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

Wednesday, August 1, 2012

Record joblessness in euro zone; hope fades for quick ECB cure

Record joblessness in euro zone; hope fades for quick ECB cure
Reuters
ROME/FRANKFURT (Reuters) - Joblessness in the euro zone hit on Tuesday its highest level since the single currency was born, a further sign of economic desperation as hopes erode that the bloc will be saved by its central bank this week. An additional ...

The Eurozone Crisis Is Back and We Are All in Its Crosshairs
Huffington Post
Once again, the Eurozone debt crisis threatens to suck the oxygen out of the global economy. Two years of austerity across most of Europe continues to produce the predicted effects: We learned this week that Europe's private sector keeps on contracting.

Hollande, Monti Stress Commitment to Euro Zone
Wall Street Journal
PARIS—French President Fran├žois Hollande and Italian Prime Minister Mario Monti reaffirmed their commitment to the euro zone Tuesday, stressing a message they and other European officials have espoused in recent days as they seek to boost confidence ...

Greece 'on the brink' as cash reserves dry up - Telegraph: "Near-bankrupt Greece is fast running out of cash while it waits for its next installment of aid from international lenders, a deputy finance minister has said, sounding the alarm on the country's precarious financial position."

Euro crisis forces Deutsche to axe investment bank jobs
Reuters
DE) new co-chief executive Anshu Jain is to cut 1500 jobs at the group's investment bank, which he helped build, as part of a drive to save 3 billion euros ($3.69 billion) after a profit slump due to theeuro zone crisis. The cuts represent about 15 percent of staff ...

Eurozone unemployment at record high in June
Businessweek
Eurostat, the EU's statistics office, said 17.801 million people were out of work in the eurozone in June. That was 123000 more than May, and is the highest level since the euro was formed in 1999. The increase was the 14th in a row and means that around ...

Euro zone inflation muted, joblessness hits new high
Reuters
Euro zone inflation steady at 2.4 percent in July. * Joblessness rises to new 11.2 percent high in May, June. BRUSSELS, July 31 (Reuters) - Inflation in the euro zone remained steady for the third straight month in July, offering little comfort to consumers at a ...

Geithner meets eurozone leaders: a step toward taming debt crisis?
Christian Science Monitor
In Europe, US Treasury Secretary Geithner backs the European Central Bank's pledge to do 'whatever it takes' to save the eurozone from a potential breakup and boost economic growth. By Mark Trumbull, Staff writer / July 31, 2012. German Finance Minister ...

Christian Science Monitor

Unemployment Stays at Record High in Euro Zone
New York Times
The numbers from the European Union's statistical agency, Eurostat, come before the meeting Thursday of the European Central Bank's governors, a gathering upon which many hopes for a decisive new intervention to stem the crisis have been pinned.

Number of unemployed in eurozone hits record high in June, further grim news ...
Washington Post
LONDON — The number of people unemployed across the 17 countries that use the euro hit a record high in June, official figures showed Tuesday, in a stark reminder that Europe's debt crisis has ramifications beyond the financial markets. Eurostat, the EU's ...

More Germans out of work as euro zone crisis spreads
Reuters
BERLIN (Reuters) - The number of Germans out of work rose for a fourth month running in July, though it remained close to its lowest since Germany reunified more than two decades ago. The rise, though less than expected, was another sign that the euro ...

Foreign Minister: play nice over euro crisis - The Local
Foreign Minister Guido Westerwelle called for European partners to remain friendly despite theeurozone crisis, warning against the “axe of the hasty word" being used to “chop down what was built up over the course of decades."
The Local - Germany's news in English

UK economic outlook slumps on eurozone crisis - Max Keiser
By maxkeiser
Thank goodness the Olympics came along to suck even more money out of their economy. I heard no one showed up. I can't believe the seats were empty when the government spent all day and night making it sound like the place was going ...
Max Keiser

Euro Zone Unemployment at Record High - News Aggregation ...
By Ed Krayewski
EU data agency Eurostat said the seasonally-adjusted rate was the same as an upwardly-revised May toll but noted another 123000 people lost their jobs going into the European summer, bringing the total to nearly 18m, more than 2m up on ...
Reason.com Full Feed

Eurozone Jobless Rate, Inflation Remain Unchanged - 24/7 Wall St.
By Trey
Numbers out of Eurostat, the statistical office of the European Union, Tuesday indicate that theeurozone's seasonally adjusted unemployment rate remained at 11.2% in June 2012, unchanged from May's upwardly revised figure. But that June ...
24/7 Wall St. - Market Wire

US, Germany stress cooperation to end euro crisis - seattlepi.com
BERLIN (AP) — U.S. Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe ...
Business Heds Index

Why a Euro-Zone Crisis Can't Be Avoided Very Much Longer ...
Each postponement of financial disaster in the euro zone seems likely to last for a shorter time, and the U.S. won't be able to escape the fallout indefinitely.
business.time.com/.../why-a-euro-zone-crisis-cant-be-avoided-...

Uganda Ebola outbreak: patients flee hospital amid contagion fears ...
Ebola outbreak in Uganda claims at least 14 lives as health officials battle to stem spread of deadly virus.
www.guardian.co.uk/.../ebola-uganda-outbreak-patients-flee

The eurozone can learn from financial crises in the developing world ...
Jayati Ghosh: Argentina and Malaysia emerged from their own financial crises by ignoring the orthodox prescription.
www.guardian.co.uk/.../eurozone-financial-crises-developing-...

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