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

Tuesday, September 25, 2012

Europe is Running Out of Time (video)


European nations must share past debts to lift the burden of high interest rates on Spain and Greece and implement a banking union with deposit insurance to prevent capital flight, said Nobel Prize-winning economist Joseph Stiglitz.

Debt crisis: as it happened - September 24, 2012 - Telegraph: " German business confidence falls for fifth month in a row • EC President warns Europe is "losing the sense of urgency" • Volcker: ring-fencing banks not enough to protect taxpayers • UK’s deficit ‘could be bigger than Greece's’ • Leaked troika report reveals €20bn black hole in Greek budget"

Spain Readies Budget for 2013
New York Times
MADRID — The spotlight in the euro zone's sovereign debt crisis turned once again Monday to Spain, where Prime Minister Mariano Rajoy's struggling government is set to present its draft budget for 2013 on Thursday. ... Spain's borrowing costs have ...

Van Rompuy Calls for 'Urgency' from EU Leaders
Wall Street Journal
BRUSSELS—European policy makers are losing their "sense of urgency" in tackling the euro zone's debt crisis, European Council President Herman Van Rompuy warned Monday. Less than three weeks after the European Central Bank announced a new ...

Bundesbank castigates IMF for saving Europe - Telegraph: "Germany's central bank has launched a blistering attack on the International Monetary Fund, accusing officials of spraying around money like confetti and overstepping their legal mandate."

Recovery will be 'painful', IMF's Christine Lagarde warns - Telegraph: "Heavily indebted countries like the UK face years more “painful” austerity to get their economies back on an even keel, International Monetary Fund managing director Christine Lagarde has warned."

Euro zone uncertainty puts shares, euro on back foot
CNBC.com
LONDON (Reuters) - European shares and the euro followed a broad range of riskier assets lower on Monday, as investors refocused attention from central bank stimulus schemes to weak economic fundamentals and the euro zone's still unresolved debt crisis ...

German business confidence at lowest level since early 2010, figures show - Telegraph: "German business confidence has fallen to its lowest level since February 2010, as the eurozone crisis increasingly batters its economy, new data has revealed."

Will the Euro Zone's Bailout Firepower Ever Be Enough?
CNBC.com
The ESM is one of the key tenets of euro zone leaders' attempts to fight the debt crisis which threatens to spread its tentacles ever further. It's expected to come into force later this year, as a replacement for the European Financial Stability ...

Crude Falls As Europe Worries Resurface
Wall Street Journal
Optimism over the euro-zone crisis gave away to uncertainty ahead of the release of the first draft of Spain's 2013 budget Thursday and as investors await Moody's Investors Service's decision on whether to downgrade Spain's debt rating, expected this week.

CANADA STOCKS-TSX may open lower, euro zone crisis in focus
Reuters
Sept 24 (Reuters) - Canada's resource heavy main stock index looked set to open lower on Monday, following a sharp decline in commodity prices, as investors dumped riskier assets with their focus moving back to Europe's debt crisis. TOP STORIES ...

Half Time in the EU
Daily Beast
The worst is over for the euro zone crisis, according to European Commission Jose Manuel Barroso. He talks to ... That move helped push the interest rates on government debt lower across Europe, fueled a stock market rally on both sides of the Atlantic ...

Daily Beast

Germany's Merkel to meet ECB, IMF chiefs this week
Reuters
BERLIN (Reuters) - German Chancellor Angela Merkel will meet separately with the heads of the International Monetary Fund and European Central Bank this week amid debate over the next steps for addressing the euro zone's sovereign debt crisis.

Commodities Drop on Euro Crisis Fears, US Data Eyed
Resource Investor
Newswires chalked up the sour mood to emerging signs of discord between French and German leaders on the “banking union” component of the euro zone's debt crisis management efforts. Asked about the time frame for the setup at a joint press conference ...

An unpleasant surprise may lurk in euro zone GDP numbers - Reuters
By Andy Bruce
The latest flash purchasing managers' indexes, which cover thousands of euro zone companies, suggest the third quarter will mark the euro zone's worst economic performance since the dark days of early 2009, according to Markit, which compiles them. ... In a further sign companies are really feeling the strain of the region's debt crisis, German business sentiment dropped for a fifth successive month in September, according to the Ifo Institute, defying hopes for a slight rise. So don't ...
MacroScope

The European Stalemate on the Euro Zone Debt Crisis ...
European leaders are struggling to overcome a crisis-fighting stalemate as they face discord over a banking union, Greece's ongoing debate on how to meet ...
www.businessweek.com/.../the-european-stalemate-on-the-eur...

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