FINANCIAL News, Money, Banks, Economic and Financial Crisis, May 15, 2012

Greek Vote Escalates Crisis as Schaeuble Raises Euro-Exit Bloomberg Play Greece to Hold New Elections, Euro Exit Risk Rises Greece's decision to return to the ballot box in the search for a government unleashed a hazardous new phase in Europe's debt crisis, with German Finance Minister Wolfgang Schaeuble calling the ... See all stories on this topic »

Italy's banks shaken as economic slump deepens Telegraph.co.uk Its economy is contracting at speeds not seen since the depths of the slump in 2009 as draconian austerity bites, greatly increasing the risk of social revolt and a banking crisis. Soaring: yields on 10-year Italian debt jumped 16 points to 5.86pc on ... See all stories on this topic » Telegraph.co.uk

Greek Vote Pushes Crisis; Schaeuble Raises Exit Risk BusinessWeek By Jeff Black and James G. Neuger on May 15, 2012 Greece's decision to return to the ballot box in the search for a government unleashed a hazardous new phase in Europe's debt crisis, with German Finance Minister Wolfgang Schaeuble calling the vote a ... See all stories on this topic »

Greece on brink of collapse Telegraph.co.uk Europe's financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece's economy, with a run on its banks bringing an inevitable end to its membership of the euro. By Bruno Waterfield, Brussels and James Kirkup ... See all stories on this topic » Telegraph.co.uk

Eurozone debt crisis: how a Greek exit from the euro might unfold Telegraph.co.uk Greece would continue to be locked out of capital markets, and would require new IMF loans against fresh collateral. A: Capital controls would be put in place to prevent a chaotic run on Greekbanks. Money is already being withdrawn from Greece and ... See all stories on this topic » Telegraph.co.uk

Maybe Europe Should Abandon the Euro Says Canada's Finance Minister Insurance Journal Canada's banks, budget and economy came through the 2007-09 financial crisis in better shape than those of most other major developed countries, and Flaherty has often been blunt in urging swift and comprehensive action by Europe. See all stories on this topic »

Overheard on CNN.com: Readers debate Greece's financial savvy, role in Eurozone CNN (blog) They will find out what real austerity is when their government has NO moneyto pay pensions and the like. Good luck with the drachma and its spiraling devaluation." turtle995: "The US is the biggest debtor nation in the history of the world. See all stories on this topic »

Greece faces stark election choice – in or out of the euro The Guardian In what was being seen in the financial markets as an "in or out" referendum on membership of the 17-nation eurozone, party leaders in Athens called a second poll next month once it became clear that they were unable to piece together a national unity ... See all stories on this topic » The Guardian

Eurozone Crisis Has Investors Heading for the Grexit The Fiscal Times By JACQUELINE LEO, The Fiscal Times If you were writing the story about the financial crisis and the euro crisis as a work of fiction, your editor would say you've jumped the shark. Who would believe that after signing a $43 billion bailout deal two ... See all stories on this topic » The Fiscal Times

Eurozone crisis live: Greece heads for make-or-break elections as talks fail The Guardian (blog) "The economy is in very bad shape. "The banks have no money. There is no liquidity. It is vital that this cash injection is released by the EFSF [the EU's emergency rescue fund]." EU partners, led by Berlin, have made plain that there can be no further ... See all stories on this topic » The Guardian (blog)

Eurozone crisis: Markets steady as Greece teeters on brink of default and euro ... This is Money By Daily Mail Reporter and This Is Money Reporter Financialmarkets have slipped again after Greece's bitterly divided politicians abandoned attempts to form a new coalition government and called fresh elections. As political turmoil continued in ... See all stories on this topic » This is Money

Draghi And Bernanke: A Study In Contrasts Seeking Alpha The ECB appears to be understating the similarities between the weak growth outlook in Japan after its domestic asset bubbles popped in the early 1990s and that for the euro area in the present crisis. The performance of the Japaneseeconomy 20 years ... See all stories on this topic »

Euro crisis: Last roll of the dice and a gathering storm that should terrify ... Daily Mail The new president promises massive new state spending to reinvigorate the economy — even though this flies in the face of the austerity pact championed so sternly by Germany's Angela Merkel. Today, the two countries' leaders meet as the financial ... See all stories on this topic » Daily Mail

EURO GOVT-Bund yields edge up as euro zone avoids recession Reuters Although the euro zone just avoided recession - gross domestic product stagnated in the first quarter - the region's debt crisis weighed on the French and Italian economies and German analyst and investor sentiment, reflected in the ZEW survey, ... See all stories on this topic »

