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Keyword: eucrisis

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  • Stocks: Storm clouds continue to gather over Greece

    05/20/2012 10:44:07 AM PDT · by Signalman · 10 replies
    CNNMoney ^ | 5/20/2012 | Hibah Yousuf
    NEW YORK (CNNMoney) -- Facebook is finally public, but that won't solve Greece's problems. Investors are likely to continue to bail out of stocks and continue the move into U.S. Treasuries and gold in search of safety as doubts over Greece's future in the eurozone continue to build. Elections in Greece earlier this month failed to form a coalition government, and now the debt-laden country is under a caretaker government until the next election in June, which experts say will serve as a referendum on whether Greece stays in the eurozone. Syriza, a coalition of leftist parties, is currently leading...
  • G-8 leaders hope Greece remains in eurozone

    05/19/2012 10:53:57 AM PDT · by Kaslin · 7 replies ^ | May 19, 2012
    The United States and other members of the Group of Eight industrial nations expressed hope Saturday that Greece will remain in the Eurozone, anxious to keep its economic troubles from spreading around the world. The leaders said all of the nations have an interest in the success of efforts to strengthen the eurozone and help Europe's economy grow. President Barack Obama said the leaders agreed that Europe's financial crisis must be addressed with a mix of growth and austerity measures, as they huddled for a shirt-sleeve discussion that also covered world concerns about ups and downs in oil prices. The...
  • Europe admits Greece exit preparation

    05/18/2012 2:16:47 PM PDT · by bruinbirdman · 31 replies
    The Telegraph ^ | 5/18/2012 | Philip Aldrick
    Brussels is preparing plans for Greece to quit the euro, a senior official has revealed, as analysts warned that the country’s exit would cost European taxpayers at least €225bn (Ł180bn). European Union trade commissioner Karel De Gucht said that both the European Commission and the European Central Bank (ECB) were working behind the scenes on contingency plans for a break-up. “Today there are in the European Central Bank, as well as in the Commission, services working on emergency scenarios if Greece shouldn’t make it. A Greek exit does not mean the end of the euro, as some claim,” he said....
  • Global banks see market rally on Greek exit

    05/17/2012 8:35:26 PM PDT · by bruinbirdman · 15 replies
    The Telegraph ^ | 5/17/2012 | Ambrose Evans-Pritchard
    Major global banks are advising clients to prepare for a stock market rally and a resurgence of the euro if Greece is forced out of monetary union, betting that world authorites will flood the international system with liquidity. Bank of America said EU authorities will pull out the stops to keep Greece in the system as they weigh the full dangers of contagion. Should that fail, it expects a series of dramatic moves Bank of America said it expects a "powerful short squeeze" in risk assets as speculative funds unwind positions, led by a rebound in battered bank stocks and...
  • Stocks end at 4-month lows

    05/17/2012 2:24:21 PM PDT · by Signalman · 10 replies
    CNNMoney ^ | 5/17/2012 | Hibah Yousuf
    NEW YORK (CNNMoney) -- Investors fled stocks and flocked toward the safety of U.S. Treasuries Thursday as worries about Greece's future in the eurozone continued to escalate. The Dow Jones industrial average (INDU) dropped 156 points, or 1.2%, and the S&P 500 (SPX) lost 20 points, or 1.5%. The day's retreat marked the fifth day of declines for the Dow and S&P 500. The Nasdaq (COMP) closed in the red for a fourth consecutive session, shedding 60 points, or 2.2%. Concerns about Greece's place in the 17-nation eurozone continued to build, sending investors toward U.S. goverment debt, which is perceived...
  • Euro crisis ensnares Spain

    05/17/2012 1:20:20 PM PDT · by bruinbirdman · 4 replies
    The Telegraph ^ | 5/17/2012 | Philip Aldrick, Economics Editor, Fiona Govan
    Spain moved back into the eye of the eurozone storm on Thursday as the country’s borrowing costs rocketed to unsustainable levels, the authorities were forced to deny that one of its biggest banks was in meltdown and the economy tipped back into recession. Shares in Bankia, the country’s fourth biggest bank, plunged 29pc amid reports that depositors had pulled out €1bn in the past week. Madrid was then forced to pay 50pc more than in March to drum up interest in a €2.5bn (Ł2bn) bond. By then end of the day, borrowing costs for benchmark 10-year sovereign debt in Spain...
  • Panicked Greeks withdraw nearly $900 million from banks in one day

