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The Euro-What do you think is happening, is this prophetic

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Poll
Question: Whats the plan for the euro  (Voting closed: December 14, 2011, 02:58:14 am)
Collapse the euro before Chritmas - 0 (0%)
Collapse the euro before this time next year - 1 (25%)
Add a stronger currency to absorb the mess - 0 (0%)
Collapse the whole world financial structure soon to implement the mark(revelation) - 2 (50%)
Not clear from prophecy whats happening - 1 (25%)
Total Voters: 2

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Author Topic: The Euro-What do you think is happening, is this prophetic  (Read 8880 times)
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« Reply #180 on: May 12, 2012, 05:33:49 am »

If the Euro crashes then the US has about 2 weeks before it will crash too! (i heard that by Dr Johnson)
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« Reply #181 on: May 12, 2012, 11:50:57 am »

If the Euro crashes then the US has about 2 weeks before it will crash too! (i heard that by Dr Johnson)

Not that I endorse Lindsey Williams, but he was pretty much the first one that talked about this last year. Other sources have confirmed this as well.
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« Reply #182 on: May 13, 2012, 02:04:59 pm »

http://www.bbc.co.uk/news/uk-politics-18014552 (video in the link)

"UK Independence Party leader Nigel Farage has warned that some EU countries face "mass civil unrest, possibly even revolution" as a result of austerity cause by the euro crisis.

He told the European Parliament the rise of "extreme" parties "could cause the rebirth of National Socialism" in countries such as Greece.

Mr Farage, whose party wants the UK to leave the EU, urged an end to the eurozone project.

It was "headed the wrong way", he said.

In Greece, the leader of the left-wing Syriza bloc, Alex Tsipras, has tried to form a government following inconclusive elections on Sunday.

He has described the EU-International Monetary Fund bailout, and its resulting austerity measures, as "barbaric".

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« Reply #183 on: May 14, 2012, 05:06:20 pm »

European interest rate spreads widening sharply
14 May 2012, by Tom Bemis (MarketWatch - Blogs)
http://blogs.marketwatch.com/thetell/2012/05/14/european-interest-rate-spreads-widening-sharply/

European spreads are widening again in the wake of the Greek and French elections.

Yields on Spanish 10-year bonds, rose to 6.16% Monday,

with the spread against Geramn 10-year bunds DE:10YR_GER hitting its highest level of the year, based on data from Tradeweb.

Italian 10-year government bond yields rose to 5.83%, also widening against German bunds.

And Greek 10-year bond yields jumped to 25.85%.

France hasn’t seen its yields rise in the wake of the election of Socialst Francois Hollande to the presidency.

But since German bund yields are falling on safe-haven bids, the spread of French yields vs. German is still widening.
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« Reply #184 on: May 14, 2012, 05:08:56 pm »

Euro-zone output decline lifts recession concern
14 May 2012, by Ilona Billington - London (MarketWatch)
http://www.marketwatch.com/story/euro-zone-output-decline-lifts-recession-concern-2012-05-14

Industrial production in the 17 countries that use the euro fell unexpectedly in March,

leaving little doubt the region contracted for a second straight quarter in the first three months of the year and returned to recession, data by Eurostat showed Monday.

The European Union's statistical agency will publish the first estimate of first-quarter gross domestic product Tuesday when economists are forecasting a 0.2% quarterly decline, according to a Dow Jones Newswires poll.

Industrial production fell 0.3% on the month in March and by 2.2% on the year.

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« Reply #185 on: May 15, 2012, 08:26:05 am »

Euro Elections may signal prophetic shift toward beast empire
May 15,  2012   Bill Wilson
Many bible scholars have predicted that a revised Roman Empire will rise to power over the world and usher in the antichrist of the end times. Another theory suggests the antichrist beast empire may arise from Islamic/Arab nations. These countries are unquestionably the nations mentioned in all prophecies regarding the Day of the Lord as receiving judgment for coming against Israel. European nations are not routinely mentioned, but that does not exclude them from participating in coming against Israel. Notwithstanding, there may be a prophetic shift taking place as European election results point toward advancing debt-creating socialism that will impact nations as the end times draw near.

