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Aug 8, 2011

EUROZONE Debt Crisis News, Aug 08 2011 (2)


European Central Bank acts to prop up debt of Italy, Spain
Washington Post
The reluctant decision by the ECB underscored the gravity of a crisis that some fear could lead to a messy breakup of the euro zone if not quickly contained, and which has gathered fresh urgency following the downgrading of US debt by Standard & Poors. ...
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Markets turmoil and US downgrade: global reaction
Telegraph.co.uk
Economists Peter Boone and Simon Johnson, writing for the Peterson Institute for International Economics, agree, saying the euro crisis is not yet under control. They say Europe needs to admit that too many sovereigns and banks have too much debt:...
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Telegraph.co.uk
Why S.&P.'s Ratings Are Substandard and Porous
New York Times (blog)
By NATE SILVER Five years ago, if you were an investor looking for guidance on which country's debt was the safest to invest in, Standard & Poor's ratings wouldn't have done much to help you navigate the headwinds of the financial crisis. ...
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New York Times (blog)
UK Off 'Front Line' Of Economies in Danger: Gieve
CNBC.com
Over the weekend, the European Central Bank said that it will start buying up Spanish and Italian debt after both countries looked in danger of being pulled deeper into the quicksand of the euro zone debt crisis. The markets will continue to watch ...
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CNBC.com
US losing its superpower status
Arab News
When the US is in crisis, it needs a commander-in-chief who behaves like one and who is willing to bypass a partisan Congress with executive orders. He'll be remembered as the president who folded in the face of opposition rather than risk raising his ...
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Making the case for a spectacular crash in bonds through a rising yield ...
FXstreet.com
One is the unfolding contagion in Europe that escalated to its highest level yet last week courtesy of the looming bailout of Italy, one of the largest economies in Europe. Investors are finally taking hold of the notion that a full blown crisis in ...
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Debt crisis resists assault by ECB and global leaders
Jakarta Globe
by William Ickes | August 08, 2011 World leaders scrambled Monday to ensure financial and economic stability as the European Central Bank bought eurozonebonds to stem a spiralling debt crisis, but chronic doubts endured and battered markets tumbled ...
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Jakarta Globe
Debt crisis resists assault by ECB and global leaders ...
By William Ickes, Agence France-Presse
FRANKFURT - World leaders scrambled Monday to ensure financial and economic stability as the European Central Bank bought eurozone bonds to stem a spiralling debt crisis, but chronic doubts endured and battered markets tumbled again. ... Markets in Madrid and Milan initially bounced higher as news of the ECB's intervention got around but then stalled and gave back all their gains. Gold shot to record highs above $1700 an ounce and the euro fell to around $1.4185. ...

