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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 (£180bn). 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 (£2bn) 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 (£2.8bn) 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...