Today: EUROZONE Debt Crisis News, Jul 05, 2011

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Jul 5, 2011

EUROZONE Debt Crisis News, Jul 05, 2011

Bunds maintain haven status amid EU debt crisis
Financial Times
Yet some investors now argue that Bunds look overvalued compared to other debt, especially when one considers Germany will ultimately have to pay the lion's share of the rising bill in the eurozone debt crisis. Gary Jenkins, head of fixed income at ...
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Trichet May Save Face as S&P-Fitch Offer Quick Greek Default: Euro Credit
Bloomberg
(Source: Bloomberg) July 4 (Bloomberg) -- Organization for Economic Cooperation and Development Secretary General Angel Gurria talks about the Greek debt crisis and the possibility of contagion in the euro zone. He speaks in Rome with Bloomberg's ...
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Euro-zone debt crisis creates job flight to Germany
The Australian
THE euro-zone crisis isn't all bad news, according to Berlin businessman Andreas Kruger. Germany's red-hot economy is luring skilled young immigrants from struggling periphery countries such as Spain, Greece and Portugal and that is good news for ...
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Could Italy Be Next European Domino to Fall?: Simon Johnson
Bloomberg
(Source: Bloomberg) In recent days, Greece's parliament adopted new austerity measures andEurope's finance ministers approved another round of Greek loans. So the European debt crisis is under control, right? Probably not. One obvious reason is the ...
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Greek Banks Ready to Take Part in European Debt Rollover, Venizelos Says
Bloomberg
EU leaders have called on investors to shoulder part of a new aid package for Greece after last year's 110 billion-euro ($159 billion) rescue failed to stop the spread of Europe's debt crisis. Participation by Greek banks and pensions funds is key to ...
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Euro-Zone Economy Hits the Brakes
Wall Street Journal
Italy and Spain—two major economies still in danger of infection by the euro zone's debt crisis—fell back into contraction, according to the purchasing managers' index, a closely watched business survey. The pace of deceleration in the bloc was ...
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Europe's state of anxiety
BBC News
And no-one believes the Greek crisis has been solved. It is still being treated as if Greece needs more cash when the problem is how it reduces its debt. So further down the road there is the expectation of a crunch. I am probably overstating the ...
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EU bailout complaints heard by top German court
AFP
Although the country's highest court is unlikely seriously to curtail the government's room for manoeuvre amid the eurozone debt crisis, it could weigh in on terms of a permanent fund, the European Stability Mechanism (ESM). Given popular discontent in...
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Euro Zone Status Quo 'Untenable': Economist
CNBC.com
"This sequential crisis that the euro zone has been through since the beginning of last year must be resolved." "Greece has reached the end of the road in terms of austerity imposed by outside," the UBS The European Central Bank will accept Greek debt ...
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Oil prices climb on easing Greek debt worries
FRANCE 24
Oil prices rose on Tuesday on easing concerns over the Greek debt crisis and ahead of US economic data set to provide clues on the health of the world's biggest oil-consuming nation, analysts said. AFP - Oil prices rose on Tuesday on easing concerns ...
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The Greek Debt Crisis and Australia
Benzinga
(Market Talk: The Sovereign Debt Crisis, 4 July 2011). The ASIGroup is an Australian owned company that provides information and research for some of Australia's leading Stock Brokerage Firms, financial information providers and general trading ...
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Euro's Travails Leave Dollar's Reserve Status Unthreatened - Pimco
Wall Street Journal
By Dawn Kissi Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The euro-zone debt crisis is undermining appetite for the euro and will prevent the single currency from eclipsing the dollar as the world's pre-eminent reserve currency anytime soon, ...
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CORRECT: PRECIOUS METALS: Gold Reclaims $1500 On Greece, US Worries
Wall Street Journal
Worries about euro-zone debt has helped propel gold to record highs during the last year. But the Greek debt crisis is far from over, and the chance of further turmoil in Europe's currency union continues to lend support to gold. ...
