting Laid– Which Is To Say, NONE. By Bess Levin. Hand to god, he'd sooner die ...
Dealbreaker

Leaders Draft Federal Plan To Save The Eurozone! (Yeah Right ...
By mosesman
The Eurozone is heading towards a total collapse. All these 'actions' and talk about rescuing theEurozone is just political theatre by the Illuminist politician snakes. It is about buying time before the plug is pulled on the whole system.
Socio-Economics History Blog

Latest developments in the eurozone debt crisis | the nanyang post
By StraitsBlogs
PARIS, June 27, 2012 (AFP) - Here are the main developments in the eurozone debt crisis on Wednesday: Finance-public-debt-Germany BERLIN: Chancellor Angela Merkel warns that there are "no quick, easy" solutions to the euro crisis as ...
the nanyang post
Eurozone crisis: Spanish debt fears cut short markets' Greek relief ...
Interest rates on Spain's debt rise sharply on expectations it will become fourth EU country to require full-scale bailout.
www.guardian.co.uk/.../jun/.../eurozone-crisis-spanish-debt-fe...

Eurozone debt crisis poses serious threat to emerging markets ...
Trade finance downturn reduces flow of critical goods into and out of poor countries as banks cut back on credit.
www.guardian.co.uk/.../eurozone-debt-crisis-emerging-market...

Wednesday, June 27, 2012

EU banking union plans "a threat to London"

EU banking union plans 'a threat to London' - Telegraph: "New proposals for a “banking union” pose a threat to London as Europe's main financial centre as the EU moves against the European Banking Authority, blaming it for a failure to address the Spanish bank crisis. - Prepared by European Commission President Jose Manuel Barroso, European Council President Herman Van Rompuy, European Central Bank President Mario Draghi and President of the Eurogroup, Jean-Claude Juncker, the proposals will be discussed at an EU summit on Thursday. . . The issue is set to explode at an EU summit on Friday because Britain has a veto over any decision to increase the ECB's supervisory role, which must be taken by unanimity."

Angela Merkel rules out eurobonds for 'as long as I live' - Telegraph: "Angela Merkel has firmly rejected the use of eurobonds ahead of a crucial summit in Brussels this week, ruling out jointly guaranteed eurozone debt for "as long as I live". . . ."

EU's fiscal union road map gets cool reception
MarketWatch
A European Union road map to tighter fiscal integration in the euro zone and a European banking union gets a cool reception.

Euro Zone Financial Plans Are Ambitious but Long-Term
New York Times
A joint banking union, which is seen as the most likely agreement to come out of the summit meeting in Brussels that begins Thursday, could not come into ...

Euro zone Big 4 confer as more states seek bailout
Reuters
Finance ministers to hold unscheduled talks in Paris* EU report seeks common treasury, debt issuance inmedium-term* Cyprus may need 10 bln euros aid, ...

Euro zone sees euro bonds, treasury at end of fiscal union: document
Reuters
BRUSSELS (Reuters) - The euro zone could create a treasury for the single currency and issue euro bonds as the final stage of a fiscal union which could take ...

EU Officials Unveil Plan for Closer Union
Wall Street Journal
The seven-page paper from EU chiefs sets out ideas for bringing the 17 economies of the euro zone closer together, in an effort to prevent a repeat of the twin ...

Wall Street Journal

Cyprus rescue package may equal half its economy
Reuters
Bailout could run to 10 billion euros, euro officials say* Cyprus says discussions not started on amount* Becomes fifth euro zone state to seek European aid* ...

European officials propose sweeping changes for euro zone ...
Washington Post
Radical changes would address European debt crisis but would take years to implement.

Cyprus Seeks Eurozone Bailout
Fox Business
Cyprus, the fifth eurozone country to seek rescue aid from Europe, may need a bailout of up to 10 billion euros, which amounts to over half the size of its ...

Euro-Zone Banks Should Be Overseen By Supervisor
Fox Business
The supervision of euro-zone banks should be transferred to a European supervisor, possibly the European Central Bank, in return for allowing the bloc's bailout ...

