FINANCIAL News, Money, Banks, Economic and Financial Crisis, May 12, 2012

Lack of new cash disappoints in Spain bank reform Chicago Tribune The centre-right government offered high-interest loans to banks on the brink in a crisis which is shaking the euro zone, and ordered an independent audit of lending across the entire banking sector, as the European Union had asked. See all stories on this topic »

China Cuts Required Reserves Business Insider The People's Bank of China reduced the amount of money banks must hold by about CNY350-CNY400 bln (~$60 bln). It is a 50 bp reduction in the required reserve ratio (RRR), effective May 18. It is the third cut in six months. The precise timing is always ... See all stories on this topic »

Bank of England's next move on interest rates Futures Magazine Even if the Bank believes that the underlying strength of the UKeconomy is stronger than the official figures suggest it is likely to revise down its growth forecast as it had expected theeconomy to expand by 0.5% in Q1, when in fact it contracted by... See all stories on this topic » Futures Magazine

Greek president set to urge unity government AFP Highly-indebted Greece is deeply torn over the tough austerity measures imposed as conditions for its IMF-EU bailouts, and the crisis has raised the threat it could default and leave the 17-member eurozone. Legislative elections last Sunday saw voters... See all stories on this topic » AFP

A bit like a blockbuster, Spain may change the ending Irish Independent Yesterday the authorities in Madrid announced that Spanish banks will have to set aside an underwhelming €30bn to cover losses on their real-estateloans. Exactly how much will come from the State has not yet been revealed, but economy minister Luis De ... See all stories on this topic »

Banks prepare for return of the Greek drachma Arab News The elections threw into doubt the EU/IMF aid package that came at the price of harsh austerity measures, and was reached only after much haggling between banks and politicians over a 100 billion euro debt reduction. While the deal averted financial ... See all stories on this topic »

Greek socialists fail in last-ditch bid Outcome Magazine (blog) The latest twist in the tortuous political drama came as EU paymaster Germany threatened to cut off the country's loan lifeline and hinted that thecrisis-ridden eurozone could get along without Greece. Venizelos was the third party leader who tried ... See all stories on this topic »

Waiting for Copernicus: Moving Beyond Wall Street-Centric Economics truthout Putting Wall Street and financial speculators at the center of the universe had generated an economic supernova, and everyone seemed to get the message. Everyone except Big Money, which never received the obituary notice. After some minor tweaking of ... See all stories on this topic »

Greek president summons political leaders to power-sharing talks tomorrow RTE.ie The country's international creditors have warned that no new loans will be forthcoming if it falters on structural reforms required to set the Greekeconomy in order after decades of overspending by the state. However highly-indebted Greece is deeply ... See all stories on this topic »

Greece Debt Crisis: Coalition Talks Collapse, Elections Look Set For June Huffington Post UK The news could plunge the eurozone into a fresh crisis, as Greece remains under huge pressure to push through massive austerity cuts before it can receive fresh bailout money from the IMF and European Union. A fresh package of budget cuts must be ... See all stories on this topic »

From RFE and Agencies The Cutting Edge The May 6 inconclusive elections have boosted the standing of antiausterity parties, which want to abolish Greece's bailout deal with the EU and the International Monetary Fund (IMF). Athens must pass new austerity measures worth 14.5 billion euros by ... See all stories on this topic » The Cutting Edge

Venizelos Fires His Advisors, Wants Overhaul of 'Rotten' PASOK Greek Reporter By Andy Dabilis on May 12, 2012 in Economy, News, Politics ATHENS – After leading his party to its worst-showing in elections since it was founded in 1974, new PASOK Socialist chief Evangelos Venizelos has put the onus on his political council, ... See all stories on this topic » Greek Reporter

UPI NewsTrack TopNews UPI.com Fitch lowered JPMorgan's short-term and long-term debt -- reducing the long-term grade to A+ from AA-, CNN Money reported. Fitch placed the bank on ratings watch negative. In a statement announcing the downgrade, Fitch said it considered the $2 billion ... See all stories on this topic »

The crisis in Europe: a decisive turn in the situation In Defense of Marxism (blog) Alexis Tsipras (Left) and François Hollande (Right)The first effect of the economic crisis that started in 2008 was one of shock, resulting in a temporary paralysis. But this mood soon wore off, and was replaced by a wave of strikes and mass ... See all stories on this topic » In Defense of Marxism (blog)

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