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

Friday, June 22, 2012

Eurozone: desperate Monti needs Merkel deal

Debt crisis: desperate Monti needs Merkel summit deal to stop revolt at home - Telegraph: "Italy's technocrat government risks a parliamentary mutiny unless premier Mario Monti can secure major concessions from Germany at a crucial summit of the eurozone's Big Four powers in Rome on Friday."

Debt crisis: Spanish borrowing costs soar despite fresh audit putting pressure on eurogroup - Telegraph: "Debt crisis: Spanish borrowing costs soar despite fresh audit putting pressure on eurogroup Spanish borrowing costs were pushed to record highs piling on pressure for the eurozone finance ministers meeting in Luxembourg to agree a €100bn cash injection into Spanish banks and yet another bailout for Greece."

HIGHLIGHTS-Euro zone finance ministers' comments
Reuters
LUXEMBOURG, June 21 (Reuters) - Euro zone finance ministersand officials meet on Thursday to discuss a bailout for Spanishbanks and the way ahead for ...

Highlights: Euro zone finance ministers' comments
Reuters
LUXEMBOURG (Reuters) - Euro zone finance ministers and officials meet on Thursday to discuss a bailout for Spanish banks and the way ahead for Greece's ...

European Finance Ministers Meet on Eurozone Crisis
Voice of America
Meeting in Luxembourg will be complemented by a summit in Rome among French, German, Spanish and Italian leaders.

Voice of America

Eurozone business activity shrinks; US, China output slows
Reuters
NEW YORK/LONDON (Reuters) - Business activity across the euro zone shrank for a fifth straight month in June and Chinese manufacturing contracted, while ...

Euro zone downturn becoming entrenched: PMIs
Reuters
LONDON (Reuters) - The downturn in the euro zone's private sector is becoming entrenched, business surveys showed on Thursday, as falling new orders and ...

Euro Zone Business Activity Contracts Again
Wall Street Journal
German business activity declined for the second straight month, while French business activity fell for the fourth straight month in June, surveys showed ...

Wall Street Journal

RPT-GLOBAL ECONOMY-Eurozone business activity shrinks; US ...
Reuters
Euro zone PMIs suggest 0.6 pct Q2 contraction* Euro manufacturing, composite PMIs lowest since June 2009* Chinese PMI backs view country could be in for ...

Spain to seek bank aid as borrowing costs soar
Reuters
LUXEMBOURG/MADRID (Reuters) - Spain's medium-term borrowing costs spiraled to a euro-era record on Thursday and independent auditors said Spanish ...

Greece's Euro-zone Partners Want to See Reforms Before Softening ...
Wall Street Journal
LUXEMBOURG--Greece's euro-zone partners struck a largely uncompromising tone Thursday, saying the country should first make progress on its long-delayed ...

Krugman and the Euro Zone
New York Times
Readers respond to a column by Paul Krugman on Greece and the euro zone.

The eurozone's delicate dance
Canada.com
The debt crisis in Europe, first spotted on the global radar in 2009, is now a full-blown threat to.

Eurozone Braces for Crisis Talks on Greece, Spain, Italy and Cyprus ...
LoanSafe
Source: Alvise Armellini dpa, Hamburg, Germany (MCT) -- Eurozone finance ministers, the International Monetary Fund (IMF) and the European Central Bank ...

Greek banker took on a junta, now takes on financial crisis
Globe and Mail
Newly minted Greek finance minister Vassilis Rapanos is gearing up for a new fight as he tries to negotiate with foreign powers.

How Soccer Will Decide the Euro Crisis (It Won't)
Businessweek
On Tuesday, Georgios Samaras, “the Greek Jesus of Football,” gave a short sermon to reporters in Warsaw. “It's a bad thing for you to start to make stories and ...

Monti needs EU success to win Italians back
Reuters
ROME (Reuters) - As his popularity continues its steady slide, Italian Prime Minister Mario Monti's political future hinges on his ability to counter Germany's focus ...

Spain Tallies the High Cost of Riding Out Bank Crisis
New York Times
At a meeting of euro zone finance ministers Thursday evening in Luxembourg, Spain's economy minister, Luis de Guindos, said Madrid would make its bailout ...

Eurozone ministers meet to discuss Spain and Greece
BBC News
Eurozone finance ministers are meeting to discuss a bailout for Spain's banks, and the future of Greece's two rescue packages.

BBC News

Eurozone crisis live: Moody's expected to downgrade UK banks ...
The Guardian
Eurozone finance ministers begin two-day meeting.

The Guardian

Euro-Zone Business Activity Fall Continues
NASDAQ
NASDAQ News: Euro-Zone Business Activity Fall Continues.

Euro-zone Concerns Hold Back Micro Focus Sales
Wall Street Journal
LN) Thursday warned that sales could be lower this fiscal year partly due to continuing uncertainty in the euro zone, even as it reported higher full-year profit and ...

Spain to seek bank aid as borrowing costs soar
Reuters
Spanish 5-year borrowing costs at 15-year high* Banking sector audit sees 62 bln euro capital shortfall* Euro zone finance ministers to discuss rescue package* ...

Could a weaker euro solve the crisis
CNN International (blog)
One thing you can't argue with however is that euro zone membership has robbed Italy of its traditional tool for tackling boom and bust cycles: the currency ...

Eurozone starts giving shape to Spanish bank aid
Economic Times
Eurozone started tackling conditions for financial aid to Spain's banks, while arguing over a revision sought by Greece's new government of its bailout.

Eurozone Private Sector Shrinks Most In 3 Years
RTT News
Eurozone suffered another steep fall in private sector activity in June, which was the steepest in three years, as the fallout from the debt crisis engulfing the ...

