FINANCIAL News, Money, Banks, Economic and Financial Crisis, Jul 15, 2011

Phil Mullan on the Eurozone crisis Spiked The Euro crisis, like just about every other economic story these days, has a three-fold character. It is not, in fact, a single crisis; it has three inter-related elements: financial, economic and political. Of the three, the financial crisis is, ... See all stories on this topic »

Hidden Yen Signal & Gold Breakout Gold Seek With the mushroom of European sovereign debt ruin, the contagion to Italy and soon Greece, the declaration of junk status for Portugal and Ireland in addition to the toxic paper blowing from Mt Olympus, the new dawn of Global Financial Crisis part II ... See all stories on this topic »

Today's Equity Dilemma: Micro Versus Macro Investing Forbes (blog) Imagine the financial panic if the US government (the world's safest borrower) were to default on its debt, causing global interest rates to rise. Or if the European debt crisis spun out of control leading to a run on money market funds that hold ... See all stories on this topic »

China Cities Sell Land at Winnetka Values With $1 Trillion Debt Seen Toxic Bloomberg Subsequent losses prompted the US government and central bank to lend, spend or guarantee a peak of $12.8 trillion in 2009 to rescue the financial industry, including a $45 billion directinvestment to rescue Citigroup Inc. (C), then the biggest US ... See all stories on this topic »

Scrap the stupid debt ceiling law The Guardian Photograph: The White House/Getty Images The world should have taken much better precautions to child-proof the global financial system when the new House Republican majority swept into power this year. It didn't take long for this chest-thumping wave ... See all stories on this topic »

Gold to Fall Below $1320 in Second Half of 2011 DailyFX In their scenario, global growth would snap back quickly and central banks would not be able to mop up the flood of cheap money they had created through record-low interest rates and quantitative easing during the crisis. This would cause prices to ... See all stories on this topic »

Navigating the Hype -- and Opportunities -- in Emerging Private Equity Markets Knowledge@Wharton Another challenge is navigating today's often "overvalued" investment environment, Harris said. "Every time I pull the trigger on an investment, I think about thefinancial crisis and what we all went through; but the bond market doesn't. ... See all stories on this topic » Knowledge@Wharton

European leaders take aim at rating agencies Prague Post Those events are seen as a flashpoint in the international economic crisis unleashed in the following months, from which much of the world is still trying to recover. In a self-admission that they had inflated credit ratings on a grand scale, ... See all stories on this topic » Prague Post

Return of the Stop-Go Economy BullionVault In the absence of autonomous commercial bank money creation (and credit magnification) in order to accommodate private sector needs (as is arguably the case today), these banks — and, in spades, the Bank of England — can only create money by issuing ... See all stories on this topic »

Chinese Outward Investment: More Opportunity Than Danger Heritage.org The financial crisis had an impact in late 2008 and early 2009, and while there was a clear recovery, there has not yet been a return to the powerful growth before the crisis. It may be that global asset markets cannot absorb much more than $60 billion ... See all stories on this topic »

LOM launches stable income fund Royal Gazette He said that the latest economic data pointed to a slow and bumpy recovery with many of the world's largest economies taking on too much debt, particularly in light of the Greek financial crisisand its knock-on effect on the Eurozone, ... See all stories on this topic »

Rental complex CanadianBusiness.com In May, Ben Rabidoux, an Ontario financial adviser (and an unapologetic renter) who runs theEconomic Analyst blog, illustrated the unprecedented gap that's opened between the cost of renting and owning with a series of fever graphs charting rents and ... See all stories on this topic »

Treasury Secretary Timothy Geithner warns time is running out Daily Mail The White House had no immediate reaction to the plan which came a few hours before Obama presided over his third meeting in as many days with congressional leaders searching for a way to avoid a default and ensuing financial crisis. ... See all stories on this topic » Daily Mail

Newspaper Briefing, including 'BP pumps 3 billion into North Sea' - Daily Express Proactive Investors UK Gold hits new high as nervous investors pile into safe-havens: The price of gold raced to a record high as investors nervous about the debt crisis in Europe and the stuttering global economy piled into safe-havens. Banks back US Volcker rule to avoid ... See all stories on this topic »

Analysis - SE Asia more wary of QE3 than U.S. debt default Reuters "If not, it would be disastrous for the global financial system global and economy," Kwan said. A more pressing concern for Southeast Asia would be if the Federal Reserve began a third round of quantitative easing (QE3), where it buys US debt to keep ... See all stories on this topic »

