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

Thursday, July 12, 2012

Eurozone crisis: Spain announces budget cuts amid protests

Eurozone crisis: Spain announces budget cuts amid protests
BBC News
Spanish Prime Minister Mariano Rajoy announces sweeping budget cuts and tax rises, as police clash with protesters in Madrid.

BBC News

Debt crisis: Spain bows to EU ultimatum with drastic cuts - Telegraph: "“We Spanish no longer have the choice whether or not to make sacrifices. We no longer have such liberty,” he said. Hours before, daily newspaper El Pais had stunned the nation by publishing the leaked “Memorandum” imposed by the eurozone’s creditor bloc as the condition for Spain’s €100bn bank rescue. The draconian terms include an EU takeover of the Spanish financial system, with calls for haircuts on €67bn of junior and hybrid bank debt, a bad bank to wind down crippled lenders, “on-site” raids by inspectors, and intrusive demands across the gamut of fiscal policy."

EU Leaders Fail to Convince
Wall Street Journal
Once again, a summit of European leaders raised hopes that the euro zone's debt and banking crisis could be about to turn the corner. And once again, those hopes were soon dashed.

Wall Street Journal

Euro zone's bailout funds face biggest test yet
Reuters Blogs (blog)
The EFSF's 6 bln euro bond issue has eased concerns it may struggle to raise debt. Yet the fund and its successor, the ESM, will soon have to recapitalise Spain's banks, and maybe rescue Madrid and Rome. With the vehicles themselves constantly evolving ...

Euro zone could lose 4.5 million more jobs, UN agency warns
Los Angeles Times
WASHINGTON -- The European debt crisis could trigger the loss of 4.5 million more jobs over the next four years if national leaders don't take steps to repair the financial system and help job seekers, a United Nations agency is warning.

US exports gain, despite Eurozone crisis and China slowdown
Los Angeles Times
WASHINGTON — The nation's trade deficit narrowed for the second straight month in May as American exports eked out a 0.2% gain from April — despite the global economic slowdown and the strengthening of the U.S. dollar, the Commerce Department ...

After Eurozone Pressure, Spain Announces New Austerity Measures
On July 11, The New York Times reported that Spains Prime Minister Mariano Rajoy introduced his latest effort to implement debt reduction measures in...

Guide to Trading Forex as Eurozone Risks Losing 4.5m Jobs
MarketWatch (press release)
LONDON, July 11, 2012 /PRNewswire via COMTEX/ -- The United Nations has warned in a report that if current economic policies, aimed at austerity, do not change, the eurozone may lose 4.5 million jobs over the next four years. The report published by ...

Euro zone finance ministers demand more austerity
World Socialist Web Site
Euro zone finance ministers meeting on July 9 in Brussels called for more austerity measures in response to the growing European economic crisis.

GLOBAL MARKETS-Growth, euro zone woes fuel demand for safe havens
Euro hovers near two-year low vs dollar* European shares recover as defensive stocks in demand* German 10-year bond auction yields record result* Spain deepens austerity measuresBy Richard HubbardLONDON,

Euro Zone Crisis: Why Finance Ministers Stay Up All Night
Care2.com (blog)
Twice in less than a month, European ministers have negotiated through the night to hammer out measures to address the debt crisis.

TREASURIES-Global worries keep US 10-yr yields near 5-1/2 wk low
LONDON, July 11 (Reuters) - The yield on U.S. 10-year Treasuries hovered near 5-1/2 week lows in Europe on Wednesday and within sight of historic troughs on concerns over a global economic slowdown and the euro zone debt crisis. * Rising expectations ...

Euro slides to 2-year low vs dollar, $1.20 in focus
NEW YORK (Reuters) - The euro plunged to a two-year low against the dollar on Tuesday and further declines were likely as euro zone ministers failed to calm fears about the debt crisis and investors awaited.

Emerging-Market Growth Slows as Euro Crisis Bites, HSBC Says
Growth in emerging-market economies probably slowed in the second quarter as the euro region's debt and banking crisis hurts business confidence around the globe, HSBC Plc said, citing a purchasing-managers' survey.

