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

Wednesday, July 25, 2012

Europe is sleepwalking towards imminent disaster, warn top economists

Europe is sleepwalking towards imminent disaster, warn top economists - Telegraph: "The euro has completely broken down as a workable system and faces collapse with “incalculable economic losses and human suffering” unless there is a drastic change of course, according to a group of leading economists."

Debt crisis: Greece to run out of money by August 20 - Telegraph: "Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned."

Debt crisis: Spanish bailout fears escalate as Catalonia eyes rescue - Telegraph: "Catalonia became the latest region of Spain to indicate it may need a state rescue, raising fears that a full-blown sovereign bailout is inevitable."

Debt crisis: as it happened - July 24, 2012 - Telegraph: "Jose Manuel Barroso, head of the European Commission, will visit Greece for the first time since the start of the crisis on Thursday as the country's prime minister said the economy could shrink by more than 7pc this year."

Germany Brushes Off Warning Over Rating
New York Times
The flurry of sudden meetings added to the crisis atmosphere in the euro zone, amid signs that Greece will not be able to avoid bankruptcy and an exit from the euro zone without additional aid, which its European partners are increasingly unwilling to give.

Euro crisis brings world to brink of depression
MarketWatch
... approved by the national Parliament last week even as the economy continues to contract, has led to new riots in the streets, pushing the yields on Spanish bonds above the 7% level deemed manageable, and increasing the likelihood of contagion to Italy.

FOREX-Euro at over 2-yr low vs dollar on euro zone data, outlook
Reuters
German, euro zone PMI data weaker, dims euro outlook * Moody's changes German rating outlook to negative * Troika visits Athens to relaunch economic plan * Spain bailout fears grow as yields stay elevated By Gertrude Chavez-Dreyfuss NEW YORK, July ...

FOREX-Weak euro zone data, Spain worries knock euro
Reuters
LONDON, July 24 (Reuters) - The euro fell against the dollar on Tuesday after weak euro zonedata fuelled concerns about slowing growth, even in Europe's largest economies, and it looked likely to extend losses on concerns Spain may need a full bailout.

Euro-Zone Business Output Falls
Wall Street Journal
Business activity in the euro zone contracted for the sixth straight month in July, a closely watched survey showed, with powerhouse Germany weakening and the government in Greece now predicting an even deeper economic recession for this year.

Germany, Netherlands Rating Outlooks Cut to Negative by Moody's
Bloomberg
The risks in the euro zone are “not new” and Germany remains “in a very sound economic and financial situation,” the Finance Ministry said. In counterpoint to Moody's, it cited the verdict of financial markets that have rewarded Germany with record low ...

Bloomberg

Euro Continues to Fall
Wall Street Journal
The euro fell to a fresh two-year low against the dollar Tuesday after business activity data flagged the growing risk of recession in the euro zone and as worries about debt troubles in Greece and Spain lingered. Speculation over possible Japanese ...

Germany Pushes Back After Moody's Lowers Rating Outlook
Businessweek
Chancellor Angela Merkel's government said Germany will remain Europe's haven during thefinancial crisis, pushing back against Moody's Investors Service's decision to lower the outlook on the country's top credit rating. The risks in the euro zone are “not ...

In Euro Zone, Debt Pressure Tightens Grip
New York Times
Signs that cracks in the euro zone are widening sent markets on the Continent down sharply on Monday, as doubts grew about Greece's ability to make good on its debt payments and Spain's economy — the region's fourth largest — was straining under the ...

New York Times

Eurozone PMI Still Weak - 24/7 Wall St.
By 247wallst
Source: nationsonline.orgResearch firm Markit issued its PMI data for the eurozone for July. Most of the news was bad, although economists were heartened slightly by the fact that the core figure was no worse than in May. On the other hand, ...
24/7 Wall St. - Market Wire

Eurozone debt crisis a drag on recovery and Obama's campaign ...
By Peter Schroeder
The quick reaction in the markets indicates Europe will continue to be dead weight on the U. S..
Top News

Josh Rosner: Eurozone Crisis – No More Safe Havens « naked ...
By Yves Smith
Past Eurozone growth, particularly in Germany, did not come from meaningful improvements in productivity, but rather on the back of household wage reductions and industry-friendly reforms to the labor market – the Hartz reforms – which ...
naked capitalism

Eurozone Danger Mounts As Spain Spins Out Of Control - Business ...
By Ambrose Evans-Pritchard
El Confidencial said the Rajoy team was thinking of “putting on the table” a possible withdrawal from the euro, a dramatic escalation in the game of brinkmanship between the eurozone's Latin bloc and German-led creditor core. “We would ...
Money Game

Barroso to visit Greece as eurozone woes continue | European Voice
barroso to visit greece as eurozone woes continue commission president to discuss bail-out conditions with greek prime minister; spanish and italian borrowing costs continue to rise.
European Voice - RSS

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