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

Thursday, June 7, 2012

Germany catches euro crisis virus

Germany catches "euro crisis virus" as output slips
"Welcome to the euro crisis, Germany," said ING senior economist Carsten Brzeski. "(The drop provides) evidence that the economy has finally caught the euro crisis virus." The Economy Ministry said the steep fall came after strong growth in March and ...

Analysis: Romney, Obama see little benefit in euro zone talk
US households have lost $1 trillion in wealth since March as the euro zone crisis has pushed stock markets down, according to JP Morgan. Any number of scenarios, from a Greek exit from the euro currency to a run on Spanish banks, could spark a ...

ECB to Eurozone Governments: Get it Together
Fox Business
The European Central Bank on Wednesday put the onus firmly on euro zone governments to solve the bloc's debt crisis, dashing expectations it could take near-term action despite saying the currency area's economy was under increasing threat.

Cameron, Obama Call for Immediate Plan to End Euro Crisis
Merkel hardened her opposition to joint debt sharing in the euro region in a speech June 2 after Obama singled out Europe's leaders for not doing enough to arrest the financial crisis. Spanish Prime Minister Mariano Rajoy called on European ...

UK's Cameron, Obama agree 'immediate plan' needed to tackle eurozone crisis
Washington Post
LONDON — British Prime Minister David Cameron and US President Barack Obama have agreed on the need for immediate action to resolve the eurozone crisis. Downing Street says the two leaders spoke on the phone late Tuesday ahead of the G20 summit in ...

Brent crude above $100 on euro zone hopes
NEW YORK (Reuters) - Crude oil futures rallied on Wednesday, with Brent returning above $100 a barrel on hopes of an EU rescue to Spain's troubled banks to ease the euro zone debt crisis, and as a US Fed official hinted at more monetary easing to ...

TSX bounces on commodities, euro zone hopes
Reuters Canada
By Jennifer Kwan TORONTO (Reuters) - Canada's benchmark stock index climbed on Wednesday morning, led by mining and energy shares on signs of urgent moves in Europe to resuscitate theeuro zone's fragile economy. The Toronto market followed global ...

Euro zone crisis tests Hollande's credentials
By Catherine Bremer | PARIS (Reuters) - When Francois Hollande waded into the euro zone debt crisis after taking office as French president, his push for a new focus on growth over austerity was widely welcomed, except perhaps in Berlin.

Fitch CEO Taylor: Euro Zone Still "Muddling Through" Crisis
Wall Street Journal
By Matina Stevis and Gustav Sandstrom COPENHAGEN--The head of ratings agency Fitch Ratings Wednesday rounded on euro-zone policy makers, saying the currency union is still "muddling through" its debt problems, as officials look for tools to resolve the ...

CANADA STOCKS-TSX bounces on commodities, euro zone hopes
The Toronto market followed global equities higher as expectations grew that the financial crisis in Europe and a deteriorating economic outlook would prompt major central banks to embark on stimulus measures. The key pillars of materials, ...

Brent rises above $101 on euro zone hopes
NEW YORK (Reuters) - Crude oil futures jumped more than 2 percent on Wednesday, with Brent returning to above $100 a barrel, on hopes that European officials would mount a rescue to Spain's troubled banks to ease the euro zone debt crisis.

Euro zone crisis a global threat - Cameron
Reuters UK
"Clearly the euro zone crisis is the biggest threat to the world economy today," he added. But Cameron cautioned against expecting German Chancellor Angela Merkel to come up with a fix, saying it was "wrong" and "unfair" to expect one leader shoulder ...

G7 Ministers Agree to Monitor Eurozone Crisis
G7 finance ministers and central bank governors agreed Tuesday to focus special attention oneurozone banking developments ahead of the G20 summit in Mexico, according to US and Canadian officials. The meeting of officials from the Group of 7 ...

Global markets lose shine after ECB holds steady
LONDON—Global markets trimmed earlier gains after the European Central Bank offered no new monetary stimulus on Wednesday, with its chief Mario Draghi saying it was the governments' turn to act to restore confidence in the 17-country eurozone.


Crude Oil Ends Higher On Eurozone Hopes, Weak Dollar
RTT News
(RTTNews) - US crude oil futures ended higher Wednesday, on a weak dollar and increased optimism on solution to the eurozone crisis. Nevertheless, oil prices were impacted after an Energy Information Administration report showed oil stockpiles in the ...

