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

Monday, July 23, 2012

Eurozone Crisis Saves Germany Tens of Billions

Eurozone Crisis Saves Germany Tens of Billions
ABC News
Germany has emerged as one of the biggest beneficiaries of the European financial crisis. While other countries in 17-country group that use the euro have battled against investor fears that their economies are buckling under the pressure of too much debt, ...

Eurozone not in danger, central bank chief says
Columbus Dispatch
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Eurozone crisis reveals lack of clear leadership
Boston Globe
Most of the attention to the eurozone crisis in the business pages of US newspapers is on economics. Will eurozone countries default on their debt? Are the spreads on debt too high to be sustainable? Are the banks the real risk? Will the euro break up with a ...

Palestinian Financial Crisis Boosts Support for Hamas
The Media Line
The Palestinian Authority (PA) is suffering an intensifying financial crisis that is threatening its stability and strengthening the rival Islamist Hamas. Palestinian security officials warn that if the international community fails to pay its pledges to the PA, it will not be ...\

ECB's Draghi: euro not in danger
Businessweek
Worries about the 17-nation eurozone's future health have been fueled lately by Greece's persistent troubles and by the financial woes of Spain, the bloc's fourth-biggest economy. European ministers this week signed a rescue package worth up to €100 ...

Eurozone crisis saves Germany tens of billions
The Associated Press
By JUERGEN BAETZ, Associated Press – 1 minute ago. BERLIN (AP) — Germany has emerged as one of the biggest beneficiaries of the European financial crisis. While other countries in 17-country group that use the euro have battled against investor fears ...

Eurozone Update: It's Not As Bad As Many Think
Seeking Alpha
With markets swooning yet again over eurozone fears, it's time to revisit spreads and yields for a look at just how likely a default or disaster is likely to be, according to market pricing. As should be apparent, the fears are much worse than the facts. First, a look ...

Car plants help Slovakia's growth top eurozone
Yahoo! Sports
Slovakia's auto sector is speeding into high gear despite eurozone's hard times, making it the world's top per-capita carmaker and fuelling the best growth in the crisis-struck 17-nation currency bloc. While leading French auto-maker PSA Peugeot Citroen ...

Disciplined borrowing needed to fix European crisis
Boston Globe
The euro crisis affects the United States through three channels: It hurts exports, increases the exchange rate of the dollar, and keeps the eyes of financial markets off our own fiscal issues. US exports have been hurt directly by European sovereign debt and ...

Euro crisis forces change on Russia
Washington Post
MOSCOW — While the euro zone stands on the precipice of financial disaster, Russia looks on with a safely balanced budget, very little debt, a steady ruble — and a shudder of fear. Russia's economy relies on oil — 60 percent of gross domestic product ...

Germany saves tens of billions as investors consider it a safe haven in raging ...
Newser
While other countries in 17-country group that use the euro have battled against investor fears that their economies are buckling under the pressure of too much debt, Germany has managed to save tens of billions of euros thanks to its reputation as a safe ...

German minister: Greek euro exit has lost 'horror'
Huffington Post
He added: "I think that for many experts, for the FDP, for me too, a Greek exit from the eurozone has long since lost its horror." Copyright 2012 The Local Paper. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Draghi says euro is safe, 'no taboos' on stimulus
Sydney Morning Herald
Worries about the 17-country eurozone's health have been fuelled by Greece's persistent troubles and the financial woes of Spain, the bloc's fourth-biggest economy. European ministers signed a rescue package last week worth up to €100 billion ($117.16 ...

Sydney Morning Herald

German vice chancellor says idea of Greek euro exit has 'lost its horror'
The Republic
Greece has received two bailouts totaling Ć¢‚¬240 billion ($292 billoin) from other eurozonegovernments and the International Monetary Fund after bond investors would no longer lend it money at affordable rates. In return for the money, Greece is supposed ...

German minister: 'horror' of a Greek euro exit has faded
AFP
BERLIN — German Economy Minister Philipp Roesler on Sunday reiterated his doubts about whether debt-mired Greece would be able to stay in the eurozone, saying the "horror" of a potential exit had worn off. Roesler told ARD public television that Athens'...