Greek leftists reject proposal for technocrat government MSN Money But many senior European politicians and European Central Bankpolicymakers now openly speak about the scenario of a euro exit - until recently a taboo subject - and warn that their patience with the Greek political drama is wearing thin. Dutch Finance ... See all stories on this topic »

Back in the IMF's parlour DAWN.com Protesters rally outside the International Monetary Fund headquarters during the spring IMF-World Bank meetings in Washington. – Reuters photo Essentially, by running down our foreign exchange reserves we will meet this year's gap of $4.5bn (which ... See all stories on this topic » DAWN.com

Noonan: Spanish deal may allow us cut debt Irish Examiner By Ann Cahill, Europe Correspondent A solution to Spain's massive bankproblems gaining support in the EU would offer Ireland an opportunity to cut the cost of our bank debts, Finance Minister Michael Noonan has said. It came as rising concerns over ... See all stories on this topic »

Greece teeters on brink of default and euro exit This is Money By Daily Mail Reporter and This Is Money Reporter Financialmarkets have steadied after yesterday's share rout but the mood remains febrile as Angela Merkel conceded for the first time that Greece could be forced to quit the euro. See all stories on this topic » This is Money

Fox Finds The Villain Of JPMorgan Chase's $2 Billion Loss: Regulation Media Matters for America From a May 10 New York Times article: JPMorgan Chase, which emerged from the financial crisis as the nation's biggest bank, disclosed on Thursday that it had lost more than $2 billion in trading, a surprising stumble that promises to escalate the ... See all stories on this topic »

Hopes dwindle as Greek talks to avert polls drag on MSN Money SYRIZA, a party of anti-bailout leftists who are surging in popularity, called it just another scheme to impose the austerity demanded by the EU and IMF lenders but rejected by voters. The only clear backers for such a government appeared to be the ... See all stories on this topic »

Greece races against time to form government Yahoo!7 News A first test comes Tuesday with a government bond sale, which will be closely watched after European financial markets tumbled Monday at the prospect that the eurozone debt crisis could now snag troubled Spain or even Italy. See all stories on this topic »

Greek leftists reject proposal for technocrat govt Reuters India By George Georgiopoulos and Karolina Tagaris | ATHENS (Reuters) - Greek leftists rejected a last-ditch proposal by the head of state on Monday to put technocrats in charge of the country, as financial markets slid on speculation that political turmoil ... See all stories on this topic »

Greece races against time to form government The FINANCIAL The FINANCIAL -- Greece tries again Tuesday to form a government, hoping a technocrat solution to disputes over a tough EU-IMF bailout deal will avoid new polls and keep it in the eurozone as time runs down fast. Leaders from all bar the far-right ... See all stories on this topic »

Should Greece stay or should it go? The Guardian That offers a much better prospect of growth and revival than any big EU infrastructure projects, which will take years, or an expanded European investment bank pouring our money down European black holes. As for structural reforms, they are much ... See all stories on this topic »

The euro: thunder and lightning The Guardian (blog) The domestic economy of the single-currency area remains in dire shape, with Spain and Italy both shrinking and France flatlining. Second, when it comes to warding off financial contagion, the euro club has finally cobbled together a firewall of ... See all stories on this topic »

European Crisis Live: No Deal in Greece, Fresh Elections Set for June IBTimes.co.uk If Tsipras snubs agreements the EU or the IMF, that cash may not be released and Greece will face stark financial choices based solely on its ability to raise tax revenue and (although seemingly impossible under the circumstances) raise money in the ... See all stories on this topic » IBTimes.co.uk

Groping towards Grexit The Economist (blog) Jean-Claude Juncker, who presides over the zone's financeministers, lashed out at the many figures who have more or less openly threatened Greece with expulsion from the euro if it does not abide by its programme of economic reforms and austerity ... See all stories on this topic » The Economist (blog)

Hoteliers disconnected from shaky reality Hotel News Now Spain is unable to solve its banking crisis without a major bailout form the ECB and the IMF. It has been covered over until now, but it is about to rear its ugly head. This is going to make the European crisis much worse very fast, and that will ... See all stories on this topic »

Europe on the Brink (Again) STATS Once again there is talk of a major financial crisis in Europe. Many observers expect that Europe will muddle through and push the problem further down the road, as it has for the past two years. But this time really could be different. See all stories on this topic » STATS

Europe's economic nightmare should be keeping us awake Sydney Morning Herald IMF chief Christine Lagarde warns that this could see a slump worse than the panic of 2008. A crisis in Europe would convulse trade and financial markets. Australia's banks could face a crisis in rolling over loans. Our dollar would sink. See all stories on this topic »