Euro zone in very dangerous situation: Finnish premier tells paper
Chicago Tribune
HELSINKI (Reuters) - The euro zone is in its most dangerous situation in more than two years, Finnish Prime Minister Jyrki Katainen was quoted as saying on Wednesday. "This situation is dangerous,

Spain banks to minimize hit for small investors
Although no overall figure for losses is yet clear due to uncertainties about the euro zone bailout of banks stricken by a housing bust and recession, retail investors are reckoned to hold some 30 billion euros ($37 billion) in subordinated debt and ...

Eurozone under pressure as Spain struggles
The Bostwana Gazette
The Botswana Gazette - The Paper that serves the nation, "Kitso ke Maatla" ... The Botswana Gazette Website is updated everyday.

GLOBAL MARKETS-European shares ease on growth, euro zone woes
European shares open lower in line with Wall St falls* Euro hovers near two-year low vs dollar* Investors eye Spain's new austerity measuresBy Richard HubbardLONDON, July 11 (Reuters) - European.

Eurozone Offers 30 bln Euros for Distressed Spanish Banks
Journal of Turkish Weekly
In another key appointment, Germany's Klaus Regling, head of the eurozone's temporary EFSF bailout fund, was named to run its permanent successor, the European Stability Mechanism. The June summit agreed that the ESM will be able to inject funds ...

Italy eyes euro zone aid to ease debt pain
Monti's comments show the 2-1/2 year-old euro zone crisis risks engulfing Italy, the bloc's third-largest economy and a member of the Group of Seven economic powers that is widely viewed as too big to bail out. Overnight, finance ministers outlined an ...


BREAKINGVIEWS-Spain rightly forced to consider bank bail-in
MADRID/LONDON, July 11 (Reuters Breakingviews) - Spain's economy minister Luis de Guindos recently said bank preference shares should never have been sold to mainstream retail investors. It's easy to see why. Euro zone lenders may be about to force ...

Spain Announces Tough New Austerity Measures
New York Times
Published: July 11, 2012. MADRID — Struggling to meet euro zone financial targets, Prime Minister Mariano Rajoy of Spain introduced his latest package of tough austerity measures Wednesday, including a rise in the sales tax, reversing his previous stance.

New York Times

ILO: Eurozone Risks Losing 4.5 Million Jobs By 2016
RTT News
A report by the International Labor Organization (ILO) has warned that the Eurozone risks losing a further 4.5 million jobs over the next four years if the single currency bloc fails to change its current economic policies quickly.

Eurozone unemployment could soar by 4.5m unless austerity is reversed – ILO
The Guardian
Study says eurozone unemployment could reach 22 million by 2016 unless policies 'change course in concerted manner'

The Guardian

Spain Bank Sub Bondholders Try to Sell
Wall Street Journal
Late Tuesday it emerged that investors holding any equity or hybrid capital instruments issued by Spanish banks that might need a euro-zone bailout could see their investments completely wiped out. Conservative-type bondholders—like banks, funds and ...

REPORT: Eurozone Unemployment Could Surge By Another 4.5 Million If Policy ...
Business Insider
Without a prompt policy turn – to address the crisis and to regain the trust and support of workers and enterprises – it will be difficult to implement the reforms necessary to put the Eurozone back onto a path of stability and growth." Click here to ...

Business Insider

Europe seals Spain bailout
Christian Science Monitor
The eurozone ministers agreed to transfer around 30 billion euros to rescue Spain's ailing banks. But experts worry about long-term unemployment. By Andrés Cala, Correspondent / July 10, 2012 ...

Spanish unveils $79 bln austerity plan after winning big euro zone bailout for ...
Minneapolis Star Tribune
MADRID - Spain's government imposed further austerity on the country Wednesday as it unveiled sales tax hikes and spending cuts aimed at shaving (EURO)65 billion ($79.

