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

Saturday, June 9, 2012

Spain set to request banking bailout on Saturday

Eurozone crisis live: Spain set to request banking bailout on Saturday
The Guardian
With respect to Greece we've said that it is in everybody's interest for Greece to remain in the eurozone...The Greek people also need to recognise that their hardships will likely be worse if they chose to exit from the eurozone.

The Guardian

As the eurozone breaks apart, Britain must go its separate way
Telegraph.co.uk
One reason that the eurozone crisis seems so utterly unmanageable is that both meanings apply to it. At any moment, it is possible that market confidence will collapse. If that happened, there would be a run on vulnerable banks, even on all banks in ...

Telegraph.co.uk

Euro down on mounting euro zone risks
Economic Times
NEW YORK: The euro fell against the US dollar on Friday after a three-notch downgrade to Spain's credit rating and signs of economic weakness in Italy and Germany, leaving the single currency vulnerable as euro zone risks increased.

Germany walks fine line in euro crisis
Financial Times
Germany's central bank – headquartered in an austere concrete building on the city's edge – is playing a crucial role in the eurozone crisis. Fiercely conservative, it is helping define limits to the European Central Bank's actions and the German ...

President talks Eurozone and economy
msnbc.com
the president did come out talking about greece specifically and saying how much of a mistake it would be for them to leave the eurozone and what it would do do them now, basically greece is under water, not pulling in money they need to pay for ...

Euro-Zone Concerns Lift Treasury Bonds
Wall Street Journal
By Min Zeng Anxiety over the euro zone's sovereign-debt crisis Friday drove investors to the perceived safe harbor of Treasury bonds. The price strength reclaimed some lost ground from an earlier selloff this week, signaling that hopes of policy ...

Euro Zone Exit: What Would Happen Next?
CNBC.com
The idea of a Greek or Spanish exit from the euro zone, once viewed as an extreme worst-case scenario given credence only by the most bearish, is increasingly becoming part of the mainstream. The immediate concern for the markets is how the euro would...

CNBC.com

FOREX-Euro down on mounting euro zone risks
Reuters
The euro also took a hit after Italian industrial production fell far more than expected in April and German imports tumbled at their fastest rate in two years, adding to euro zone recession concerns. But the common currency came off its lows after ...

Euro Crisis: Spain Inches Closer to a Bank Bailout
TIME
According to Reuters, which cites two unnamed European Union sources and one German official, euro-zone finance ministers will hold a teleconference on Saturday during which Spain will request a rescue package for its banks. The Spanish government will ...

TIME

Euro zone crisis: British PM asks German Govt to take speedy measures
Hindu Business Line
PTI The British Prime Minister, Mr David Cameron, has asked the German Government to take speedy measures to restore global financial markets' confidence in the Euro zone's ability to tackle its debt crisis and to support its ailing banking sector.

Obama Urges "Clear" Action On Eurozone Crisis
RadioFreeEurope/RadioLiberty
By RFE/RL WASHINGTON -- US President Barack Obama has urged European leaders to take "clear action" to combat the deepening financial crisis in the eurozone. "The bottom line is [that] the solutions to these problems are hard, but there are solutions," ...

RadioFreeEurope/RadioLiberty

EU plan nonsense, says Cameron
Sydney Morning Herald
DAVID Cameron has promised to ''protect'' Britain from German plans for a eurozonesuperstate with common banking and political systems. The British Prime Minister dismissed as ''nonsense'' a suggestion from Angela Merkel, the German Chancellor, ...

Sydney Morning Herald

Obama Prods Congress, Citing Euro Crisis
New York Times (blog)
The president said his call for action by Congress was made more urgent by the financial crisis in Europe, where countries are struggling to deal with weakness in their banks and the deepening debt crisis in Greece. “This is a global economy now, ...

Eurozone crisis: Spain to seek financial bailout on Saturday
The Guardian
Spain is on Saturday expected to become the fourth eurozone country to seek international help for its debt crisis when Europe's policy leaders agree a package to bail out its crippled banking sector. In the latest attempt to control the financial ...

The Guardian

Martin Rowson on Cameron, Merkel and the eurozone crisis – cartoon
The Guardian
Our UK financial strategy is suffering from rigor mortis - yet the inadequately clothed emperor still unashamedly preaches to Angela Merkel about dealing with the Euro crisis. Beautifully expressive cartoon, Martin. "No, he will fight to defend the ...

