FINANCIAL News, Money, Banks, Economic and Financial Crisis, Aug 06, 2011

A Global Market Correction Authored By Governments Forbes (blog) As a front page Wall Street Journal report from Friday not-so-shockingly observed, “markets spiraled downward” under “the strain of the global economic slowdown and the failure of policy makers to stabilize financial markets. ... See all stories on this topic »

A World of Worries: Markets Fall, New Recession Feared Wall Street Journal The yield on the benchmark 10-year Treasury slid to 2.3%, its lowest level since the height of the financial crisis. So much money poured into cash accounts that Bankof New York Mellon said it would start charging big depositors -- a stark reversal of ... See all stories on this topic » Wall Street Journal

The Post-Western World Forbes (blog) By KENNETH RAPOZA The economic crisis in advanced economies is accelerating the timeline in which big emerging nations like China rule the global economy. Instead of the market focusing on American shopping habits, they'll be focused on consumers in ... See all stories on this topic » Forbes (blog)

Insight: Investors rush to cash as economic turmoil worsens Reuters The S&P 500 absorbed its worst one week decline since November 2008 as concerns grew about the inability of world political leaders to deal with the European debt crisisor the faltering US economic recovery. And even though the S&P and other US stock... See all stories on this topic » Reuters

Five Days to Remember—Or Not Wall Street Journal Others wondered if the deepening European bank crisis "is going to be another version of the Lehman and Bear Stearns scenario," said Jim McDonald, Northern Trust's chiefinvestment strategist. He urged clients to avoid reacting to ups and downs. ... See all stories on this topic » Wall Street Journal

Dow Swings 416 Points as Treasuries Sink Bloomberg 5 (Bloomberg) -- Nouriel Roubini, a New York University professor and the economist who predictedthe global financial crisis, talks about the possibility of a US recession. Roubini, speaking from Grand Lake Stream, Maine, with Michael McKee and Betty ... See all stories on this topic »

BofA, Citi shares down on Euro, US worries Reuters By Joe Rauch CHARLOTTE, NC, Aug 5 (Reuters) - The shares of Bank of America Corp (BAC.N) and Citigroup Inc (CN), the major US banks hit hardest by the financial crisis, dropped on Friday amid investors fears that global economic weakness will hamper ... See all stories on this topic »

World of Worry Barron's What is all but certain is that the FOMC will endorse the current status quo of maintaining its 0-0.25% target for the overnight federal-funds rate, which has prevailed since December 2008, when it was put in place in the financial crisis for an ... See all stories on this topic »

The Case for Going Global Is Stronger Than Ever Gold Seek In contrast to years past, when a financial crisis would have erupted into a fiscal crisis, countries like China, Brazil, and others have seen their currencies strengthen. This makes their dollar-denominated debt easier to repay, especially as a ... See all stories on this topic »

Govt spending must be targeted: Prasarn The Nation The US is also beleaguered by lower tax revenue, higher public debts due to the 2008financial crisis. A hike in debt ceiling means higher public debts, against budget cuts in 10 years. "It's not easy to achieve the US$4 trillion balance budget, ... See all stories on this topic » The Nation

US stocks dip to end worst week in two years Sydney Morning Herald The Dow Jones Industrial Average swung in a 416-point range, while financial shares in the S&P 500 tumbled 1.7 per cent. Bank of America Corp. dropped 7.5 per cent, while Citigroup Inc. slumped 3.9 per cent as Europe's debt crisis and losses linked to ... See all stories on this topic »

Economic Daily News: Who will rescue world economy this time? Focus Taiwan News Channel The lack of a credible financial stabilization plan also fueled concerns about a new recession. The problem only intensified when the European Central Bank decided on Aug. 4 to resume buying government bonds to ease the worsening eurozone debtcrisis. ... See all stories on this topic » Focus Taiwan News Channel

Investors struggle to see past panic Reuters "There is certainly not going to be any fiscal stimulus coming, given the debt situation we are in," said Paul Mendelssohn, chief investment strategist of Windham FinancialServices in Charlotte, Vermont. "You've got so much discord and so much ... See all stories on this topic » Reuters

