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

Saturday, July 21, 2012

Spain: Eurozone deal fails to ease concerns

Spain: Eurozone deal fails to ease concerns
BBC News
Spain's financial woes have deepened despite eurozone finance ministers approving a deal to lend up to 100bn euros (£78bn) to bolster its banks. The heavily-indebted Valencia region requested an undisclosed loan from a new rescue fund set up last Friday ...

BBC News

Spain spooks markets as Valencia requests aid from stricken state - Telegraph: "Spanish shares suffered their biggest one-day drop in two years, leading European markets’ plunge downwards, after a major Spanish region said it needed rescuing."

Eurozone officials finalize terms of Spanish aid
Chicago Tribune
The bank bailout was first put together last month by Eurozone leaders worried about the Spanish financial system, which is weighed down by billions of dollars in bad loans from a burst real estate bubble. "Providing a loan to Spain for the purpose of the ...

Eurozone OKs terms of bailout for Spanish banks
CBS News
BRUSSELS (AP) - Finance ministers from the 17 countries that use the euro unanimously approved Friday the terms for a bailout loan for Spanish banks of up to euro100 billion ($122.9 billion). The document, signed off by the "eurogroup" of finance ministers ...

CBS News

Eurozone Ministers Approve Spanish Banking Bailout
Fox Business
Euro zone finance ministers approved an agreement on Friday to lend up to 100 billion euros ($123 billion) to Spain so it can recapitalise its banks, but the exact size of the loan will probably only be determined in September. In a conference call, ministers ...

Debt crisis: IMF ‘suppressed signs that Europe was facing debt crisis’ - Telegraph: "The International Monetary Fund deliberately suppressed evidence that Europe was heading for a debt crisis, according to a blistering resignation letter from a senior economist at the fund."

OIL FUTURES: Crude Drops on Profit-Taking, Euro-Zone Concerns
Wall Street Journal
By John M. Biers. NEW YORK--Crude prices retreated Friday from a multiday rally on profit-taking, a stronger dollar and revived concerns about the euro zone. Front-month Nymex crude futures for August settled at $91.44, down $1.22, or 1.3%. The August ...

New Dark Side of Contagion for Italy
Wall Street Journal (blog)
By Christopher Emsden. Italy's spread — a word everyone here knows now — rose above 500 basis points for the first time in 2012, sending Italian shares into a free fall, prompting calls for Prime Minister Mario Monti to go home and highlighting a new dark ...

Eurozone Fin Mins Set To Approve Spanish Bank Bailout Today After Massive ...
Business Insider
To. Email Sent! You have successfully emailed the post. Eurozone Fin Mins Set To Approve Spanish Bank Bailout Today After Massive Protests In Madrid. AP | Jul. 20, 2012, 5:52 AM | 363 |. Email; More. Share on Tumblr. A A A. Tweet. Email. Share on Tumblr ...

Business Insider

Eurozone Approval of Spanish Bank Bailout Fails to Calm Markets Eds
LoanSafe
(Source: By Alvise Armellini, dpa, Hamburg, Germany (MCT) – Brussels (dpa) – The Eurogroup panel of eurozone finance ministers on Friday reached a deal on a loan of up to 100 billion euros (121.9 billion dollars) to help Spain recapitalize its banks.

Oil Prices Fall 1% on Eurozone Concerns
Fox Business
Oil prices fell on Friday, after seven straight higher settlements, as the euro zone debt crisis brought economic concerns back in focus and strengthened the dollar. The U.S. August crude contract expires at the end of the session. U.S. and Brent futures remain ...

Euro zone woes spur UK property bargain hunt
Chicago Tribune
LONDON (Reuters) - UK property businesses are hunting for bargains in the country's battered real estate market, encouraged by heavy discounts that show how the euro zone crisis has hit confidence in the sector, Lloyds Banking Group said on Friday.

Eurozone Approval of Spanish Bank Bailout Fails to Calm Markets
HispanicBusiness.com
The Eurogroup panel of eurozone finance ministers on Friday reached a deal on a loan of up to 100 billion euros (121.9 billion dollars) to help Spain recapitalize its banks. The agreement was reached during a teleconference meeting. Madrid is expected to ...

HispanicBusiness.com

Rome vs Sicily: the Euro-Zone Writ Small
Wall Street Journal
Rome vs Sicily: the Euro-Zone Writ Small. Do unto others as you have already been done unto. Last year, the euro zone installed technocrat Mario Monti as prime minister of Italy by wielding the stick of default and the carrot of support in exchange for reforms.