Do Spain and Euro Zone Even Know What The Truth Looks Like Yet?
Forbes
Spain's double talk over its financial needs seems finally to be driving them to a bailout while the markets are closed over this weekend. Monday, though, could bring some shocking news about the extent of Spain's needs. Anyone who thinks the bailout ...

Oil down on euro zone, dimmed QE3 hopes
CNBC.com
EUROZONE Following its downgrade by ratings agency Fitch on Thursday, Spain is expected to request European aid for its banks at the weekend. It would become the fourth and biggest country to seek help since the euro zone debt crisis began, ...

Euro Zone Crisis Hits Mortgages
Mortgage News
by Mark Johnston June 8, 2012 As the number of countries perceived as having major debt problems increases the euro crisis continues. The crisis is a complex tale of politics and economics. The first country to fall in to crisis was actually Ireland ...

Mortgage News

Spain: Bailout decision could come within weeks
BusinessWeek
Spain could decide this month to ask for a bailout for its troubled banking sector, a step that would make it the fourth country in the 17-member eurozone to seek help since the EU debt crisis broke out. Deputy Prime Minister Soraya Saenz de Santamaria ...

Eurozone needs overhaul to end crisis, Harper says
Vancouver Sun
Prime Minister Stephen Harper called for an overhaul to the eurozone Thursday and urged European leaders to move "decisively" to resolve the continent's economic cri-sis before it spreads to the world. The prime minister made the public plea after ...

Central bankers say policy limited
gulfnews.com
The Federal Reserve and the European Central Bank are both keeping their options open as global economic conditions worsen and the Eurozone looks, if anything, more fragile than in recent months. The ECB did the absolute minimum at its meeting on ...

Banks devising hedges against euro crisis response
Reuters
Allowing the euro zone's bailout funds to pump cash directly into Spanish banks, and concrete progress from EU leaders towards a risk-sharing fiscal union may be enough to win back some investor confidence, market participants said.

Eurozone Rescue: David Cameron Threatens Veto to Protect UK Interests
Here Is The City
by The Guardian Britain threatened to wield its EU veto for the second time in less than a year if eurozone leaders draw up a rescue plan for the single currency that threatens British interests in the European single market.

Here Is The City

Obama Urges Deeper Euro Zone Collaboration
NASDAQ
WASHINGTON--President Barack Obama on Friday said the euro zone needs to take decisive steps to inject capital into its weak banks and deepen collaboration on its financial system and budgets to stem the financial crisis.

CANADA STOCKS-TSX slumps on China, euro zone woes
Reuters
Spain is expected to request European aid for its ailing banks over the weekend to forestall worsening market turmoil, becoming the fourth and biggest country to seek assistance since theeuro zone's debt crisis began, EU and German sources said.

Q&A: What the German proposals mean for Britain
Telegraph.co.uk
David Cameron promises to 'protect' Britain from German plans for a eurozone superstate with common banking and political systems. Berlin is being asked to give financial support for indebted governments and banks in the eurozone such as Spain and ...

Merkel says won't pressure Spain to seek bailout
Reuters
Merkel said that the euro zone had put in place a "bundle of measures" that could be called upon in such a case -- including its rescue fund, the European Financial Stability Facility, and its permanent successor -- to ensure the stability of the euro ...

Germany says aid decision up to Spain
Reuters
| BERLIN, June 8 (Reuters) - A German government spokesman declined to comment on Friday on whether Spain would request European aid this weekend for its ailing banks but reiterated Berlin's stance that euro zone instruments already exist to provide ...

Spain's hurting banks at heart of eurozone chaos
BusinessWeek
And on Thursday, Spanish Prime Minister Mariano Rajoy hosted his counterpart from the Netherlands, one of the 17 eurozone countries that would have to approve outside help if Spain can't save its banks on its own. Rajoy said this week that Europe ...

Merkel urges 'political' union, Spain rating slashed
Herald Sun
GERMAN Chancellor Angela Merkel pushed for a stronger European political union overnight amid growing international calls for action as a brutal Spain ratings downgrade added another twist to the eurozone crisis. In the United States, Federal Reserve ...

