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Monday, October 8, 2012

ECB board member shuts door on Greek pleas for leniency

ECB board member shuts door on Greek pleas for leniency
Mr Asmussen also said that statements by ECB members, including president Mario Draghi to do "everything to defend the euro" had helped to ease market tensions, but warned that the current calm was "deceptive", and called for all eurozone countries ...


Hostile Greeks Await Merkel's First Debt Crisis Visit
After toying with the idea of a Greek exit from the euro zone in the first half of 2012, Merkel has come full circle and decided the risks of the country leaving are too high, especially with a German election looming next year. The trip is a sign of ...

Single euro-zone budget gains momentum ahead of summit
France favours financial transactions tax to fund it. By Luke Baker. BRUSSELS, Oct 7 (Reuters) - Debate about the idea of creating a separate budget for euro zone countries is intensifying in the run up to an EU summit later this month, with less ...

A Bailout Bazooka Awaits Its Ammo
New York Times
Dreamed up two years ago by euro zone ministers and officials as a permanent weapon against any financial problems that might besiege the region, the $650 billion bazooka might eventually be aimed at Spain's banking crisis, for example. Or it could ...

If Germany were to leave the euro, it would be better off - Telegraph: "Another week, another conference about the euro. This time it was in Singapore. Nevertheless, it was Germany that was uppermost in my mind, not least because several Singaporeans asked me why Germany doesn't leave the euro."

Debt crisis: Spain's jobless flee to Argentina - Telegraph: "Desperate Spaniards are fleeing in their thousands to set up new lives in Argentina, preferring rampant inflation to the prospect of searching for a job in a country with the highest unemployment rate in the industrialised world."

Eurozone governments can do little harm by cutting back on deficits - Telegraph: "Across the eurozone, governments are cutting their deficits. In 2009 the average government deficit throughout the eurozone was 6.4pc of GDP (a bit over half the deficit in Britain that year)."

Semblance of stability as world leaders meet
Although investors realize this meeting of top economic chiefs -- the Group of 20 finance ministers, International Monetary Fund and World Bank -- in Tokyo cannot possibly produce quick fixes foreuro zone's debt crisis or the approaching U.S. fiscal ...

Euro's Path Depends on Finance Ministers' Meeting
Wall Street Journal
The euro's near-term direction is likely to be determined by a meeting early this week of euro-zone finance ministers, who are expected to discuss a potential bailout of Spain. Last week, Spain Prime Minister Mario Rajoy played down the odds of Spain ...

Old Grievances Resurface in Europe's Debt Crisis
In this sense, the regional argument is the euro zone argument writ small, as richer northern countries like Germany, Finland and Austria complain that their comparative wealth and success are being drained to keep countries like Greece, Portugal and ...

Cameron warns Britons to expect more budget cuts
Chicago Tribune
Cameron cited the euro zone crisis in explaining the problems facing the British economy, comments which are likely to please the influential euroskeptic wing of his Conservatives as they gather for the party's annual conference. Related; Cameron warns ...

Investment could take up the torch
Bangkok Post
The central bank projects that global economic growth will be mute for a prolonged period, due to theeuro zone's public debt crisis and subdued growth in the United States. Dr Prasarn said the Yingluck Shinawatra government had launched a number of ...

Merkel to face protests on first crisis visit to Greece
Yahoo! News (blog)
Opponents, some of whom have caricatured her as a bullying Nazi, have promised protests on Tuesday during her first visit to Greece since the euro zone crisis erupted there in 2009. "She does not come to support Greece, which her policies have brought ...

Debt crisis: ECB board member shuts door on Greek pleas for leniency
'Debt crisis: ECB board member shuts door on Greek pleas for leniency' on Yahoo! Finance UK. Greece cannot have more time to repay its debt to the European ...

Debt crisis: ECB's Asmussen shuts door on Greek pleas for leniency ...
Greece cannot have more time to repay its debt to the European Central Bank because it would be illegal and “illogical”, board member Joerg Asmussen has ...

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