France’s president Nicholas Sarkozy was ousted by socialist Francois Hollande, who promises to raise taxes on the rich to over 70% and increase social programs. French voters rejected more austere measures in favor of a tax and spend socialist. Germany’s Chancellor Angela Merkel has been on the forefront of leading Europe out of economic morass created by deficit spending. Her somewhat fiscally responsible approach has been rejected by German voters as her party took the worst thrashing since World War II. Members of her Christian Democratic Party lost to a gaggle of socialists. Greece’s voters are also going socialist. Italy, Portugal, Spain and other nations continue in economic decline.

Americans face an election after socialist theories carried out by its leaders created historic debt and deficits. The candidates for the US presidency do not appear to have a plan that would drastically change the path of this debt ridden nation. Irrespective of your end time view of where the antichrist beast nation will arise, there is one thing for certain: The nations of the earth are dividing themselves. Europe and America are continuing down a track of economic and moral decay. The results of such historically would point toward a spectrum of outcomes ranging from a lesser role in world leadership to outright takeover and/or submission to another system or country.

Whether these weaknesses result in a European-style socialistic union or the rise of a new Islamic world order, or something in between, the mindset of voters appears to be shifting into alignment with end time prophecies. Theologians will argue their cases until they are proven or disproved with certainty. It is difficult, however, to deny that the world power base is shifting into the hands of centrally controlled concepts and the men that compete to rule them. Christians have a responsibility to be salt and light. Yeshua said in Matthew 24:13,14, “But he that shall endure unto the end, the same shall be saved. And this gospel of the kingdom shall be preached in all the world for a witness unto all nations; and then shall the end come.”
http://www.dailyjot.com/dailyjot/The_Jot.html
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« Reply #186 on: May 16, 2012, 09:11:55 am »

http://etfdailynews.com/2012/05/15/why-we-are-going-to-see-bank-runs-happening-all-over-europe-xlf-ewp-ewi-fxe-vgk-ewg-faz-fas/

5/15/12

Why We Are Going To See Bank Runs Happening All Over Europe (XLF, EWP, EWI, FXE, VGK, EWG, FAZ, FAS)

Michael Snyder: The bank runs that we are watching right now in Greece (NYSEARCA:GREK) are shocking, but they are only just the beginning.  Since May 6th, nearly one billion dollars has been withdrawn from Greek banks.  For a small nation like Greece, that is an absolutely catastrophic number.  At this point, the entire Greek banking system is in danger of collapsing.  If you had money in a Greek bank, why wouldn’t you pull it out?  If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically.  In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro.  So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible.  And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country.  As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German (NYSEARCA:EWG) banks instead.  So the bank runs that are happening in Greece right now are only a preview of things to come.  Before this crisis is over we are going to see bank runs happening all over Europe (NYSEARCA:VGK).
 
If Greece leaves the euro (NYSEARCA:FXE), the consequences are likely to be quite messy.  Those that are promoting the idea that a “Grexit” can be done in an orderly fashion are not being particularly honest.  The following is from a recent article in the Independent….

Quote
“Whoever tells you a Greek exit would be no big deal is an idiot, lying or disingenuous,” said Sony Kapoor of the European think-tank Re-Define. Economists fear that a disorderly exit would prompt a huge run by investors on Spanish and Italian debt, forcing those countries to seek support from an EU bailout fund, which, with a capacity of just €500bn, is widely regarded as too small to cope with those pressures.

A Greek exit from the euro would not only result in a run on Spanish and Italian bonds, but it would also likely result in a run on Spanish and Italian banks.
 
If Greece is allowed to leave the euro, that will be a signal that other countries will eventually be allowed to leave as well.  Nobody in their right mind would want their euros stuck in Spanish or Italian banks if those countries end up converting back to national currencies.
 
Fear is a powerful motivator.  If Greece converts their euros back to drachmas, that will be a clear signal that all euros are not created equally.  The race to move money into German banks will accelerate dramatically.
 
And a Greek exit from the euro is looking more likely with each passing day.  Even the IMF is now admitting that it is a very real possibility….