    05/17/2012 9:59:10 AM PDT · by aimhigh · 23 replies ^ | 05/17/2012 | Steve Slater and George Georgiopoulos
    Excerpts: Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at least 700 million euros ($890 million US) on Monday alone,.. Data shows depositors have also taken flight from banks in Belgium, France and Italy. And on Thursday, Spain’s Bankia was reported to have seen more than 1 billion euros drained by its customers in the past week. In Greece, sources at two banks told Reuters that withdrawals on Tuesday had taken place at about the same rate as on Monday. It is not only Greeks who are worried about their savings. Data shows...
  • Greece Must Exit (Roubini)

    05/17/2012 10:27:12 AM PDT · by blam · 6 replies
    Project Syndicate ^ | 5-17-2012 | Nouriel RoubiniP
    Greece Must ExitMay 17, 2012Nouriel Roubini NEW YORK – The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the eurozone. Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness. Greece is stuck in a vicious cycle of insolvency, lost competitiveness, external deficits, and ever-deepening depression. The only way to stop it is to begin an orderly default and...
  • What Happens When the World Economy “Goes Japan”

    05/16/2012 4:52:50 PM PDT · by dennisw · 15 replies
    dailyreckoning ^ | By Bill Bonner
    The Dow sinking.Gold sinking.Oil sinking.Copper sinking.Yields sinking.  We struggled with this, Dear Reader. We meditated. We prayed. We drank heavily.And finally…we overcame the rank desire to say: “We told you so!”As you know, Martin Wolf, of The Financial Times, is the voice of The Economics Establishment. All that is great and good in the field — which isn’t very much — is given voice by Wolf. Then, it is acceptable for policymakers, Treasury ministers, and central bankers, not to mention the people you talk to at cocktail parties.And lo! Here cometh the neo-Keynesian economist. What saith he?He says the world...
  • Europe, US and the world brace for messy impact from Greece

    05/16/2012 11:55:19 AM PDT · by Kartographer · 18 replies
    MSNBC ^ | 5/16/12 | John W. Schoen
    As Greece teeters on the edge of financial collapse, European officials have a new task before them: preventing the financial turmoil from spreading across the continent, across the Atlantic and around the rest of the world. The fear is that Greece’s financial turmoil could spread beyond its borders despite European efforts to create a “financial firewall” to contain it. “The spillover effects, the chain of consequences are very difficult to assess,” said International Monetary Fund President Christine Lagarde on Wednesday. “We can certainly assume that it would be quite messy.”
  • Greeks Withdraw $894 Million U.S. In Cash Out Of Bank Accounts

    05/16/2012 6:43:34 AM PDT · by Fennie · 38 replies
    AFP ^ | May 15, 2012
    ATHENS, May 15, 2012 (AFP) - Some 700 million euros, equivalent to US $894 million, were withdrawn from Greek banks on Monday, President Carolos Papoulias said, warning that the situation would worsen in coming days. "During a telephone interview with the governor of the Bank of Greece, George Provopoulos, he informed me that the banks situation was very difficult ... and that the banking system was currently very weak," said the president in a transcript released Tuesday.
  • Global lenders face 'killer losses' on Greek debt

    05/15/2012 9:26:43 PM PDT · by bruinbirdman · 18 replies
    The Telegraph ^ | 5/15/2012 | Louise Armitstead
    Foreign holders of €422bn of Greek debt were warned to brace themselves for "killer losses" as coalition talks in Athens collapsed, threatening Greece's future in the eurozone. The euro tumbled to a four-month low and European stock markets dropped as political leaders and economists warned that the next round of elections called in Athens amounted to a vote on Greek membership of the euro “What’s at stake isn’t just the next Greek government,” said Guido Westerwelle, Germany’s foreign minister. “What’s at stake is the Greek people’s commitment to Europe and the euro.” “A second vote means Greece is edging closer...
  • Operation Self-Deceit: New Documents Shine Light on Euro Birth Defects

    05/15/2012 10:19:14 PM PDT · by Olog-hai · 10 replies
    Der Spiegel ^ | 05/08/2012 | Sven Böll, Christian Reiermann, Michael Sauga and Klaus Wiegrefe
    … Documents from the Kohl administration, kept confidential until now, indicate that the euro's founding fathers were well aware of its deficits. And that they pushed ahead with the project regardless. In response to a request by Spiegel, the German government has, for the first time, released hundreds of pages of documents from 1994 to 1998 on the introduction of the euro and the inclusion of Italy in the eurozone. They include reports from the German embassy in Rome, internal government memos and letters, and hand-written minutes of the chancellor's meetings. The documents prove what was only assumed until now:...
  • 'Get rid of your Greek euros': Holiday company rebuffed over scaremongering euro warning

