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

Tuesday, June 12, 2012

Relief for Spain's banks doesn't end eurozone crisis

Relief for Spain's banks doesn't end the eurozone crisis
USA TODAY
And in Italy, the eurozone's third-largest economy, government debt is piling up as the economy stagnates. "We still have some pretty fundamental problems to solve," says Nicolas Veron, senior fellow at the Bruegel think tank in Brusssels.

USA TODAY

Euro crisis: It's still not over
CNNMoney
"The plan looks like a classic eurozone fudge," banking analysts at Societe Generale wrote in a note to clients. Spain also has many challenges beyond the banks. Unemployment stands at nearly 25%. Spain has a relatively low level of public debt, ...

Eurozone crisis live: Spanish banking bailout rally fizzles out
The Guardian
Sentiment has not been helped by suggestions just before the market closed that EU finance officials have discussed imposing capital controls as part of contingency plans if Greece leaves the eurozone. According to Reuters, quoting "EU sources", ...

The Guardian

Euro Crisis: Spanish Fly in the Ointment
Wall Street Journal (blog)
The pro-bailout faction argues the deal shows that Greece needs to remain within the euro zone, the opposition that Greece should demand a renegotiated deal. Since polls were banned ahead of the election, it's hard to know which party has the advantage ...

Eurozone crisis: The pain in Spain over bailout brings opportunities for ...
Toronto Star
Spain, largest bailout recipient in the euro crisis to date, did pretty much all it could to avoid the massive $125-billion rescue agreed to on the weekend. Spaniards in November elected a conservative, austerity-minded national government.

Europe bailout of Spain could cost $125 billion
BusinessWeek
Economy Minister Luis de Guindos announced the deal after an emergency conference call witheurozone financial leaders. He said the aid will go to the banking sector only and would not come with new austerity conditions attached for the economy in ...

Monti Fights to Reshape Italy in Shadow of Euro Crisis
New York Times
As Spain becomes the fourth euro zone country to accept an international bailout, Italian officials are faced anew with a question that has haunted them since Europe's debt crisis broke open three years ago. When will the financial infection cross our ...

New York Times

Nation wearies of the euro crisis
Financial Times
These smaller eurozone economies were forced to seek multibillion-euro bailout programmes because they could no longer finance their debts in the sovereign bond markets. Both José Luis Rodríguez Zapatero, the Socialist prime minister from 2004 to 2011, ...

Financial Times

Eurozone can foot the bill of Spain bailout, for now
Economic Times
The deal sent global stock markets and the euro soaring after Europe, and its paymaster Germany in particular, had come under intense pressure from around the world to take action to prevent problems in Spanish banks blowing up into a fresh eurozone ...

David Cameron 'agrees euro crisis is hitting UK'
The Independent
Prime Minister David Cameron backs the Chancellor's assessment that problems in theeurozone are holding back Britain's economic recovery, Downing Street said today. George Osborne has faced criticism from some Conservative MPs over his claim yesterday ...

Oil falls on euro zone worry, Saudi OPEC view
Reuters
By Robert Gibbons | NEW YORK (Reuters) - Oil fell for a third day and extended losses post-settlement on Monday, reversing early gains from a relief rally on the rescue package for Spain's banks, as investors worried that other euro zone countries also ...

Exclusive: Euro zone discussed capital controls if Greek exits euro: sources
Reuters
By Luke Baker | BRUSSELS (Reuters) - European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zonecapital controls as a worst-case scenario should Athens decide to leave ...

Eurozone slips into transfer union on Spanish morass
Deutsche Welle
In the multi-billion-euro bailout of Spain's debt-ridden banks, a key principle of eurozone economic policy has been sacrificed. As the so-called "no-bailout clause" was rendered obsolete, new risks will emerge. After the Spanish banking rescue over ...

Deutsche Welle

John Swinney launches George Osborne attack
BBC News
John Swinney accused George Osborne of placing too much emphasis on austerity, and of using the euro crisis as an excuse for the stalling UK economy. He also outlined how he believed independence could boost prosperity. Mr Swinney was addressing an ...

BBC News

China urges more "decisive action" on euro crisis
Reuters
By Lucy Hornby | BEIJING (Reuters) - China said the euro zone finance ministers' decision to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks was a welcome short-term fix, but urged the bloc to take more decisive action ...

Swinney hits out at Osborne remarks
The Press Association
The Chancellor has placed too much emphasis on austerity, and sought cover in the euro crisis, the Finance Secretary has told Scottish businesses. John Swinney launched a fresh attack on George Osborne's fiscal and economic policy when he addressed a ...

Renewable energy grows despite financial crisis
Reuters
The investments were a 17 percent increase on the previous year and 94 percent higher than in 2007, the year before the beginning of the financial crisis. By the end of 2011, total renewable power capacity worldwide exceeded 1360 gigawatts (GW), ...

