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

Saturday, July 14, 2012

Eurozone crisis: Italy blasts Moody's downgrade

Eurozone crisis live: Italian government blasts Moody's over downgrade
The Guardian
Moody's has cut Italy's credit rating by two notches, warning that the situation within the country, and across the eurozone, has worsened.

Italy Bond Rating Cut by Moody's on Contagion Risks
Businessweek
Italy's bond rating was cut two levels by Moody's Investors Service hours before a sale of more than 5 billion euros ($6.1 billion) of debt as the financial crisis threatens to cut off market funding to the euro area's third-biggest economy.

Phone Call Transcripts Show NY Fed Knew About Libor Lies Before Financial ...
Forbes
Phone Call Transcripts Show NY Fed Knew About Libor Lies Before Financial Crisis. 0 comments, 0 called-out. + Comment now. + Comment now. The NY Fed knew that banks were lying about their Libor rates back in 2008, according to transcripts of phone ...

Italy Bond Rating Cut by Moody's on Contagion, Funding Risks
San Francisco Chronicle
Italy's bond rating was cut and its negative outlook reiterated by Moody's Investors Service as the euro area's third-biggest economy faces higher funding costs, slower growth, and contagion risk from Greece and Spain. Failure to meet fiscal targets in ...

3 Reasons Eurozone's Investors Love Danish Bonds
iStockAnalyst
And it's not only the short-term bills with the negative yield (short term bills sometimes go negative when investors seek immediate liquidity). The 2 and 3-year notes are now also comfortably in the negative territory as Eurozone's investors simply ...

iStockAnalyst

Italy Borrows at Lower Rate Despite Downgrade
New York Times
Moody's Investors Service lowered Italy's government bond rating Friday by two steps to Baa2 from A3, citing concerns that Italy faces higher financing costs and an increased risk of being locked out of lending markets as it battles contagion emanating ...

Eurozone Crisis Dampening Developing Asia's Growth Prospects
International News Network
Business. Eurozone Crisis Dampening Developing Asia's Growth Prospects. Dated: 2012-07-14. ISLAMABAD: Europe's worsening financial and banking crisis and a sluggish recovery in the United States are weighing on developing Asia's growth prospects, ...

Three Reasons the Eurozone's Investors Love Danish Bonds
Minyanville.com
Why do the eurozone investors love Denmark's bonds so much that they are willing to lock in negative yields for two to three years?

How Investors Can Negate The Euro Crisis
San Francisco Chronicle
The eurozone crisis shows no sign of abating, with a record high level of unemployment existing alongside an increasingly bleak manufacturing outlook. While member nations such as Greece, Ireland, Spain, Portugal and Spain struggle with the crippling ...

Growth, euro zone woes fuel demand for safe havens [Khaleej Times (United ...
Equities.com
These concerns were heightened by lack of clarity from euro zone finance ministers on implementing the measures and questions about when Germany's Constitutional Court would give its verdict on the new regional bailout fund, known as the European ...

Spain Protests: Civil Servants Protest Wage Cuts
Huffington Post
A draft memorandum of understanding agreed by eurozone finance ministers for Spain's bank bailout suggests billions in problematic assets should be segregated into an "external asset management agency" to clean up Spanish banks' balance sheets.

Euro Zone Crisis 2012: Spain Needs Shared Sacrifice When Implementing ...
PolicyMic
As Spanish miners take to the streets of Madrid to protest austerity, is more austerity what Spain really needs right now? The answer is yes, but it should not burden only the Spanish workers.

PolicyMic

Small businesses say tight credit since financial crisis forced them cut ...
Washington Post
NEW YORK — More than 40 percent of small business owners needed money during the four years since the 2008 financial crisis, but couldn't find a bank that would lend it to them, according to a new survey.

Euro Strength Wanes At Last
Wall Street Journal (blog)
The euro slipped to lows against the dollar not seen for two years this week, and perhaps the most pertinent question is 'what on Earth took it so long?'