    05/15/2012 10:42:07 PM PDT · by Olog-hai · 23 replies
    Daily Mail (UK) ^ | PUBLISHED: 07:45 EST, 15 May 2012 | UPDATED: 08:38 EST, 15 May 2012 | Travelmail Reporter
    An online travel company has advised worried holidaymakers to 'get rid' of their Greek euros in case the crisis-hit country leaves the single currency. As German Chancellor Angela Merkel conceded for the first time that Greece could be forced to quit the euro, DialAFlight warned travelers that their Greek euro notes could become worthless. However, while some experts predict that Greece could leave the single currency within weeks, there has been no official acknowledgement that their euro notes would become worthless. The blog post on the company's website—which has since been removed—was advising Britons to check the origin of their...
  • Obama: Europe should have followed U.S. economic lead

    05/10/2012 2:37:48 PM PDT · by Free ThinkerNY · 25 replies
    Reuters ^ | May 10, 2012
    (Reuters) - President Barack Obama said on Thursday that Europe was still in a difficult place economically in part because it did not take some of the steps the United States did. Addressing about 70 people at a fundraiser in Seattle, Obama said Europe's troubles were among the factors that could affect U.S. growth, also mentioning high gasoline prices as a potential economic drag. "We've still got headwinds. Europe is still ... in a difficult state, partly because they didn't take some of the decisive steps that we took early on in this recession," Obama said at the event, which...
  • Euro Parity With the Dollar? US, China Better Watch Out

    05/11/2012 11:55:39 PM PDT · by Olog-hai · 11 replies
    Financial Times via CNBC ^ | Saturday, 12 May 2012 | 1:56 AM ET | Henny Sender
    The situation in the eurozone has become so bleak that it is giving rise to the most improbable rumors. The latest to make the rounds of European hedge fund managers suggests that the euro will be tied to the dollar at close to parity, a dramatic fall from its current level of just under $1.30 and one that would involve the printing of hundreds of billions of euros. However unlikely, the speculation is an indication of Europe’s plight in a world with little growth and every government looking at exports as a way to grow. A cheap currency giving an...

    05/11/2012 4:51:49 AM PDT · by lward99 · 9 replies
    Times247 ^ | 05/11/12 | Jeff Kuhner
    The European Union is about to crack up. Its disintegration is now inevitable. This is the real meaning of recent elections in France and Greece. French voters decided to oust President Nicolas Sarkozy, choosing the Socialist Party’s candidate Francois Hollande. The result was predictable, and in some ways deserved. The conservative incumbent came to power in 2007 promising economic reform, overhauling France’s bloated welfare state and cracking down on illegal immigrants. Instead, Mr. Sarkozy piled up record deficits, imposed massive tax hikes and oversaw the loss of France’s triple-A credit rating. The French economy became subservient to Germany, dependent upon...
  • EU: It’s too late for Germany to save the euro

    05/10/2012 11:54:01 PM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 5/10/2012 | Jeremy Warner
    Despite belated gestures from Berlin, the single currency cannot survive if and when Greece leaves it. Greece’s motorcycling Marxist, Alexis Tsipras, makes an unlikely champion, with his commuter leathers and largely unrealistic Left-wing views, but he seems to be about the best of a bad bunch right now. As far as I can see, he’s the only member of the Greek political class who makes any kind of sense, albeit only marginally so and with one rather important deficiency. Rightly, he’s rejected Berlin’s austerity programme as “barbaric” and counter-productive (though, incongruously, he rides to parliament on a German-made BMW), but...
  • Spain nationalises Bankia as euro crisis escalates

    05/09/2012 2:44:52 PM PDT · by bruinbirdman · 1 replies
    The Telegraph ^ | 5/9/2012 | Ambrose Evans-Pritchard
    Spain has nationalised crippled lender Bankia in a dramatic move to contain the esalating crisis and restore faith in the country's management. The forced rescue was ordered by premier Mariano Rajoy after auditors Deloitte refused to sign off the bank's books, amid allegations of €3.5bn (Ł2.8bn) of inflated assets. Half of the bank's €37bn of property exposure is deemed "problematic" by regulators. The lender has asked for €4.5bn in loans, converting the cash into ordinary shares. The Spanish government holding 45pc of the bank in return. Bank of Spain has also demanded Bankia dispose of assets as part of the...

