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

Wednesday, July 11, 2012

Warnings that Italy needs "temporary support"

Germans in court battle to block eurozone bailouts - Telegraph: "The German Constitutional Court may take up to three months to rule on an injunction by private citizens and Left-wing lawmakers aimed at blocking the eurozone bailout machinery, leaving markets hanging in suspense as the eurozone debt crisis eats at confidence. . . .The urgency was thrown into relief by warnings from Italian premier Mario Monti that his country might need “temporary support” from the eurozone bail-out funds to bring down bond spreads –but not to pay public employees “as in Greece”. Italy has the world’s third largest public debt at €1.95 trillion, with vast funding needs over the next two years. A formal request for a eurozone rescue package might test the system to breaking point."

Italy eyes euro zone aid to ease debt pain
Reuters
BRUSSELS (Reuters) - Italy said on Tuesday it may want to tap euro zone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis,

A Euro-Zone Strategy Shift
Wall Street Journal (blog)
Austerity was in retreat early Tuesday in Brussels, as European finance ministers congratulated themselves on their moderation and common sense in relaxing the terms for financial assistance to Spain and agreeing to forward the first slice of aid by ...

Wall Street Journal (blog)

Euro zone finance ministers' meeting
Chicago Tribune
BRUSSELS (Reuters) - Euro zone finance ministers met in Brussels to discuss support for Spanish banks and using the bloc's rescue funds to stabilize bond markets. Following are excerpts from the.

Markets Shrug After Latest Euro-Zone Agreement
Wall Street Journal (blog)
Another high-level, make-or-break meeting of European Union bigwigs, stretching well past midnight, and another shrug by bond vigilantes: the yield on Spain's benchmark 10-year bonds is down a meager 0.14 percentage point Tuesday.

Euro hits 2-year low, oil extends losses
Reuters
European stock markets, however, rose after euro zone finance ministers agreed to release the first 30 billion euros ($37 billion) of bailout funds for Spain's troubled lenders by the end of July. Oil prices extended losses in the afternoon with Brent ...

GLOBAL MARKETS-Shares rise on euro zone fund optimism
Reuters
World shares rise as German top court eyed on bailout fund* Weak Chinese import data sends oil lower* Spain gets extra year to cut deficitBy Leah SchnurrNEW YORK, July 10 (Reuters) - Shares in major.

As Spain Closes in on Bank Aid, Italy Signals May Seek ESM Bond Buys
Wall Street Journal
BRUSSELS--Italy signaled for the first time Tuesday it may ask euro zone governments to permit the region's bailout funds to buy Italian bonds although Prime Minister Mario Monti insisted the country had no need of a wide-ranging Greek-style bailout.

Spain vows to use bank bailout for deep clean-up
Reuters
BRUSSELS/BERLIN (Reuters) - A euro zone bailout for Spain's crippled banks paves the way to clean up the financial sector within 18 months and will also put the economy on a path to recovery, Spain said.

Spain in focus as euro-zone ministers meet
MarketWatch
FRANKFURT (MarketWatch) — Efforts to help Spain overcome rising borrowing costs amid doubts over the ability of the European Union to implement recently agreed measures aimed at easing financing.

EURO GOVT-Spain, Italy yields fall; focus on German court
Reuters
The Constitutional Court has begun a hearing into whether the euro zone's bailout scheme and budget rules are compatible with German law. Finance Minister Wolfgang Schaeuble told the court that any significant delay in approving the measures could fuel ...

Spanish Aid Draft Banks May Wipe Out Hybrid Holders
Wall Street Journal
BRUSSELS--Investors holding any equity or hybrid capital instruments issued by Spanish banks that might need a euro-zone bailout could see their investments wiped out completely under the draft terms of a deal hammered out overnight in Europe, ...

Euro zone agrees to bailout terms for Spain's banks
Globe and Mail
Finance ministers say the first $36.88-billion (U.S.) in aid can be ready by the end of this month.

Globe and Mail

Euro slumps as Spain deal fails to allay crisis concerns
Reuters
NEW YORK (Reuters) - The euro came close to touching a two-year trough against the dollar and hit a five-week low versus the yen on Tuesday after a meeting of euro zone finance ministers failed to assuage.