Equities shine in era of low interest rates The Independent The global economy has spent much of the last five years in meltdown – particularly the previously reliable income generators such as banks which were badly affected by the financial crisis – so what are the prospects like for dividends now? ... See all stories on this topic »

“The bad news came quickly and in bunches” – John Rafferty Net Newsledger Declining growth and less job creation within Canada – especially when coupled with a possibleglobal credit crisis should be a huge red flag for this Conservative government if they are truly on top of things on the economic front as they claim. ... See all stories on this topic »

The Debt Supercycle Business Insider Then today I get this note from Bluemont Capital Advisors, written by Harald Malmgren, Global Economic Strategist, and Mark Stys, Chief Investment Officer. It is short but important, so I am going to quote it liberally: Italian and Spanish interbank ... See all stories on this topic »

Debt wrangling: Your guide to economic chaos Frankstonweekly Aren't we just recovering now from the global financial crisis, you ask? In the financial crisis of 2008 it was the banks which had all the debt, and the governments which bailed them out. Fast forward three years and we have the sovereign debt crisis. ... See all stories on this topic »

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EUROZONE Debt Crisis News, Aug 06, 2011

Sarkozy, Cameron to discuss debt crisis
AFP
Barely two weeks after a special summit held to offer a definitive fix to Europe'srumbling debt crisis, the market panic biting the single currency is whipping eurozoneleaders back into action. With markets now homing in on government debt rather ...
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AFP

Western Leaders Seek to Contain European Debt Crisis, Turmoil in Markets
Bloomberg
Photographer: Steffen Kugler/Bundesregierung-Pool via Getty Images Western leaders huddled on preventing the debt crisis from spreading to the core of the euro area after the biggest weekly decline in global stocks since 2008. ...
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Markets face fresh chaos, analysts say AFP LONDON — World equities, fresh from their worst week since the 2008 global financialcrisis on eurozone debt fears, face more turmoil after Washington lost its AAA rating, analysts said Saturday. Standard & Poor's cut the rating to AA+ with a negative ... See all stories on this topic »

AFP

In this grave crisis, the world's leaders are terrifyingly out of their depth Telegraph.co.uk (blog) The events of the past few days have been momentous: the eurozone sovereign debt crisis has escaped from the peripheries and spread to Italy and Spain; parts of the European banking system have frozen up; US Treasuries have been stripped of their AAA ... See all stories on this topic »

Telegraph.co.uk (blog)

G7 meeting mulled on US downgrade, eurozone crisis
Taipei Times
Discord among EU policymakers over how to stop a disastrous spread of the sovereign debt crisis to Italy and Spain, the eurozone's third and fourth-largest economies, has frustrated investors. The ECB disappointed markets by buying Irish and Portuguese ...
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Europe economic crisis festers Los Angeles Times With many leaders on their summer holidays even as Europe deals with a debt crisis, perceptions of a leadership vacuum are making risk-averse markets jittery. Robert Halver, capital market expert for Baader Bank, appears despondent at the stock market... See all stories on this topic »

Los Angeles Times

Call for action on euro zone debt
Ghana Broadcasting Corporation
Lloyds Bank analyst Charlie Diebel, who heads market strategy for the lender's research sales and derivatives structuring unit, said there would be no quick fixes to cure Europe's economic woes. He warned that tackling the eurozone's debt crisis would ...
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China and Japan back euro zone to recover
Irish Times
China, the world's second biggest economy, acknowledged Europe's debt woes, but expressed confidence in the euro zone's ability to stop its crisis spreading. “Europe's debt problems are still developing, and the US sovereign debt default risk is ...
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World leaders to confer on debt crises this weekend
Reuters
After a week which saw $2.5 trillion wiped off global markets, the S&P move deepened fears of an impending recession in the United States as euro zone countries struggle with a debt crisis of their own. S&P blamed the downgrade in part on gridlock in ...
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World reacts to US credit downgrade CNN International Sarkozy interrupted his holiday Friday to speak with Merkel and Spanish counterpart Jose Luis Rodriguez Zapatero, amid concerns that the euro zone's debt crisis might spread beyond smaller economies like those of Greece, Portugal and Ireland. ... See all stories on this topic »

