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

Monday, October 22, 2012

IMF plan to conjure away debt and dethrone bankers

IMF's epic plan to conjure away debt and dethrone bankers - Telegraph: "So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan."

Spanish elections could mark step toward bail-out - Telegraph: "Many believe elections held in Spain on Sunday represent a crucial step towards the recession-hit nation’s sovereign bail-out."

Don't Blame the Euro Mess for Britain's Plight
Wall Street Journal
It is also a catch-all excuse for continuing underperformance: Yes, four years into thefinancial crisis, Britain's economy is still shrinking, but what do you expect with the mess in the euro zone on our doorstep? Yet this misplaced smugness has ...

Wall Street Journal

GLOBAL ECONOMY-Fork in the road as US outstrips Europe
Reuters
ECB stance helping euro zone, but PMIs still grim. * Chinese PMI ... LONDON, Oct 21 (Reuters) - Slowly but surely, the global economy is witnessing a modest parting of the ways as the United States pulls ahead of a euro zone still shell-shocked by its ...

ECB's Knot backs call for EU commissioner - Telegraph: "European Central Bank policymaker Klaas Knot has thrown his support behind German finance minister Wolfgang Schaeuble's call for a euro zone commissioner with power over European Union nations' budgets."

Add Carrots; Go Easier on the Sticks
New York Times
The consensus among the euro zone political elite is that fiscal union is needed to complete the crisis-ridden monetary union. There are two rival views on what this should consist of: a panoply of rules to prevent and punish irresponsible behavior, or ...

Ireland Is Concerned by Merkel Comments
Wall Street Journal
Ms. Merkel took a hard line Friday at the end of a European leaders' summit in Brussels on Spain's hopes that the euro zone would finance the debts the country incurred in recapitalizing its lenders during the euro-debt crisis, telling reporters ...

Euro zone leaders praise Greek austerity efforts
The Sofia Globe
Eurozone leaders are praising the efforts of debt-ridden Greece to resolve its financialwoes and resume its cost-cutting austerity. Some of the 16 other countries in the eurocurrency bloc have often attacked Athens for its slow pace in adopting ...

The Sofia Globe

ECB's Knot backs German call for EU budget commissioner
Reuters
BERLIN (Reuters) - European Central Bank policymaker Klaas Knot has thrown his support behind German finance minister Wolfgang Schaeuble's call for a euro zone commissioner with power over European Union nations' budgets. The EU needs not only ...

German Finance Ministry mulls debt buy-back for Greece-report
MSN Money
The Greek government could borrow money from the euro zone's permanent bailout fund and use this to buy back its own debt, which at present trades at around 25 percent of its face value. Buying just 10 million euros worth of Greek bonds could reduce ...

Spain expected to ask for Eurozone aid
eGov monitor
Spain has become the most recent focus of attention in the Eurozone debt crisis, as concerns are raised that Madrid cannot control its finances in the midst of a recession. Spain's funding costs have fallen at auction on Thursday as markets ... They ...

eGov monitor

Austerity measures cannot be avoided: ECB's Coene
Business Recorder (blog)
He said governments in the euro zone region, which has been mired in a debt crisis for almost three years, should have enacted structural reforms at the same time as pushing through austerity measures. "We should have done that earlier. It could have ...

Gold steady after China data and euro zone summit eyed
SteelGuru
European leaders will gather for 2 day meeting amid talk that Spain will seek a bailout next month as the bloc continues to struggle with its debt crisis. Gold has closely followed moves in the currency market with improving sentiment around the euro ...

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