Thursday Newspaper Review - Irish Business News and International Stories ... FinFacts Ireland It was time for Europe to "grasp the nettle" and set out a comprehensive response to the financial crisis, he added. Worries grew when German Chancellor Angela Merkel said Greece was funded until September so there was no rush to finalise the details ... See all stories on this topic » FinFacts Ireland

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EUROZONE Debt Crisis News, Jul 15, 2011

World economy to keep strong but risks abound Moneycontrol.com "If the (euro zone) debt crisis is mishandled, it's a major threat. But it's a threat comparable to the mishandling of the US sovereign debt crisis. It's six and two threes," said Willem Buiter, chief economist at Citi. The poll showed the world ... See all stories on this topic » Moneycontrol.com The 2008 "Liquidity Crisis" Sequel: Bigger, and About to DevourEurope Elliott Wave Europe's biggest banks are taking steps to shore up their defenses should the debt crisis spiral out of control and one or more countries leave the euro zone.... Banks also are increasing their use of credit-default swaps as protection against their ... See all stories on this topic » Elliott Wave Euro Debt Crisis: ECB Signals More Rate Hikes to Come, Helps ... Taxes Still a Stumbling Block As Debt Talks Continue .... hike is likely this year to tackle inflation despite the intensifying euro zone debt crisis. ... www.cnbc.com/.../ECB_Signals_More_Rate_Hikes_to_Come_... EURO GOVT-Italian debt stays under pressure from EU crisis Reuters Italian two-year government debt continued to underperform Spanish peers, as the paper usually seen as the yardstick for euro zone peripheral sovereign debt bears the brunt of investor ire over delays in resolving the debt crisis. Two-year Italian debt ... See all stories on this topic »

European Debt Crisis: Could Italy Be Next? U.S. News & World Report By Ben Baden This European sovereign-debt crisis is back and bigger than ever. Greece is once again on the ropes, and the members of the European Union are worried that a default on its debt could spread throughout the Eurozone. ... See all stories on this topic »

Ireland needs quick solution to euro crisis -IMF Reuters "Our position is that public debt in Ireland is sustainable so that is not a relevant question at this stage," he said. Irish Finance Minister Michael Noonan said on Thursday that the escalation of theeuro zone debt crisis to the currency bloc's core ... See all stories on this topic »

Greece says next few days critical for debt crisis Reuters Alarmed by a worsening of the euro zone debt crisis, policymakers and bankers are examining radical proposals to rescue Greece that include a sharp cut in its debt burden, ways to prop up banks and a new emphasis on boosting Greek growth, official and ... See all stories on this topic »

Euro zone debt crisis deepens Ghana Broadcasting Corporation Trying not to get sucked in the euro zone debt crisis, Italy is moving to rapidly cut its debts. Economy Minister Giulio Tremonti, widely seen as the guarantor of Italian financial stability says the government's four-year, 40 billion euro austerity ... See all stories on this topic »

Eurozone's leadership in more debt disarray European Voice By Ian Wishart Criticism of how the eurozone's leadership is handling the debt crisis has ratcheted up another notch as Herman Van Rompuy, the president of the European Council, struggled this week to win agreement to hold another emergency summit. ... See all stories on this topic »

Euro zone growth seen steady despite Greece slide Moneycontrol.com The euro zone economy will grow slowly but steadily over the coming year, according to the latest Reuters poll, but the forecast was unchanged from the previous month in a sign economists are shrugging off the impact of the debt crisis. ... See all stories on this topic »

Spain's Salgado says quick action needed on Greece Reuters BERLIN (Reuters) - Euro zone countries must take quick action to resolve Greece's debt crisis to prevent contagion from spreading through the currency bloc, Spain's Economy Minister Elena Salgado said. Speaking in an interview published in German ... See all stories on this topic »

EU Leaders to Continue Search for Economic Answers Voice of America A more immediate worry, says Bruegel think tank researcher Benedicta Marzinoto, are fears larger European economies will be pulled into the eurozone debt crisis. Markets nosedived this week over fears about the health of the Italian and Spanish ... See all stories on this topic »

EU leaders struggle over debt crisis Irish Times Photograph: Alessandro Bianchi/Reuters EU leaders are struggling to make headway in the battle over a second Greek bailout as pressure builds for a tough new response to the debt crisis. As Germany blocked plans for an emergency euro zone summit ... See all stories on this topic » Irish Times