    05/09/2012 6:26:12 AM PDT · by blam · 27 replies
    TBI ^ | 5-9-2012 | Simone Fox
    MARKETS ARE CRATERING: SPAIN DOWN 3.7%, ITALY DOWN 2.1%, DOW FUTURES OFF 113 Simone Foxman May 9, 2012Scroll to bottom for updates. European shares are generally higher, but Spanish stocks are cratering, down 2.2 percent after yields on 10-year bonds rose past 6 percent for the first time since April 27. The spread between Spanish 10-year bonds and German bunds of the same maturity is at its highest since November 28 (via @LemaSabachthani). This follows a negative Asian session, where the Nikkei fell 1.5 percent and the Shanghai composite closed down almost 1.7 percent. U.S. futures are lower, point to...
  • EU: Crisis escalates as insurrection breaks German control of Europe

    05/08/2012 1:13:46 PM PDT · by bruinbirdman · 23 replies
    The Telegraph ^ | 5/8/2012 | Ambrose Evans-Pritchard
    The political dam has broken in Europe. German Chancellor Angela Merkel no longer has enough allies in the club of EU prime ministers to impose her hairshirt agenda. Her methodical plans are disintegrating on every front. For Germany it is a moment of truth. Berlin has put off hard choices since the crisis began The immediate fate of Greece - and the euro - is in the hands of a boyish motorcycle Marxist. Syriza leader deal Alexis Tsipras has vowed to tear up the hated Memorandum, as the EU-IMF "troika" loan package is known. He showed no sign of backing...
  • New eurozone crisis looms as Spain prepares bail-out

    05/07/2012 11:29:53 PM PDT · by bruinbirdman · 3 replies
    The Telegraph ^ | 5/7/2012 | Roland Gribben and Fiona Govan, Madrid
    A new eurozone crisis is looming as Spain signalled on Monday it was ready to bail out ailing banks after markets shrugged off election results in France and Greece. Spain is already struggling to cope with an austerity drive that has pushed the jobless total up to nearly 25pc of the workforce. Prime minister Marian Rajoy indicated the Government was ready to intervene to save banks wrestling with the collapse of the housing market. Bankia, Spain's fourth biggest bank, is the first in line for state aid. Rodrigo Rato, chairman and former IMF managing director, swiftly resigned after it was...
  • France: François Hollande, the dream and the reality

    05/07/2012 11:41:00 PM PDT · by bruinbirdman · 12 replies
    Libération, Paris ^ | 5/7/2012 | Nicolas Demorand
    The Socialist candidate has become President of France with 51.62% of the vote, beating Nicolas Sarkozy. The leftist daily Liberation, which sees the outcome as a wager on the future, greets it with “great joy”. Faced with the crisis, though, the honeymoon may be short.A poster of François Hollande, Paris, the end of April by Nicolas Demorand Joy. The immense joy. At seeing a closing parenthesis end a sentence, at feeling a curse lift. And how! François Mitterrand, it turns out, was no historical anomaly, but the first leftist president. Now there is a second – François Hollande. For those...
  • Eurozone Crisis: Merkel Tells Athens And Paris To Stick To Spending Limits

    05/07/2012 5:52:59 PM PDT · by Steelfish · 8 replies
    Guardian (UK) ^ | May 07, 2012 | Ian Traynor
    Eurozone Crisis: Merkel Tells Athens And Paris To Stick To Spending Limits Efforts to save the euro under threat after EU leaders' strategies collide with the wishes of voters in Greece and France Ian Traynor 7 May 2012 Europe's 30-month effort to save the euro by slashing spending and debt levels risks turning into a crisis of political legitimacy after EU leaders' strategies collided spectacularly with the wishes of voters in Greece and France. The impasse was most graphically demonstrated when Germany's chancellor, Angela Merkel, insisted Athens must comply with the stringent terms of its €130bn (Ł100bn) bailout even though...
  • French and Greek elections 'have overthrown Angela Merkel as dominant force'

    05/07/2012 4:58:49 PM PDT · by Olog-hai · 32 replies
    Daily Telegraph (UK) ^ | 3:53PM BST 07 May 2012 | Our Foreign Staff
    French and Greek elections have overthrown Angela Merkel, the German chancellor, as the dominant force in European politics, newspapers in Germany have concluded. "The hour of the extremists," warned Handelsblatt, Germany's financial newspaper, predicting that the defeat of pro-EU austerity parties in Greek elections will bring "an unparalleled political upheaval". … In an editorial, the newspaper warned that Greece could bring "political chaos" to Europe. … Writing about their French neighbors, Süddeutsche Zeitung says: "Goodbye election campaign—bonjour reality." … Die Welt sees the French and Greek vote as interlinked, spelling "the rejection of Merkel's system in Europe". In an editorial,...
  • Germany says renegotiating EU pact “not possible”