Wall Street Journal (blog)

Will the German Court's ESM Ruling Be a “Brown v Board” Moment?
Wall Street Journal (blog)
German jurisprudence is no doubt facing a landmark moment over the next few months when the country's highest constitutional court will decide whether the euro zone's permanent bailout mechanism the ESM and the euro zone's tougher fiscal rules the ...

EURO DEBT SUPPLY-Investors seen paying to lend to Germany
Reuters
Investors to sacrifice returns for safety at German sale* Spanish auction to underline reliance on domestic banks* Spanish bonds expected to suffer in run-upBy Marius ZahariaLONDON, July 13 (Reuters)

Euro crisis takes toll on Asia
BusinessGhana
Warnings that the eurozone debt crisis and the sluggish recovery in the United States would drag down Asia's performance became real on Friday when China announced that its gross domestic product (GDP) growth fell to 7.6 per cent in the second quarter- ...

Eurozone industrial production unexpectedly good
Forexrazor
Today's Highlights Chinese growth slows as forecast Eurozone industrial production unexpectedly... For more information, read our latest forex news...

Eurozone woes hit Singapore GDP in Q2
AFP
By Philip Lim (AFP) – 2 hours ago. SINGAPORE — Singapore's trade-driven economy contracted by 1.1 percent in the second quarter from the previous three-month period as debt woes dampened European demand, a government estimate showed Friday.

AFP

Italy Pays for Long-Term Debt, but Key Auction Proves Smooth
Wall Street Journal (blog)
Solid domestic demand helped Italy to auction three-year debt with lower borrowing costs Friday than at a previous similar auction last month, even despite the tough backdrop of a two-notch downgrade of Italian debt overnight.

Moody's Cuts Italy Rating By Two Notches On Contagion Risk
RTT News
Moody's Investors Service on Friday downgraded Italy's credit rating by two notches, citing contagion risk from Greece and Spain, higher funding costs and a deteriorating economic outlook.

RTT News

PIMCO: Eurozone Exit Toxic for Mortgage-Backed Securities
aiCIO
A new analysis by PIMCO illustrates how a country leaving the Eurozone could devastate the value of European residential mortgage-backed securities.

China's Growth Slumps to 3-Year Low
Newser
Hopes that a booming Chinese economy might give the moribund West a boost have taken a hit with the release of figures showing the country's growth is at its slowest since the financial crisis. The... Money News Summaries. | Newser.

Euro To Slide Further On Contagion Fear - Pound Eyes CPI, BoE Minutes
Inside Futures
The Euro weakened further on Friday amid the heightening threat for contagion, and the single currency may continue to give back the rebound from 2010 as the fundamental outlook for the region deteriorates further. Talking Points. Euro: Moody's Cuts ...

Moody's Takes An Axe To Italy's Debt Rating On Contagion Fears
Forbes
Moody's lowered Italy's government bond rating by two notches Thursday evening, citing the rising likelihood that the worsening plights of Greece and Spain could increase the country's funding costs or lead to the loss of market access. In cutting the ...

Eurozone risks 'have materialised'
Business Day
The European Union's statistics office in Luxembourg said yesterday eurozone industrial production rebounded in May, as growth in Germany, Europe's largest economy, offset a decline in France. Output in the zone rose 0,6% from April, when it fell 1,1%.

German officials trapped in conservative culture
MarketWatch
German Finance Minister Wolfgang Schaeuble had let it be known that he was ready to assume the responsibility of leading the euro group of finance ministers, the European Union's main steering committee for dealing with the euro crisis. But in ...

