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

Friday, June 8, 2012

Cameron threatens veto to protect UK interests

Cameron: I'll protect Britain from European superstate - Telegraph: "David Cameron promises to 'protect' Britain from German plans for a eurozone superstate with common banking and political systems." 
Eurozone rescue: David Cameron threatens veto to protect UK interests
The Guardian
Britain threatened to wield its EU veto for the second time in less than a year ifeurozone leaders draw up a rescue plan for the single currency that threatens British interests in the European single market. As EU leaders embark on a month of ...

The Guardian

PM in eurozone bank debts pledge
The Press Association
David Cameron has pledged he will not ask British taxpayers to underwrite the debts of ailing banks in Greece and Spain as he held talks with German chancellor Angela Merkel about the eurozonecrisis. The Prime Minister said he had "no doubt" that the ...

George Osborne 'optimistic' over eurozone crisis
The Independent
Chancellor George Osborne today said he is "optimistic" a solution will be found to the latest crisis in the eurozone, as David Cameron arrived in Berlin for talks on the single currency with Germany's Angela Merkel. Mr Osborne said that the eurozone ...

Merkel urges gradual political union in Europe
BusinessWeek
Experts say the eurozone's structure is not sustainable because while 17 countries share the same currency and interest rates, national governments retain control of budget policies. That means economies are radically different.

Britain should put its weight behind Berlin, not Paris, in the euro crisis
Telegraph.co.uk
For years, the UK's European diplomacy has been defined by its relations with the Élysée, but the eurozone crisis has demonstrated that Germany now stands alone as Europe's leader, however reluctantly. Despite there being a great deal of cultural and ...

Telegraph.co.uk

ABB Girds for Euro-Zone Turmoil
Wall Street Journal (blog)
By John Revill ZURICH — ABB Ltd., one of Europe's largest engineering groups, is increasingly choosy about which European banks it entrusts with its money as fears grow about a Spanish banking collapse and Greece's possible exit from the euro zone.

It's your job to fix crisis, ECB tells governments
Reuters
Increasingly alarmed by signs Spain's banking crisis is opening a new front in the debt crisis, some in financial markets had hoped Draghi would signal a readiness for the ECB to take fresh action ifeuro zone governments take bolder action.

David Cameron: We won't take part in EU banking union - it's not our currency
Telegraph.co.uk
The Prime Minister has put his weight behind proposals for closer fiscal union between the 17 eurozone nations - perhaps by the issue of eurobonds which would allow them to share the burden of debts. But today he left no doubt that Britain would not be ...

Euro crisis, 'fiscal cliff' menace US economy: Fed
AFP
Moreover, the economy remains vulnerable to two potential shocks: the eurozonecrisis and the year-end "fiscal cliff." The eurozone turmoil has already strained global financial markets, and it has pushed a cloud over US consumer and business ...

AFP

MONEY MARKETS-ECB rate cut bets pared, still on the table
Reuters
* Short-term rates inch higher after Draghi speech * Markets still discounting ECB rate cuts in 2012 * Bets may pile up again if Spanish, Greek worries remain By Marius Zaharia LONDON, June 6 (Reuters) - Short-term euro zone interest rates rose ...

Merkel: We're Ready to Help Stabilize Eurozone
Fox Business
Chancellor Angela Merkel underlined Germany's readiness to use all instruments to maintain stability in the euro zone on Thursday, fuelling expectations that Spain may soon decide to seek help for its banks beset by bad debts. Speaking after talks with ...

Merkel seeking long-term answer as Europe burns: analysts
AFP
By Daniel Aronssohn (AFP) – 3 hours ago BERLIN — As the eurozone turmoil mounts, German Chancellor Angela Merkel is trying to regain the upper hand with calls for long-term political integration but she continues to resist emergency action.

AFP

Cameron, Merkel: fiscal pact not enough to solve crisis
AFP
By Richard Carter (AFP) – 1 hour ago BERLIN — Prime Minister David Cameron and German Chancellor Angela Merkel agreed on Thursday that the EU's fiscal pact was not a sufficient step in itself to resolve the crippling eurozone debt crisis.

AFP

German MPs pave way for fiscal pact, ESM approval
Reuters
It would be embarrassing if Germany, which as euro zone paymaster dictates much of its crisis response, missed the deadline, though it would only cause technical problems if the delay was significant, analysts say. TAX PURSUED, DEBT PLAN DROPPED With ...