CNN International

Criticism of Ratings Agencies Grows
Wall Street Journal
Since the Greek debt crisis began in late 2009 and early 2010, officials here have engaged in an on-and-off battle with rating agencies which have repeatedly and aggressively slashed the ratings of theeuro bloc's most fragile economies, ...
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Italy calls for emergency G7 to stem euro turmoil
Bangkok Post
The EU executive on Friday begged markets for a breathing-space of just "weeks" as it works to put into place measures to stem contagion of a debt crisis across the 17 nations that share the euro.EU commissioner for Economic and Monetary Affairs Olli ...
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Financial jargon is all Greek to me save one word – debt The Guardian The economics of global trade with China and the creation of the euro long seemed to defy logic. But what would I know? You may recall the Latin American debt crisis of 1982, the Asian debt crisis of 1997, the Russian debt crisis of 1998 – and you'll ... See all stories on this topic »

The Guardian

Get a grip or EU are finished The Sun Mr Cameron is irate that EU leaders agreed a deal to rescue the euro two weeks ago, then jetted off on holiday before implementing it. This euro crisis, debt stand-off in Washington and fears over grim US growth figures triggered this week's loss of ... See all stories on this topic »

The Sun

Stocks Post Biggest Weekly Loss Since Crisis; S&P Downgrades the U.S. (AAPL ...
TradersHuddle.com
In Europe, equity markets extended its losses, closing at fresh 11-month lows after the weak services sector data in the US added to concerns about the spread of the euro zone debt crisis to Italy and Spain, as bond yields in both countries remained ...
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Merkel faces a Hobson's choice on eurozone Telegraph.co.uk Fear of a US downturn, fear of a sovereign debt crisis in Italy or Spain – countries considered "too big to bail", fear of another global recession. As those fears gathered into panic this week, the world witnessed an extraordinary series of events. ... See all stories on this topic »

Telegraph.co.uk

PRECIOUS METALS: Gold Down 2nd Day, EU Debt Deal Soothes Fears
Wall Street Journal
Investors have flocked to gold in recent weeks, pushing prices to a record of $1684.90 earlier this week, amid growing concerns that Europe's sovereign debt crisis was spreading to larger economies like Italy and Spain. Gold tends to retain its value ...
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Dark Window Debt Default
The Market Oracle
The US debt crisis, with its see-through debt ceiling and dark invisible floor, so far below, has very serious rivals in Europe. Relative to GDP, the USA's sovereign debt is either less extreme, comparable to, or not far ahead of sovereign debt load in ...
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Jean-Claude Trichet: The guardian of the euro
The Independent
He was asked on Thursday for his response to the incipient market meltdown, provoked by worries that the eurozone debt crisis was about to engulf Spain and Italy. Mr Trichet, 69, who has been theeurozone's "Monsieur Euro" for nearly eight years, ...
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Market overview: FTSE 100 closes down 146
ShareCast
LONDON (SHARECAST) - 1630: Close Stocks ended the week sharply lower on US debt fears and due to rising concerns over the Eurozone debt crisis which sparked a brutal sell-off, wiping off nearly 7% of the index's value. Better-than-expected US payrolls ...
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Double dip recession 'on the cards': UK economy in peril from world crisis ... Daily Mail The new IMF chief does not appear to have recognised that the latest Greek bailout would fall short of what was necessary to calm markets racked by fears of default by a number of eurozone countries. To make matters worse, the sovereign debt crisis has... See all stories on this topic »

