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

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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