Germany must take control of the eurozone crisis - before it's too late
The Guardian (blog)
It is now clear that the main cause of the euro crisis is the member states' surrender of their right to print money to the European Central Bank. They did not understand just what that surrender entailed - and neither did the European authorities.

The Guardian (blog)

Merkel Urges Greater European Integration
Voice of America
LONDON -- German Chancellor Angela Merkel says Germany has the political will to ensure the stability of the eurozone. The German leader spoke alongside British Prime Minister David Cameron, who pressed for “urgent action” on the debt crisis.

Voice of America

Spain in eurozone crisis cross-hairs
CNN International
HIDE CAPTION Spain's pain 'Indignant' challenge Spain protests Spain's banks stumble Bankia's bailout Spain in crisis << < 1 2 3 4 5 6 > >> (CNN) -- Spain, a eurozone behemoth, is in the crosshairs of Europe's financial crisis. The country is suffering ...

Bank Sees Stronger Euro After Greece, Others Exit
Wall Street Journal
By DAVID GEORGE-COSH, KAREN JOHNSON and DON CURREN TORONTO--The crisis in the euro zone will likely force some countries to "bite the bullet" and leave the euro while a stronger core of central European countries will continue to use the currency, ...

Time to start throwing money at euro crisis
MarketWatch
By Darrell Delamaide WASHINGTON (MarketWatch) — Watching European officials muddle through the euro crisis, we don't know, as longtime CBS anchor Dan Rather used to say, “whether to wind the watch or to bark at the moon.” As European officials discuss ...

EU ready to safeguard euro zone stability: Merkel
Globe and Mail
German Chancellor Angela Merkel said Europe was ready to act to ensure stability in the euro zone as Spain's credit rating was cut by three notches on Thursday amid expectations it may soon seek EU help for banks beset by bad debts.

Globe and Mail

David Cameron stands firm on financial transaction tax
Financial Times
The prime minister flatly rejected the idea of a FTT, which Ms Merkel's Christian Democrats have pledged to promote in order to win the support of the opposition Social Democrats for the eurozone's new fiscal pact. Mr Cameron has previously promised to...

Financial Times

George Osborne: eurozone is facing 'a moment of truth'
Telegraph.co.uk
The Chancellor says that whilst the eurozone faces "a moment of truth" he is adamant British taxpayers will not contribute to any Spanish bank bail-out. Speaking ahead of Prime Minister David Cameron's talks with German leader Angela Merkel later today ...

Spain's hurting banks at heart of eurozone chaos
Fox News
Bailing out Spain itself would likely stretch the eurozone's finances to the breaking point because the Spanish economy is the fourth largest in the 17-country eurozone, behind Germany, France and Italy. A full-blown Spanish bailout including its ...

Merkel insists on two-speed Europe
Financial Times
By Gerrit Wiesmann in Berlin Angela Merkel said a core group of states needs to press on with European integration to fight the eurozone crisis, a rebuke to David Cameron, UK prime minister, who has called for more short-term crisis measures.

Act now on euro crisis, Obama urges
The Australian
US President Barack Obama has called British, German and Italian leaders to press the case for Europe to come up with an "immediate plan" to resolve the widening eurozone debt crisis. Mr Obama, facing re-election in November and concerned that Europe's ...

Eurozone: Angela Merkel And Germany Blamed For Failure Of Euro Plan, Reports ...
Sky News
It was a suggestion that Germany was now the dominant decision-maker in theeurozone and even the wider EU club. It annoyed the UK government. But that annoyance was partly down to the fact that there was more than a modicum of truth in it.

Sky News

Merkel says Europe ready to act as big downgrade hits Spain
Christian Science Monitor
Germany and the rest of EU are ready to use instruments to support euro zone, Merkel says. By Carlos Ruano and Andreas Rinke, Reuters / June 7, 2012 German Chancellor Angela Merkel (C) receives British Prime Minister David Cameron (R) and his Norwegian ...

Christian Science Monitor

David Cameron 'must seize the opportunity of eurozone crisis'
Telegraph.co.uk
David Cameron must seize the “perfect opportunity” of the eurozone crisis to negotiate a “radically different” British relationship with the European Union, Conservative MPs declare today. By James Kirkup, Deputy Political Editor As the Prime Minister ...