Quote
Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Meanwhile, banks in other troubled European nations are already on shaky ground.  The Spanish banking system is an absolute disaster zone at this point and on Monday night Moody’s downgraded the credit ratings of 26 Italian banks.
 
The situation in Italy is especially worth keeping a close eye on.  As Ambrose Evans-Pritchard recently noted, things are not looking good for Italy at all….

Quote
Italy’s former premier Romano Prodi said the EU risks instant contagion to Spain, Italy, and France if Greece leaves. “The whole house of cards will come down”, he said
 
Angelo Drusiani from Banca Albertini said the only way to avert catstrophe is to convert the European Central Bank into a lender of last resort. Otherwise Italy faces “massive devaluation, three to five years of hyperinflation, and unbearable unemployment.”

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« Reply #187 on: May 16, 2012, 09:29:07 am »

Euro hits 4 month low
http://www.bbc.co.uk/news/business-18082438
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« Reply #188 on: May 19, 2012, 03:18:40 pm »

http://www.irishtimes.com/newspaper/breaking/2012/0518/breaking28.html

irishtimes.com - Last Updated: Friday, May 18, 2012, 12:31
Ireland 'may need' second bailout

Ireland's bailed-out banks may need as much as €4 billion more loan loss provisions than assumed in stress tests last year, which could "tip the balance in favor" of the country requiring a second aid program, Deutsche Bank said in a report today.

"A new, even modest, increase in capital requirements could deter sovereign investor participation and tip the balance in favor of the sovereign requiring a second loan program," said Deutsche Bank analysts David Lock and Jason Napier.

 The government's plan to introduce new personal insolvency laws creates "risks", even as politicians and the financial regulators seek to avoid widespread residential mortgage debt forgiveness, the bank said.

 "Although resilient during 2009 and 2010, mortgage arrears have risen sharply over the past year, house prices are continuing to fall, market liquidity is limited, and over half of customers are now in negative equity," said Deutsche Bank analysts in the report.

"We fear the size of negative equity balances for some mortgage holders may greatly reduce their incentive to cooperate, pushing them towards default."

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« Reply #189 on: May 19, 2012, 10:13:48 pm »

http://news.yahoo.com/east-europe-wary-fresh-euro-bank-crunch-185912742--business.html

5/18/12
EBRD-East Europe wary of fresh euro bank crunch

LONDON (Reuters) - A new banking crunch in the euro zone risks another sharp retreat by western parent banks from vulnerable economies in central and eastern Europe, a process that must be slowed to preserve growth, officials from the region said on Friday.
 
Countries backing Europe's development bank for the former communist bloc elected a new president - for the first time from non-euro member Britain - just as fears grow that a Greek exit from the currency could hit emerging Europe's lenders.
 
Many east European countries outside the euro have banks wholly or largely owned by western parents, which are reducing lending as they try to fix balance sheets damaged by the sovereign debt crisis. They fear another sudden or sharp pullback to home markets could be devastating.
 
"The financial system continues to be vulnerable and the need to deleverage continues to be very strong," Polish central bank chief Marek Belka told delegates at the annual meeting of the European Bank for Reconstruction and Development.
 
"This deleveraging is potentially more dangerous in countries with a high presence of foreign banks."

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« Reply #190 on: May 22, 2012, 05:01:34 pm »

IMF warns Britain needs Plan B in case of eurozone collapse (VIDEO)

THE Government should prepare a Plan B to support the UK economy in the case of a collapse in the eurozone or the failure of recovery to take off, the International Monetary Fund (IMF) has said.
 
The Fund said further easing of monetary policy, by printing money or even cutting the 0.5% base interest rate, was “required” now to inject some vigour into a flat economy.
 
And it said the Government should consider an immediate increase in spending on infrastructure to boost growth and employment.
 
The IMF said possible candidates for temporary tax reductions in any Plan B would be VAT or payroll contributions, as these could credibly be presented as short-term measures which could swiftly be reversed once economic conditions improve.
 
But it warned of the “large” risk of an escalation in the eurozone crisis, which would deliver a “substantial contractionary shock” to the UK economy.
 