Daily Mail

Global stocks tumble
Malta Independent Online
Thursday's losses on the Dow were the biggest in a single session since late 2008 as investors took fright at the debt crisis in the euro zone, signs of growth slowing sharply and attempts by Japan and Switzerland to drive their currencies lower. ...
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20 things you need to know about the economic crisis
Irish Independent
2 The Europeans will struggle to fix it: While everyone scoffed at the political circus in the US over their recent debt problems, the EU has been even more disorganised. The European Council agreed a comprehensive package in July, but nobody thought ...
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Trading Week Outlook: Aug. 8 - Aug. 12
FXstreet.com
... to keep the markets on the edge as investors react to the US credit rating downgrade by S&P and remain unconvinced that the worst of the EU debt crisis is behind, while all eyes turn to the Fed's monetary policy meeting and the prospects for QE3. ...
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World market rout: Investors lost confidence in politicians
Economic Times
But he said markets wanted an end to the "political dysfunction" evident in the protracted wrangling over US debt ceiling and the euro zone's inadequate response to the debt crisis gripping the periphery of the 17-member group. ...
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EU Morning Report: Focus turns to the ECB and BoE Interest Rate Decisions
International Business Times
The outlook on Portugal's rating remains negative raising fears that Portugal may follow Greece and fall in a deep debt crisis. Versus the greenback, the euro shed 1.3% falling to 1.4285 from 1.4466. Investors' focus turns to today's Interest Rate ...
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Robin Hood Tax would lead to calmer markets Left Foot Forward By Simon Chouffot of the Robin Hood Tax Campaign Panic, plunge, turmoil and crisisfeatured on the front pages of the Mail, Financial Times, Guardian and Telegraph yesterday. The sovereign debt crisis, having been momentarily eased by agreement on... See all stories on this topic »

Left Foot Forward

The Week Ahead: Waiting for QE3
Forbes (blog)
(Ask someone in Europe what they think of Spain's infrastructure, and you might get a laugh.) Thecrisis in the Eurozone is also a large part of the problem, as the calm over the recent plan to solve Greece's debt crisis did not last long. ...
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From Milan To Manhattan: The Making Of A Horror Film Called The Western Economy
Worldcrunch
In order to beat the sovereign debt crisis and attempt to consolidate public accounts — in Europeas in Washington — it is urgent to cut public spending and raise taxes, otherwise there isn't any hope that other government interventions can give a ...
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Shares Experiences A Sharp Slide On US Debt Concerns
Economy News India
In the midst of prevailing fears over global economic downturn due to the sharp budget deficit in US and Euro zone debt crisis, Indian stock markets showed a steep slump on Friday. The BSE (Bombay Stock Exchange) recorded lowest since June 2011, ...
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We need strong leadership to ride out storm
Belfast Telegraph
Until recently it appeared unthinkable that America could be so heavily in debt or that the euro could become such a threatened currency. However a crisis, which has the elements of a financial perfect storm, is creating fear and uncertainty worldwide. ...
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Jobs report, Europe's woes send Wall Street up, down, up
Sacramento Bee
"The economy is struggling, but it is weathering the storm created by higher oil prices, fallout from the Japanese quake and the hit to confidence from the debt ceiling spectacle," Zandi said. It now faces head winds from Europe's debt crisis, ...
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Italy Seeks Constitutional Amendment Requiring Balanced Budget ... By The Huffington Post News Team Italy Seeks Constitutional Amendment Requiring Balanced Budget Amid Growing Debt Crisis. Italy Balance Budget. By FRANCES D'EMILIO 08/ 5/11 03:45 PM ET AP. React. Inspiring Greedy Typical Scary Outrageous Amazing Innovative Infuriating ... But the emergence of Italy as a potential victim over the past few weeks has highlighted just how vulnerable the eurozone is and how insufficient its anti-crisis measures are. The yield on Italy's 10-year bond stands at 6.09 percent, ... Europe on Huffington Post