AFP

Euro Zone Crisis: The IMF's Failure, The March of the Unemployed (Video)
Care2.com (blog)
Certainly the ongoing debt crisis in the euro zone has consumed the IMF's energies, at the expense of other nations including Egypt, whose economy has floundered after last year's revolution. The human toll of the debt crisis becomes more apparent every ...

Euro crisis a risk to oil as GCC banks on recovery [National, The (United Arab ...
Equities.com
For the GCC, the main risk of contagion is from lower oil prices. Despite raising its outlook for the Mena region this year to 5.5 per cent, the IMF said it expected aggregate prices to fall back from an average of US$104 per barrel last year to $102 this year, ...

ECB's Draghi: euro not in danger
Seattle Post Intelligencer
When outside analysts draw up scenarios for an "explosion" of the eurozone, "that underestimates the political capital that our leaders have invested in this union, as well as the support of European citizens," Draghi said in the interview, which was posted on ...

GLOBAL ECONOMY WEEKAHEAD-No winners in race for growth medals
Reuters
China fears euro zone headwinds will hit exports. By Alan Wheatley, Global Economics Correspondent. LONDON, July 22 (Reuters) - "Faster, Higher, Stronger" is the motto of the Olympics opening in London on Friday. "Slower, Lower, Weaker" would be a ...

Tony Blair: Labour government was partly responsible for financial crisis
Telegraph.co.uk
"On the other hand... this global financial crisis was the product of a whole new way that the financial and banking sector has been working in this past 20 or 30 years. "You have got this deep integration of the global economy and you have a lot of financial ...

Telegraph.co.uk

Tony Blair admits Labour didn't fully understand complex financial sector
The Guardian
The former prime minister's admission came as Boris Johnson, the mayor of London, called for a greater emphasis on growth and appeared to contradict David Cameron's warning that the eurozone crisis could last up to eight years. Blair told the Murnaghan...

The Guardian

We're unprepared for coming financial crisis
Calgary Herald
The irony is that we are on the cusp of the second phase of the financial crisis that began in 2008 and, this time, Canadians are more vulnerable than Americans or even the Europeans. We knew the cause of this financial crisis when it arrived in 2008.

Euro stocks: Cheap, or a money pit?
STLtoday.com
The Euro Stoxx 50 index of big Eurozone companies is trading at 9.3 times this year's expected earnings. By comparison, the S&P 500 Index of big American stocks is trading at 12.4. Based next year's forecast, European stocks are at 8.4 times earnings ...

Spain Urges ECB to Support Euro
Wall Street Journal
Euro-zone finance ministers provided relief for Spain's beleaguered banking sector on Friday, signing off on a bailout loan of as much as €100 billion for troubled banks, with about €30 billion available immediately in case of urgent financing needs. But the ...

Wall Street Journal

Big demand for small cars sees Slovakia growth top eurozone
Sin Chew Jit Poh
By Tatiana Bednarikova. BRATISLAVA, July 22, 2012 (AFP) -- Slovakia's auto sector is speeding into high gear despite eurozone's hard times, making it the world's top per-capita carmaker and fuelling the best growth in the crisis-struck 17-nation currency ...

Roundup: Two years of US financial reform paves way out of financial crisis
Equities.com
One of the biggest contributing factors to the 2008 financial crisis was that the activities of many non-bank financial institutions, those without a full banking license or not supervised by a national or international regulatory agency, went largely unchecked.

Financial crisis pulls down IIM-A's corporate tie-up fund target
Times of India
AHMEDABAD: The Indian Institute of Management, Ahmedabad (IIM-A) has altered its plans of tapping corporate houses for raising funds owing to the global economic slowdown. The premier institute had initially planned to raise $50 million (over Rs 200 ...

Eurozone not in danger: ECB president
Global Times
The eurozone is not in danger of breaking up despite some analysts' worse case scenarios, European Central Bank President Mario Draghi said, judging that the bloc was inevitably marching towards closer union among its members. Asked in an interview ...

