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Jul 1, 2011

EUROZONE Debt Crisis, Jul 01, 2011

Poland takes helm of crisis-hit European Union
AFP
WARSAW — Poland took the reins of the European Union Friday for six months, winning access to eurozone meetings but conditioning its entry to the 17-member bloc on a lasting solution to the debt crisis. Although it is not yet a eurozone member, ...
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Eurozone to clear Greek debt funding Saturday
AFP
BRUSSELS — The eurozone will clear the next tranche of Greek debt funding on Saturday after parliament in Athens adopted new austerity measures, buying time for the euro in a crisis that is far from over. Moving fast to save Greece from default, ...
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AFP
Thousands Strike In Britain As EU Debt Crisis Festers
NPR
The financial straits have led to a crisis of confidence and gloomy debates over whether the European Union even has a long-term future. If [the eurozone sovereign debt crisis] is not resolved, then there could indeed be a disastrous backlash for the ...
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Analysis - H2 risks may staunch emerging bond issue flood
Reuters
In the past a sovereign debt crisis in Europe would have frozen out all bond issuance from the developing world. But this year, even as euro zone states such as Greece teeter on the brink of default, countries such as Latvia and Iceland have returned ...
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After Historic First Half, Will 2011 Calm Down?
CNBC.com
We started the year by hitting the road to discuss the euro zone debt crisis but the focus quickly turned to other areas once the Portuguese bailout was signed off by the European Union and the International Monetary Fund. This would not last but the ...
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Euro-Zone Manufacturing Slows to 18-Month Low
Wall Street Journal
"We expect the weakness of the Italian economy to become more of an issue going forward," said Ken Wattret, chief euro-zone market economist at BNP Paribas SA. "[The fact] that exports in real terms are still around 13% below their pre-crisis ...
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Solvency crisis points to risks at heart of euro zone project
The Age
Because unless somebody gets a grip - and the French voluntary debt rollover plan is now understood as merely a stopgap - the Gucci-eyewear classes of northern Europe are equally capable of reacting to zone-wide crisis. They will not riot, ...
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The Age
Is the Euro in the Clear?
The Market Oracle
The Euro zone debt crisis has dominated for more than a year, but the US is running its own fiscal circus. Many US states have a debt situation at least as bad as Greece, so if the Greeks are able to get their house in order, will the US become the ...
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Italy Plans Cuts to Balance Budget
Wall Street Journal
Indeed, household debt levels are the lowest in the euro area. That may be a buffer in the euro zone's sovereign debt crisis. High private wealth levels "could turn out to be decisive if market tensions were to worsen," said Lucia Lorenzoni, ...
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EMERGING MARKETS-Stocks up 3 pct on week, Venezuela debt rallies
Reuters Africa
The euro zone sovereign debt crisis eased after the Greek government this week passed austerity bills, opening the way for the release of further bail-out funds. Central and eastern Europe has been looking particularly vulnerable to contagion from ...
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Strong US ISM Data Props Up Dollar But Euro Still Supported
Wall Street Journal
With the ongoing interplay with the euro zone debt crisis, you're not going to get a really clear or decisive move for the euro against the dollar. We saw a lot of soft manufacturing data out of Europe and this US data figure is a nice surprise. ...
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Banks Lead European Stocks Sharply Higher For The Week
RTT News
... ending the region's sovereign debt crisis for the time being. Banking stocks rallied on the news, as the plan involved no mandatory participation from lenders. The Euro Stoxx 50 index of eurozone bluechip stocks unofficially added 0.88 to 2873.51, ...
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MONEY MARKETS-Foreign banks sit on ample dollar stockpile
Reuters
By Richard Leong and Karen Brettell NEW YORK, July 1 (Reuters) - European and other foreign banks have plenty of dollars on hand if Greece's debt crisis were to flare up again and rekindle worries among US investors whether to lend to them. ...
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PRECIOUS METALS: Falling Refuge Demand Pushes Gold Below $1500
Wall Street Journal
By Matt Day Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Gold futures slid below the $1500 mark Friday, touching their lowest levels in more than six weeks as cautious optimism about Greece's debt crisis and global growth hit demand for the metal as a ...
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Greece optimism lifts FTSE to best week in year
Reuters
However, the index's progress could be hampered as investors perceive the euro zone debt crisis is not over yet. The market welcomed upbeat US data which alleviated some of the recent worries over the economy, with a forecast-beating ISM manufacturing ...
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Banks back creaking Greek debt plan
Reuters
French banks, the most exposed to the Greek debt crisis, reached an outline agreement to roll over holdings of maturing Greek bonds this week. German banks and insurers on Thursday agreed to roll over their Greek bonds, but their 3.2 billion euro ...
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Impetus Grows for European Credit Rater
Wall Street Journal
By SEBASTIAN MOFFETT And BRIAN BLACKSTONE Leading European officials are accusing the major US credit-rating companies of complicating efforts to ease the region's debt crisis, lending new momentum to plans to establish a Europe-based ratings firm. ...
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Will the ECB Still Hike Rates?
Wall Street Journal (blog)
Today, three years later to the month, Europe has government debt bombs lining its periphery just waiting for a careless spark, with Greece's fuse already sputtering. Any accidents likely could trigger the region's next bank crisis if one or more ...
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The Euro: What Every Forex Trader Needs To Know
TheBull.com.au
While the value of the euro is certainly tied to the economic health of the eurozone, traders should also remember that it derives some of its value and popularity as an alternative to the US dollar. Prior to the European sovereign debt crisis, ...
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TheBull.com.au
Analysis: In search of safe haven, U.S. bonds still reign
Reuters
Fears of contagion from the euro zone debt crisis brought investors to Treasuries in the first place, reaffirming the bonds' position as the "go-to" safe haven asset. Until investors grew optimistic this week that Greece would avoid catastrophe, ...
