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

Friday, October 12, 2012

Scotland to become the next Greece?

Why would Scotland turn itself into Greece? - Telegraph: "A fatal financial contradiction lies at the heart of the Scottish National Party’s plan for independence"

Debt crisis: as it happened - October 11, 2012 - Telegraph: "German thinktanks warn euro crisis putting a strain on German economy and halve forecast for German growth next year to 1pc, warning there is a "great danger" of recession in Germany if euro situation deteriorates."

IMF chief Christine Lagarde urges eurozone and US action to end 'terrifying and unacceptable' jobless rates - Telegraph: "Christine Lagarde has called for decisive action from world leaders to end uncertainties in the global economy that are prolonging “terrifying and unacceptable” levels of unemployment."

Global Lenders Rebuild Identities After the Crisis
New York Times
The I.M.F. is now helping the euro zone cope with its sovereign debt crisis, going back to the fund's roots at the Bretton Woods conference in New Hampshire in 1944, when it was set up to manage the fixed exchange-rate system among the major industrial ...

New York Times

Greece's Coca Cola Hellenic called Athens Stock Exchange into question - Telegraph: "The effectiveness of Greece’s capital markets was called into question on Thursday, as the country’s biggest business announced it was moving its listing to the London Stock Exchange."

Stocks rise, cheered by jobless claims; euro up
Reuters
One of the key debates to come from the euro zone's debt crisis is whether the steep cuts needed to get budgets in order come at the expense of economic growth. Spanish bond yields turned lower, erasing an earlier spike to near the critical 6.0 percent ...

WRAPUP 2-IMF calls for action as euro zone crisis festers
Reuters
Japan's finance minister, Koriki Jojima, called the euro zone's debt and financial sector problems the biggest risk to the global economy and said it was crucial for Europe to quickly implement agreed steps to resolve the crisis. "We hope ... European ...

PRECIOUS-Gold steady after 4-day loss; euro zone gloom weighs
Reuters
The dollar index rose to a one-month high, after Standard & Poor's downgraded Spain's credit rating and the IMF chided the European Union for not doing enough to curb the euro zone debt crisis, now in its third year. The International Monetary Fund ...

ADR Report: Shares End Lower as IMF Warns on Euro-Zone Debt Crisis
Wall Street Journal
The IMF warned that if euro-zone governments fail to solve the debt crisis, the region's banks could be forced to sell as much as $4.5 trillion worth of assets, up from an earlier estimate of $3.8 trillion. Fitch Ratings, meanwhile, said euro-zone ...

'Only Half-Time' in Euro Debt Crisis: Evercore's Altman
CNBC.com
“I'm afraid that we're only around half-time in the euro zone crisis,” Altman said on CNBC's “Squawk Box,” saying that the Continent's economic woes were being magnified by a “darkened” outlook for the global economy. “Maybe the worst of the euro zone ...

CNBC.com

More Germans want Greece in euro zone than out, poll shows
Reuters
The Politbarometer survey for broadcaster ZDF showed that 46 percent of those asked believed Greece should keep the euro compared with just 31 percent in August, when fears about the euro zone debt crisis were more acute. It is the first time the ...

EU's Van Rompuy warns Cameron over sensitive budget issues
Reuters
At a conference to discuss the state of Europe after nearly three years of debt and financial crisis, Herman Van Rompuy, the president of the European Council, said a separate euro zone budget was an idea that needed close examination. Even if it is a ...

EU Parliament set to reject Mersch for ECB
Chicago Tribune
The move could delay a key appointment at the ECB at a time when the euro zone's central bank is devising methods to deal with a sovereign debt crisis. Leading lawmakers from six of the largest political groupings in the European Parliament have agreed ...

German Institutes Confirm Cut of German 2013 GDP Forecast to 1% from 2%
Wall Street Journal
In their autumn report on the German economy, which was widely published in leading German newspapers on Wednesday, the four institutes cited the ongoing euro zone debt crisis and a weaker global economy as the main factors dampening German economic ...

IMF calls for action as euro zone crisis festers | Economy | GMA ...
European officials are keen to ensure their region is not the sole topic of discussion, and want more attention placed on the difficulties Washington faces addressing its "fiscal cliff" of automatic spending cuts and tax increases that will take effect ... The IMF has expressed frustration with Europe's piecemeal response to its debt crisis and warned that a recent respite in borrowing costs for debt-laden countries such as Spain may prove short-lived unless euro zone leaders come up with a ...
GMA News Online

Draghi Sees a Ray of Hope for Euro Zone - NYTimes.com
If the euro zone crisis ends someday, though, it will be because countries are able to escape the vicious circle created by recession, debt and austerity.
www.nytimes.com/2012/10/.../daily-euro-zone-watch.html?ref...

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