German Vice Chancellor doesn't fear Greek exit from euro
Agenzia Giornalistica Italia
In an interview with state TV ARD, Germany's Economy Minister and Vice Chancellor Philipp Roesler said Greece's permanence in the euro zone is at risk, but the idea of that country leaving the euro has "lost its horror". Roesler said he is "more than ...

ADR Report: Eurozone concerns hit foreign shares
Business Recorder (blog)
US-listed shares of foreign companies fell on Friday, led lower by European companies on heightened concerns about Spain's financial health and the euro zone debt crisis. The BNY Mellon index of leading American depository receipts fell 1.9 percent, while ...

More protests in Spain amid escalating financial crisis | The Raw Story
By Agence France-Presse
Thousands of jobless Spaniards marched through Madrid Saturday in the latest angry demonstrations against economic crisis cuts, as fears rose for the country's financial stability. Young people thrown out of work by the recession converged ...

Euro crisis a risk to oil as GCC banks on recovery [National, The ...
By Newswires
Euro crisis a risk to oil as GCC banks on recovery [National, The (United Arab ...Equities.comInvestors and analysts are preparing for a bumpy ride for at ...
The Wall Street Examiner

Eurozone crisis reveals lack of clear leadership » Public Relations ...
By Jo Breiner
Eurozone crisis reveals lack of clear leadership. July 22nd, 2012. Schmidt Boston Globe By Vivien Schmidt, College of Arts & Sciences. Most of the attention to the eurozone crisis in the business pages of US newspapers is on economics…
Public Relations

At Central Banks, the Bill Comes Due | RealClearPolitics
By David Ignatius
Greenspan likens the eurozone financial system to a rowboat that's leaking water through big holes in its bottom (representing the combined budget deficits of the eurozone). European leaders keep bailing the dingy out -- but the problem ...
RealClearPolitics - Articles

ECB's Draghi says euro not in danger | Camarillo Publishing Co.
By Camarillo Publishing
PARIS (Reuters) – The euro zone is not in danger of breaking up despite some analysts' worse case scenarios, European Central Bank President Mario Draghi said, judging that the bloc was inevitably marching towards closer union among ...
Camarillo Publishing Co.

Jul 22 : IMF's Peter Doyle scorns its 'tainted' leadership at Sanhati
Mr Doyle, former adviser to the IMF's European Department, which is running the bailout programs for Greece, Portugal and Ireland, said the Fund's delay in warning about the urgency of the globalfinancial crisis was a failure of the “first order” ...
Sanhati

Blaming the Spanish victim as Europe spirals into summer crisis - Telegraph: "The financial credibility of Spain is close to zero. Fiscal credibility is zero. Political credibility is zero. The new government of Mariano Rajoy has squandered the advantages of its absolute majority in a matter of months, and completely lost the confidence of Europe's institutions. That is the verdict of unnamed EU officials and sources in Brussels cited by El Pais, following the twin crash of the Madrid bourse and the Spanish bond market on `Black Friday'. The claims are self-serving spin by Europe’s incompetent policy elite. Once again, they are blaming the victim for the consequences of their own scorched-earth monetary, fiscal, and regulatory policies. The reason why Spain is spiralling into deeper depression is because EMU policy settings are contractionary. The European Central Bank caused the Spanish money supply to collapse last year by tightening policy. Real M1 money was falling at double digit rates by mid-2011. The economic damage we are seeing now was baked into the pie."

Eurozone crisis live: IMF issues euro warning as Greece struggles to ...
Greek PM Antonis Samaras's government still needs to agree more than €3bn of spending cuts; IMF calls on the ECB to do more to save the eurozone.
www.guardian.co.uk/.../jul/.../eurozone-crisis-greece-talks-cuts

Eurozone crisis live: IMF cuts growth forecasts - as it happened ...
The International Monetary Fund has warned that global economic conditions have worsened ...
www.guardian.co.uk/.../eurozone-crisis-imf-world-economy-f...

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