    05/07/2012 4:35:06 PM PDT · by Olog-hai · 20 replies
    Yahoo News ^ | 05/07/2012 | (AFP)
    The German government on Monday ruled out reworking the European Union's fiscal pact despite calls to do so by French president-elect François Hollande. "It is not possible to renegotiate the fiscal pact," government spokesman Steffen Seibert told a regular news conference. He noted that 25 of the 27 EU member states had already signed the accord imposing strict budgetary discipline in March after major wrangling. Hollande has called for a shift in strategy toward more growth-oriented measures including more public spending. But Seibert said Merkel would not accept "deficit spending" to feed economic expansion, and believed in "growth through structural...
  • Greece Will Experience Hyper Inflation and So Will the Rest of Europe--07.May.2012

    05/07/2012 2:36:16 PM PDT · by appeal2 · 9 replies
    The Financial Survival Network ^ | 05/07/2012 | Kerry Lutz presents: "Ranting" Andy Hoffman was with us today to review the ever declining and disintegrating world economy and to offer us his weekly insight into the precious metals markets. While gold and silver prices have been under repeated attack, Spain, Portugal and Italy have become complete basket-cases. Add to that, the election of a socialist government over the weekend in France, declining support for Merkel in Germany, and Conservative Party losses in England, and you have the prescription for a hyper-inflationary bust. In Greece, the major parties only received 35 percent of the vote, with the majority being split...
  • Show Me the ‘Savage’ Spending Cuts in Europe, Please (Austerity? what austerity?)

    05/07/2012 2:26:10 PM PDT · by SeekAndFind · 12 replies
    National Review ^ | 05/07/2012 | By Veronique de Rugy
    Austerity is destroying Europe, we are told. In fact, this “anti-austerity” slogan was a big reason for the victory of newly elected socialist François Hollande to the presidency of France. Interviewed in The Economist a few weeks ago, Hollande’s campaign director said “We are not disciples of savage spending cuts.”But then, I look at the data and I am asking: What “savage” spending cuts?Look at this chart. It is based on Eurostat data which you can find here. Following years of large spending increases, Spain, the United Kingdom, France, and Greece — countries widely cited for adopting austerity measures...
  • Norway Sovereign Wealth Fund Purges All Insolvent Eurozone Debt Holdings, US Hedge Funds Buying

    05/04/2012 1:48:31 PM PDT · by SeekAndFind
    Zero Hedge ^ | 05/04/2012 | Tyler Durden
    Over the years, our friends at the Norway Sovereign Wealth Fund have gone from jeered to cheered. To wit from March 30: "Remember this from September 2010? "Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts. “The point is, do you expect these guys to default?” said Harvinder Sian, senior fixed-income strategist at Royal Bank of Scotland Group Plc, in an interview. “Norway has taken the view that they will not. The Greek holdings are particularly interesting because the consensus in the market is that they will at some point restructure...
  • Euro tanks to three-month low after Greek vote upsets (Euro Death Watch)

    05/06/2012 8:28:47 PM PDT · by Qbert · 12 replies
    Reuters ^ | May 6, 2012 | Hideyuki Sano
    (Reuters) - The euro tanked on Monday, breaking below its well-worn range from the past three months against the dollar after elections in Greece and France raised fresh concerns that the euro zone's hard-earned bailout and austerity steps could fall apart. In particular, the apparent failure of two pro-bailout ruling parties in Greece to win a majority in the parliament is throwing the future of the bailout scheme for the country into doubt. With 95 percent of votes counted, the conservative New Democracy (ND) and socialist PASOK, who have dominated Greece for decades, is seen falling short of the 151-seat...
  • France, Greece and Germany election results send austerity shockwaves through Europe

    05/06/2012 8:30:13 PM PDT · by bruinbirdman · 60 replies
    The Telegraph ^ | 5/6/2012 | Bruno Waterfield, Devorah Lauter in Paris
    The stunning victory of the French Socialists and wipe-out of mainstream parties in Greece sent shock waves on Sunday night crashing throughout the continent of Europe. Supporters of Socialist Francois Hollande celebrate in Paris François Hollande's election threws down the gauntlet to Angela Merkel, the German Chancellor, who has railroaded the eurozone into agreeing a new "fiskalpakt" treaty enshrining Germany's austerity doctrine. The economic doctrine of austerity, to cut the burden of state spending to free up the economy, has ruled supreme with the support all of Europe's leaders, the European Union and financial markets. But political leaders were on...
  • Au revoir, austerity! New Euro crisis as French vote for return to ruinous spending