Can Foreigners Solve the Eurozone Crisis?
Slate Magazine (blog)
News of the day: "Prime Minister David Cameron and US president Barack Obama have agreed on the need for “an immediate plan” to resolve the eurozone crisis, Downing Street said today." Duncan Black is skeptical, citing the above Venn Diagram.

Cameron, Obama urge swift action on euro zone crisis
LONDON (Reuters) - European leaders must take urgent steps to tackle the euro zone debt crisis and protect the common currency, British Prime Minister David Cameron and US President Barack Obama agree, a Downing Street spokeswoman said on Wednesday.

Eurozone Economy Contracts 0.1% From Q1 GDP Of 2011
The Eurozone experienced a small contraction in the first quarter of 2012 in comparison to Q1 of 2011, according to revised info released by the European Commission's statistics office today. The seasonally adjusted GDP for Q1 contracted 0.1% when ...

Corruption to Blame for Fuelling Eurozone Debt Crisis -Report
Wall Street Journal
BRUSSELS--The failure of some European governments to tackle corruption has helped fuel theeuro-zone's debt crisis, according to a new report released Wednesday. Transparency International (TI), an anti-corruption watchdog, points to a strong ...

Turkey Urges Strong Action to Preserve Euro Zone
Wall Street Journal
By JOE PARKINSON, TRACY CORRIGAN and YELIZ CANDEMIR ISTANBUL—Turkey's economics chief on Wednesday urged Europe to take strong action to keep afinancial crisis from breaking up the euro zone and called on policy makers to follow the example of Turkey ...

Wall Street Journal

Canada Prime Minister Says Euro Zone Is Running Out of Time to Solve Crisis
Wall Street Journal
By Paul Vieira OTTAWA--Canadian Prime Minister Stephen Harper warned Tuesday in a television interview that euro-zone leaders are running out of time to solve the Continent's financial crisis, and the fate of the global economy hangs in the balance.

Stimulus hopes lift sentiment in global markets
Atlanta Journal Constitution
By CARLO PIOVANO AP LONDON — Global markets rose Wednesday on hopes that financial authorities in the US and Europe may take action to stimulate economic growth and ease the financial turmoil that is threatening to tear apart the 17-countryeurozone.

Atlanta Journal Constitution

Wall Street helps markets rise but ECB disappoints
San Jose Mercury News
Wall Street gained in strength after a timid opening, with the Dow Jones industrial average up 1.7 percent to 12334.04 and the S&P 500 adding 1.7 percent to 1308.25. governments' turn to act to restore confidence in the 17-country eurozone.

ECB's Draghi: Risks to euro zone economy rising
FRANKFURT, June 6 (Reuters) - European Central Bank President Mario Draghi said on Wednesday there were increasing risks to economic recovery in the euro zone. "Economic growth in the euro area remains weak with heightened uncertainty weighing on ...

US STOCKS-Futures higher on euro zone hopes
Though the European Central Bank held its main interest rate at 1 percent, resisting international pressure to provide more support for the euro zone's ailing economy, investors are awaiting comments from ECB President Mario Draghi at 8:30 am ET (1230 ...

David Cameron and Barack Obama agree on 'immediate plan' to resolve eurozone ...
David Cameron and US president Barack Obama have agreed on the need for "an immediate plan" to resolve the eurozone crisis as the Prime Minister prepares to fly to Germany for crisis talks. By Rowena Mason and Bruno Waterfield in Brussels Mr Cameron ...


European Data Adds to Anxiety
Wall Street Journal
With Spanish factory production worsening further, and euro-zone business investment dropping sharply in the first quarter, the figures from Germany raise fears that the country won't be able to keep its weaker neighbors afloat indefinitely.

Wall Street Journal

Eurozone crisis: Four years in and no solution yet, Prime Minister Stephen ...
Toronto Star
More:Economic ground shifts under Carney United States President Barack Obama and British Prime Minister David Cameron are also calling on Europe to devise an “immediate plan” to address the eurozone crisis. In a late-night phone conversation Tuesday, ...

Russian cbank blames euro zone for rouble weakness
Cbank governor says eurozone woes only reason for rouble demise * Sees rouble rebounding * Says 2012 inflation target unchanged at 5-6 pct By Katya Golubkova ST PETERSBURG, Russia, June 6 (Reuters) - Russia's central bank governor on Wednesday blamed ...

