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

Monday, June 11, 2012

Week Ahead: Spain aid deal calms Europe fears

Wall St Week Ahead: Spain aid deal calms Europe fears
By Angela Moon NEW YORK, June 10 (Reuters) - US stocks will get a lift on Monday after euro zone finance ministers agreed to lend Spain up to 100 billion euros ($125 billion) to help its battered banks. The surprisingly large amount of aid removes a ... 

Eurozone agrees to lend Spain up to 100 billion euros |
By Jan Strupczewski and Julien Toyer | BRUSSELS/MADRID (Reuters) - Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely how much ...

Spain says it will accept debt aid from Eurozone
Los Angeles Times
MADRID — Europe offered Spain a lifeline Saturday to rescue its deeply indebted banks, after Madrid begrudgingly acknowledged that it would become the fourth and largest Eurozone government to seek aid to contain the continent's debt crisis.

As Focus Shifts to Rescuing Spanish Banks, Worries Grow Over Greece
New York Times
FRANKFURT — As European finance ministers labored on a plan to shore up Spanish banks in recent days, the urgency of that mission was driven by events in a country at the other edge of theeuro zone: Greece. The Spanish banking rescue agreed to on ...

Eurozone crisis: banks bailout a victory for the euro, says Spanish PM
The Guardian
Eurozone finance ministers did not seem to agree, talking about vigilance over the budget deficit and structural reforms. Much of the detail still has to be worked out, including the amount Spain will take from Europe. Rajoy jetted off to Poland to ...

The Guardian

Euro Crisis
Daily Beast
On Saturday, the country became the fourth euro-zone nation to ask for a bailout as the 17 nations that share the common currency continue to fight off spreading debt. Politicians and finance ministers in Europe and America have urged Spain to accept a...

Daily Beast

Euro zone rushes Spain through cash rescue
Europe has agreed to help Spain by providing as much as 100 billion euros to bail out the nation's bleeding banks in the fourth-and largest-euro zone member rescue as the region's debt crisis continues to swirl. The Spanish government declares its ...

How to save Spain's banks – and the eurozone
Financial Times
By Wolfgang Münchau If you want to know whether any set of proposals for a European banking union is sensible, you should ask the following simple question: will it render Spain's position in theeurozone sustainable? The Spanish government has ...

UK treasurer: Euro crisis is killing our recovery
"A resolution of the eurozone crisis would do more than anything else to give our economy a boost," he wrote, arguing that his country's neighbors needed to pool more of their resources -- "whether through common eurobonds or some other mechanism" ...

Stop blaming the eurozone crisis, Tories tell George Osborne
George Osborne must stop blaming the eurozone crisis for Coalition's failure to tackle recession in Britain, senior Conservatives warned last night. By Rowena Mason, Political Correspondent The Chancellor is facing criticism from within his own party ...


Spain Accepts Bailout for Its Banks as Leader Warns of Tough Year Ahead
New York Times
MADRID — The Spanish prime minister on Sunday called his country's banking rescue by Europe a victory for the euro zone but hastened to describe it as a deal that was drawn up on his country's own terms. “Nobody pressured me, I was the one who ...

Spain to Request EU Aid for Banks
Wall Street Journal
Spain said Saturday it would ask Europe for financial aid for its ailing banks, a step that would make it the fourth and largest euro-zone economy to require rescue funds from its euro-zone partners. Spanish Finance Minister Luis de Guindos told a news ...

Eurozone agrees to lend Spain 100 bn euros to shore up banks
Fox News
(Changes dateline, updates throughout) HASH(0x9193360) Eurozone economy and finance ministers agreed Saturday to provide Spain a loan of up to 100 billion euros ($125.2 billion) to shore up the country's troubled financial sector.

Spanish PM claims bank bailout 'triumph' amid eurozone crisis
The Guardian
Speaking hours before flying to Poland to watch Spain's World Cup-winning soccer team play its first match of Euro 2012, Rajoy proclaimed that the "credibility of the euro won" following Saturday's bank bailout, funded by eurozone countries.