    05/06/2012 6:36:35 PM PDT · by Third Person · 77 replies
    The Daily Mail UK ^ | May 6th, 2012 | Peter Allen, Tim Shipman, and Rob Davies
    Europe was plunged into fresh economic chaos last night as France rejected austerity and elected a tax-and-spend socialist president. Nicolas Sarkozy suffered a humiliating defeat at the hands of Francois Hollande, who ran on a platform of tearing up last December’s controversial deal to save the euro from oblivion. The inexperienced Mr Hollande is now seeking talks with the European Central Bank and German Chancellor Angela Merkel to demand further borrowing to boost growth. Read more:
  • France May Have Elected François Hollande, But She Really Needs A Napoleon Bonaparte

    05/06/2012 1:41:35 PM PDT · by Steelfish · 32 replies
    Telegraph(UK) ^ | May 06, 2012 | Tim Stanley
    France May Have Elected François Hollande, But She Really Needs A Napoleon Bonaparte By Tim Stanley May 6th, 2012 Hollande is the latest in a long line of French politicians to exploit the mob. It looks like Socialist François Hollande has won the French presidency. His platform: raise taxes on business to fund a lower retirement age and more spending. Things don’t look good for poor old France. Either Hollande will stick to his promises and ruin the economy or he’ll U-turn and reveal himself to be a reckless opportunist. Whether he's a fool or a knave, this election cycle...
  • EU: Markets braced for shift away from austerity as Francois Hollande wins French election

    05/06/2012 4:54:11 PM PDT · by bruinbirdman · 44 replies
    The Telegraph ^ | 5/6/2012 | Roland Gribben
    Financial markets are braced for a radical shift in economic policy and fresh question marks over a eurozone break-up, as Francois Hollande moves into the Elysee Palace on Monday as the first Socialist president of France for 30 years. Mr Hollande's 'farewell to austerity' programme combines taxing the rich, raising public spending and lowering the retirement age. A confrontation between the new president and Angela Merkel, Germany's chancellor, is also high on the markets' worry list. However leading economists believe Mr Hollande will attempt a damage limitation exercise to avoid increasing turmoil in a eurozone facing further upheavals, with result...
  • What Sarkozy Loss Really Means for America

    05/06/2012 5:29:38 PM PDT · by Kaslin · 49 replies ^ | May 6, 2012 | Joel B. Pollak
    The mainstream media will attempt to spin French President Nicholas Sarkozy's loss today to Socialist challenger François Hollande as a rejection of "austerity" policies--and to urge American voters to reject the deficit-cutting politics of the Tea Party when we go to the polls in November. In fact, there are important lessons from France--and they are the precise opposite of what the media is telling us. First, to call Sarkozy's policies "austerity" is to insult both austerity and socialism. The French government--like other European governments--sought to close its budget gap primarily by raising taxes, not by cutting the size and cost...
  • Francois Hollande has ten weeks to avert a French bond crisis

    05/06/2012 3:22:54 PM PDT · by DeaconBenjamin · 10 replies
    Telegraph (UK) ^ | 8:02PM BST 06 May 2012 | Ambrose Evans-Pritchard
    Fears of a Leftist lurch have been in the price for weeks. The CAC-40 index of French stocks has underperformed Germany’s DAX by 20pc since last August, an ominous divergence for two countries yoked so tightly together. The yield spread of German 10-year Bunds over French OAT bonds has jumped 90 basis points. It reflects a gut feeling in global markets that France is sliding into deep trouble, clinging to a ruinously expensive social model in a Teutonic monetary union and a Chinese trading world. French economists say the moment of danger will come later this summer - whoever is...
  • French Elect Socialist President and Click Ruby Heels Saying “There is No Place Like Greece”

    05/06/2012 2:22:06 PM PDT · by whitedog57 · 25 replies
    Confounded Interest ^ | 05/06/2012 | Anthony B. Sanders
    Francois Hollande defeated French President Nicolas Sarkozy as voters handed control of the second-biggest European economy to the Socialists for the first time in 17 years. Socialist Hollande’s simple solutions include: =Taxes *Impose a tax on financial transactions. *Impose a 75 percent income tax on earnings above 1 million euros ($1.32 million) and raise the rate to 45 percent for the income bracket between 150,000 euros and 1 million euros per year. *Repeal 29 billion euros of tax breaks over the next five years. *Increase total tax level to 46.9 percent in 2017 from 45.1 percent in 2012 (payroll and...
  • Socialist Francois Hollande 'wins French presidency'