While reducing Britain’s deficit over the medium term remains essential, a shock in the eurozone – such as the exit of Greece from the single currency – would force the Government to consider delaying plans to balance the books beyond the current target of 2017 and implement short-term measures to shore up growth, said the IMF in an annual report on the state of the UK economy.
 
“If the economy turns out to be significantly weaker than forecast, fiscal easing should be considered,” said IMF managing director Christine Lagarde.
 
“Measures should be focused on supporting growth and employment.”
 
Today’s report came as the Organisation for Economic Co-operation and Development (OECD) warned the eurozone was close to “a severe recession” which would have knock-on effects on the rest of the world.
 
Chancellor George Osborne warned the eurozone was reaching “a critical point” and confirmed Britain was preparing to deal with the consequences of a failure in the single currency.


Read More http://www.walesonline.co.uk/news/uk-news/2012/05/22/imf-warns-britain-needs-plan-b-in-case-of-eurozone-collapse-100252-31022408/#ixzz1vde6Rz8G
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« Reply #191 on: May 22, 2012, 05:12:12 pm »

Problem...


Reaction...


...wait for it...
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« Reply #192 on: May 24, 2012, 10:27:30 pm »

Two-year German bond yield may go negative
24 May 2012, by Min Zeng - New York (MarketWatch)
http://www.marketwatch.com/story/two-year-german-bond-yield-may-go-negative-2012-05-24

For the first time, the two-year German bond yield may dip below zero, a rare occurrence in the global fixed-income universe and one that flags growing fears over the future of the euro zone.




Debt crisis now taking toll on German economy - Ifo tumbles; Greek exit ‘unleashing a second uncertainty shock’
24 May 2012, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/debt-crisis-now-taking-toll-on-german-economy-2012-05-24

Germany’s economy is showing signs of strain as worries about the European debt crisis undercut business sentiment and output, a new round of closely watched surveys showed Thursday.
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« Reply #193 on: May 26, 2012, 04:22:58 pm »

http://news.yahoo.com/eu-running-time-greece-nears-exit-174148620--finance.html

5/24/12

EU running out of time as Greece nears the exit

ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncertain whether it can implement the austerity that Europe has set as a condition for doing so.

Essentially, both are playing for time — about a month. The question is whether financial markets will wait or force their hand.

Concerns that European leaders lack the political will — and wherewithal — to tackle the continent's economic problems have worried the markets for weeks. Among the 17 countries that use the euro, seven are in recession. Business confidence is under pressure and banks are feeling the squeeze. The biggest fear is that if Greece cannot be kept in the euro, other larger economies — like Spain or Portugal — might face the same fate.

"The breakup of the eurozone will be a disaster. Greece could leave, and others could leave, and this would be a huge financial tsunami," said Dariusz Kowalczyk, senior economist at Credit Agricole CIB in Hong Kong. "Europe is not doing enough, and the market may not wait for them."

Greece has gone through round after round of massive spending cuts and tax hikes to slash its deficit and rein in its debt in exchange for the international bailout loans that help it pay the bills. But the country is now in its fifth year of recession, and many argue it cannot hope for a recovery if it sticks to the deal. And Greeks — though still keen to remain in the single currency club — are calling for better terms or, at least, for the pace of austerity to be slowed down.

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« Reply #194 on: May 26, 2012, 09:50:07 pm »

5/26/12

Bank of England governor Sir Mervyn King hosts secretive summit on euro crisis

London will this week host a private global summit on the world financial crisis amid mounting pressure on eurozone economies.

No agenda has been published and there will be no communique issued afterwards.

‘It is a private, off-the-record meeting,’ said a source.
In the past two days, Spain’s fourth biggest lender, Bankia, said it needed a 19 billion euros (£15 billion) bailout and the  prosperous region of Catalonia warned that it needed more funding from Madrid.

The yield on Spanish government bonds – the government’s likely cost of borrowing – jumped to 6.3 per cent, a figure widely regarded as unsustainable.

The summit will be dominated by central bankers including the host, Sir Mervyn King, Governor of the Bank of England. Mario Draghi, president of the European Central Bank, and Zhou Xiaochuan, governor of the People’s Bank of China, have been invited.