Greece hits political stalemate, euro exit fears grow Business Recorder (blog) Emboldened by a reinforced financial firewall to protect weak euro zone states, and by an injection of cheap money to banks from the European Central Bank, EU leaders have broken a taboo by openly discussing the possibility of Greece leaving the euro ... See all stories on this topic »

New vote looms as leftists reject pro-bailout plan Vancouver Sun Greek leftists rejected a last-ditch proposal by the head of state Monday to put technocrats in charge of the country, as world financial markets slid on speculation that political turmoil would force Athens out of the eurozone. See all stories on this topic »

Greek president proposes government without politicians Toronto Star But many senior European politicians and European Central Bankpolicymakers now openly speak about the scenario of a euro exit — until recently a taboo subject — and warn that their patience with the Greek political drama is wearing thin. Dutch ... See all stories on this topic »

Markets brace for Greek exit Sydney Morning Herald FINANCIAL markets are hastily making preparations for a Greek exit from the euro after a day of political and economic turmoil ended with Europe's policy elite admitting for the first time that it may prove impossible to keep the single currency intact ... See all stories on this topic » Sydney Morning Herald

Restarting the Franco-German Motor RTE.ie (blog) Angela Merkel has made fiscal discipline the cornerstone of Europe's handling of the debt crisis. She has the support of her finance minister Wolfgang Schauble, now tipped to become the next chairman of the eurogroup offinance ministers, ... See all stories on this topic »

Canada FinMin: Euro 'Incrementalism' Wrong in Funding Debts MNI News By Courtney Tower OTTAWA (MNI) - Canadian Finance Minister Jim Flaherty Monday said that slow and incremental European funding for its banking and sovereign debt crises has been ineffective, creating world financial problems that continue. See all stories on this topic »

The case against a 'Grexit' MindfulMoney Mindful Money is debating the case for and against a Greek exit from the Eurozone. Read on for the case against what the markets have dubbed a 'Grexit'. Economists say Greece must leave the euro. The media pick up on this as it has more drama ... See all stories on this topic »

Let's find answer before question changes again Belfast Telegraph The media largely treated the speech by Central Bank Governor Patrick Honohan, where he said that, if banks need capital themoney should come, not from their home governments, but from the eurozone rescue funds, as if he had come up with this idea ... See all stories on this topic » Belfast Telegraph

Attac Germany and Attac Europe Network Socialist Project This example makes clear that the current crisis politics redistributes wealth from wage-earners to those who possess the capital, regardless of the macro-economic and societal consequences. Greek salaries have already dropped by 20-30 per cent, ... See all stories on this topic » Socialist Project

Greek impasse prompts euro exit warnings Ottawa Sun ATHENS/ROME - With efforts to patch together a Greek government looking doomed, EU policymakers warned the country it could not remain in the euro zone if it ripped up its bailout program, and financial markets ratcheted up the pressure on the bloc. See all stories on this topic »

Maada Bio's Priorities Are Redundant- President Koroma Has Already Dealt With ... Cocorioko One of America's biggest banks of all time, JP Morgan & Chase, is facing a tough financial crisis. Greece is in turmoil. The story goes on and on and on… And Maada Bio wants to present a picture as if this is unique to Sierra Leone. See all stories on this topic »

Greece to elect parliament - second attempt The Voice of Russia Cutting the state expenditure stipulated by the anti-crisis plan is to be approved by the Greek government by the end of June. This is the main condition of the EU, the European Central Bank and theIMF for granting Greece the next installment of the ... See all stories on this topic » The Voice of Russia

GLOBAL MARKETS-Euro zone risks spark broad-based selloff QFINANCE.com China's decision to loosen monetary policy at the weekend also added to fears that the global economy is suffering as the crisis worsens, sending oil, copper and gold down. US stock index futures pointed to a lower open on Wall St. "The probability of ... See all stories on this topic »

The Impossible Hope Of An End To Austerity - Analysis Eurasia Review Preliminary evidence from the long-term refinancing operations (LTROs), which have been instrumental in suspending the debt crisis as argued in Wyplosz (2012) , is that banks stack up cash but do not lend, in part because they are busy deleveraging, ... See all stories on this topic »

The Global Monetary Policy of “Three Sheets to the Wind” Daily Reckoning - Australian Edition In 2008, Iceland's three largest banks owed foreign creditors moremoney combined than the size of Iceland's economy. The government couldn't guarantee the banks debts. So it didn't. The government DID assume the banks' domestic obligations. See all stories on this topic » Daily Reckoning - Australian Edition

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