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Aug 08, 2011


How bad will economic news get in US and worldwide?
USA Today
By Stan Honda, AFP/Getty Images A stock specialist watches prices on the floor of the New York Stock Exchange just before the closing bell last Friday. After a week of massive declines across global financial markets, stocks tumbled again Monday with...
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USA Today
Hit hard by selloff, Brazil touts its strengths
Reuters
President Dilma Rousseff said Brazil was in much better shape to confront the crisis than it was during the last financial meltdown in 2008 -- when it was one of the last major economies to enter recession, and among the first to recover. ...
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Global leaders race to contain crisis of confidence
CTV.ca
Higher rates would also have negative implications for the US economy, doing further damage to an already depressed housing market and curbing business investment. But the downgrade isn't likely to spur a global financial crisis because there's no risk ...
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Financial leaders try to calm fear in markets
Los Angeles Times
Hoping to prevent a sell-off, policymakers in industrialized nations pledge to take 'all measures' to support financial stability, and Europe's central bank says it will buy euro-zone government bonds. Stock markets in Asia sank sharply early Monday. ...
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Los Angeles Times
Bernanke May Move to Boost Confidence Amid Financial Turmoil
Bloomberg
“It wouldn't do tons to alter economic and financial conditions, but the perception that the Fed will act and do something is reassuring.” The drop in global stocks, further fueled by concerns over Europe's debt crisis, adds to pressure on the Fed, ...
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The debt bomb
Sydney Morning Herald
MARGIN calls sparked by Australia's five-day share rout have surged to levels not seen since the midst of the global financial crisis, forcing thousands of investors to dump shares or top up with cash to avoid a forced selloff. ...
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Taking a fall
The Northern Echo
THERE are countries that have been prudent with their finances, without too much borrowing beforethe global financial crisis. Canada and Australia are economies that are dependent on their natural resources where demand from Asia has boosted prices ...
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Dow falls over 500 points after downgrade
msnbc.com
Fresh memories of the financial crisis three years ago were also driving investors away from risky investments and into what's considered safer. "Fear of a repeat of 2008 is what's really driving investments," said Gary Schlossberg, senior economist ...
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Panic prompts the market domino effect
ABC Online
Yes, there are problems with Italy and Spain, political conflict in the US restraining its economicmanagement and more general fears of a slowdown in the pace of global economic growth. Go tothe global financial crisis special on the ABC News website ...
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Stocks Fall as Gold, Franc Gain on U.S. Cut; Italian Bonds Jump
San Francisco Chronicle
Asian stocks will suffer because "the US downgrade is clearly a negative both for sentiment and for the economic recovery," said New York-based Dimitre Genov, a senior portfolio manager at ArtioGlobal Management LLC., which oversees about $45.5 ...
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Across Globe, Traders Brace for a Downturn
New York Times
While he said he did not expect stocks or bonds to necessarily plunge this time, volatility reminiscent of the days of the financial crisis might be in store. Mr. Gross said he expected that investors in only about 1 percent of his firm's accounts ...
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New York Times
S&P Seen Surrendering to Tea Party at Expense of U.S. Taxpayer
Bloomberg
Members of Group of Seven nations agreed to inject liquidity into financial markets as needed and the European Central Bank started buying Italian and Spanish bonds to curb the region's financial crisis, sparking a rally in the debt of the ...
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Fed Has Some Tricks Left, but None Are Magic
Wall Street Journal
By JON HILSENRATH Since the onset of the financial crisis in August 2007, Federal Reserve Chairman Ben Bernanke has been pulling rabbits out of his hat. He cut interest rates to near zero, printed $2.3 trillion to buy Treasury bonds and mortgage debt, ...
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Wall Street Journal
What the Move on US Credit Means for Everyday Investors
Wall Street Journal
Meanwhile, the so-called bond vigilantes, who are supposed to enforce fiscal discipline on profligate governments by dumping their bonds and jacking up their borrowing costs, have been notably absent since the financial crisis began. ...
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Only an urgent global deal will stave off a depression
The National
Friday's downgrading of US debt, by the ratings agency Standard & Poor's, capped the world economy's worst week since the dark days of the 2008-09 financial crisis. Amid fears of a new slump, massive sell-offs wiped more than $2.5 trillion (Dh9.2 ...
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* Somani Group forms coal JV with Russian OAO
Financial Times (blog)
US Treasuries rose in Asian trading as investors fled to the traditional safe haven, even though worries about the US economy and its fiscal position are at the heart of the global market concerns. A new global financial crisis would hit Asia harder ...
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Newspaper Briefing, including 'Bank of England will leave door open for QE ...
Proactive Investors UK
Global stock markets are braced for a long week of fresh mayhem after the dramatic downgrade of debt-swamped America's credit rating on Friday night, triggering fears of a rerun of the 2008financial crisis. Another canny move by Buffett as profits ...
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TSX sees broad declines amid US debt downgrade, gold companies rally
Proactive Investors USA & Canada
On Sunday, Group of Seven leaders met to curtail the global crisis, backing a move by the European Central Bank earlier that day that pledges to buy government bonds, which is expected to help Italy and Spain finance their enormous debts and avoid yet...
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Proactive Investors USA & Canada
Questions and answers about the market's turmoil
CBS MoneyWatch.com
The European Central Bank on Monday is buying up bonds issued by those countries, to increase demand for them. A default by Spain or Italy would be disastrous for other nations that use the euro and could affect financial companies worldwide.
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World wakes up in new financial era
Pravda
The economic crisis in the United States and the downgrade of the American credit rating has already affected the Russian reserves. The markets of Asia and Israel reacted to the news first. The setback was registered on the stock markets of Australia ...
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Rumours of EU bank bailout need
FXstreet.com
by David Johnson - Halo Financial | View company's profile The markets may be in the midst of a seismic change as America loses its AAA rating and the Eurozone is being forced to spend moremoney to support struggling Mediterranean countries. ...
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Analysts: Indonesia Fundamentals Good But Beware World Market Volatility
Jakarta Globe
Concerns that the financial crisis may have spread to Spain and Italy combined with news of the US credit rating downgrade continued to shake the Indonesia Stock Exchange on Monday, following Friday's big decline. On Monday the Jakarta Composite Index ...
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After the storms
Fundweb
But in this case their exposure is not as big as that of other financial companies. “If there are defaults on bonds, insurance companies will suffer, although not nearly to the same extent as thebanks,” Mumby points out. ...
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Volatility isn't over just yet, BMO economist warns
Vancouver Sun
On the positive side, stocks didn't end the week on the type of "nasty downtick" that was common during the 2008 financial crisis, Porter said. But he predicted more turbulence in the short term. "I think the markets are going to be on tenterhooks for ...
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Rupiah Likely to Dip Slightly In H2, Finance Ministry Says
Jakarta Globe
Prices for gold have soared to record highs, above $1700 an ounce on Monday, amid concern that global economic growth will slow following Standard & Poor's decision to cut the United States' credit rating and the financial problems in Europe. ...
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Jakarta Globe
Who Needed A US Debt Default To Cause A Recession?
Voxy
Further, the kiwi has also risen against the euro after this morning's decision by the European CentralBank (ECB) to purchase Italian government bonds in a bid to keep the European sovereign debtcrisis from spreading further. ...
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