Key Euribor rates tick up, longer-term ones down Reuters FRANKFURT, July 14 (Reuters) - Key euro-priced bank-to-bank lending rates continued their upward trajectory on Thursday, while euro zone debt crisis jitters pushed longer-dated rates in the opposite direction. The three-month Euribor rate ... See all stories on this topic »

Gold sprints to a new high Business Standard Consequently, the euro erased early gains to stand flat at $1.4191. Today, the dollar fell 0.2 per cent against a basket of currencies. Also, the ongoing euro zone debt crisis added to gold's lustre, raising investors' hope for a sustained rise in its ... See all stories on this topic » Business Standard

Italy set for slower growth, to miss deficit target:Reuters poll Reuters Italian markets were pounded over the past week as investors drove up government borrowing costs and dumped Italian banking shares on concerns the country was being drawn into the euro zone debt crisis. Slower economic growth will make the government's ... See all stories on this topic »

EU Leaders 'Must Grasp Nettle Of Euro Debt' Sky News It is time eurozone leaders "grasped the nettle of European debt", Ireland's Prime Minister has told Sky News, at the start of a crunch few days for the region. To view this content you need Flash and Javascript enabled in your browser. ... See all stories on this topic » Sky News

Financials lead FTSE lower on sovereign debt worry Reuters FTSE extended earlier losses, falling 47.58 points, or 0.8 percent to 5858.85 by 1059 GMT, as worries that Europe's lingering debt crisis may spread across the euro zone continued to weigh on investor sentiment. The Italian Treasury had to pay the ... See all stories on this topic »

Morning Briefing: Markets Eye Euro Zone, Hungarian Bonds Wall Street Journal (blog) Analysts said the lack of spiking yields indicates that Hungary's securities market is weathering theeuro-zone debt crisis relatively well, although the market remains subject to sudden changes in international mood and risk appetite. ... See all stories on this topic »

Spain, Helaba add late twist to bank stress test Reuters The EBA will now publish test results of 90 banks from 21 countries after European markets close on Friday, to try and restore confidence in a sector being battered as the euro zone debt crisis moves from Greece, Portugal and Ireland to Italy. ... See all stories on this topic »

Editorial: Why there *is* a long-term sustainable solution for the Eurozone New Europe ... if the Eurozone remains divided over the strategy to overcome the present sovereign debt crisis, beginning with the details of the second package for Greece – the private sector's participation has been likened to the 'Gordian Knot' of the European ... See all stories on this topic »

MARKET COMMENT: Europe Stocks Drop After Italian Bond Auction Wall Street Journal By Polya Lesova LONDON (Dow Jones)--European equity markets dropped Thursday after the Italian government's borrowing costs surged in a bond auction, rekindling worries about the spread of theeuro-zone debt crisis. The losses also came after Federal ... See all stories on this topic »

Italian Banks Face Funding Squeeze Bloomberg Photographer: Gianluca Colla/Bloomberg July 14 (Bloomberg) -- Richard McGuire, senior fixed-income strategist at Rabobank International, discusses today's Italian bond auction and the euro-zone debt crisis. He talks with Maryam Nemazee on Bloomberg ... See all stories on this topic »

Greek, Cypriot Banks Seen 7 Pass, 1 Fail In Stress Test Wall Street Journal However, most of the banks are exposed to sovereign debt and, like their peers across Europe, are expected to take hefty haircuts, or losses, on bonds issued by governments at the heart of the euro zone's financial crisis. ... See all stories on this topic »

CORRECT: IMF Warns On European Banks Ahead Of Key Tests Wall Street Journal Uncertainty, exacerbated by political divisions within the euro zone, is continuing to roil Europe'ssovereign-debt markets. The crisis is now threatening to target one of the continent's largest economies, Italy. Ministers were scheduled to meet ... See all stories on this topic »

S&P chief rejects euro zone criticism Independent Online Standard & Poor's hit back at criticism over the credit rating agencies' role in the euro zone debt crisis on Thursday, with its German operations head saying rating agencies would lose credibility if they “kept silent”. “We risk our credibility if in ... See all stories on this topic » Independent Online

Euro debt crisis watch FXstreet.com Schatz yields increased some 10-15bp and Italian spreads and CDS levels narrowed Around 13:45 CEST it was reported that EU leaders will hold a special summit on the eurozone debt crisis on Friday. Schatz yields increased to around 1.32% on this news. See all stories on this topic »

