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

Tuesday, October 2, 2012

Europe will tell US at G7 to deal with fiscal cliff

G7: Europe will tell US to deal with 'fiscal cliff' - Telegraph: "Europe will tell the US, Japan and Canada next week that it is acting to resolve its sovereign debt crisis, but that US fiscal policy and slowing growth in Japan and China also pose risks to the global economy, according to reports."

Euro zone joblessness stays at record levels in August
Reuters
BRUSSELS (Reuters) - Unemployment in the euro zone remained at record highs in August and the number of people out of work climbed again, highlighting the human cost of the bloc's three-year debt crisis. Joblessness in the 17 countries ... Euro zone ...

Debt crisis: Greece heads for sixth year of recession - Telegraph: "Greece is heading for its sixth year in recession, the finance ministry in Athens warned, adding to pressure on European leaders to ease their demands for austerity or watch the indebted country crumble."

Rates top ECB agenda as Spain clock ticks
Reuters
A month after unveiling a potentially unlimited program of bond-buying which only countries themselves can activate, the bank has little more it can do in the euro zone's debt crisis other than sit and wait for Spain to ask for help in taming the ...

Breakingviews: Euro crisis a race against time
Reuters
Sign in or sign up now! Alert icon. Loading... Published on Oct 1, 2012 by ReutersVideo. Oct. 1 - Theeuro zone is running out of time to solve its debt crisis as governments waver in the face of mounting protests, says Reuters Breakingviews Editor ...

Euro region heading for 'disaster' amid record unemployment - Telegraph: "The eurozone is heading towards an “economic and social disaster” unless governments and businesses join together to combat record high unemployment in the 17-nation bloc, the European Commission warned on Monday."

Debt crisis: as it happened, October 1, 2012 - Telegraph: "Greece's draft budget predicts that the economy will contract by 3.8pc next year and unemployment will rise, as public debt is expected to soar to close to 180pc of GDP next year."

Spanish banks will need up to €105bn, warns Moody's - Telegraph: "Fears for Spain escalated after rating agency Moody’s warned that the country’s stricken banks may need almost twice as much capital as the official estimate and Catalan’s separatists stepped up their rhetoric against Madrid."

Global Factory Weakness Spreads as Debt Crisis Persists

Businessweek
Manufacturing from Europe to China contracted in September as the euro region's fiscal crisiseroded investor confidence and clouded global growth prospects. A gauge of manufacturing in the 17-nation euro region was at 46.1, above an initial estimate ...

Why Germany must face up to its €1 trillion headache - Telegraph: "Via the German banking system, the flight of capital finds itself squeezed, because of ultra-low German bond yields, into the rest of the eurozone core, including France. A country which, in truth, has far more in common with Spain and Italy than it does with Germany thereby ends up with German interest rates, encouraging it’s newly installed president, Francois Hollande, to believe the markets are sanctioning him to make the economy even more uncompetitive than it already is. While everyone else is being frogmarched into austerity-oblivion, France is haring off in the other direction. Even assuming that by some miracle, the eurozone periphery manages to claw its way back to competitiveness, the madness of the euro is only setting itself up for an even worse crisis further down the road."

EU's Rehn: aid for Spain banks won't hurt budget goal
Chicago Tribune
Spain has been struggling to hold down its borrowing costs as the euro zone's sovereign debt crisisintensifies and has agreed with the European Union to bring its deficit down to 6.3 percent of gross domestic product this year. Related; EU's Rehn ...

US 'fiscal cliff' a risk to global growth, Europe to tell G7
Reuters
Euro zone states in the G7 have long been under pressure from the rest of the world to deal decisively with the debt crisis that has so far ensnared Greece, Ireland, Portugal and Spain and undermined investor confidence globally. At the G7 meeting in ...

Draghi, ECB give international stock funds a lift
MarketWatch
Investors saw Draghi's line in the sand as a sign that Europe's policymakers and politicians were finally taking a hard line against the debt crisis threatening the euro zone and its common currency (ICAPC:EURUSD) . Of course, plenty could go wrong for ...

NYMEX-Crude weakens below $92 on euro zone, demand worries
Reuters
SINGAPORE Oct 1 (Reuters) - U.S. crude weakened to below $92 a barrel on Monday as increasing worries about the euro zone debt crisis and its impact on oil demand deterred investors, while a stronger dollar added to pressure on prices.

Euro Zone Country With Lowest Debt Says Austerity Works
CNBC.com
It's also something the euro zone's currently troubled nations of Greece, Portugal and Spain could heed. When Estonia's economy contracted by 18 percent in 2008-2009 following the global economiccrisis, the Estonian population showed willingness to ...

OECD's Gurria Urges ECB to Pursue Bond Plan
Wall Street Journal
Mr. Gurria's comments repeat his earlier call for the ECB to take action and buy bonds to shore up adebt crisis that has resulted in soaring borrowing costs for southern European states like Spain, Greece and Italy. Mr. Gurria said the euro zone ...

Palm oil tumbles on Euro-Zone debt crisis
Palm oil tumbles on Euro-Zone debt crisis. Thursday, September 27th 05:26 IST. Tweet. Crude palm oil futures on Malaysia's derivatives exchange Thursday.
research.commodityonline.com/news/palm-oil...on.../3764

Eurozone crisis live - The Guardian
The headline points are that he believes that Italy no longer risked igniting a debt crisis in the euro zone and he will not run in forthcoming Italian elections.
www.guardian.co.uk/.../eurozone-crisis-merkel-draghi-lagarde...

Unemployment in the euro zone at record 18.2 million - Economy ...
The debt crisis that began in Greece in 2010 and has spread across the euro zone to engulf Ireland, Portugal, Cyprus and the much bigger economy of Spain ...
economywatch.nbcnews.com/_.../14169467-unemployment-i...

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