    05/06/2012 11:09:34 AM PDT · by nuconvert · 68 replies
    Socialist Francois Hollande has been elected as France's new president, early estimates say. He got about 52% of votes in Sunday's run-off, according to projections based on partial results, against 48% for centre-right incumbent Nicolas Sarkozy. Mr Hollande would be the first French socialist president since 1995.
  • Exit polls show Sarkozy has lost in France

    05/06/2012 10:00:27 AM PDT · by Cincinna · 95 replies
    Kansas City Star ^ | May 6 2012 | FREDERIC CASTEL AND ROY GUTMAN
    French Socialist Francois Hollande appeared headed to victory over President Nicolas Sarkozy, according to exit polls of voters released by Swiss and Belgian news media. Those polls showed Hollande with 52 to 53 percent of the vote in an election that turned on solutions for Europe's economic crisis amid record unemployment in France. French voters were still headed to cast their ballots when the exit polls were released in the early evening _ the results of exit polls cannot be published in France until voting ends at 8 p.m., 2 p.m. Eastern _ but the outcome seemed all but certain.
  • LIVE STREAMING: Greece Election Results

    05/06/2012 9:09:04 AM PDT · by tcrlaf · 19 replies
    MegaTV ^ | 5-6-12 | TCRLAF
    First Exit Polls released just minutes ago per Twitter: Greece Exit Poll: ND 17-20% PASOK 14-17% SYRIZA 15,5-18,5% AN. ELLHN. 10-12% KKE 7,5-9,5% XRYSH AYGH 6-8% DHMAR 4,5-6,5% This is IMPORTANT, and could dramatically effect the world economies very quickly.
  • France chooses a new president during tough times (Socialist Francois Hollande?)

    05/06/2012 9:00:37 AM PDT · by Libloather · 23 replies
    Yahoo ^ | 5/06/12 | GREG KELLER
    France chooses a new president during tough timesBy GREG KELLER | Associated Press – 4 mins 30 secs ago PARIS (AP) — France voted in a presidential run-off election on Sunday that could see Socialist challenger Francois Hollande defeat incumbent Nicolas Sarkozy by capitalizing on public anger over the government's austerity policies. The election outcome will impact efforts to fight France's debt crisis, how long the nation's troops stay in Afghanistan and how France exercises its military and diplomatic muscle around the world. Hollande voted in his electoral fief of Tulle, in central France. Live television coverage showed the 57-year-old...
  • FRENCH ELECTION: First results: Holland gave winner with 53% of votes

    05/06/2012 9:27:17 AM PDT · by tcrlaf · 46 replies
    MINUTE BY MINUTE 6:01 p.m. From our special correspondent in Paris, since the room Mutuality (where Sarkozy is speaking): "A diplomatic source, it is our responsibility that the UMP has canceled the planned public gathering tonight Place de la Concorde". 5:30 p.m. The first results indicating a victory of Nicolas Sarkozy, François Hollande, by 53% against 47%, were confirmed in "Evening" this Sunday at 5:30 p.m. by an informed source close to the Rue de Solferino, the Paris headquarters of the French Socialist Party. 5:06 p.m. According to the French Ministry of the Interior, the turnout would reach 71.96% stake...
  • France’s Turn for the Worse... Europe’s far right has already won

    05/05/2012 8:51:03 AM PDT · by darrellmaurina · 29 replies
    Slate ^ | 5/4/2012 | Yascha Mounk
    On Sunday, by almost every indication, François Hollande, who has been leading in the polls for months, will defeat Nicolas Sarkozy and become France’s next president. Hollande’s Socialist Party, which hasn’t ousted an incumbent president in over three decades, has every reason to celebrate. But the true winner of this election isn’t France’s left; it’s Europe’s far right. The reason is simple. In this election, France’s establishment has embraced Islamophobic ideas to an unprecedented degree. Right-wing populism, once a fringe phenomenon, has been conquering the bastions of Europe’s political mainstream with frightening speed; even so, most observers failed to predict...
  • The euro crisis just got a whole lot worse

    05/03/2012 11:38:30 PM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 5/2/2012 | Jeremy Warner
    With Europe plunging back into recession and unemployment soaring, Francois Hollande, the French presidential candidate, is calling for growth objectives to be reprioritised over the chemotherapy of austerity. Angela Merkel, the German Chancellor, has meanwhile continued to insist that on the contrary, Europe must persist with the hairshirt. What's needed is political courage and creativity, not more billions thrown away in fiscal stimulus. Stick with the programme, she urges, as the anti-austerity backlash reaches the point of outright political insurrection. Hollande and Merkel are, of course, both wrong. What Europe really needs is a return to free-floating sovereign currencies. Only...

