Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Jun 09, 2012

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Jun 9, 2012

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Jun 09, 2012

CEE MONEY-Hungary's neighbours cool to crisis plan for banks
Reuters
* Hungarian proposal for regional crisis plan gets cool reception * Czechs say strong banking sector needs no outside help * Poles cite IMF credit line, pension reform, as shields By Michael Winfrey PRAGUE, June 8 (Reuters) - In an echo of four years ...
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Europe debt meltdown: How did we get here?
CBS News
That may result in financial crisis fatigue for anyone following these events, but at least the slow creep of the turmoil in Europe gives us time to figure out what's really going on. With EU, IMF, and eurozone financial officials slated this weekend ...
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CBS News
Debt crisis: Spain on verge of €100bn bailout as euro finance ministers hold ...
Telegraph.co.uk
Spain is poised to receive up to €100bn (£81bn) to rescue its debt-laden banking sector as eurozone finance ministers hold emergency talks on its financial crisis. By Bruno Waterfield, in Brussels, and Telegraph staff Ministers from across the shared ...
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Telegraph.co.uk
'Budget cuts for Europe like pouring gas on fire'
RT
(Reuters/HO/Bundesdruckerei GmbH) There is a high risk Europe will face yet anothercrisis, economist Mark Weisbrot told RT. And though the IMF appears to foresee this, Weisbrot insists the fund's rescue efforts for the EU are a recipe for a disaster, ...
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RT
Statement by the IMF Mission to Macedonia (Text)
BusinessWeek
The absence of significant imbalances in the Macedonian economy and limited external financiallinkages will help to contain the impact on Macedonia of weak growth and financial stress in the euro area. Meanwhile, inflation peaked at 3.9 percent on ...
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Canada, US urge eurozone to get a grip on financial crisis
Ottawa Citizen
Handling the eurozone crisis resides primarily with Europe's leaders, and their political commitment will be a “strong step” toward a solution, he said, suggesting the US response to the 2008-2009economic and financial crisis should inspire them.
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Bundesbank: the eurozone's secret dictator
Telegraph.co.uk
Spain is expected to be pledged the funds from the European Financial Stability Facility (EFSF) or the IMF's precautionary credit line — set up to help the “innocent victims” of the euro crisis. Under the deal, Madrid will borrow the money to ...
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Telegraph.co.uk
Pressed to Take Bailout, Spain Tries to Measure Its Need
New York Times
MADRID — Spain appears poised to seek a bailout of its ailing banks, a long-anticipated acknowledgment by the government of Prime Minister Mariano Rajoy of the depths of Spain'seconomic crisis. The only questions might be when, and how much.
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Spanish bailout could reach 100 bln euros - sources
Reuters
* Euro zone finance ministers hold conference call Saturday * Statement expected afterwards on Spanish aid request * Upper limit seen at 100 billion euros - source * IMF advises seeking well over 40 billion euros By Jan Strupczewski and Luke Baker ...
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Spain poised to request EU bank aid Saturday
Reuters India
The dramatic development comes after Fitch Ratings cut Madrid's sovereign credit rating by three notches to BBB on Thursday, highlighting the Spanish banking sector's exposure to bad propertyloans and to contagion from Greece's debt crisis.
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What you need to know about the crisis in Spain
Financial Post
Europe's fourth largest economy is going through a similar maelstorm. A failing bank and a Fitch downgrade are just two of the latest misfortunes to befall the Spain and its troubled banking system. Crushed underneath the weight of non-performing real ...
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Financial Post
Debt crisis: as it happened June 8, 2012
Telegraph.co.uk
Don't forget to log on to our financial crisis page over the weekend for more news on the Spanish bail-out. 19.46 Jim Flaherty, Canada's finance minister, has said that Europe needs to tackle its debt crisis on its own before asking others for help.
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Telegraph.co.uk
Debt crisis:as it happened June 8
Telegraph.co.uk
This weekend European finance ministers will have discussions about the crisis and these may result in that bailout becoming reality. 16.04 An interesting conference from President Obama, and one which the German Chancellor will be torn on if she's ...
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Telegraph.co.uk
Spanish pain intensifies
The Australian
Spanish banks will need to set aside an additional €37 billion ($46.9 billion) to cover possible losses in an adverse economic scenario according to a report due to be presented by the International Monetary Fund (IMF) on Monday, a person close to the ...
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Egyptís Looming Fiscal Crisis
Middle East Online
Given the sorry state of the post-Mubarak economy and the deep financial woes of the past 16 monthsócompounded by the political unrest and uncertainty likely to persist even after the inaugurationóthis will be a daunting task. On June 4, the government ...
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IMF report to show Spanish banks need 40 bln aid
Reuters
* IMF report-40 billion euros needed for Spanish banks * IMF report-90 billion needed to clean up entire sector * Separate, independent audit expected before end of month * EU official cautions size of rescue still moving target By Jesús Aguado and ...
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IMF report to show Spanish banks need $50 billion aid
Reuters
MADRID (Reuters) - An International Monetary Fund report on Spanish banks will show the country's troubled lenders need a cash injection of at least 40 billion euros ($50 billion), sources in the financialsector said on Thursday.
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Spain bailout bid expected
Bangkok Post