Why Concessions, Contagion & Collapse Are Still in the Cards in ...
Huffington Post
Greece continues to gamble with its eurozone membership with the misguided belief that it can soften demands for austerity, without threatening its bailout.

Cyprus bailout may equal half its economy
msnbc.com
NICOSIA — Cyprus, the fifth euro zone country to seek emergency funding from Europe, may need a bailout of up to 10 billion euros — over half the size of its ...

Euro-Zone Data Point to North-South Divide
Wall Street Journal
German and French consumers are undaunted by the euro zone's deepening fiscal crisis, but their Italian counterparts have slashed their spending in stores on ...

BOE Governor Warns of Euro-Zone Crisis Impact on UK
Wall Street Journal
Bank of England Governor Mervyn King warned of the impact on the U.K. from theeuro-zone debt crisis and a slowing global economy, as official figures ...

Wall Street Journal

Cyprus latest eurozone country to request bailout
San Francisco Chronicle
"The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its ...

San Francisco Chronicle

Van Rompuy scales back eurozone plan
Financial Times
Herman Van Rompuy, president of the European Council, on Tuesday published a significantly scaled-back version of the highly anticipated plan for the future ...

Financial Times

Euro zone Big Four confer after fifth state seeks aid
MSN Money
PARIS/BRUSSELS (Reuters) - Finance chiefs of the euro zone's four biggest economies will hold last-minute talks in Paris on Tuesday evening to try to narrow ...

Four Eurozone Finance Ministers to Meet in Paris
Voice of America (blog)
The finance ministers of France, Germany, Italy and Spain will discuss the ongoing eurozone sovereign debt crisis Tuesday in Paris. The meeting is taking place ...

Spain and Cyprus Seek Rescue for Ailing Banks
New York Times
The Spanish government wants the aid to go directly from the euro zone's bailout ... Euro zonerules require that the aid be funneled through the government in ...

Cyprus: no figure yet on size of EU bailout sought
Huffington Post
... Union bailout money it will ask for to prop up its Greece-exposed banking sector and ailing economy, the eurozone country's finance minister said Tuesday.

Euro zone discussing change in ESM status-sources
Reuters
BERLIN, June 26 (Reuters) - A leading ally of GermanChancellor Merkel told a closed-door meeting of herconservatives on Tuesday that euro zone ...

Cyprus will request eurozone bailout aid
Boston Globe
The eurozone's sovereign debt crisis took a turn for the worse Monday as Cyprus said it would seek aid from the eurozone's bailout funds. ''The purpose of the ...

Boston Globe

Euro crisis dogging Snam debt deal
Reuters
Snam aiming for first issuance before end of summer* Decision depends on outcome of eurozonesummit-source* Would be insane to issue bonds now-source ...

'Top 4' euro zone finance ministers to meet in Paris
Reuters
PARIS (Reuters) - The finance ministers of Germany, France, Italy and Spain will meet in Paris on Tuesday evening as the euro zone's top four members try ...

EU/ECB to start work on Cyprus bailout next week
Reuters
Cyprus became the fifth euro zone country to seek emergency funding from Europe on Monday. It may need a bailout of up to 10 billion euros, over half the size ...

Euro group to discuss Cyprus, Spain in call on Wednesday: officials
Chicago Tribune
BRUSSELS (Reuters) - Euro zone finance ministers will hold a teleconference on Wednesday to discuss a request for emergency lending from Cyprus and the ...

Euro zone's ESM fund could backstop bank deposits: document
Reuters
BRUSSELS (Reuters) - The euro zone's permanent bailout scheme, the European Stability Mechanism, could be used to backstop a fund to protect bank ...

King Is Pessimistic on Euro Crisis as Global Economy Teeters
Businessweek
Bank of England Governor Mervyn King said his vote for more stimulus this month reflected his worries about a deteriorating global economic outlook at a time ...

Euro zone's ESM fund could backstop bank deposits-document
Reuters
BRUSSELS, June 26 (Reuters) - The euro zone's permanentbailout scheme, the European Stability Mechanism, could be usedto backstop a fund to protect bank ...