Worries Over Euro Zone, Domestic Economy Hit Yuan
Wall Street Journal
China's yuan hit the lower limit of its daily trading band against the U.S. dollar late Friday, the first time it has done so since Beijing doubled the trading range in April, as unabated worries over theeuro zone and China's own economy boosted demand for the ...

Euro Crisis Flares Anew!
Wall Street Journal (blog)
In fact, the move higher in Spanish yields is a bit odd, seeing as finance ministers from the euro zone put out a statement finally giving the green light to Spain's bank bailout. So what gives? Well, it seems that markets really didn't like the look of the Spanish ...

Wall Street Journal (blog)

Euro crisis deepens as time starts to run out for Spain's banks and regions
The Guardian
The prospect of Spain standing near the exit to the eurozone with Greece and Portugal had seemed outlandish only a few weeks ago, after eurozone leaders agreed to press ahead with more co-operation and a rescue for Madrid that targeted its banks.

The Guardian

Departing IMF economist blasts fund for eurozone 'failure'; Lagarde is 'tainted'
CNN
Doyle, a former IMF division head for Israel and non-eurozone nations Sweden and Denmark, was widely respected within the organization, according to IMF insiders who did not wish to be named due to the sensitivity of the issue. Doyle did not work on ...

Treasurys Rally on Euro-Zone Concerns
Wall Street Journal
Even though euro-zone finance ministers approved Spain's bank bailout plan, concerns immediately shifted to the country's economic struggles. Amid efforts to cut spending and reduce debt, the Spanish government said it expects its economy to contract by ...

Eurozone Finance Ministers to Approve Spanish Bank Bailout
LoanSafe
Brussels (Source: Alvise Armellini dpa, Hamburg, Germany (MCT)) – Eurozone finance ministers were due Friday to approve the terms of a Spanish bank bailout of up to 100 billion euros (122.7 billion dollars). The president of the Eurogroup panel of euro ...

Eurozone finance ministers approve terms of bailout loan for Spanish banks
Newser
The agreement came as investor concerns on the stability of Spain's economy, and that the government itself might need rescuing, sent the country's borrowing costs soaring and its stock prices plummeting. In early afternoon trading, Spain's main IBEX index ...

Turkish lira dips as euro zone fears outweigh c.bank moves
Reuters
(Adds quotes, details, lira turns weaker) * Bonds, lira weaker amid euro zone jitters * Lira supported by c.bank leaving rates on hold * Shares dip 0.9 percent ISTANBUL, July 20 (Reuters) - The Turkish lira slipped on Friday as support from the central bank's ...

Eurozone approves Spain bank bailout
Financial Times
Eurozone finance ministers have signed off on a loan of up to €100bn to help Spain recapitalise its stricken banking sector.. Their unanimous approval – following a conference call on Friday – came as the risk premium on Spanish bonds returned to troubling ...

Euro-Zone Debt Insurance, Backed by ECB, May Boost Inflation-Report
Wall Street Journal
BERLIN--A debt insurance scheme for the 17-nation euro zone backed by the European Central Bank risks boosting inflation, Handelsblatt reported, citing a German economist. The report follows calls from the International Monetary Fund Thursday for the ...

Eurozone finance ministers approve terms of bailout loan for Spanish banks
Washington Post
Eurozone finance ministers approve terms of bailout loan for Spanish banks. (Andres Kudacki/ Associated Press ) - Demonstrators shows a banner reading “no bread, no peace, as a protest against austerity measures announced by the Spanish government ...

ADR REPORT-Euro zone concerns hit foreign shares
Reuters
NEW YORK, July 20 | Fri Jul 20, 2012 10:38pm IST. NEW YORK, July 20 (Reuters) - U.S.-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.

Eurozone crisis live: Finance ministers sign off Spanish bank rescue
The Guardian
The European Central Bank said today it would stop accepting as collateral Greek sovereign bonds and other assets backed by the government from next Wednesday. It will review the situation once the troika of EU/IMF/ECB officials has completed its visit to ...

Eurozone finance ministers approve Spanish bank bailout
Deutsche Welle
Although eurozone finance ministers on Friday gave the green light to 100 billion euros ($123) in aid for Spanish banks, the announcement did little to stabilize the country's soaring borrowing costs, which have reached their highest level yet.

Deutsche Welle

Eurozone ministers set to approve Spanish bank aid | Bangkok Post: news
Bangkok Post
Eurozone finance ministers conferred on Friday to try and finalise an aid package for Spanish banks as opposition grows in the country against government plans to tighten budget discipline. Government employees take part in a demonstration against the ...

Eurozone OKs terms of bailout for Spanish banks
The Associated Press
Eurozone OKs terms of bailout for Spanish banks. By CIARAN GILES – 1 minute ago. BRUSSELS (AP) — Finance ministers from the 17 countries that use the euro unanimously approved Friday the terms for a bailout loan for Spanish banks of up to €100 ...