Read more: http://www.thisismoney.co.uk/money/markets/article-2150417/Bank-England-governor-Sir-Mervyn-King-hosts-euro-crisis-summit.html#ixzz1w2CPpxGg
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« Reply #195 on: May 26, 2012, 09:54:03 pm »

http://www.telegraph.co.uk/news/uknews/immigration/9291493/Theresa-May-well-stop-migrants-if-euro-collapses.html

5/25/12

In an interview in The Daily Telegraph, Theresa May says “work is ongoing” to restrict European immigration in the event of a financial collapse.
 
People from throughout the EU, with the exception of new member countries such as Romania and Bulgaria, are able to work anywhere in the single market.
 
However, there are growing concerns that if Greece was forced to leave the euro, it would effectively go bankrupt and millions could lose their jobs and consider looking for work abroad.
 
The crisis could spread quickly to other vulnerable countries such as Spain, Ireland and Portugal, although Britain is regarded as a safe haven because it is outside the single currency.
 
Details of the contingency plan emerged as the euro crisis deepened further yesterday.

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« Reply #196 on: May 26, 2012, 10:02:57 pm »

http://www.telegraph.co.uk/finance/financialcrisis/9292511/Lloyds-of-London-preparing-for-euro-collapse.html

5/26/12

Lloyd's of London preparing for euro collapse

 The chief executive of the multi-billion pound Lloyd's of London has publicly admitted that the world's leading insurance market is prepared for a collapse in the single currency and has reduced its exposure "as much as possible" to the crisis-ridden continent.


Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.
 
In an interview with The Sunday Telegraph he also revealed that Lloyd's could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.
 
Europe accounts for 18pc of Lloyd's £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.
 
Lloyd's move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.
 
When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.

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« Reply #197 on: May 26, 2012, 10:16:27 pm »

Mat 24:43  But know this, that if the goodman of the house had known in what watch the thief would come, he would have watched, and would not have suffered his house to be broken up.
Mat 24:44  Therefore be ye also ready: for in such an hour as ye think not the Son of man cometh.
Mat 24:45  Who then is a faithful and wise servant, whom his lord hath made ruler over his household, to give them meat in due season?
Mat 24:46  Blessed is that servant, whom his lord when he cometh shall find so doing.
Mat 24:47  Verily I say unto you, That he shall make him ruler over all his goods.
Mat 24:48  But and if that evil servant shall say in his heart, My lord delayeth his coming;
Mat 24:49  And shall begin to smite his fellowservants, and to eat and drink with the drunken;
Mat 24:50  The lord of that servant shall come in a day when he looketh not for him, and in an hour that he is not aware of,
Mat 24:51  And shall cut him asunder, and appoint him his portion with the hypocrites: there shall be weeping and gnashing of teeth
.

http://www.telegraph.co.uk/finance/comment/liamhalligan/9292092/For-the-eurozone-the-worst-is-yet-to-come.html

This euro crisis is now getting extremely serious. Events are happening quickly, closing-in on policy-makers and threatening to engulf us.

5/26/12

Across the single currency zone, fears are rising and, even in the most moderate nations, populations are becoming more restive. History is locked on fast-forward.
 
Some say that seemingly arcane economic policy debate doesn't matter. In the UK, in particular, but across much of the rest of Western Europe too, the political and media classes have long displayed a tendency to roll their eyes whenever anybody with even a smattering of economic insight has had the audacity to show it.
 
For the bien pensants, ignorance of financial issues has been a badge of honour. Economics has been dismissed as a "trade". To hold well-researched views about commerce and asset markets has been seen to be a suspect arriviste "striver". Such is the prejudice of those cosseted from economic reality, their minds dulled by generations of inherited wealth. Well, such minds created the euro and what a disaster the euro has been. And the greatest disaster could yet be to come.
 
Let what is now happening in Europe serve as a reminder, a 28 million decibel wake-up call that serious economic debate matters and matters a lot. Attempts to dismiss or even suppress it, because it's "hard" or "boring", have very real human consequences.
 