Charlemagne: The euro's real trouble The Economist The dinner-table row illustrates how, throughout the sovereign-debt crisis, the requirements of financial crisis-management have collided with political, legal and emotional priorities. Indeed, the euro's woes are as much about politics as about ... See all stories on this topic » The Economist

BASE METALS: Comex Copper Falls As Dollar Rebounds Wall Street Journal Concerns about the negotiations to raise the US borrowing limit and the euro-zone debt crisis have left many traders reluctant to bet on commodities, which are seen as risky bets should growth stumble. Copper in particular is sensitive to the growth ... See all stories on this topic »

SE Asia Stocks-Steady to higher despite global gloom Reuters Trading volume was generally thin amid continued caution about the euro zone debt crisis, although such worries have not stopped Indonesia , Malaysia and the Philippines , setting record highs this month. Stocks in Singapore and Thailand ended flat. ... See all stories on this topic »

Will Beijing be Italy's White Knight? Reuters Blogs (blog) After all, Italy is the No.3 economy in the euro zone. How can Italy be in crisis? If Italy is in trouble, what about the rest of Europe? Yesterday, I moderated an online forum where a former Trade Commissioner for the Italian government spoke. ... See all stories on this topic » Reuters Blogs (blog)

US Ambassador: Berlin will do what's needed to preserve the euro GlobalPost He landed in Berlin just as Europe's largest economy was emerging from recession, but was confronting the euro zone debt crisis. Murphy says he's confident that Germany's leadership will do whatever it takes to keep the European project alive. ... See all stories on this topic » GlobalPost

European shares fall as Moody's warns on US debt Reuters The auctions were seen as a key test of market appetite for the country's debt after it got sucked into the debt crisis, sending its benchmark 10-year yields briefly above 6 percent on Tuesday for the first time since the euro's launch in 1999. ... See all stories on this topic »

US STOCKS-Futures edge higher after JPMorgan results Reuters N) offset concern about the US budget deficit talks and Europe's sovereign debt crisis. JPMorgan Chase & Co reported higher second-quarter profits, boosted by lower costs for bad loans, sending the stock up 1.8 percent to $40.31 in premarket trade. ... See all stories on this topic »

Relief in Europe keeps Treasury prices lower ahead of auction. MarketWatch “Prices are down as the short-term news from Europe is better, opposed to the apocalyptic news we had on Monday,” Briggs said. Worries that the euro-zone's sovereign-debt crisis would spread to Italy mounted Monday as investors sold off Italian debt, ... See all stories on this topic »

The debt crisis will change the way we live in Europe Times of Oman THIS is not just about the indebtedness of Greece; nor that of the other weak eurozone countries; nor about the future of the euro; nor, as we will learn today, that the liabilities of the British government are far higher than the official figures ... See all stories on this topic »

Goldman Topples Deutsche Bank in Europe Junk Bond Underwriting Bloomberg Photographer: Scott Eells/Bloomberg The six-month income surge gives Goldman Sachs an edge as high-yield issuance starts to slow amid Europe's spreading sovereign debt crisis. The US bank underwrote 10.6 percent of the record $54 billion of deals in ... See all stories on this topic »

Response highlights tensions within euro zone in Berlin Irish Times German officials are not naive enough to expect the crisis will trigger a full handover of budget sovereignty to the EU. But Berlin's euro zone crisis diagnosis is clear: budgetary stomach clamps for all. Just don't tell Angela Merkel it Kant be done. See all stories on this topic » Irish Times

Despite the debt, don't write off Europe just yet The National Some European countries will have to default selectively on their debt before the end of decade. Chris Ratcliffe / Bloomberg News After Greece, Ireland, Portugal and Spain, Italy is now the latest casualty of the euro-zone debt crisis. ... See all stories on this topic » The National

Europe's Default Crisis: It's the CDS, Stupid Gold Seek Anyway, back in the Greek crisis, "European banks are long about 17% of the €340 billion of total Greek sovereign debt outstanding," reckons Niels Jensen at Absolute Return Partners. "A 65% haircut [ie, write-off] would result in losses of €37-38 ... See all stories on this topic »

After months of living in fantasy land, everything is back on the table Irish Independent A safe landing from the new approach could at long last put the recovery programmes for crisiscountries on solid ground -- because debt reduction is promised -- but the process of allocating losses to debt holders will rattle financial markets. ... See all stories on this topic »