Euro Crisis Solved, for the Umpteenth Time
TheStreet.com
NEW YORK (TheStreet) -- This is the first of my weekly columns at TheStreet.com on Euro Crisisso I'll try to keep my cynical inner child on short leash. If you doubt my sincerity, please re-read the title. Facts on the Spanish bank bailout have been ...

Euro zone ministers to consider Spanish bailout
Deccan Herald
Justyna Pawlak and Erik Kirschbaum The euro zone's senior finance minister urged a rapid resolution of Spain's debt crisis recently, before a meeting where he will lead discussions on a bailout of the country's teetering banks.

Deeper euro zone integration to take time: EU's Rehn
Reuters
STRASBOURG, France (Reuters) - A surrender of sovereignty by countries in the euro zone to tighten fiscal integration in the bloc may only be possible in the medium term, the EU's economic and monetary affairs commissioner said on Monday.

Deeper euro zone integration to take time-EU's Rehn
Reuters
Surrendering national powers possible in medium term - Rehn * EU's economy chief urges financial union for banks STRASBOURG, France, June 11 (Reuters) - A surrender of sovereignty by countries in the euro zone to tighten fiscal integration in the bloc ...

Spain's rescue plan splits eurozone's bailout recipients
Financial Post
We have failed because we were the eurozone's guinea pig.” Some Greeks detected signs that European leaders are ready to concede more lenient terms as the eurozone debt crisis spreads. “Since more countries are in the game, it's good for us because we ...

Financial Post

How eurozone crisis affects you
Korea Times
Behind these gyrations is a realization that debt defaults could trigger a 2008-like calamity, bringing down major European banks with contagion here because the world financial system is interlinked. Just last weekend, European authorities ― at US ...

Euro rises as Spain hails eurozone lifeline for banks
The Bostwana Gazette
MADRID (AFP) - Markets reacted positively in early trading Monday after Spain's leader hailed aeurozone lifeline of up to 100 billion euros ($125 billion) to save the country's stricken banks. Despite flatly denying any need for a rescue just 13 days ...

Britain and the euro blame game
Financial Times
For a non-member of the single currency, Britain is enjoying a vigorous debate about the eurozone. George Osborne, chancellor, is fighting both the opposition and his own backbenches over how much of the UK's own double-dip recession can be blamed on ...

Problems Caused by Financial Crisis “Will Take Years” to Fix: SF ...
By Paul Ausick
In remarks at a conference with Asian Banking leaders, San Francisco Federal Reserve Bank President John Williams said that though the global banking system is in better shape than it was three years ago, it remains “vulnerable:” The ...
24/7 Wall St. - Market Wire

Nearing the End of the Eurozone?
By Eric Fry
A clip of RT's Capital Account, where Nigel Farage discusses the decline of the eurozone.
The Daily Reckoning

The Swedish Financial Crisis and the Labor Market
By Stephen Williamson
This may not be news to you, but it was to me. In this speech, Narayana Kocherlakota shows us how the labor market behavior in Sweden, following the early-1990s financial crisis that occurred there, looks much like what has been happening ...
Stephen Williamson: New Monetarist...

China Trainmaker CSR Says Euro Crisis Deters Europe Deals ...
By Newswires
China Trainmaker CSR Says Euro Crisis Deters Europe DealsBusinessWeek(1766), China's biggest trainmaker by market value, is unlikely to act on propose...
The Wall Street Examiner

Euro crisis deepens | The Economic Voice
By Jeff Taylor
Despite the Spanish Prime Minister's best efforts to portray the bail out of his country's banks as a victory, this just shows that the problems are spreading.
The Economic Voice

PAPANDREOU: GREECE TO STAY IN EUROZONE | PRAGMATIC ...
By Cullen Roche
Some good insights and thoughts here on Europe from former Greek Prime Minister George Papandreou. He spoke with Bloomberg TV's Sara Eisen and said that.
PRAGMATIC CAPITALISM

Eurozone Debt Crisis Gets More Costly with Spain's Latest Move ...
By Diane Alter
Tack another $125 billion to the Eurozone debt crisis cost. Here's why we could spend billions more before a real fix – or disaster -- happens. Money Morning - Only The News You Can Profit From.
Money Morning

Key Events for the Eurozone Before and After Greek Election ...
By Chris
The upcoming second round of Greece's legislative election is currently the main event in debate over the future of the Eurozone, but there are other influential events to watch before and after the June 17 election. Those events are outlined ...
Recorded Future

UK treasurer: Euro crisis is killing our recovery | Business | Eugene ...
Britain's Treasury chief has warned that uncertainty over the future of Europe's single currency is threatening to keep his country from returning to economic growth.
KVAL - News - Business

Spanish PM claims bank bailout 'triumph' amid eurozone crisis ...
By From guardian.co.uk
Spanish PM claims bank bailout 'triumph' amid eurozone crisis - Mariano Rajoy puts gloss on €100bn loan but 'bailout lite' could prompt reaction from hard-hit Ireland, Portugal and Greece. Spain's prime minister, Mariano Rajoy, on Sunday ...
Forex Factory

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