In the run-up to the eurozone's launch, there was almost no popular discussion of its inherent technical flaws. Those of us who tried to air such concerns, to wield the lessons of history, were dismissed as "xenophobes" and "cranks". So we've ended up with a eurozone so replete with inherent contradictions that it threatens now to spark financial meltdown across Europe and serious civil unrest.

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« Reply #198 on: May 30, 2012, 08:24:18 am »

Emerging markets are faltering - Beyond the euro crisis, BRICs are weakening
30 May 2012, by Steve Smith - Jersey City, N.J. (MarketWatch)
http://www.marketwatch.com/story/emerging-markets-are-faltering-2012-05-30

While much investor and media focus has been on the slow-moving train wreck that is broadly labeled the euro crisis, there is growing concern that the real derailing of the global economy could come with a faltering of the emerging markets.
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« Reply #199 on: May 30, 2012, 08:32:28 am »

S&P cuts Danske, citing Irish, domestic worries
30 May 2012, by Gustav Sandstrom (MarketWatch)
http://www.marketwatch.com/story/sp-cuts-danske-citing-irish-domestic-worries-2012-05-30

Danish bank Danske Bank A/S Wednesday said credit rating agency Standard & Poor's has downgraded its rating due to expectations that it will face continued high impairment charges in Ireland and challenges in some Danish sectors.

Standard & Poor's cut the rating by one notch to A-/A-2 from previously A/A-1, but raised the outlook to stable from negative, Danske Bank said.

"S&P's decision to downgrade the bank was unexpected in light of the decline in loan impairment charges in Ireland and Denmark from Q4 2011 to Q1 2012," Danske Bank Chief Financial Officer Henrik Ramlau-Hansen said in a statement.

"At the same time, we have announced a new business model for Ireland and expect impairment charges to decline over the coming years," he added.

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« Reply #200 on: May 31, 2012, 03:25:56 pm »

http://www.bbc.co.uk/news/business-18276691

Eurozone set-up unsustainable, says Draghi

5/31/12

European Central Bank (ECB) president Mario Draghi says that eurozone leaders must decide what they want the bloc to look like in the future, because the current set-up is "unsustainable".

He said that the ECB could not "fill the vacuum" left by governments on creating growth or structural reforms.

EU economics commissioner Olli Rehn said more austerity was needed if the eurozone was to avoid disintegration.

New figures showed eurozone inflation slowed more than expected this month.

Inflation in the 17 countries that use the euro eased to 2.4% in May from 2.6% in April.

The figure is still above the ECB's target to keep inflation below 2%, but the lower-than-expected number could fuel calls for an interest rate cut next week.

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« Reply #201 on: June 01, 2012, 03:02:26 pm »

Eurozone unemployment at record 11%
1 June 2012, (AFP)
http://www.france24.com/en/20120601-eurozone-unemployment-record-11-0

The eurozone debt crisis has hit workers hard, with grim data showing Friday a manufacturing freefall and unemployment at a record 11%, piling pressure on EU leaders to restore growth.

The unemployment rate in March and April was the highest since the eurozone was created in 1999, and analysts warned it would likely rise further.

More than 17.4 million people were jobless in the 17-nation single currency area in April, as 110,000 more men and women joined unemployment queues, according to the Eurostat data agency.

Youth unemployment worsened with nearly 3.36 million people under 25 looking for jobs in May, an increase of 214,000 from the previous month.

A key survey meanwhile showed manufacturing activity sinking to its lowest level in three years.

"These data paint a dismal picture of a deepening recession throughout the region," said Jennifer McKeown, senior European economist at Capital Economics.

"This clearly further reduces policymakers' chances of stemming the debt crisis."

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« Reply #202 on: June 02, 2012, 10:50:50 am »

Cyprus next country to seek euro bail-out, president suggests
2 June 2012, by Harry Wallop (The Telegraph)
http://www.telegraph.co.uk/finance/financialcrisis/9307329/Cyprus-next-country-to-seek-euro-bail-out-president-suggests.html

Cyprus could be the next eurozone country to seek an emergency bail-out, its president Dimitris Christofias has suggested.

