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

Monday, July 9, 2012

Eurozone will soon be the Twilight Zone

However many bailouts, the eurozone will soon be the twilight zone - Telegraph: "All the bailout mechanisms under the sun cannot make the eurozone work. . . . "

German president tells Angela Merkel to come clean on EU debt deal - Telegraph: "German president Joachim Gauck has ordered Chancellor Angela Merkel to clarify exactly what she agreed behind closed doors at the EU crisis summit ten days ago, lending a powerful voice to critics dismayed by the surging costs of euro bail-outs. "She has a duty to explain in great detail what it means, and what it means fiscally. There seems to be a lack of energy in telling the people what is really happening," he told ZDF television. President Gauck's broadside came as markets wait anxiously for a crucial hearing this Tuesday by Germany's constitutional court on the legality of the European Stability Mechanism (ESM), the EU's €500bn (£397bn) bail-out fund. A clear ruling against the ESM would throw into doubt Germany's ability to backstop the euro and risk a dramatic escalation of the debt crisis. . . "

Italy will shrink by 2pc this year, says central bank governor Ignazio Visco - Telegraph: "Italy's economy will shrink by around 2pc this year, the head of the Italian central bank has said, as he called for adopting a "new Italian spirit" to tackle the eurozone debt crisis."

Britain braces itself for 10 more years of austerity moves - Telegraph: "Britain faces years more of tough austerity measures to get the public finances under long-term control, the Government’s official forecaster will warn this week. . . "

Italy PM: Euro zone must tackle high bond yields
Reuters
AIX-EN-PROVENCE, France (Reuters) - Italian Prime Minister Mario Monti said on Sunday the return of sovereign bond yields to danger levels last seen before the European Union summit in June is a concern.

Euro crisis hurting German consumption -Metro CEO
Reuters
FRANKFURT, July 8 (Reuters) - The European debt crisis ishurting demand in the continent's biggest economy, Germany, thechief executive of Metro told a newspaper, warning theworld's No.4 retailer would.

Eurozone crisis will last for 20 years
Financial Times
I always wondered who buys risky assets after one of these “historic” statements from the European Council. Sometimes the rally lasts for hours. Other times it lasts for days. The last one ended after less than a week; Italian and Spanish spreads.

Eurozone ministers under pressure to deliver
AFP
By Celine Loubette (AFP) – 1 hour ago. BRUSSELS — Eurozone finance ministers will meet Monday to build on measures agreed last month to tame the debt crisis, seeking to provide fresh momentum as the economy slows and markets turn sceptical.

AFP

Germany meets its match on eurozone
The Australian
RARELY is a high-flying country brought back down to earth in a single night, but that is precisely what happened to Germany recently. In both soccer and politics, the country had come to embody an unseemly mixture of arrogance and denial. It thought ...

Eurozone ministers under pressure to deliver euro progress
Channel News Asia
Eurozone finance ministers will meet Monday to build on measures agreed last month to tame the debt crisis, seeking to provide fresh momentum as the economy slows and markets turn sceptical.

Eurozone Heaves Sigh of Relief—For How Long?
The Epoch Times
Following the summit of the EU heads of state, European governments and markets heaved an audible sigh of relief. Armageddon is postponed—at least until the.

The Epoch Times

Joint Eurogroup presidency unlikely: French finance minister
Chicago Tribune
AIX-EN-PROVENCE, France (Reuters) - French Finance Minister Pierre Moscovici poured cold water on a media report on Sunday that France and Germany could split between them the presidency of the Eurogroup of euro zone finance ministers.

'Merkel must explain euro crisis better'
The Australian
Germany's president has callled on Chancellor Angela Merkel to explain Europe's efforts at tackling the euro crisis better.

The eurozone gains some time
Times of Malta
Last week's EU summit was without doubt a huge success as Europe struck a detailed deal – perhaps unexpectedly – to help Spain and Italy pull through the eurozone crisis. Europe's leaders also agreed to a package of measures to promote growth, worth ...

Companies must join the eurozone debate
Financial Times
The corporate sector has been largely silent on the eurozone crisis. For the past year the basic corporate assumption has been that the eurozone would muddle through. The crisis was seen as mainly hurting sectors such as finance and property in.

Angela Merkel Is No Alexander Hamilton: The EU Crisis Isn't Over
Huffington Post
Markets last week reacted favorably to news of measures that could ease the European financial crisis. However, for a knotty combination of cultural, political, economic, and social reasons this reprieve will not last long. Be prepared for bad news ...

Italian PM says eurozone 'credibility' gap rattled markets
MSN Malaysia News
Italian Prime Minister Mario Monti denounced unnamed "northern" EU states on Sunday for taking positions that contributed to spikes in borrowing costs for Italy and.

08/07/2012Italian PM says eurozone 'credibility' gap rattled markets
Expatica France
In a clear reference to Finland and The Netherlands, which questioned some decisions made at the June 28-29 EU summit hailed as a watershed for the debt crisis, Monti said the unnamed countries were sapping the eurozone's "credibility". The hard-won ...

Nestle CEO Bulcke: Opportunities in Euro Crisis
Wall Street Journal (India)
Nestle SA CEO Paul Bulcke talks to WSJ's Brian Baskin about the euro crisis, Nestle's presence in emerging markets, and the success of the Dulce Gusto coffee pods. Photo: Associated Press.

Spain bows to 'bad bank' idea
Financial Times
Spain is ready to create a single “bad bank” to house the distressed assets of its teetering financial sector, as it prepares to finalise terms of an EU bailout that is dividing the eurozone and spooking markets. Eurozone finance ministers gather in.