U.S. loses AAA rating; G7 finance ministers to meet ... By watchmanstrumpetblast watchmanstrumpetblast. Search. “Bible Prophecy News related to Prophetic Events & warnings from The Lord Jesus Christ”. ‹ South Africa opens bidding for 'green' energy projects ... NEW YORK/ROME (Reuters) – The United States lost its top- tier AAA credit rating from Standard & Poor's on Friday, hours after investors alarmed by the euro zone debt crisis forced Italy to speed up an austerity drive. In a sign of how concerned world leaders are about a slide in stocks that ... watchmanstrumpetblast

Italy to balance budget amid financial crisis More Las Vegas News More>> ... U.S. President Barack Obama spoke separately by phone with French President Nicolas Sarkozy and German Chancellor Angela Merkel about the latest developments in Europe's sovereign debt crisis, the White House said. ... Italy's borrowing costs rose above Spain's for the first time in more than a year, pushing European leaders to interrupt their vacations and look for a response to deepening fears about the health of the eurozone's No. ... KLAS - National News

NewsDaily: G7 major powers to confer on markets crisis: source The source said Friday's unprecedented downgrading of the United States' credit rating by Standard & Poor's had added a global dimension on top of the euro zone's debt crisis, raising the need for international coordination. ... ROME/ FRANKFURT, July 7, 2011 (Reuters) — International bankers and European Union officials made no progress on Thursday in securing a private sector contribution for a second bailout of Greece and bond yields climbed on concern about the scheme . ... NewsDaily: Top Headlines

Exclusive: ECB to discuss crisis action on Sunday: sources ... By herosorwar PARIS (Reuters) - The European Central Bank will hold a rare Sunday conference call to discuss developments in the euro zone's debt crisis and the. ... Asked whether the announcement, made under strong pressure from European Union peers and the central bank, was enough to persuade the ECB to buy Italian bonds, once ECB source said: “I'm not sure that it's sufficient but it is going in the right direction. “They should do a bit more because the Italian program is still ... BitLoft.NET

Alert ~ Emergency Meeting ~ G7 Finance Meeting Within Days ... By admin ... pushing European leaders to interrupt their vacations and look for a response to deepening fears about the health of the eurozone's No. 3 economy. At the start of Europe's debt crisis 21 months ago, Italy was rarely grouped with the ... Iraqi Dinar News | Iraqi Dinar...

Italy under pressure; fast tracks austerity plan for ECB support ... Discord among EU policymakers over how to stop a disastrous spread of the sovereign debt crisis to Italy and Spain, the euro zone's third and fourth biggest economies, has caused increasing frustration among investors. ... “International policy coordination through the G7 and G20 is of critical importance,” he told a news conference, having broken off his vacation and returned to Brussels. Britain called for a “concerted international effort” to show governments would ... Firstpost

Standard & Poor's decision to downgrade the U.S. credit rating has ... By iCELL News The move followed a week in which anxieties over Europe's debt crisis and the faltering U.S. recovery had spooked investors and made for volatile trading Friday, despite the release of stronger-than expected U.S. jobs figures for July. ... Sarkozy interrupted his holiday Friday to speak with Merkel and Spanish counterpart Jose Luis Rodriguez Zapatero, amid concerns that the euro zone's debt crisis might spread beyond smaller economies like those of Greece, Portugal and ... Investor Stemcell

Mixed global reaction to S&P downgrading of US rating : Ghana ... By emma The move followed a week in which anxieties over Europe's debt crisis and the faltering U.S. recovery had spooked investors and made for volatile trading Friday, despite the release of stronger-than expected U.S. jobs figures for July. ... In China — which holds large amounts of U.S. debt — a commentary published by the official Xinhua news agency was critical of the U.S. government and questioned whether the U.S. dollar should continue to be the global reserve currency. ... Ghana Business News

euro zone debt crisis: Latest News, Videos, Photos | Times of India See euro zone debt crisis Latest News, Photos, Biography, ... as the Eurozone sovereign peripheral crisis and concerns over the US debt ceiling kept issuers ... timesofindia.indiatimes.com/topic/euro-zone-debt-crisis

Euro Zone Debt Crisis: Europe Bonds Hit by Turbulence; Italians ... ... the euro zone sovereign debt crisis rattled bond markets across Europe on Tuesday. ... News. Blog Posts. Videos. Current DateTime: 05:39:46 04 Aug 2011 ... www.cnbc.com/.../Europe_Bonds_Hit_by_Turbulence_Italian...