The tiny country, with less than 1m population, joined the euro in 2008 and is heavily exposed to the Greek banks.

Mr Christofias said he wouldn't rule out the possibility that the government may tap the European Union's bail-out fund to recapitalise the island's second-largest lender, Cyprus Popular Bank, which is the most heavily exposed to Greece.

"Certainly, I don't take it as a given that we will negotiate our induction into the support mechanism. But I don't want to exclude it entirely," Christofias said.

Cyprus Popular, which sustained record losses after taking a 74% write down on its Greek government bond holdings, is struggling to meet a June 30 deadline to replenish its capital reserves.

Cyprus, faced with soaring bond yields hovering around 14% on the 10-year bond, and with its debt considered junk status by two of the world's leading ratings firms, has few places to turn to cover its financing needs.

Late last year, the country negotiated a €2.5bn (£2.02bn) bilateral loan from Russia. Now, Cyprus is in talks with China for another bilateral loan, of an undisclosed amount.

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« Reply #203 on: June 02, 2012, 11:04:59 am »

ECB Must Print Euros or Italy May Say ‘Ciao:’ Berlusconi
1 June 2012, by Lorenzo Totaro and Jeffrey Donovan (Bloomberg)
http://www.bloomberg.com/news/2012-06-01/berlusconi-says-ecb-must-print-euros-or-italy-may-say-ciao-1-.html

Excerpt:

Former Premier Silvio Berlusconi said Italy should say “ciao, euro” if the European Central Bank doesn’t start printing money to tackle the debt crisis and Germany should quit the single currency if it won’t back a bolder role for ECB.

“The economic crisis can’t be solved” in Italy, Berlusconi said in comments posted on his party’s website today. He called on Prime Minister Mario Monti to “change his political line” and lobby European leaders to back a money- printing campaign by the Frankfurt-based ECB.

If the central bank doesn’t become a “lender of last resort,” Italy should say “ciao, euro,” the former premier said.

The media tycoon-turned-politician became the latest European leaders to step up pressure on German Chancellor Angela Merkel and the ECB to permit a more aggressive response to the region’s debt crisis.

Monti yesterday called on Merkel to drop her opposition to allowing the euro region’s rescue mechanism to lend directly to banks.

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« Reply #204 on: June 02, 2012, 11:33:20 am »

Global Growth Heads for Lull as Europe Output Shrinks
1 June 2012, by Simon Kennedy (Bloomberg)
http://www.bloomberg.com/news/2012-06-01/global-growth-heads-for-lull-as-europe-output-shrinks.html

Excerpt:

The world economy is heading for its third straight mid-year lull after manufacturing output shrank in Europe and slowed in China, leaving the U.S. under pressure to drive global growth.

A gauge of manufacturing in the 17-nation euro zone fell to a three-year low of 45.1 in May, indicating a 10th month of contraction, while unemployment reached 11%, the highest on record.

China’s Purchasing Managers’ Index dropped to 50.4 from 53.3, the weakest production growth since December.

Signs of a renewed international slowdown are mounting as Europe’s two-year debt crisis threatens to engulf Spain and spread abroad by undermining demand and investor confidence.

With China’s economy also decelerating, economists are looking to the U.S. for growth. Data today is forecast to show hiring picked up in May.

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« Reply #205 on: June 03, 2012, 05:36:13 pm »

http://www.reuters.com/article/2012/06/03/us-eurozone-union-idUSBRE85207J20120603

6/3/12

Europe mulls major step towards "fiscal union"

(Reuters) - When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be.

One year later, with the euro zone's debt crisis threatening to tear the bloc apart, Germany is pushing its partners for precisely the kind of giant leap forward in fiscal integration that the now-departed European Central Bank president had in mind.

After falling short with her "fiscal compact" on budget discipline, German Chancellor Angela Merkel is pressing for much more ambitious measures, including a central authority to manage euro area finances, and major new powers for the European Commission, European Parliament and European Court of Justice.

She is also seeking a coordinated European approach to reforming labor markets, social security systems and tax policies, German officials say.