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Euribor rates rise on expectations of ECB hike
Reuters
With the euro zone debt crisis continuing to buffet the bloc, the central bank continues to offer limit-free funding to banks, a promise it extended until mid-October this month. While it is back to its pre-crisis range of funding operations, the euro ...
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Where international-stock funds are finding value
MarketWatch
Concern about slower economic growth, coupled with uncertainty about the eurozone — a resolution for Greece's debt crisis, at least a temporary one, came only on the last day of the quarter — pressured most emerging markets and many developed ones. ...
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Greek relief weighs on the no-yielders
FX-MM
Some further out-taking of breath by investors and traders after the stress induced by GreeceĆ¢€™s sovereign debt crisis provided additional impetus for risk appetite yesterday, in turn helping both equities and commodities, and hindering fixed income. ...
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Soros: EU Has No Contingency Strategy
istockAnalyst.com (press release)
Soros did not specify one country in particular; however, given the ongoing fragility of the European debt crisis, most recently in Greece, his prediction of a country eventually needing to leave the euro is not far-fetched. Efforts to drive the EU in ...
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EURO GOVT-Peripheral spreads vs Bunds tighten, but risks remain
Reuters
Given assumptions made before the latest escalation of the Greek crisis that the ECB will increase interest rates by 25 basis points once a quarter, investors will watch closely Thursday's statement for hints on future moves. "Although (a July hike) is ...
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Premarket: Weak manufacturing rattles investors
Globe and Mail (blog)
Remember the days when investors didn't worry about Europe's sovereign debt crisis and looked at economic indicators instead? As fears over an imminent Greek bankruptcy subside, signs of widespread weakness in global manufacturing are making investors ...
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Italy's gain of ECB Presidency - a pyrrhic victory
PublicServiceEurope.com
"Neither the sovereign debt crisis nor any other reason can divert the ECB from pursuing its primary objective, which is price stability," he told MEPs. Italians, Greeks and other indebted countries were hoping that the new ECB chief would show more ...
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PublicServiceEurope.com
RCR sees gold peaking this year but is cautious on longer-term outlook
Creamer Media's Mining Weekly
“To predict the medium-term direction of the gold price, there are two main factors to be looking at; the outcomes of the Eurozone sovereign debt crisis and the direction of the US dollar,” said RCR senior gold analyst Dr Tony Parry. ...
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Stock Market News for July 1, 2011
Zacks.com
The Street ended one of its most volatile quarters, with positive economic reports and a temporary solution to the Greece debt crisis lifting the benchmarks to post their biggest four-day rally since September. The technology sector and energy sector ...
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GLOBAL MARKETS-Economy trumps Greece as investor focus
Reuters
Greece's passage of an austerity plan during the week, opening the door to a tranche of new bailout money, has allowed investors to put immediate concerns about default and debt crisis contagion to one side. There's relief Greece hasn't gone bad. ...
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EUR/GBP touches new 2011 high
FXstreet.com
Renewed uncertainty on Greece and the commodity correction reinforced the repositioning in EUR/USD. Since mid May, the pair gradually bottomed out, but the flaring up of the Greek debt crisis capped the rebound. This week, investors anticipated on a ...
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Europe's Financial Crisis: Greece Rules
Investing Daily
After all, the German economy remains the biggest beneficiary of the euro and the formation of the eurozone. Nevertheless, Europe is betting that the Greek government--and more importantly, the Greek citizenry--will tame the monstrosity that is Greek's ...
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Reserve Bank director warns of global economic slowdown
ABC Online
The difference is that the US debts are all in US dollars so that's the question is, will the crisis hit the US or not? DAVID TAYLOR: But Chris Caton says the US is fine. Despite admitting the world's largest economy has a debt problem; investors still ...
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GUEST POST - Swiss Franc and the possibility of huge mortgage defaults in ...
Benzinga
... franc's strengthening in the wake of the beginnings of the eurozone sovereign debt crisis in early 2010, the franc has traditionally been considered a stable currency with low associated interest rates and therefore a good alternative to the euro. ...
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 Poland takes over EU presidency at time of crisis (Reuters ...
By Editor - Political News
Speaking to the foreign press as he prepared to take the reins, Tusk conceded the EU, and particularly the euro zone, faced challenges in tackling the debt crisis that has struck Greece, Ireland and Portugal. ...
Rocket News
Lessons from the Greek Debt Crisis - News on the European Union
By Europe in News
EUROPE IN NEWS – Environment: Never before in the last 50 years have European political leaders spent so much energy and time on the solution of a problem that should never have arisen: the Greek debt crisis. The Greek debt crisis has occurred because of ... After joining the euro zone, the government did not make the necessary efforts to repair the initial handicaps. It failed to engage in many overdue reforms from privatisation to tax reform, fight against tax evasion, ...
Europe in News
Old Hickory's Weblog: Greek debt crisis: risk for the euro, risks ...
By Bruce Miller
Greek debt crisis: risk for the euro, risks for the EU - but how much risk for the creditor banks? Joschka Fischer, the former German Foreign Minister and former Green Party leader, has long been a hardline "pro-Europe" figure, meaning he very much supported the ... That could plunge the global economy into another financial crisis, delivering a shock equivalent to the autumn of 2008. It would also mean a eurozone failure that would not leave the Common Market unharmed. ...
Old Hickory's Weblog
Poland takes over EU presidency at time of crisis (Reuters) | Wall ...
By Yahoo! News: Business - European Economy
Reuters - Poland takes over the European Union's rotating presidency for the first time on Friday aiming to promote economic reforms and deeper integration in the bloc struggling with debt crisis in the euro zone's peripheries. ...
Wall Street Financial News

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