Trade surplus drops as eurozone crisis bites - The Local
German exports and imports fell sharply in April as Europe's biggest economy begins to feel the effects of the long-running eurozone debt crisis, data showed on Friday. Analysts said the monthly data were worse than expected.
The Local - Germany's news in English

Ex-Greek Prime Minister: Eurozone Exit Would Be 'Catastrophic' For ...
By The Huffington Post News Team
COPENHAGEN, June 7 (Reuters) - A Greek exit from the euro zone would be "catastrophic" for the country, former prime minister Lucas Papademos said on Thursday, urging the Greek people to "stay the course" of painful economic reforms.
Greece on Huffington Post

Sober Look: Eurozone citizens moving billions to Switzerland
By Walter Kurtz
The reason the SNB had to do such a massive volume in FX transactions is that the Eurozonecitizens are flooding Swiss banks with deposits. As Kostas Kalevras points out, the ECB's foreign reserve liabilities shot up €77.5bn in May to ...
Sober Look

ekathimerini.com | Obama warns against eurozone exit
"We recognize the sacrifices that the Greek people have made, and European leaders understand the need to provide support if the Greek people choose to remain in the eurozone,» Obama said. «But the Greek people also need to recognize ...
Latest News

Ismail Erturk: To Save the Euro, a Eurozone Bad Bank Is Urgently ...
By Ismail Erturk
The dangerously evolving Spanish banking problem should now ring alarm bells in the EU and the UK. It is time to recognize that the eurozone has a banking crisis that is bigger than the sovereign debt problem.
The Full Feed from HuffingtonPost.com

Spain's hurting banks at heart of eurozone chaos
By Alan Clendenning
Spain's hurting banks at heart of eurozone chaos, Spain is under rising pressure to find a lifeline for its deeply troubled banks.
azcentral.com | business

Eurozone Crisis: Spain to Seek Financial Bailout on Saturday
Spain is on Saturday expected to become the fourth eurozone country to seek international help for its debt crisis when Europe's policy leaders agree a package to bail out its crippled banking sector.
Business on Here Is The City

Banks devising hedges against euro crisis response – Reuters | The ...
By Newswires
Telegraph.co.ukBanks devising hedges against euro crisis responseReutersEven though many in markets remain fundamentally sceptical that the euro zone will ...
The Wall Street Examiner

ECB's Nowotny: Eurozone economic growth will remain weak ...
By Pete Jackson
Eurozone inflation expected to remain above 2% this year, but in line with ECB expectations Sees downside risks to the Eurozone EU crisis is an.
ForexLive

Euro crisis, 'fiscal cliff' menace US economy: Fed — TalkVietnam
By mrhoi
The European crisis and mandated budget cuts and tax hikes pose big risks for the US economy, Federal Reserve Chairman Ben Bernanke told Congress on Thursday....
TalkVietnam

Businessweek's “How Europe's Contagion May Hit the US Economy”
Businessweek's “How Europe's Contagion May Hit the U.S. Economy” Ignores its Benefits to US Economy - posted in Bears Chat: Businessweek argues that the European crisis is hurting the US economy. It ignores ignores the fact that ...
Bears Chat at The Wall Street Examiner

Spain's hurting banks at heart of eurozone chaos | Washington ...
By The Associated Press
Spain's Prime Minister Mariano Rajoy, speaks during a press conference after a meeting with Netherlands' Prime Minister Mark Rutte at the Moncloa Palace, in Madrid, Thursday, June 7, 2012. Spain's Prime Minister appeared Thursday to ...
Examiner This is a gallery for...

IMF Chief Praises Latvian “Success Story” – A Scary Speech for the ...
By Mark Weisbrot
from Mark Weisbrot IMF Managing Director Christine Lagarde has made conflicting remarks in the last few months indicating that she might have doubts – shared by IMF economists — about the self-destructive economic policies that are ...
Real-World Economics Review Blog

XE.com - UPDATE 8-Oil drops on euro zone woes, faded QE3 hopes
Oil prices fell on Friday in choppy trading as Spain's banking crisis, weak European economic data and diminished hopes for monetary stimulus reinforced concerns about petroleum demand.
XE Forex News

Eurozone crisis: if Greece goes, Germany's prosperity goes with it ...
Business leader: If the eurozone were to shrink, Germany's once-captive markets would become too poor to import: and the rapid appreciation of a stronger euro ...
www.guardian.co.uk/.../eurozone-greece-germany-prosperity

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