Sober Look: 3 reasons Eurozone's investors love Danish bonds
By Walter Kurtz
And it's not only the short-term bills with the negative yield (short term bills sometimes go negative when investors seek immediate liquidity). The 2 and 3-year notes are now also comfortably in the negative territory as Eurozone's investors ...
Sober Look

France Has No Sovereignty Issues in Euro Crisis – Businessweek ...
By Newswires
France Has No Sovereignty Issues in Euro CrisisBusinessweekFrance is ready to cede sovereignty to its European partners if it helps create greater willingn...
The Wall Street Examiner

Four golden rules the financial crisis has taught us about the ...
By Gerry Davies
Four golden rules the financial crisis has taught us about the banking industry. By Gerry Davies || July 13, 2012 at 11:02 GMT. || 0 comments || Add comment · 'The golden rules of banking'. Share and Enjoy: RSS · Facebook · Twitter · LinkedIn ...
ForexLive

Eurozone woes hit Singapore GDP in Q2 | the nanyang post
By StraitsBlogs
Eurozone woes hit Singapore GDP in Q2. Print This Post Save As PDF. Singapore, July 13, 2012 (AFP) - Singapore's trade-driven economy contracted by 1.1 percent in the second quarter from the previous three-month period as debt woes ...
the nanyang post

Economic Incentives: Eurozone sovereign bond ratings
By Seamus Coffey
Today's downgrade of Italian government bonds by ratings agency Moody's was a little unexpected. Here is a table of the rating of all 17 eurozone members with the three main ratings agencies, Standard and Poors, Fitch and Moody's.
Economic Incentives

Prospects Daily: Developing country stocks continue to slump, while ...
By Global Macroeconomics Team
Eurozone industrial production rebounds 0.6% (m/m) in May. Buoyed by warmer weather and an expansion in industrial activity in the largest regional economy Germany, Eurozone industrial output rebounded 0.6% on a month on month basis ...
Prospects for Development - A...

World's Faith in Capitalism Erodes as Financial Crisis Continues ...
By Tony
"The financial crisis that has bred unemployment, austerity, and economic pain across the global for nearly fives years is also battering the reputation of the system many believe to be its main cause: "free market" capitalism. According to new ...
Palestinian Pundit

Jeff Gundlach Explains How The World Can Get Blindsided By A ...
By Sam Ro
The second chart captures the latter part of 2007 when the subprime market collapsed and snowballed into what became the most devastating financial crisis since the Great Depression. jeff gundlach presentation. DoubleLine Funds ...
Business Insider

Could Dodd-Frank Prevent Another Financial Crisis? - WNYC
July 21 marks the two-year anniversary of the Dodd-Frank financial reform law, but the vast majority of the rules have ...
The latest stories from www.wnyc.org

Special Lessons from the Eurozone crises | Inceif Blog
By Prof.Dr.Saiful Azhar Rosly
Islamic banks should take lessons from the debt crises in Europe. It should see that the Islamic banking business does not deal with Shariah compliant products alone but also that involving commercial strategy and the use of correct business ...
Inceif Blog

Krugman on the Two 'Impossible' Endings of the Euro Crisis
By Confidential Reporter
Krugman on the Two 'Impossible' Endings of the Euro Crisis. # posted by Confidential Reporter @ 6:42 AM. Links to this post: See links to this post · <$BlogBacklinkTitlegt; <$BlogBacklinkSnippetgt;. posted by <$BlogBacklinkAuthorgt; ...
Foreign Confidential ™

Eurozone at risk of losing additional 4.5 million jobs over next four ...
If current economic policies do not change quickly, the Eurozone may lose 4.5 million jobs over the next four years, the United Nations warned in a new report ...
www.un.org/apps/news/story.asp?NewsID=42441&amp;Cr...

Running Out of Options, Euro Zone May Face a Stark Choice - CNBC
The European Central Bank is almost out of conventional policy options and will have to turn to measures it finds deeply unpalatable if the euro zone crisis ...
www.cnbc.com/.../Running_Out_of_Options_Euro_Zone_Ma...

Euro crisis fall-out is global, IMF chief warns as situation deteriorates ...
The International Monetary Fund, led by Christine Lagarde, said the situation has deteriorated in Europe and America as well as in emerging markets such as ...
www.dailymail.co.uk/.../Euro-crisis-fall-global-IMF-chief-war...

Eurozone risks losing a further 4.5 million jobs
GENEVA (ILO News) – Unemployment in the Eurozone could reach almost 22 million over the ...
www.ilo.org/global/about-the-ilo/press-and.../index.htm

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