EU Report Suggests Central Treasury to Control Eurozone Budgets
LoanSafe
Source: Alvise Armellini dpa, Hamburg, Germany (MCT) -- European Union President Herman Van Rompuy is to propose this week that eurozone countries ...

French still want to vacation amid financial crisis | The Daily Caller
By Michael Bastasch
Despite the euro crisis becoming increasingly dire, French citizens still overwhelmingly want to go on vacation this summer.
The Daily Caller

Congress, Insider Trading, And The 2008 Financial Crisis
By Doug Mataconis
More evidence of the extent to which Members of Congress have profited from the inside information they receive.
Outside the Beltway

Eurozone Debt Crisis, What Will Germany Do? :: The Market Oracle ...
I should note that it is not unusual for there to be intense debates in serious research houses. Happens every day, and perhaps often during the day. When you are playing an "A"-level game at one of the best research houses, you are typically ...
The Market Oracle

Gemma Godfrey: Why Concessions, Contagion & Collapse Are Still ...
By Gemma Godfrey
Greece continues to gamble with its eurozone membership with the misguided belief that it can soften demands for austerity, without threatening its bailout. Instead, it is the lack of a sufficient firewall, rather than a commitment to Greece ...
The Huffington Post Full Blog Feed

ekathimerini.com | Eurozone's 'big four' confer as more states seek ...
Finance chiefs of the eurozone's four biggest economies will hold last-minute talks in Paris on Tuesday evening to try to narrow differences on the currency area's future after Cyprus became the fifth member to request a bailout. Ministers from ...
Latest News

Proposed Eurozone Plan Would Include Authority That Could ...
By The Huffington Post News Editors
BRUSSELS — Top European officials have called for countries that use the euro to grant an international authority the power to demand changes to their national budgets, as part of a grand vision to save the currency and strengthen the union ...
The Huffington Post | Full News Feed

Eurozone crisis: Spain's borrowing cost triples in one month | The ...
By The Extinction Protocol
June 26, 2012 – SPAIN - Not much to add to Reuters summary of the overnight Spanish bill auction. The good news: the country that is not Uganda sold €3.08 billion compared to a range sought of €2-3 billion. The … Continue reading →
The Extinction Protocol: 2012 and beyond

Global Financial Crisis Management in Three Easy Charts « Real ...
By Michael David White
You decide to buy the world and everything in it. One side issue of the purchase: You created a bubble.
Real Estate Prices and Mortgages on ...

Eurozone Debt Crisis: Why Cyprus Needed the Fifth Bailout - Money ...
By Diane Alter
The Eurozone debt crisis has turned into a bailout party as five of the region's countries have asked for aid. Here's why Cyprus jumped in line. Money Morning - Only The News You Can Profit From.
Money Morning

Euro Zone Crisis: Bailouts for Spain, Cyprus; Health Woes For Greek ...
By Kristina Chew
On Monday, European stock markets tumbled and the euro fell amid fears that European leaders will be able to resolve the ongoing crisis. Here is some of what else happened in Spain, Cyprus, Portugal, Ireland and Greece.
Care2 Causes

Business briefs: Cyprus appeals for eurozone bailout | GazetteNET
By Daily Hampshire Gazette
LOS ANGELES - Cyprus asked European Union states on Monday for a bailout of its troubled banks, becoming the fifth member of the eurozone to seek help balancing its books. In a brief statement from Nicosia, the Cypriot government said it ...
GazetteNET - News and Information...

Eurozone crisis: The European divide – BBC News | The Wall Street ...
By Newswires
BBC NewsEurozone crisis: The European divide BBC News Germany's drive for more EU control over national budgets worries the French, the BBC's Gavin...
The Wall Street Examiner

G20 summit: Barroso blames eurozone crisis on US banks | World ...
EC president says European leaders have not come to Mexico to receive lessons on how to handle the economy.
www.guardian.co.uk/.../g20-summit-barroso-eurozone-crisis

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