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Greek Austerity to Be Enforced German-Style
The New American
... spending that drove the Greek government's debt to the current 160 percent of the country's GDP and triggered the current financial crisis. The “back story” is that all of this is the result of the machinations of the EU to regionalize the members ...
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FACTBOX-Lagarde faces challenges as she takes IMF helm
Reuters
July 5 (Reuters) - Christine Lagarde takes the reins of the International Monetary Fund on Tuesday at a time of concern over the European debt crisis, demands for more power from developing economies, rising commodity prices and inflation pressures in ...
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Morning News Call - EMEA, July 5
Reuters
Euro/dollar was down 0.5 percent on the day to $1.4470, after stops were taken out around $1.4480. Brent crude was lower, weighed down by lingering concerns over the health of the global economy, the Greek debt crisis and the stronger dollar. ...
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CORRECT: French Fin Min: PSI In Greece Should Be As Large As Possible
NASDAQ
Speaking at the annual Europlace financial forum in Paris in his first address since taking over at the French finance ministry from Christine Lagarde, Baroin said the euro zone must resolve the debt crisis as soon as possible. ...
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Ireland bouncing back
UPI.com
There is an extraordinary contrast between the vigor of the real economy and the image of Ireland as one of the eurozone weaklings. This is because Ireland had an unusual crisis. Unlike Greece, where sovereign debt was rising off the charts even before ...
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New accounting rule would ease Greek pain: IASB
Reuters
The European Securities and Markets Authority (ESMA), an EU watchdog, said it would scrutinize "accounting implications" of plans to solve the euro zone's sovereign debt crisis to ensure investors have a clear picture. Ratings downgrades might trigger ...
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US STOCKS-Market up slightly, factory orders on tap
Reuters
Moves to avert a debt crisis in Europe and surprisingly strong regional business data helped lift some of the gloom on Wall Street. "We do have factory orders. The market certainly could be headed for some sort of a pullback. ...
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Sweden raises rates, Australia holds
RTE.ie
... weak US economy and the debt crisis in the euro zone. The Riksbank said today there was a need to gradually increase its main rate 'to stabilise inflation around the target of 2%'. Sweden's economy is currently one of the best performers in the EU. ...
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Eurozone to decide on new Greek bailout in September
Xinhua
Greece, the first to require outside help in the face of the lingering European sovereign debt crisis, bought time last weekend after Europe greenlighted the fifth tranche of an 110-billion-euro bailout agreed between Athens and the European Union ...
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Polish Fin Min: 6-Pack EU Econ Governance Package Not Enough
NASDAQ
BRUSSELS -(Dow Jones)- Polish Finance Minister Jacek Rostowski said proposed European Union legislation to prevent another debt crisis does not go far enough. EU states have been trying to reach an agreement with the European Parliament on a set of six ...
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Starring in a Greek tragedy
Macleans.ca
by Cynthia Reynolds on Tuesday, July 5, 2011 8:45am - View Comments Perpetual crisis is not what George Papandreou imagined when he was elected prime minister of Greece in 2009. But that was before the stunning revelation that his predecessors had run ...
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European Stocks to Open Mixed After Rally
CNBC.com
In Germany, the ECB Economic Conference on emerging Europe 'From crisis to recovery: old and new challenges in emerging Europe' will get underway in Frankfurt. The Constitutional Court in Berlin will hear two cases against the euro rescue package and ...
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China rate rise speculation hits Australian dollar
Financial Times
Unfortunately the ECB is being dragged deeper into the mire of Europe's fiscal and sovereign debt crisis, to the point where its independence is seriously compromised,” said Michael Derks at FxPro. The euro fell 0.5 per cent to $1.4468 against the ...
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FTSE DEFIES GREEK CRISIS TO BREAK 6000 POINT BARRIER
Express.co.uk
But S&P warned debt holders would lose money as a result, earning Greece a “selective default” rating. The euro dipped against the pound and shares in banks exposed to eurozone debt fell. Lloyds Banking Group dropped 1p to 50p, while Royal Bank of ...
