Today: EUROZONE Crisis News, Sep 30, 2011

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Sep 30, 2011

EUROZONE Crisis News, Sep 30, 2011


Factbox: Coming events in the euro zone debt crisis
Reuters
October 13 - Special Eurogroup meeting, probably to rule on Greece's next tranche. October 17/18 - Summit of EU heads of state and government in Brussels. Expected to discuss next steps to tackle the euro zone debt crisis, such as leveraging the EFSF ...
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Economic crisis: Europe on the brink
The Week Magazine
Why is that a problem for other EU countries? Greece isn't the only country with a debtcrisis and a foundering economy. Spain, Ireland, Portugal, and Italy all have similar, if less immediate, debt problems. Greece's meltdown came after it went on a ...
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Allianz Global Investors CEO Sees Euro-Zone Solution in Time
Wall Street Journal
Any solution to the euro-zone sovereign-debt crisis must do more than rescue Greece, but also shield other larger peripheral economies so they "don't fall in the same trap," said Allianz Global Investors Chief Executive Officer Joachim Faber in an ...
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Common currencies as naked puts
The Economist (blog)
The five euro-zone countries that experienced net inflows of capital from 2000-2007 were, you guessed it, Portugal, Greece, Spain, Ireland and Italy, in that order. Mr Cowen argued that this is the wrong way to look at things. The euro-zone crisis may ...
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ECB Could Survive a Greek Default, but What About the Banks?
New York Times
Stress in the interbank lending market is already an “indication that the crisis has moved into systemic mode,” Mr. Peruzzo said. Crippled banks are also likely to leave the ECB holding collateral with little value, but since it accepts all collateral ...
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Scott Gardner: Europe's Debt Crisis and Gold
Jutia Group
Also, the European Central Bank (ECB) itself only has €10B. If you compare that to the three largest banks in France, for example, they own roughly $600B in PIGS (Portugal,Ireland, Greece, and Spain)-related debt. You can see how imbalanced the system ...
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Wonkbook: Europe extends and pretends
Washington Post (blog)
If Greece and Ireland and Portugal take them, that means default and likely exit from the Euro. If they default, that means defaulting, in large part, on loans owed to German and French banks, which could cause a banking crisis in those countries. ...
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A Reminder Of The Tragic Errors That Let Europe Get To This Point, And A Look ...
Business Insider
"By refusing to acknowledge the deteriorating situation, policy makers allowed the crisis to spread. Instead of ring fencing Greece, Portugal andIreland, we now worry about the stability of the Italian and Spanish bond markets. ...
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Business Insider
BBC sorry over guest's 'idiot' gibe
The Australian
The BBC has apologised to the EU after a Brussels official was repeatedly called an "idiot" when taking part in a flagship news broadcast on the eurozone debt crisis. TV bosses said they contacted European Commission economic affairs spokesman Amadeu ...
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Interest rates on Italian debt jump
Sydney Morning Herald
It was bad news for a nation which has been weighed down by low growth and high debt for years and risks being dragged into a debt spiral along with bailed-out euro zonepartners Greece, Ireland and Portugal. The public deficit climbed to 3.2 per cent ...
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FTSE live: latest market report
Telegraph.co.uk
London index of leading shares fell despite German politicians voting to to give the European crisis fund new powers and upbeat US economicdata. By Rachel Cooper, and agencies Burberry was out of fashion today as investors fretted about whether China ...
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Telegraph.co.uk
Silver prices may see further declines to levels around $25 -$23 on ...
Balkans.com Business News
Gold prices are likely to see small correction on fear of a banking crisis in the Euro zone that may cause liquidity crunch. However, gold remains attractive for long term investment. Owing to weak demand outlook due to global economic slowdown, ...
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European debt crisis: Austria votes on euro rescue deal
The Guardian (blog)
A lot more is at stake than bailouts for Ireland, Portugal, Greece or others that could yet happen. We are securing stability in Europe. Fekter continued to insist that Austria's financial health was dependent on thecrisis being resolved. ...
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The Guardian (blog)
Workers, international capital struggle over possible default
Workers World
This may have had an impact on tourism, a major industry in Greece. (Reuters, Sept. 23). The nationwide strike saw 1000 members of the communist group MAS marching to Parliament, chanting “Resist!” and “Plutocracy should pay for this crisis! ...
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Workers World
PIMCO CEO Mohamed El-Erian Reacts to EFSF
PBS Nightly Business Report
GHARIB: Now even if the Europeans come together and work through thisfinancial crisis and they follow the suggestions that you are making, how long is it going to be before the European economy starts growing again, helping American businesses and US ...
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PBS Nightly Business Report
Can Europe avoid a meltdown?
Crikey (blog)
The financial crisis that broke upon the world in August 2007 has entered a new and, in crucial respects, more dangerous phase. A positive feedback loop between banks and weak sovereigns is emerging, with a potentially calamitous effect on the eurozone ...
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Eurozone unemployment drops but jobless rate holds at 10 per cent
Monsters and Critics.com
The data also underlined the economic divergence that has emerged across the currency bloc, with unemployment remaining well above the eurozone average in states that have been at the centre of the region's debt crisis. While the jobless rate at 12.3 ...