Euro zone makes fresh bid to tackle Greek crisis (Reuters) | Stock ... By Editor - Business News BRUSSELS/BERLIN (Reuters) – Euro zone countries continued to grapple with the thorny issue of involving the private sector in tackling Greece's debt pile as they prepared for a meeting to decide support for the country next week. ... Draghi said Italian banks would comfortably pass the tests but echoed Kenny's call for a comprehensive EU response to the spreading debt crisis. “We have to recognize that management of the financial crisis has not gone smoothly with partial ... Rocket News

Gold price hits record high as eurozone woes spread ... - MAARS News By Valkyries Italy's Finance Minister, Giulio Tremonti, yesterday pledged to further “reinforce” austerity measures aimed at calming the markets and preventing the eurozone's number three economy from being sucked into the debt crisis. ... MAARS News

Latest Developments from the Euro-zone – Italy Austerity Vote ... By Nick Nasad From Marketwatch: “Italian government bond yields rose again Thursday, indicating that fears of a spreading euro-zone debt crisis haven't been dispelled despite a successful auction of long-term debt and expectations lawmakers will quickly ... Sentiment was dented, however, by the Treasury's decision to limit the overall size of the auction in an effort to ensure strong demand and news reports said Bank of Italy officials engaged in a charm offensive to ensure major banks ... FXTimes - Forex News, Commentaries,...

NewsDaily: Italy Senate gives austerity budget first nod By Philip Pullella Addressing the Senate shortly before the vote, Economy Minister Giulio Tremonti said Europeneeded a political solution to the unraveling debt crisis because no country would be spared dire consequences. ... Bond traders have targeted Italy , the euro zone's third-largest economy, because of doubts about its ability to sustain one of the world's heaviest debt burdens and fears it is getting sucked into a widening debt crisis. COSTS UNSUSTAINABLE ... More Top News ... NewsDaily: Top Headlines

Spot gold hit a record high above $1589 on ... - China Business News By CBN The ongoing euro zone debt crisis added to gold's lustre. Fitch Ratings on Wednesday downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country. ... China business news

Global debt alarms ring through markets - Interaksyon.com By Agence France Presse European stocks fell but the euro clawed back some losses. Investors are on red alert over theeurozone debt crisis which has already dragged down Greece, Ireland and Portugal -- all of which were rescued with vast bailouts -- and is ... Interaksyon.com

Germany's central bank: the situation in Italy in control of their ... By admin 713 Xinhua Xinhua News Agency in Berlin, Germany “Time” weekly on the 13th, the German central bank extended Siwei Goldman believes that the Italian debt crisis in the controllable range, and he criticized the German euro rescue plan. ... it is the euro zone's third largest economy, has a solid industrial and export base, but require consistent implementation of the Italian fiscal austerity plan. Implementation of EU and German euro rescue plan skeptical. ... Finance online - Financial Advice|Fin...

War News Updates: How The Debt Crisis Will Impact All Of Us By War News Updates Editor The Debt Crisis Will Change The Way We Live -- Hamish McRae, The Independent. This is not just about the indebtedness of Greece; nor that of the other weak eurozone countries; nor about the future of the euro; nor, as we will learn ... War News Updates

The new battle for Europe: Bankers vs taxpayers - The Curious ... By Michael Schuman And if we needed any more evidence that some sort of resolution to the Greek debt crisis is of the utmost urgency, we've gotten more in recent days. Contagion has again stampeded through the euro zone. Italy, the zone's third-largest ... The Curious Capitalist

Key future events in the eurozone debt crisis - Telegraph Here are some key dates in the EU debt crisis calendar. ... Eurogroup meeting of euro zonefinance ministers in Brussels to discuss the broad outlines of a ... www.telegraph.co.uk/.../Key-future-events-in-the-eurozone-de...

Eurozone debt crisis summit eyed in days — EUbusiness - legal ... You are here: Home → Breaking news → Eurozone debt crisis summit eyed in days ... convene an emergency meeting of the eurozone's 17 leaders on Friday in a ... www.eubusiness.com/news-eu/eurozone-finance.bb9

Debt crisis threatens Italy, one of euro zone's biggest economies ... LONDON — Europe's escalating debt crisis is on the verge of engulfing by far ... News Business (Today) - Globe and MailVIDEO: Will debt crisis hit Italy and ... thunderfeeds.com/.../debt-crisis-threatens-italy-one-of-euro-zo...

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