Tag Archives: Euro

Soros: If I Wasn’t Retired, I’d Bet Against The Euro

The Blaze…

“I fear that the political leaders of today will lead to a disaster. 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,” Soros said. Full Report →

Greece Has Defaulted: Here Is Where We Stand

ZeroHedge…

After reading this, everyone should have a fairly good grasp of what happened not only today, but ever since the great (and quite endless) European financial crisis took center stage, and what to look forward to next…

 

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The eurozone really has only days to avoid collapse

From Financial Times…

In virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action.

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Germany told to act to save Europe

Polish foreign minister Radek Sikorski: 'I will probably be the first Polish foreign minister in history to say so, but here it is: I fear German power less than I am beginning to fear German inactivity'

From Financial Times…

Germany is the only country in Europe that can act to save the eurozone and the wider European Union from “a crisis of apocalyptic proportions”, the Polish foreign minister warned on Monday in a passionate call for more drastic action to prevent the collapse of the European monetary union.

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Prepare for riots in euro collapse, Foreign Office warns

The Treasury confirmed earlier this month that contingency planning for a collapse is now under way

From The Telegraph…

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.

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Banks Build Contingency for Breakup of the Euro

Chancellor Angela Merkel of Germany and the nation's finance minister, Wolfgang Schäuble.

From New York Times…

PARIS — For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.

On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

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New euro ’empire’ plot by Brussels

From The Telegraph…

European Union chiefs are drawing up plans for a single “Treasury” to oversee tax and spending across the 17 eurozone nations.

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Moody’s Downgrades Italy From Aa2 To A2, Negative Outlook – Full Text Of Three Notch Downgrade

From ZeroHedge…

And here we go again. Ironically, this is nothing. Wait until S&P, which just telegraphed very loudly the next steps earlier, puts France on downgrade review…

Moody’s downgrades Italy’s government bond ratings to A2 with a negative outlook

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Greece Falls Into ‘Death Spiral’: Rising Debt, No Growth

Angelo Cavalli | Photodisc | Getty Images

From CNBC…

Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.

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Him Again: Soros Calls For the Recapitalization of Euro Banks

George Soros

From TheBlaze…

“These measures would allow Greece to default without causing a global meltdown,” Soros said. “That does mean that Greece would be forced in default . . . How Greece fared would be up to the Greeks.”

 

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