Eurozone FinMins approve Spanish banking sector rescue: officials
Xinhua
BRUSSELS, July 20 (Xinhua) -- Euro area finance ministers had given final approval to a banking sector bailout program for Spain of up to 100 billion euros (about 122 billion U.S. dollars), Eurogroup officials said Friday after a conference call. "We have ...

Eurozone Okays €100 Billion to Bail Out Spanish Banks - 24/7 Wall St.
By Paul Ausick
As expected, following yesterday's approval by the German parliament, eurozone finance ministers have approved the €100 billion bailout of Spain's troubled banks through the European Financial Stability Fund (EFSF). Under the terms of the ...
24/7 Wall St. - Market Wire

Calculated Risk: Eurozone approves Spanish Bank Bailout, Bond ...
By Bill McBride
Eurozone approves Spanish Bank Bailout, Bond Yields increase. by Bill McBride on 7/20/2012 08:47:00 AM. From the WSJ: Euro Zone Approves Terms of Spain Bank Bailout. Luxembourg Finance Minister Luc Frieden told reporters there had ...
Calculated Risk

The Financial Crisis Was Foreseeable … Thousands of Years Ago ...
By Washingtons Blog
Economists, Military Strategists and Others Warned Us … Long Ago We've known for 4000 years that debts need to be periodically written down, or the.
The Big Picture

The Financial Crisis Was Foreseeable Thousands of Years Ago
By The Huffington Post News Editors
We've known for 4000 years that debts need to be periodically written down, or the entire economy will collapse. And see this.
The Huffington Post | Full News Feed

World Bank chief warns on eurozone crisis impact | ForexLive
By Ed Thomas
The new president has warned that most global regions will be hit by the eurozone debt crisis and that is vital to protect the strong economic gains of the past.
ForexLive

PIIGS confront steep price for eurozone membership « Charles - Blogs
By charlesrowley
Countries locked into a common currency zone – such as the PIIGS in the eurozone – cannot access this safety valve. Instead, they must fall back on internal deflation policies designed to drive down wages and prices to levels that offer ...
Charles Rowley's Blog

The Coming Crisis: Eurozone deal fails to ease concerns
By Lynsey
Spain's financial woes have deepened despite eurozone finance ministers approving a deal to lend up to 100bn euros (£78bn) to bolster its banks. The heavily-indebted Valencia region requested an undisclosed loan from a new rescue fund ...
The Coming Crisis

Richard Murphy, who steered RUMC through financial crisis, is leaving
By Frank Donnelly/Staten Island Advance
CEO and president of Staten Island's Richmond University Medical Center accepts a similar job at Nassau Communities Hospital on Long Island.
Staten Island Real-Time News

Sober Look: Eurozone crisis video metaphor
By Walter Kurtz
Eurozone crisis video metaphor. Here is some Friday humor from Jay Leno. Sorry about the long NBC commercial at the beginning. SoberLook.com · Older Post Home · Related Posts Plugin for WordPress, Blogger... Loading... SoberLook.com ...
Sober Look

Eurozone's endgame: why Germany will have to ditch the euro by ...
By George Zarkadakis
It seems that he was wrong only by three years, for everything points to the Eurozone's dissolution in the coming fall 2012. Let's go back to the beginning of the crisis: Greece, the weakest link in theEurozone, was the first to give way in 2009.
George Zarkadakis

XE.com - ADR REPORT-Euro zone concerns hit foreign shares
U.S.-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.
XE Forex News

Eurozone OKs terms of bailout for Spanish banks | The Toronto Post
By Ciaran Giles, Don Melvin
BRUSSELS – Finance ministers from the 17 countries that use the euro unanimously approved Friday the terms for a bailout loan for Spanish banks of up to €100 billion ($122.9 billion). The document, signed off by the “eurogroup” of finance ...
The Toronto Post

Eurozone approves Spain's $121-billion bank bailout - Financial Post
The Eurogroup of eurozone finance ministers formally accepted today a memorandum of understanding with Spain, which will allow Madrid to borrow up to 100 billion euros to recapitalize its banks.
FP Top Stories List

Energy cools euro zone inflation, imports stagnant - Yahoo! News
From Yahoo! News: BRUSSELS (Reuters) - A sharp fall in energy prices helped cool consumer prices in the euro zone in June and gave the European Central ...
news.yahoo.com/energy-cools-euro-zone-inflation-imports-sta...

Eurozone crisis live: IMF cuts growth forecasts | Business | guardian ...
The International Monetary Fund is warning that global economic conditions have worsened ...
www.guardian.co.uk/p/3939q/tw

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