Gold: Contagion | John Ing | Safehaven.com
By John Ing
Despite the possible breakup of the EU, there's a certain degree of complacency and denial over the political gridlock and lack of leadership on both sides of the ocean. The respite in the euro-crisislasted only a ...
Recent Commentaries | Safehaven.com

Critical Mass: Eurozone Dominoes Threatening to Fall - Finance ...
Economists have worried all along that the nations in the eurozone would start to fall like dominoes. Now the dominoes seem to be moving.
CBN.com - CBN News

XE.com - UPDATE 1-Exports save euro zone from recession in Q1 ...
The euro zone narrowly escaped technical recession in the first quarter as exports offset a plunge in investment and inventories to produce a flat reading, data showed on Wednesday, but it was unlikely to escape contraction again in the ...
XE Forex News

Sober Look: Eurozone now needs the rest of the world more than ever
By Walter Kurtz
A great deal of Eurozone's GDP growth in the past came from domestic demand - both in Germany and elsewhere within the union. Of course some of that growth was driven by credit, including cheap sovereign debt. But as austerity kicks in, ...
Sober Look

Eurozone Q1 GDP confirmed flat q/q | ForexLive
By Gerry Davies
Y/Y revised fractionally lower at -0.1% from previous flat.

Cameron, Obama urge swift action on euro zone crisis – Chicago ...
By Newswires
The Guardian Cameron, Obama urge swift action on euro zone crisis Chicago TribuneLONDON (Reuters) - European leaders must take urgent steps to tackle the eur...
The Wall Street Examiner

Flaherty tells of eurozone talks, surprising some G7 counterparts ...
By Erica Alini
Ottawa disclosed that the finance ministers and central bankers of the G7 group of advance economies held emergency eurozone talks on Tuesday, even though it would have been up to the U.S. to make such an announcement, the Financial ...

Doc's Talk: Eurocrisis: Russia Offers Its Services
By GS Don Morris, Ph.D./Chana Givon
The prospect of a bankruptcy of Greece, and of the country leaving the eurozone, seems ever more likely. Grexit – as the European media call the scenario of Greece leaving the euro – is a possibility. But how will the Greek people react?
Doc's Talk

Every 2nd German for Greece's exiting euro zone: Voice of Russia
Every second citizen of Germany supports the idea of Greece exiting the euro zone. Seventy-three percent of respondents believe that the crisis in Athens directly threatens the stability of the euro.
Voice of Russia, News

Euro-zone Galloping Towards Financial Armageddon, Greece Will ...
By Stefan B
Euro-zone Galloping Towards Financial Armageddon, Greece Will Take Third World Europe to Inflation Hell! by Nadeem Walayat Market Oracle. Can you smell it ? There's PANIC in the Air! For instance, apparently Britain is preparing ...
Financial Survival Network

Terry Connelly: Is Merkel the Herman Cain of the Eurozone: NEIN ...
By Terry Connelly
Sometimes it seems that the chancellor would rather go down in history as the German who sank the euro rather than appear to be following a made-in-America idea.
The Huffington Post Full Blog Feed

The crisis shows the need for further integration of Eurozone ...
By Press releases from ALDE
The crisis shows the need for further integration of Eurozone banking and supervision The financial crisis which first exploded in 2008 triggered a contagious, vicious circle between the banking sector and the sovereign debt market whose ...
EU Political Press Service

Euro-zone crisis tests Hollande credentials - Escalation of crisis ...
By Kuwait Times
With alarm growing over the euro-zone's future, EU leaders are set to devote a June 28-29 summit to discussing Merkel's push for more central power to manage euro area finances and agree a path towards a formal accord a year from now.
Kuwait Times

The Euro Crisis: A Global Perspective | FWD Nation
By Gian Visciano
I vividly remember where I was when Italy celebrated its adoption of the Euro. That night, January 1st 1999, I was sound asleep in a hotel room in Milan with fireworks exploding so closely that they shook the building.
FWD Nation

Euro Zone at a Crossroads, With the Union on the Line - NYTimes.com
The economic crisis in Europe is becoming an existential one for the monetary union, officials say, unless governments act to solidify the alliance.

German finance minister firm on eurozone medicine - Yahoo! News
From Yahoo! News: Germany's finance minister is rejecting any idea of watering down the diet of austerity and structural reforms being used to combat the ...

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