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'That idiot in Brussels': BBC forced to apologise for interview 'ambush'
Sydney Morning Herald
The BBC has apologised to the EU after a Brussels official was repeatedly called an "idiot" when taking part in a flagship news broadcast on the eurozone debt crisis. TV bosses said they contacted European Commission economic affairs spokesman Amadeu ...
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Global Stocks Weaker on Softer Economic Reports
CNBC.com
So we now have 14 of the 17 euro zone countries voting, all in favor of the EFSF expansion: Austria, Estonia, Germany, Cyprus, Slovenia, Finland, Ireland, Portugal, Belgium, France, Spain, Italy, Luxembourg, and Greece. Waiting for Malta, Netherlands,...
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On the Brink: World-Changing Events in All Markets
Gold Seek
The euro, which is only one decade old, suffers the consequences of sub-par financial management, and it's taking Europe to the brink of failure. It's touch-and-go as to whether the Eurozone or the euro will survive the present crises. ...
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Gold Seek
Euromoney Country Risk September 2011 Results: Emerging sovereigns converge ...
Euromoney Magazine
The failure of the island's communist-led coalition to pass a long awaited budget reform bill has only increased speculation that Cyprus will need financial assistance from theEU. Italy falls four places to 35th in the rankings as its debt crisis ...
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Pandit Sees Euro Surviving, Citi's Risk as Manageable
American Banker (subscription)
They'll get through the debt crisis and get to the other side being fully committed to theeuro and the euro zone." The stock price of Citigroup, the third-biggest US lender, has tumbled 45% this year amid concern that European countries such as Greece ...
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Investor poll: Europe breakdown to trigger worldwide recession
The Daily Star
By Simon Kennedy Global investors anticipate that Europe's debt crisiswill lead to an economic slump, a financial meltdown and social unrest in the next year with 72 percent predicting that a country will abandon theeuro as a shared currency within ...
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The Daily Star
What Greece's Debt Means for Europe and You | Current Events ...
By Allison Kade
European Financial Crisis For the latest economic news that matters to your bottom line, sign up for LearnVest's new newsletter, The Market. You've probably heard the news: Things in Europe are bad. Europe's debt problems have been snowballing since late 2009, but ... This whole mess started in late 2009 and 2010 amid the global financial recession, when some Eurozone members like GreeceIrelandPortugal, Spain and Italy began to face unsustainable government debts . ...
LearnVest
Debt crisis: live - Telegraph
Europe Wrestles With Debt Crisis... a Lego shark chomps down on a Lego ... While exposure to Greece, Ireland and Portugal is modest, inclusion of Spain and , ... The good economic news from the US today was welcomed by traders. ... member states (the European Council) over what to do about the eurozone crisis. ...
www.telegraph.co.uk/finance/.../8782663/Debt-crisis-live.html
Many Greeks want to keep euro
Greece sneezed, and now most of Europe has a cold. The European debt crisis has already spread like a virus from Greece to Ireland and Portugal, ...
www.washingtonpost.com/.../gIQAWWE67K_story.html
Euro-zone crisis is a ho-hum nightmare
Probably not for Ireland and Portugal, which for different reasons also have heavy ...rates in 2008 just as the financial crisis was gathering strength, ...
www.smh.com.au/.../eurozone-crisis-is-a-hohum-nightmare-2...
European debt crisis is 'biggest challenge in EU's history' warns EC ...
MailOnline - news, sport, celebrity, science and health stories ... to fight a debt crisisthat has already seen Greece, Ireland and Portugal seek bailouts. ... As well as theeurozone crisis, the wider EU is dealing with problems affecting its ... The 440billioneuro fund available from the European Financial Stability Facility has not ...
www.dailymail.co.uk/.../European-debt-crisis-biggest-challeng...
Juncker admits EU crisis response was too slow | euronews, world ...
world news - The blame game over Greece was played out on Tuesday at the ... Crucial week in euro zone debt crisis 26/09/2011 21:10 ...
www.euronews.net/.../juncker-admits-eu-crisis-response-was-t...
CBC.ca News - Top EU official urges more political integration
As well as facing a crisis in the eurozone, the wider EU is dealing with ... in theFinancial Times that as many as seven of the eurozone's 17 members want the banks to ... into requesting bailouts, like Greece, Ireland and Portugal already have. ...
www.cbc.ca/m/rich/business/story/.../euro-zone-financial.html
The Street Light: What Really Caused the Eurozone Crisis? (Part 1)
(Note: by the "EZ periphery" I mean Greece, Portugal, Ireland, and maybe Spain. ...For example, suppose that the adoption of the euro suddenly made it more attractive ...As a result, financial crisis may be largely outside the control of a country that's on the receiving end of a capital flow bonanza. ..... News: Economy News ...
streetlightblog.blogspot.com/.../what-really-caused-eurozone-c...
Opinions and News on the Eurozone Crisis, No. - American Future
Satyajitit Das, “Supercharged eurozone fund won't solve crisis” — A negative take on ...the size of the European Financial Stability Facility (EFSF) to enable it to be ... After existing commitments to Greece, Ireland and Portugal, its theoretical ...
www.americanfuture.net/.../opinions-and-news-on-the-eurozo...
Euro crisis 'scaring the world' - The Irish Times - Mon, Sep 26, 2011
"So they are going through a financial crisis that is scaring the world and they are trying to ... Meanwhile Euro zone officials were tonight working on ways to magnify the... Europe came under fierce pressure from the United States and other major ... in decision-making on financial assistance to Greece, Ireland and Portugal. ...
www.irishtimes.com/newspaper/breaking/.../breaking1.html

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