The Guardian

EU's Rehn says Spanish aid deal good for markets
By Justyna Pawlak and Marine Hass | BRUSSELS (Reuters) - A loan for Spanish banks agreed by the euro zone will be critical for calming market turbulence in Europe and helping containcontagion from the debt crisis, the EU's top economic official said ...

Conservative backbencher criticises George Osborne's eurozone claims
The Guardian
George Osborne's claim that the UK's economic recovery is being "killed off" by theeurozone crisis has come under fire from his own party, as the chancellor prepares to set out crucial banking sector reforms intended to avoid a repeat of the 2008 ...

The Guardian

Bailout lite: How the rescue differs from Greece
Financial Times
By Peter Spiegel in Brussels Spain's announcement on Saturday that would seek EU aid to shore up its teetering domestic banks makes it the fourth eurozone peripheral country to be forced into a bailout programme. But Spain's bailout, which could be as ...

Euro zone agrees Spanish bank bailout of up to €100bn
Irish Times
Photograph: Pablo Blazquez Dominguez/Getty Images Euro zone finance ministers have agreed to lend Spain up to €100 billion to shore up its teetering banking system. Madrid said it would specify precisely how much it needs once independent audits report ...

Irish Times

Doubt clouds robust Spain bailout
Financial Times
By Peter Spiegel in Brussels When eurozone finance ministers gathered in Brussels two years ago to agree the first €110bn Greek bailout, it set an unfortunate template for rescues to come: months of equivocation followed by an all-night scramble to get ...

Spain's banking bailout plays out a running theme of the eurozone crisis
The Guardian
Ever since Greece became the first member of the single currency to need assistance, each phase of the eurozone debt crisis has unfolded like a sad piece of classical music with its own distinctive melody. The piece opens slowly.

The Guardian

Euro crisis a threat to UAE economy
Greece is the main source of "contagion risk" for Dubai, the report added, and said three other European countries posed a risk. "Italy, Portugal, and Spain are also contributors: these four countries explain close to 80 per cent of the contagion risk ...


EU's Rehn Outlines Next Steps for Spanish Bank Bailout
Wall Street Journal
By Matina Stevis BRUSSELS--Once Spain makes a formal request for a euro-zone loan to refinance its ailing banks, the European Commission, the European Central Bank, the European Banking Authority and the International Monetary Fund will carry out an ...

Spain bank rescue now faces markets test
MADRID — Spain's government has declared victory after performing a U-turn and agreeing on a eurozone rescue for its banks; now it is the markets' turn to say if they agree. Investors' reaction to the 17-nation eurozone's agreement to provide a loan ...


Massive bailout for Spain may only be stopgap measure
By Paul Taylor, Reuters PARIS -- Euro zone finance ministers rushed Spain into an EU-funded rescue for its debt-stricken banks to pre-empt the threat of a bank run if Greece's debt crisis flares again but any respite for Madrid and the euro may be ...

Euro Zone leaders agree to give €100 billion to Spain
Hindu Business Line
Spain will become the fourth Euro Zone nation to receive a European financial rescue package, after the region's finance ministers announced they were prepared to provide up to €100 billion in financial assistance to the country.

Eurozone agrees to bail out Spanish banks
New York Daily News
Moscow/Madrid, June 10 (IANS/RIA Novosti) Eurozone finance ministers have agreed to lend Spain up to 100 billion euros ($125 billion) to bail out its troubled banks as Madrid officially stated its intention to ask the Eurogroup for help.

Spain's €100 Billion Gamble
Wall Street Journal
By asking the euro zone for a loan of up to €100 billion ($125 billion) to recapitalize its banks, Madrid has acknowledged what the market already knew: that Spanish bank balance sheets have been massively understating the losses arising from the ...