Until states agree to these steps and the unprecedented loss of sovereignty they involve, the officials say Berlin will refuse to consider other initiatives like joint euro zone bonds or a "banking union" with cross-border deposit guarantees - steps Berlin says could only come in a second wave.

The goal is for EU leaders to agree to develop a road map to "fiscal union" at a June 28-29 EU summit, where top European officials including European Council President Herman Van Rompuy will present a set of initial proposals.

European countries would then put the meat on the bones of the plan in the second half of 2012, several European sources have told Reuters, including a timetable for overhauling EU treaties, a step Berlin sees as vital for setting closer integration in stone.

"The fundamental question is relatively simple. Do our partners really want more Europe, or do they just want more German money?" a government official in Berlin said.

If European countries go ahead, the steps would represent the most significant policy leap since they agreed to give up their national currencies and cede control over monetary policy 13 years ago. But the hurdles are daunting.

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« Reply #206 on: June 04, 2012, 08:59:45 am »

http://finance.yahoo.com/news/asia-stocks-tumble-tokyo-hits-28-low-amid-025223067--finance.html

Global slowdown fears hit shares and commodities

6/4/12

LONDON (Reuters) - The uncertain worldwide growth outlook flushed more investors out of riskier assets on Monday, sending shares and commodities down, despite signs that a drive by Europe's leaders to tackle the region's debt crisis was gathering momentum.
 
The euro slid 0.2 percent to $1.2430, though it was trading well above the $1.2288 it hit on Friday, its lowest level since July 2010, while Brent crude oil fell below $97 a barrel to a 16-month low.
 
But safe-haven German government bond yields also rose from last week's record lows as some investors looked to take profits on the sharp moves of the past week, with low liquidity due to a UK market holiday exacerbating price swings.
 
"Investors are just fleeing risk assets," said ATI Asset Management chief investment officer Simon Burge.
 
The latest sell-off followed disappointing U.S. jobs growth figures on Friday and weak Chinese manufacturing data, which stoked fears that deepening problems in the euro zone are causing a global slowdown in business activity.

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« Reply #207 on: June 07, 2012, 07:44:07 pm »

Is Germany's crisis immunity fading away?

6/7/12

http://news.yahoo.com/can-german-engineering-go-digital--the-arri-alexa-camera--a-hollywood-test-case.html

What’s to become of Europe? As Spain’s straits become newly dire and the whole euro zone convulses over its debt crisis, the common prayer is that Germany will rise up, reject outside help and protect the European household.

But Germany’s looking not so mighty itself: Industrial production in the once-indomitable economy is down. In April alone, it dropped by a stomach-churning 2.2 percent. "The German economy's immunity against the euro zone sovereign debt crisis is clearly fading away," Carsten Brzeski, an economist at ING in Brussels, warned recently.

Germany seems to have missed the memo that kicked off the digital economy decades ago. While economies from North America to Asia have--when manufacturing digital devices from cars to phones--embraced the principles of open platforms and beta-testing, Germany has stuck with its commitment to protectionism, nationalism and craftsmanship.

Surprise: It turns out that what worked in the heyday of Black Forest cuckoo clocks doesn’t suit our era.

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« Reply #208 on: June 07, 2012, 09:03:52 pm »

France, Italy, Spain Services PMI Show Continued Sharp Decreases; Eurozone Composite PMI Near 3-Year Low; Germany Services PMI at 6-Month Low
5 June 2012, by Mike Shedlock (MISH'S Global Economic Trend Analysis)
http://globaleconomicanalysis.blogspot.nl/2012/06/france-italy-spain-services-pmi-show.html

The Markit PMI data from Europe shows still more deterioration led by France, Italy, and Spain.
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« Reply #209 on: June 08, 2012, 09:55:59 am »

Germany and France can’t afford euro-zone bailout - Europe’s soundest economies have limited ability to lead
7 June 2012, by Satyajit Das - Sydney (MarketWatch)
http://www.marketwatch.com/story/germany-and-france-cant-afford-euro-zone-bailout-2012-06-07

The standard narrative states that Germany does not want to bail out troubled peripheral nations within the euro zone.

The reality is that the more highly rated and larger euro zone members, Germany and France, may not have the necessary financial resources for the task.
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