FOREX-Euro falls, euro zone meeting offers little relief
Reuters
Meeting of finance ministers does little to buoy euro* Short-covering may support euro, but downtrend seen intact* Aussie dollar sags on Chinese import dataBy Masayuki KitanoSINGAPORE, July 10 (Reuters)

Eurozone ministers agree bailout for ailing Spanish banks
CNN
Spain is to be offered an initial 30 billion euros (US$36.9 billion) to bail out its troubled banks following an emergency meeting of Eurozone finance ministers.

Spanish deal lifts world shares, euro steady
Reuters
LONDON (Reuters) - World shares inched up on Tuesday after euro zone finance ministers made limited progress on measures to help embattled Spain, but evidence of a sharp slowdown in China sent oil and.

Dollar extends gains on German, Italian reports
MarketWatch
The Eurogroup of euro-zone finance ministers, which met until the early hours of Tuesday morning, announced an extension of Spain's deadline for containing its fiscal deficit, with €30 billion made available to assist Spanish banks by the end of this ...

Markets Show Cautious Optimism About Spanish Bank Deal
New York Times
Stocks rose and Spanish bond yields fell on Tuesday after euro zone finance ministers agreed on terms for a Spanish bank bailout.

EU talks up Spanish banks package, markets sceptical
Reuters
Spain gets extra year to cut deficit to 3 percent by 2014* Eurogroup reappoints Juncker as chair, names Mersch to ECBboard* Germany's Regling to head permanent euro zone rescue fund* No deal reported.

Euro-zone ministers agree on Spanish banking bailout
The Deal Pipeline
Under the deal, about $37 billion of the funding will flow through to Spain's state-backed banking restructuring agency by the end of the month.

The Deal Pipeline

HIGHLIGHTS-Euro zone finance ministers' meeting
Reuters
BRUSSELS, July 10 (Reuters) - Euro zone ministers agreed togrant Spain an extra year until 2014 to reach its deficitreduction targets in exchange for further budget savings and setthe parameters of.

Spanish and Italian Bond Yields Drop, Spain Still Near Record
Wall Street Journal
LONDON--Spanish and Italian government bond yields slipped in early trading Tuesday, but yields on Spanish debt remained at near record levels as investors said a meeting of euro-zone finance ministers this week left many questions unanswered.

EU extends Spain's deficit timeline by 1 year
Huffington Post
Last month, the eurozone's finance ministers agreed to offer Spain up to (EURO)100 billion to prop up its stricken banking sector, which has been weakened by toxic loans and assets from a collapsed property market. The finance ministers for the 17 ...

German court hears complaints on euro crisis tools
Chicago Tribune
KARLSRUHE, Germany (Reuters) - Germany's top court will address on Tuesday whether Europe's new bailout scheme and budget rules are compatible with national law in a process influencing not just.

Euro Zone May Be Fragmenting Faster than EU Can Act
Insurance Journal
Signs are growing that Europe's economic and monetary union may be fragmenting faster than policymakers can repair it. Euro zone leaders agreed in princ.

Euro zone hopes bolster European shares
Reuters
FTSEurofirst 300 up 0.9 percent, EuroSTOXX 50 up 0.6 pct* Technical charts support rebound in thin trade* German court in focusBy Toni VorobyovaLONDON, July 10 (Reuters) - European equities bounced.

Italy's Economic Gains No Shield Against Contagion, IMF Says
Businessweek
Prime Minister Mario Monti's “ambitious” efforts to spur Italy's economy won't be enough to shield the country from fallout of the region's debt crisis without Europe making progress in building a fiscal union, the International Monetary Fund said.

Futures Gain Amid Hopes for Euro Zone Fund
CNBC.com
U.S. stock index futures gained on Tuesday after euro zone leaders ratified the terms of a bailout agreement for Spain's banking sector and as traders speculated that Germany's top court would approve the EU's permanent bailout fund.

FOREX-Euro falls to 2-year low versus dollar, more losses seen
Reuters
The euro zone common currency fell to a low beneath $1.2250, opening the way to a test of the key $1.20 area. A break below that could see the currency slide towards its June 2010 low of $1.1875, which marked the weakest since March 2006. Euro zone ...