Exactly who is going to rescue the euro zone?
Hong Kong Standard
The result of the most recent euro zone summit was greeted with great relief by the markets. Many are under the impression that allowing the European Stability Mechanism to directly buy Spanish and Italian bonds will help the bring the crisis to an end.

Hong Kong Standard

President to Merkel: explain euro crisis better
The Local.de
President Joachim Gauck has called on Chancellor Angela Merkel to better explain to the German people the measures needed to rescue the euro.

The Local.de

Italy will shrink by 2pc this year, says central bank governor Ignazio Visco
Telegraph.co.uk
Italy's economy will shrink by around 2pc this year, the head of the Italian central bank has said, as he called for adopting a "new Italian spirit" to tackle the eurozone debt crisis. Italian soccer fans cry at the end of the second round World Cup ...

Telegraph.co.uk

Eurozone bank supervisor unlikely this year: German Minister
Economic Times
The eurozone is unlikely to set up its planned banking supervisory body this year as hoped, German Finance Minister Wolfgang Schaeuble said.

Euro Zone Nations Wrestle With a 'Trilemma'
Pittsburgh Post Gazette
LONDON -- So, let's say you have mastered the euro zone concept of "financial contagion." Maybe you even know a thing or two about the euro "doom loop," in which sickly banks and indebted governments threaten to drag each other down a death spiral.

About half of Germans favour eurozone without Greece: Poll
AsiaOne
BERLIN - Nearly half of Germans think the eurozone would be better off without Greece, according to a survey to be published in the German weekly news magazine Focus on Monday. The poll by the Emnid institute found that 49 per cent of Germans would ...

AsiaOne

Monti attacks Northern EU states
NEWS.com.au
The Eurogroup of eurozone finance ministers will meet in Brussels on Monday and again on July 20, according to French Finance Minister Pierre Moscovici. The French minister, who met with Mr Monti earlier yesterday, said "one has to go further" to help...

NEWS.com.au

IMF chief: Euro crisis fall-out is global
WND.com
Issues warning as economic outlook deteriorates even in fast-growing China, India. Published: 3 hours ago. (London Daily Mail) Fears over the global economy intensified yesterday as the escalating crisis in the eurozone took its toll on the rest of the ...

Italy's GDP 'will shrink about 2% in 2012'
AFP
ROME — Italy's economy will shrink by around two percent this year, the head of the Italian central bank said Sunday, as he called for adopting a "new Italian spirit" to tackle the eurozone debt crisis. "Consensus forecasts indicate the GDP (gross ...

AFP

08/07/2012Some northern EU states sap eurozone 'credibility': Italy PM
Expatica France
Italian Prime Minister Mario Monti on Sunday slammed unnamed EU states for undermining the.

Eurozone Banking Union: Who Pays for Past Mistakes? « naked ...
By Yves Smith
This article by Daniel Gros highlights a potentially insurmountable obstacle in dealing with the escalating Eurocrisis. Germany is insisting that agreements be made on medium term measures, such as implementing European banking ...
naked capitalism

A Eurozone Crash Is Baked In The Cake « SGTreport – The ...
By PTS
A Eurozone Crash Is Baked In The Cake. by Doug Casey, Whiskey and Gunpowder: Louis James: So Doug, you're off to FreedomFest 2012 shortly, where people will be able to hear your latest thoughts on many subjects. Maybe you can give ...
SGTreport - The Corporate Propaganda...

2013 global financial crisis may surpass 2008 warns Nouriel ...
By Peter Cooper
Yields on Spanish debt are back around seven per cent, nothing has changed in the eurozone, notes Professor Nouriel Roubini who famously warned on the coming of the subprime crisis. He now warns that a second banking crisis is coming ...
ArabianMoney

Running Out of Options, Euro Zone May Face a Stark Choice ...
By Stefan B
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 intensifies, or watch the bloc slide towards the abyss. By cutting its main interest rate by ...
Financial Survival Network

49% of Germans Want Greeks Out Of the Euro Zone - Keep Talking ...
By keeptalkinggreece
49% of the Germans believe that Greece has to abandon the Euro zone. This is the result of a survey conducted by TNS Enmid for the German weekly FOCUS.
Keep Talking Greece

purple scorpion: Why Greece will have to leave the eurozone
By John Page
Why Greece will have to leave the eurozone. Greece won't ever meet its bailout conditions. A Greek newspaper has reported that. There are more than 180000 outstanding tax cases in the courts. However, while Athens had intended to have ...
purple scorpion

Angela Merkel has one week to save the Eurozone. Again
By Stephen Bush
It has almost become uninteresting. The Eurozone will collapse (it probably won't). Angela Merkel is bound to cave (she almost certainly will not). We are on the brink of a European mega-recession, from which the continent will never fully ...
LabourList

Finland Is Getting Pissy, Too | suyts space
By suyts
FINLAND would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen has said. In a newspaper interview today she said she'd consider crashing her ...
suyts space

Crony Capitalists of the Federal Reserve | The Big Picture
By Guest Author
During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve. Jamie Dimon, the ...
The Big Picture

VIX and More: Chart of the Week: As Goes Spain…
By Bill Luby
Two years later, I still believe that Spain is the most important line in the sand that euro zone leaders have to grapple with and the country whose fate is probably most intertwined with the future of the euro. The chart of the week below shows ...
VIX and More

From Ireland to Greece: Tragedy and Renewal in the Eurozone Crisis
Huffington Post
What struck me most in talking to people in Athens and other parts of Greece was how common the refrains were from my visits to Ireland. People in both countries want the world to know the pain they are feeling.

Eurozone crisis live: Markets cautious as politicians manoeuvre ...
EU leaders draft federal plan to save the eurozone.
www.guardian.co.uk/.../jun/.../moodys-downgrades-spain-agai...

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