    05/03/2012 7:55:53 PM PDT · by garjog · 39 replies
    UK Daily Express ^ | Friday May 4,2012 | By Macer Hall
    SENIOR Eurocrats are secretly plotting to create a super-powerful EU president to realise their dream of abolishing ­Britain and other nation states, the Daily Express can reveal. A covert group of EU foreign ministers has drawn up plans for merging the jobs currently done by Herman Van Rompuy, president of the European Council, and Jose Manuel Barroso, president of the European Commission. The new bureaucrat, who would not be directly elected by voters, is set to get sweeping control over the entire EU and force member countries into ever-greater political and economic union.
  • Electoral silence on France's slow economic decline

    05/01/2012 3:54:33 PM PDT · by bruinbirdman · 2 replies
    The Telegraph ^ | 5/1/2012 | Ambrose Evans-Pritchard, in Paris
    France's economy has weathered the global crisis of the last five years deceptively well, shielded by a Leviathan state and the postponement of hard choices. Yet the underlying decline that began 30 years ago has gathered speed. France's share of eurozone exports has dropped from 17pc to 13pc since 2000. Spain, Benelux and Germany have done much better. "France is coddled with illusions," said Jean Peyrelevade, ex-head of Credit Lyonnais. "Economic decline is the brutal, hard, undeniable reality. We are consuming the leftovers of a past prosperity." The trade account - an iconic indicator for Colbertistes - has switched from...
  • S&P cuts Spain ratings two notches to BBB-plus [ Socialism Fails, again ]

    04/26/2012 5:33:45 PM PDT · by NoLibZone · 2 replies
    Reuters ^ | April 26 2012 | Reuters
    Standard & Poor's on Thursday cut its credit rating on Spain to BBB-plus from A, a two-notch downgrade, citing its expectation the government's budget deficit will deteriorate even more than previously thought due to economic contraction. The ratings agency put a negative outlook on the credit and said it believes the government will also have to provide more financial support for the euro zone nation's banking sector. Moody's Investors Service rates Spain one notch higher at A3 with a negative outlook, and Fitch Ratings has it two notches higher at A, also with a negative outlook.
  • Miracles Do Happen: Someone in Brussels Accurately Analyzes Europe’s Fiscal Crisis!

    04/24/2012 7:38:50 AM PDT · by Kaslin · 4 replies ^ | April 24, 2012 | Daniel J. Mitchell
    With the exception of a few top-notch thinkers such as Pierre Bessard and Allister Heath, there are very few people in Europe who can intelligently analyze public policy, particularly with regard to fiscal issues. I don’t know if Fredrik Erixon of the Brussels-based European Centre for International Political Economy is even close to being in the same league with Pierre and Allister, but he has a very good article that correctly explains that government spending and the welfare state are the real fiscal problems in Europe. Here are some excerpts from his Bloomberg column.
  • George Soros and the Bundesbank’s Patriotic Putsch

    04/19/2012 3:37:52 PM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 4/19/2012 | Ambrose Evans-Pritchard
    George Soros has launched all-out war against the Bundesbank. In his latest Le Monde interview he said that if he were still an active investor, he would now "bet against the euro", at least until there is a change in European leadership or policy. The euro threatens to destroy the European Union and, with the best of intentions, the leaders are leading Europe to its ruin by trying to impose inappropriate rules. The introduction of the euro has led to divergence instead of bringing about convergence. The most fragile countries of the eurozone have discovered that they are in a...
  • Deutsche Bank: Worst of Global Crisis Yet to Come as Rescue Cash Runs Out

    04/19/2012 12:01:36 PM PDT · by robowombat · 8 replies
    Money News ^ | Wednesday, 18 Apr 2012 12:13 PM
    The worst may be yet to come in the global financial crisis as the central bank spending that kept defaults low runs out, according to Deutsche Bank AG. Credit-default swap prices imply that four or more European nations may suffer so-called credit events such as having to restructure their debt, strategists led by Jim Reid and Nick Burns said in a note. The Markit iTraxx SovX Western Europe Index of contracts on 15 governments including Spain and Italy jumped 26 percent in the past month as the region’s crisis flared up. “If these implied defaults come vaguely close to being...