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Och-Ziff Assets Under Management Dip by $700 Million
Wall Street Journal (blog)
Investors fretted over the health of the US and Chinese economies and about the latest round of theeuro-zone's debt crisis, making for choppy stock markets and declines in most commodities. Hedge Fund Research Inc.'s HFRX Global Hedge Fund Index ended ...
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Recovery Isn't Underway; Time To Take Matters Into Your Own Hands (TZA, DXD ...
ETF Daily News
The European monetary union (EMU) had all of its flaws exposed in the global financial crisis. It was obvious that the critical deficit and debt limits set forth to govern the fiscal conformity of euro-zonecountries — the rules that made the common ...
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Brent crude rises above 36 112 post Barclays Cap note
Moneycontrol.com
Commodities markets are concerned about the outlook for the global economy, the Greek debt crisis and a stronger dollar. China, the world's second-biggest oil consumer and a major consumer of commodities, is experiencing a slowdown in economic growth, ...
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The paper clip, 5 July
European Voice (blog)
The lessons of the financial crisis that hit Argentina have not been learned in the handling of Greece, the Daily Telegraph writes. The debt debates in the US and the EU are so inward-looking that it is a surprise that so few people are making the ...
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UK govt sees no merit reversing Lloyds/HBOS deal
Reuters
Osborne added that the European Union had a major task to make new bank stress tests more credible guides to banks' financial health, and also noted that the Bank of England had warned of the threats to Britain from a euro zone sovereign debt crisis. ...
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Good news at a price
Irish Times
The euro zone's sovereign debt crisis could reignite at any time. Spain and Italy are close to being sucked in. If they are, Europe's leaders will face choices of real historical significance. In the absence of the appropriate collective political ...
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Bonds rise on renewed Greek debt worries
Reuters
By Richard Leong NEW YORK (Reuters) - Government debt prices rose on Tuesday as renewed worries about the Greek debt crisis halted a five-day sell-off and put on the back burner, for now, the market's jitters over the risk of a US default in less than ...
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Asian markets stall after agency warns Greece that debt crisis plan could lead ...
The Republic
Eurostat, the EU's statistics office, said retail sales in the 17 countries that use the euro dropped by 1.1 percent during May — another sign that the eurozone economy is slowing down sharply from a largely export-based rebound. ...
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NewsDaily: Special Report: A tale of two Europes
By Harry Papachristou and Josie Cox
Greece's debt crisis has boosted rival currencies such as the Swiss franc, Wolf said, sitting in an airy room that looks out onto the Swabian Alps. That's made financing ElringKlinger's 2008 acquisition of a Swiss company more expensive. ... Euro zone membership plus low labor costs were supposed to be a winning combination for Greece. In those early days of the common currency, Germany was the sick man of Europe, weighed down by the costs of reunification and an ...
NewsDaily: Top Headlines
Christine Lagarde About To Start At IMF | SHM News
By pannyjohn
The first task of Ms Lagarde in her terms of five years would be to deal with the efforts of IMF andEuropean Union get a solution for Greek debt crisis. She also needs to prevent the contagion to several other economies of Eurozone. ...
SHM News
Gold Could See $1800/oz On Seasonal Strength And Deepening ...
By Goldcore Bullion and Wealth Management Company
Gold Could See $1800/oz On Seasonal Strength And Deepening Eurozone And U.S. Debt Crisis. Goldcore Bullion and Wealth Management Company | Jul. 5, 2011, 7:45 AM | 19 | ... Gold is higher today and showing particular strength against the euro and the Japanese yen. The relief rally seen in equities since the latest Greek 'bailout' is under pressure as S&P have said the debt rollover proposal would be a “selective default”. The ECB may selectively reject the S&P Greek ...
Business Insider

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