EUR/USD July 10 Euro-zone Finance Ministers Make Little Progress ...
By Kenny Fisher
EUR/USD continues to struggle around the fresh two year lows it plunged to on Friday, trading close to the 1.23 line. Euro-zone finance ministers met on.
Forex Crunch

Euro Zone Crisis: For Twenty More Years? | Care2 Causes
By Kristina Chew
Two more decades: Wolfgang Münchau of Eurointelligence predicts (in the Financial Times) the euro zone crisis will last that much longer.
Care2 Causes

Euro Crisis: Holidays First, Solutions Later – Forbes | The Wall Street ...
By Newswires
ForbesEuro Crisis: Holidays First, Solutions LaterForbesAfter a promising summit twelve days ago, negotiations on the euro crisis are now descending into f...
The Wall Street Examiner

Gold dips as market awaits guidance from eurozone summit By ...
By Forexpros
Forexpros - Gold prices were lower in Asian trading on Tuesday as investors awaited results from a meeting of eurozone finance ministers. Disappointing policy announcements threatened to send gold falling and the dollar rising. Gold and the ...
Forex Pros RSS News Feed | Forex News

Turmoil in the Eurozone will last 20 more years
By Sovereign Man
Turmoil in Europe is even more evident today as a result of massive debt, austerity measures and desperate bailouts. Everyone is currently holding their breathe in anticipation of an eventual Eurozonecollapse however, some people are ...
Sovereign Man: Offshore Business,...

If the Eurozone pursues greater integration and common financial ...
By Blog Admin
Despite the on-going crisis in the Eurozone, Alexander Görlach argues that the euro is far from dead. Instead, he says that if the Eurozone's heads of state are willing to sacrifice some national sovereignty for more integration, it will become ...
EUROPP

How the eurozone crisis could impact Asia | Money Supply
By Claire Jones
The top economics writers at the Financial Times share insights into the global economy, and the central bankers and policymakers who shape it. Economics blog with data and graphics.
Money Supply

When You've Got A Global Financial Crisis To Worry About, A Few ...
By Matt Levine
When You've Got A Global Financial Crisis To Worry About, A Few Trillion Dollars Of Fraud Don't Seem Like That Big A Deal. By Matt Levine. The Libor scandal presents a whole range of questions from the very micro “how much did I lose on ...
Dealbreaker

THE ASTUTE BLOGGERS: SHOULD THE EURO-ZONE SPLIT INTO ...
By Reliapundit
BLOGGERS EMERITI: Juniper ITD; Jim Rose; Israel Matzav; Omri Ceren; MSimon; Jon Jay Ray; Chatterbox; Esther; Discerning Texan; Carlos Echevarria; Bob McCarty; Jdamn. PLEASE BLOGROLL THE ASTUTE BLOGGERS AND BECOME ...
THE ASTUTE BLOGGERS

Is the Eurozone Doomed to Fail? « Jonathan Fryer
By jonathanfryer
This lunchtime I was at Dr Challoner's High School for Girls in Chalfont, opposing the motion that This House Believes the Eurozone Is Doomed to Fail. Proposing it was David Moller, a former Reader's Digest journalist, on behalf of Civitas.
Jonathan Fryer

Italy interested in tapping eurozone aid | Investing | Financial Post
Italy said on Tuesday it may want to tap eurozone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis.
FP Top Stories List

Fed's Bullard: Euro crisis more traumatizing than previously thought ...
By Pete Jackson
Europe's debt crisis is the 'most pressing issue' Europe and US growth can't be boosted with fiscal expansion, need structural reforms US growing at.
ForexLive

Growth outlook hinges on eurozone: FS : Nykom | Hong Kong
By GovHK
Financial Secretary John Tsang today told lawmakers Hong Kong should be able to attain GDP growth of 1% to 3% in real terms this year, barring any further blows to world financial markets. Speaking to the Legislative Council Financial ...

Eurozone talks stuck on detail of bank rescue fund plan | Business ...
Leaders in Brussels divided over how to interpret summit accord aimed at easing pressure on highly indebted states.
www.guardian.co.uk/.../jul/.../eurozone-talks-bank-rescue-fun...

Why Germany's TARGET2-Based Eurozone Preservation - ZeroHedge
We have covered the topic of the German TARGET2 imbalances previously, both from the perspective of what catalysts can lead the Bundesbank to suffering ...
www.zerohedge.com/.../why-germanys-target2-eurozone-pres...

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