UK wants safeguards if euro zone forges bank union
Reuters
LONDON, June 7 (Reuters) - Britain will demand safeguards to protect its financial sector if the euro zone forms a banking union, its finance minister said on Thursday, placing another obstacle in front of the European Central Bank's efforts to fix a ...

Econbrowser: The Euro Zone Crisis: Political and Economic ...
By Menzie Chinn
The euro zone was not, and still is not, an optimal currency zone. This was known as early as the early 1990's, as highlighted by this table from a 1994 paper by Tamim Bayoumi and Barry Eichengreen: ez1.png. The table is of correlations of ...
Econbrowser

Wanted: a plan to save the eurozone | European Voice
wanted: a plan to save the eurozone pressure mounts ahead of summit of eu leaders.
European Voice - RSS

Most Germans expect euro crisis to get worse - The Local
Nearly four out of five Germans expect the eurozone debt crisis to get much worse before it gets better but a majority still believes the single currency will survive, a poll indicated on Thursday.
The Local - Germany's news in English

The Leonard Lopate Show: Backstory: The Eurozone Crisis - WNYC
There's been talk of Greece returning to the drachma and now the European Union and Germany are said to be ...
The latest stories from www.wnyc.org

ECB stuck in morass of euro zone inaction - Analysis & Opinion ...
By Pierre Briancon
The central bank wants governments to make the next big move to address the euro crisis. But the ECB is itself paralysed by an internal conflict, between the demands of Germany and the needs of other governments. So it is left fiddling while ...
Breakingviews

Sober Look: The talk about China's support for Eurozone was just talk
By Walter Kurtz
It doesn't sound as though CIC is prepared to buy any Spanish or Italian debt - which is what the Eurozone really needs now. The fund may not even be holding any. That would have made it quite easy for Wen and Zhou in February to say ...
Sober Look

Q.Contagion from Grexit? | ForexLive
By Jamie Coleman
Swaps have been helpful in providing USD funding Stress tests show strong liquidity, capital positions Fed can provide liquidity against collateral to.
ForexLive

Eurozone leaders nearing a “break the glass” moment « SeekerBlog
By Steve Darden
President of the World Bank Robert Zoelick argues that Europe will very soon need an emergency response plan. Eurozone leaders may be nearing a “break the glass” moment: when one smashes the pane protecting the emergency fire ...
SeekerBlog

SENIOR CHINESE BANKER: EURO-ZONE IS ... - The Astute Bloggers
By Reliapundit
The comments by CIC Chairman Lou Jiwei are among the most bearish pronouncements yet on Europe by a senior Chinese official. They reflect growing dismay in Beijing at how European leaders are handling the escalating crisis in China's ...
THE ASTUTE BLOGGERS

Harper urges firm action on euro zone debt crisis – Globe and Mail ...
By Newswires
Globe and MailHarper urges firm action on euro zone debt crisisGlobe and MailMr. Harper, in France to meet the country's new Socialist leader, called ...
The Wall Street Examiner

UK's Cameron, Obama urge action on eurozone crisis - seattlepi.com
LONDON (AP) — British Prime Minister David Cameron and US President Barack Obama have agreed on the need for immediate action to resolve the eurozone crisis. A spokesman for Cameron said he and Obama agreed on the need for an ...
Business Heds Index

UPDATE 2-UK wants safeguards if euro zone forges bank union - XE
Britain will demand safeguards to protect its financial sector if the euro zone forms a banking union, its finance minister said on Thursday, placing another obstacle in front of the European Central Bank's efforts to fix a deepening debt crisis.
XE Forex News

A "Grexit" from the eurozone? | SocialistWorker.org
The radical SYRIZA coalition says it wants to keep Greece in the eurozone, but Germany could kick it out anyway.
socialistworker.org/2012/06/05/grexit-from-the-eurozone

Greece conservatives get boost from Eurozone exit warnings - Los ...
ATHENS - The head of the 188-country International Monetary Fund says school- deprived kids in sub-Saharan Africa "deserve more sympathy" than ...
articles.latimes.com/.../la-fg-greece-economy-warning-201206...

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