RTT News

Eurozone crisis and US presidential race 'damaged Rio+20 prospects'
The Guardian
'Mother of sustainability' Gro Harlem Brundtland laments the absence of Barack Obama and David Cameron from the summit.

The Guardian

Germany infected by deepening eurozone woe
Financial Times
The eurozone is stuck firmly in a sharp economic contraction, with the region's escalating debt crisis hitting Germany with increasing severity, according to a ...
 
Financial Times

Eurozone Slumps Further as Fidelity Predicts Bailouts for Spain, Italy
AdvisorOne
Despite the formation of a new government in Greece and a rescue for the banking sector in Spain, it looks as if a long, hot summer is in store for the eurozone.

AdvisorOne

Greece's Euro-zone Partners Want to See Reforms First
NASDAQ
NASDAQ News: Greece's Euro-zone Partners Want to See Reforms First.

June euro-zone PMI stays at 35-month low
MarketWatch
LONDON (MarketWatch) -- A closely watched gauge of June business activity in the euro zoneremained near May's 35-month low, preliminary estimates from ...

Eurozone business activity at three-year low: survey
AFP
BRUSSELS — Eurozone private sector activity sank to the lowest level for three years in the second quarter as business sentiment deteriorated in the crisis-hit ...

AFP

Eurozone to Discuss Using EFSF for Italy and Spain
By Chuck Butler
Chuck Butler discusses the use of EFSF to support the Italian and Spanish debt crises, alongside various currency moves against the US dollar.
The Daily Reckoning

PIIGS Shifting Attention To Spanish Bond Yields Again - 24/7 Wall St.
By Administrator
A 2014 bond auction in France went off at 0.54% this Thursday, while the same maturity in 2014 went for a yield of 4.70% in Spain. The fear is that long-term borrowing rates will breach that 7% mark (or worse). Now that the Greek situation is ...
24/7 Wall St. - Market Wire

The Euro Crisis Has Only Just Begun? | PRAGMATIC CAPITALISM
By Cullen Roche
That's the message coming out of a prominent European hedge fund manager. Jamil Baz of GLG Partners old investors at a conference yesterday that the crisis.
PRAGMATIC CAPITALISM

Euro-Zone Leaders Tired of Criticism from Abroad | Brèves | LEAP ...
By Der Spiegel
The state of the euro zone is the dominant theme at the G-20 summit in Mexico this week. But European Commission President Barroso has had enough. He erupted in frustration on Monday and insiste...
LEAP 2020

Fitch: Intensification of the euro crisis could put downward pressure ...
By Jamie Coleman
Swiss housing overheating would pose significant risk to banks and also weigh on ratings Switzerland presently sports a AAA rating EUR/CHF trading.
ForexLive

Who expects euro bonds? Look outside the euro zone | MacroScope
By Andy Bruce
It's already been established that economists' predictions about the euro zone's future hinge largely on where their employer is based. Euro zone optimists tend to work for euro zone banks and research houses, and euro zone sceptics for ...
MacroScope

“The Eurozone's Strategy is a Disaster” « naked capitalism
By Yves Smith
This post from VoxEU is a good short form summary of how the Eurozone got into this fix. Its last para takes an unduly scolding tone that may turn off some readers, and does not reiterate the point made at the top, which is that the ECB needs to ...
naked capitalism

Champagne For Eurozone Ministers - Business Insider
By Joe Weisenthal
Dow Jones reporter Matina Stevis snapped this pic of a tray full of chilled champagne at the Eurozone Finance Ministers meeting that's happening in Luxembourg right now. She says on Twitter that it's possible it's for some other ministers -- not ...
Business Insider

Euro crisis means May mauling for super funds – Sydney Morning ...
By Newswires
Euro crisis means May mauling for super funds Sydney Morning Herald SUPERANNUATION funds posted their worst monthly return in two years last month after the ...
The Wall Street Examiner

Global moves: The Eurozone saga carries on with German non ...
By zyakaira
Home › Amitonomics › Global moves: The Eurozone saga carries on with German non performance from Euro freeze. Global moves: The Eurozone saga carries on with German non performance from Euro freeze. Posted on June 21, 2012 by ...
The Banking and Strategy Initiative

Slump in Austrian tourism shows euro crisis hitting the core nations ...
By Peter Cooper
It should be bumper to bumper cars and foreign voices ringing out in the streets of Zell am See in the heart of the Austrian Tyrol right now but the place is strangely quiet. Even Salzburg is half-empty. The official statistics for the first half of the ...
ArabianMoney

Nigel Farage: Barroso a Deluded Communist Idiot ! Eurozone One ...
By mosesman
Nigel Farage: Barroso a Deluded Communist Idiot ! Eurozone One Giant Ponzi Scheme! This Whole Thing is Going Bust ! Like this: Like. Be the first to like this. June 21, 2012 - Posted by mosesman | Economics | Bailout, Bankruptcy, Collapse, ...
Socio-Economics History Blog

Ghana may withdraw Gold reserves from euro zone banks « Silver ...
By brotherjohn
Ghana's central bank, the Bank of Ghana (BoG) said it is reading downgrading reports of some banks in the Eurozone and will remove its reserves in those banks if these are downgraded or are found to be in danger. The West African country ...
Silver For The People - The Blog

SPIEF 2012: Putin urges action on financial crisis: Voice of Russia
The global community should be more decisive in tackling the financial crisis, as half-measures only make things worse, Russia's President Vladimir Putin stated when addressing the St. Petersburg International Economic Forum (SPIEF 2012) ...
Voice of Russia, News

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