China voices confidence on euro zone debt as crisis spreads ... China voices confidence on euro zone debt as crisis spreads ... foreign minister on Wednesday expressed concern over Europe's spreading debt crisis but also ... NBC News. At Auschwitz, future U.S. military leaders learn what not to do ... www.msnbc.msn.com/.../china-voices-confidence-euro-zone-d...

Debt Crisis Italy Euro European | The News Portal EURO ZONE: EU leaders scramble to head off euro zone crisis ... to coordinate efforts to stem a wave of market panic over the euro zone debt crisis. ... thenewsportal.net/?p=1097140

Britain PM Aware About Euro Zone Debt Crisis | TopNews Spain Britain PM Aware About Euro Zone Debt Crisis ... Sir Mervyn King, EU Economic and Monetary Affairs Commissioner Olli Rehn and other key European ... US News. Our Universe is ensconsed in a bubble that is part of a vast multiverse! ... topnews.es/.../2372-britain-pm-aware-about-euro-zone-debt-cr...

Debt crisis hits heart of eurozone, ECB extends lifeline (AFP ... The musical 'Rent' returns to a new New York home (AP) ... AFP – The European Union warned the debt crisis is now striking at the heart of the eurozone and the central ... …angela merkel, euro zone bonds, european commission president … ... www.thepointenews.com/.../debt-crisis-hits-heart-of-eurozone-...

Dailymotion - EUROZONE BATTLES DEBT CRISIS - a News ... STORY: EUROZONE BATTLES DEBT CRISIS DATELINE: July 12, 2011 LENGTH: 0:02:31 ... Pkg: Eurozone finance ministers reaffirmed ... www.dailymotion.com/.../xjvjdy_eurozone-battles-debt-crisis_...

Adds fermentation euro debt crisis or the “new patient” | Forex News Under EUR Forex News Tags: Adds fermentation euro debt crisis or the "new ... for short-term U.S. debt ceiling is raised when the progress of the euro zone debt, ... Authority, according to EU data bank, only Bank of Cyprus to Greece, ... www.forex-news.co/adds-fermentation-euro-debt-crisis-or-the...

Unelected EU President states that EU debt crisis is now out of ... Bad Cartridge: Unelected EU President states that EU debt crisis is now out of ...http://news.sky.com/...rticle/16043146 n a letter to European Union ... He called for a re-assessment of all elements of the eurozone's current and ... www.badcartridge.com/index.php?/topic/25220...eu...

Volatility rips through global stock markets Sin Chew Jit Poh "While investors digested the payroll report and remained homed in on developments from the ongoing eurozone debt crisis, markets swung wildly from positive to negative, before finally landing much where they started," the Charles Schwab brokerage said ... See all stories on this topic »

Flash Crash Lite Daily Reckoning - American Edition This trend is not entirely surprising, given the serious fiscal crisis that is unfolding around the periphery of the euro zone. The following chart, by contrast, is something of a shock. The price of a CDS on 5-year French government bond, ... See all stories on this topic »

US job growth rebounds in July Kansas City Star "The economy is struggling but it is weathering the storm created by higher oil prices, fallout from the Japanese quake and the hit to confidence from the debt ceiling spectacle," Zandi said. It now faces headwinds from Europe's debt crisis, ... See all stories on this topic »

fuckfrance.com - Debt crisis: Global markets plunge as eurozone ... “We are no longer managing a crisis just in the euro-area periphery. ... chief British and European economist for the financial analysts at IHS Global Insight, ... In America, the impact of theeurozone debt crisis was exacerbated by a slowdown in ... global markets plunge everywhere after the bad news in europe. ... www.fuckfrance.com/.../Debt-crisis-Global-markets-plunge-as...

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