Spain is bailed -- but questions remain
Madrid (CNN) -- A day after Spain became the fourth eurozone country to request financial aid, the man on the street in Madrid would rather talk about the country's chances on the football pitch than on the financial markets. The reason?

Europe's bailout of Spanish banks buys policymakers time to end euro crisis ...
Washington Post
“This is enough to prevent added market contagion.” Spain on Saturday asked the 17 countries that use the euro currency for money to rescue its banking system. European officials responded by offering to provide up to $125 billion to rebuild Spanish ...

Eurozone crisis: Europe bailout of Spain could cost $125 billion
Hindustan Times
Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to 100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country eurozone.

UK treasurer: Euro crisis is killing our recovery - seattlepi.com
In his article, Osborne called on eurozone members to offer more support to their weaker neighbors, adopt collective money-raising tools such as the proposed eurobonds, create a banking union, and engage in "much closer collective ...
Business Heds Index

Spain's banks to get eurozone bail-out | European Voice
spain's banks to get eurozone bail-out finance ministers agree loans of up to €100 billion.
European Voice - RSS

Detroit may be in a financial crisis | WTVR.com – Richmond News ...
By Megan Woo
The Motor City is running on empty and could be broke within days.
WTVR.com – Richmond News &...

Eurozone crisis challenges UK role in Europe « Public Affairs 2.0
By fhbrussels
Britain is buzzing with talk of a referendum on “Europe”. In May Peter Mandelson was advocating a national vote some time after 2016, when a new Europe of fiscal union will have been defined. He sees it as a way of resolving divisions within ...
Public Affairs 2.0

Spain Seeks Massive Bailout, Euro Zone Agrees To Lend Up To 100 ...
By Melissa Stusinski
Spain has officially asked the European Union for assistance in bailing out its crumbling banks. On Saturday, Euro Zone finance ministers responded, agreeing.
The Inquisitr

Spain In Eurozone Crisis Crosshairs – KERO-TV 23 | The Wall ...
By Newswires
The RepublicSpain In Eurozone Crisis CrosshairsKERO-TV 23By Irene ChappleCNN (CNN) -- Spain, a eurozone behemoth, is in the crosshairs of Europe's fin...
The Wall Street Examiner

WRAPUP 7-Eurozone agrees to lend Spain up to 100 bln euros - XE
Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a ...
XE Forex News

Osborne wrong again in passing buck to eurozone | Left Foot Forward
By Will Straw
George Osborne has again blamed the double dip recession on the eurozone - the truth, however, is the causes of the recession are primarily domestic.
Left Foot Forward

Blogoir: Eurozone v USSR: Bloomberg Comparison #Fail
The Soviet experience tells us “an exit like this is messy and leads to loss of income and inflation, and people are right to be scared of it,” said Harold James, a professor of history at Princeton University whose books include “The End of ...

Eurozone to lend Spain up to 100 billion euro | Baltic News Network ...
Eurozone finance ministers have succeeded in talking Spain into accepting an EU-funded rescue for its severely indebted banks.
Baltic News Network - News from...

UAE may face risks from deepening euro crisis - IMF - InterAksyon.com
By Martin Dokoupil, Reuters
The United Arab Emirates and other Gulf countries could face major financial repercussions if theeuro zone debt crisis spreads from the bloc's peripheral states to its core and infects global markets, the International Monetary Fund said.

Mike Norman Economics: Philip Aldrick — Bundesbank: the ...
By Tom Hickey
But the Bundesbank's dominance means that the eurozone crisis will not be resolved any time soon. In Weidmann's words, the only real solution to the crisis is “structural reforms and budgetary discipline” among the periphery. Long-term ...
Mike Norman Economics

Greece's Tsipras: Spain's Bailout Proves Austerity - The Peoples Voice
By admin
(REUTERS-Paul Hanna)Following an emergency conference call with eurozone financial leaders on Saturday, Spain's Finance Minister Luis de Guindos announced that the nation would be the fourth member of the Eurozone to request a ...

The euro crisis: Mrs Merkel's mess | The Economist
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