Tag Archives: Eurozone

Soros Op-Ed: Europe’s future is not up to the Bundesbank

The Blaze…

“The crisis has entered what may be a less volatile but more lethal phase.” Full Report →

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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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S&P Cuts Ratings on France, Italy, Other European Countries

From FBN…

Standard & Poor’s on Friday downgraded the debt of nine European countries, including France and Austria, two large economies which until recently were thought to be strong.

Germany, by far the strongest economy in Europe, was not included in the downgrades.

The move by S&P, rumored for weeks, is being viewed as the latest troubling development in the long-running European sovereign debt crisis.

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France Downgraded by S&P, Losing Triple-A Status: Report

From CNBC…

Standard & Poor’s ratings agency has downgraded France’s credit rating, French television channels reported on Friday, citing a government source.

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IMF chief warns over 1930s-style threats

From Financial Times…

The managing director of the International Monetary Fund has warned that the global economy faces the prospect of “economic retraction, rising protectionism, isolation and . . . what happened in the 30s [Depression]”, as European tensions again flared over suggestions in Paris that the UK’s credit rating should be downgraded before France’s.

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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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