Spain is moving closer to becoming the fourth euro zone nation to receive aid, amid an IMF report that its feeble banks need at least 37 billion euros (US$46 billion). A protester holds a placard reading "Bankers get fat with our money" during a ...
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Spanish bailout could reach 100 bln euros: sources
Reuters India
Spain has not yet made a formal request for European aid but it could come during a conference call of euro zone finance ministers, the sources, who were both on an earlier call to discuss the technicalities of a rescue, said. "A decision on Spain will ...
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Spanish government no longer in denial
Financial Times
The planned Spanish request, first reported by Reuters, would be the start of at least a limited bailout for the eurozone's fourth-largest economy and mark a new phase in a continent-wide crisis triggered four years ago by the collapse of Lehman ...
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Eurozone Crisis: How Greece's Actions Will Impact Europe for Years
AlterNet
The Greek crisis is fundamentally the result of its membership of the eurozone. Greece is paying the price for a belief in the ancient fallacy that possessing “hard” money puts a weak economy on a par with the strong. In reality, “hard” money is more ...
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Egypt's Brotherhood looks to private sector to boost economy
Reuters
By Patrick Werr | CAIRO (Reuters) - Egypt's Muslim Brotherhood has drawn up a strongly free-marketeconomic plan and pledges to move fast to negotiate a loan from the International Monetary Fund (IMF) if it forms a government after this month's ...
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Spain in eurozone crisis cross-hairs
CNN International
The movement was formed to protest against the economic crisis and high unemployment. Protesters with Spain's Indignant movement attend a rally at Puerta del Sol on May 15, 2012 in Madrid, Spain. The movement was formed to protest against the economic ...
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Debt crisis: live
Telegraph.co.uk
French central bank cuts country's growth forecast while German imports and exports fall heavily and Spanish bond yields jump as fears continue to mount over the financialhealth of eurozone countries. German imports fell 4.8pc, massively missing ...
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Telegraph.co.uk
Your Complete Guide To The Crisis Going On In Spain
Yahoo!7 News
Crushed underneath the weight of non-performing real estate loans and an increasing number of other troubled assets, Spanish banks are teetering on the edge of collapse. And with market pressures mounting from all sides, the challenge for the Spanish ...
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ECB dashes hopes of more cheap loans
Financial Post
FRANKFURT — The European Central Bank put the onus firmly on eurozone governments to solve the bloc's debt crisis, dashing expectations it could take near-term action despite saying the currency area's economy was under increasing threat.
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Skopje 2014 Forges Ahead Despite Macedonian Crisis - Analysis
Eurasia Review
But the Finance Ministry has not revealed further details about the financing of the project, or about how it is raising funds for it at a time of dire crisis across Europe that is hitting the domesticeconomy as well. Economists doubt that tax money ...
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Spanish leader gives up no-bank bailout mantra
BusinessWeek
Spanish Prime Minister Mariano Rajoy said he would wait for the results of an IMF report next week and then two independent audits before announcing how much the banking sector might need for recapitalization. But for what seemed to the first time in ...
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All eyes on Spain as Germany vows action to stem crisis
Financial Post
An International Monetary Fund report due out next Monday is expected to show Spanish banks need at least 40-billion euros (US$50-billion), financial sector sources said. Without waiting for a widely expected EU rescue, credit ratings agency Fitch cut ...
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Financial Post
Yemen donors running out of time to stem crisis
Reuters
WATER, FUEL SHORTAGES The IMF, which resumed lending to Yemen in April, approving the payment of a $93.7 million loan to help address a worsening balance of payments deficit, predicts the Yemeni economy will shrink by 0.9 percent this year.
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Cap powers sound alarm
Money Marketing
Last month, the International Monetary Fund called for the Bank of England's Financial Policy Committee to be given extra powers to prevent another housing bubble. In an analysis on the UKeconomy, the IMF said the FPC's request to have the power to ...
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EU, Germany exploring Spanish rescue, no request yet
Reuters
The move raised pressure on EU political leaders to outline a solution to the bloc's festering debtcrisis at a summit later this month, which is being watched closely in the United States and other global powers anxious about a sluggish world economy.
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Spain borrowing costs ease amid crisis aid hope
Palm Beach Post
More than one hundred people are fed every day in Caliu as part of a charity program created by local volunteers and neighbors to help unemployed and people withoutfinancial resources. The Spanish economy is in recession for the second time in three...
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Palm Beach Post
Debt crisis: as it happened June 7, 2012
Telegraph.co.uk
The dramatic erosion of Spain's sovereign credit profile and ratings over the last year in part reflects policy missteps at the European level that in Fitch's opinion have aggravated the economic and financial challenges facing Spain as it seeks to ...
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Telegraph.co.uk
Finance & Development, June 2012 - Back to Basics: What Are ...
UNTIL problems surfaced during the global financial crisis, money markets ... of deposit; interbankloans (loans between banks); money market mutual funds; ...
www.imf.org/external/pubs/ft/fandd/2012/06/basics.htm

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