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

Thursday, October 25, 2012

Euro zone is sinking ever deeper into crisis

Euro crisis deepens as debt hits 90% of GDP
Globe and Mail
Euro woes mount. The embattled euro zone is sinking ever deeper into crisis, as new reports highlight the debt and broader economic troubles plaguing the 17-member monetary union.

Draghi defends bond-buying plan in lion's den
Reuters
BERLIN (Reuters) - European Central Bank President Mario Draghi gave a robust defense of his bond-buying plan to ease the euro zone's debt crisis, telling skeptical German lawmakers that fears of illegal funding of governments or stoking inflation are ...

Debt crisis: as it happened - October 24, 2012
Telegraph.co.uk
... defended his bond-buying plans, and David Cameron may have landed himself in hot water over tomorrow's GDP figures. For all the latest developments you can follow them here and we'll be back in the morning with the next installment of Debt Crisis Live.

Telegraph.co.uk

Bundesbank slashed London gold holdings in mystery move - Telegraph: "Germany withdrew two thirds of its vast holdings of gold from Bank of England vaults shortly after the launch of the euro more than a decade ago, according to a confidential report that emerged on Wednesday."

Euro-Zone Activity Declines Further
Wall Street Journal
The euro-zone economy declined further at the start of the fourth quarter, business surveys suggest, with sentiment in Germany—the euro zone's biggest economy and key source of financial support—worsening markedly. A survey of manufacturing and...

Wall Street Journal

Greece plans to cut wages and pensions - Telegraph: "Greece is set to cut public sector wages and pensions, as it agrees terms with its international lenders to release the next tranche of its bailout to avoid defaulting."

Euro zone debt jumps to 90 pct/GDP in Q2 -Eurostat
Reuters
By Jan Strupczewski BRUSSELS, Oct 24 (Reuters) - Euro zone government debt rose to 90 percent of the single currency area's gross domestic product in the second quarter of 2012 from 88.2 percent in the first three months, data from the European ...

Analysis: Poland leans towards euro entry despite crisis
Reuters
"Poland, which is outside the euro zone, is affected by it (through the financial markets) and is paying a price for the crisis. Yet it has no influence over the decision-making process inside the bloc," Roman Kuzniar, an adviser to Polish President ...

This is an assault on living standards set to run and run - Telegraph: "Close to the start of the economic crisis, someone I've always considered one of the City's more astute practitioners privately ventured what seemed a somewhat startling prediction – by the time it was all over, average living standards in Britain and many of other advanced economies would have fallen in real terms by 20pc or more."

Euro dips on German data, shares up as Fed eyed
Reuters
"A lot of companies are saying they exited the quarter weaker than where they entered," he added. "A lot are resetting expectations ahead of the fiscal cliff." The euro fell against the dollar and yen on unexpectedly weak German data. But the euro's ...

Copper steady on China optimism, euro zone weighs
Reuters
German business sentiment dropped for the sixth successive month in October, in a surprise fall that was bigger than even the lowest forecasts, signaling that the debt crisis is hitting home in Europe's largest economy. Benchmark three-month copper on ...

Morning Briefing: ECB's Makuch Speaks in Bratislava
Wall Street Journal (blog)
The outlooks for the euro-zone debt crisis and for the Slovak economy came into focus Wednesday when the country's representative on the European Central Bank's governing council led a conference in Bratislava. Jozef Makuch, also the governor of the...

Wall Street Journal (blog)

Euro edges lower after German data; Fed decision looms
Reuters
European Central Bank President Mario Draghi made a robust defense of his bond-buying plan to ease the euro zone's debt crisis, telling German lawmakers their fears of illegal funding of governments or stoking inflation are misplaced. The euro also hit ...

Buffett resumes travel, says economy is 'inching ahead'
Omaha World-Herald
Warren Buffett was back on the road Wednesday, making his first cable TV appearance since finishing radiation treatments for prostate cancer. “It got tiring after awhile,” he told CNBC interviewer Becky Quick, noting that he gets “hot flashes” from ...

Euro Crisis - Google News

Fiscal Cliff - Google News

Economics, interest rates, house prices, inflation, Bank of England

Markets News - Global Financial Market News

Financial Crisis

Jeremy Warner - Finance and business comments

Ambrose Evans-Pritchard - Finance and business comments

Jeff Randall - Business and politics comments

New Normal News

Views under the Palm

johnyah