ILO says eurozone must avert growth in jobless
New Zealand Herald
Unemployment could rise to almost 22 million in the 17-nation eurozone over the next four years unless European nations provide more help for small firms and the millions of youth.

Eurozone Screws Spain's Citizens « naked capitalism
By Yves Smith
Yves here. Delusional Economics discussed earlier how hapless Spanish depositors, who'd been sold bank equity products as deposit equivalents, were at risk of being crammed down en masse. That move appears to be proceeding as ...
naked capitalism

Eurozone may lose 4.5mln jobs if no reform — RT
Four and a half million people could find themselves without a job in the eurozone over the next four years if it fails to carry out reforms on time, the International Labor Organisation (ILO) said in its latest report.
News RSS : Today

Emotional Contagion Can Take Down Your Whole Team - Tony ...
By Tony Schwartz
Business bloggers at Harvard Business Review discuss a variety of business topics including managing people, innovation, leadership, and more.
Tony Schwartz

Photos – Financial crisis deepens in Spain, leads to violent protests ...
By Chris Wilkins / Deputy Director of Photography
A demonstrator bleeds as she is detained by the riot police during a coal miners's march to the Minister of Industry building in Madrid, Wednesday, July 11, 2012. Coal miners angered by huge cuts in subsidies converged on Madrid for protest ...
Photography Blog

Can Eastern Europe escape the eurozone crisis? - the daily cz
By Staff
“The eurozone crisis continues to cast a long shadow over the global economy. Until now, however, countries in Eastern Europe – some eurozone members, others not – have shown remarkable resilience, after being hit harder by the ...
The Daily Czech Rep.

ICAP Sales Decline 9% Amid Euro Crisis – Businessweek | The Wall ...
By Newswires
ICAP Sales Decline 9% Amid Euro CrisisBusinessweekICAP Plc (IAP), the world's largest broker of transactions between banks, said fiscal first-quarter ...
The Wall Street Examiner

Eurozone woes to slow US business travel | ABTN
By Rob Gill
The impact of the eurozone crisis is set to “dramatically slow” the growth of business travel in the US for the rest of the year. The latest report from GBTAGlobal Business Travel Association: formerly the NBTA (National Business Travel ...
ABTN - All Channels

Gold Gains as Eurozone Eases Spanish Bank Troubles | Gold ...
By goldguru
The Street By Joe Deaux July 10, 2012 NEW YORK (TheStreet) – Gold prices were gaining Tuesday as the eurozone agreed on the terms of a bailout for.
Gold Newswire

Minister: Finns won't pay for eurozone debt | IceNews - Daily News
By Russell
A Finnish minister has said that the Scandinavian country does not intend to help pay the debts of other eurozone countries.
IceNews - Daily News

GLOBAL MARKETS-Growth, euro zone woes fuel demand for safe ...
By nordicjobboard
Wed Jul 11, 2012 5:25pm IST * Euro hovers near two-year low vs dollar * European shares recover as defensive stocks in d.
The Nordic Job Board

Credit Suisse Chief Investment Officer Bullish on Eurozone Equities ...
By Credit Suisse Staff
Credit Suisse Chief Investment Officer Stefan Keitel says Eurozone equity markets are ripe for a rally. While the debt crisis should ensure some continued volatility, European equities, especially in core markets like Germany, should fare well.
The Financialist

Eurozone crisis: Spain announces budget cuts amid protests
By sferguson
Eurozone crisis: Spain announces budget cuts amid protests. BBC. The BBC's Tom ... eurozoneleaders to help rescue Spain's banks. The move ... Eurozone finance ministers have agreed to provide 30bn euros (£24bn) for. Spain's troubled ...

Euro Zone Fragmenting Faster Than EU Can Act - EU Business ...
Signs are growing that Europe's economic and monetary union may be fragmenting faster than policymakers can repair it.

Eurozone financial crisis poses deep risk for global economy: World ...
WASHINGTON: New World Bank chief Jim Yong Kim warned Monday that the eurozone financial crisis poses a deep risk for the global economy and said it was ...

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