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Just to keep Firedogs abreast of the latest developments in the on going saga of the Eurozone economic crises, here are some links to live blogs and updates as they happen….more or less.
From The Guardians blog..
4.23pm: But now comes the backtracking.
Seems partial denial over the Merkel comments… allegedly was off the cuff at ‘private meeting’
— Steve Collins (@TradeDesk_Steve) June 26, 2012
4.13pm: Well this is pretty definitive. According to Reuters, German chancellor Angela Merkely has said at a coalition party meeting that Europe will not have shared total liability for debt as long as she lives.
4.02pm: But don’t worry. The eurozone finance ministers are due to hold another teleconference tomorrow ahead of the summit on Thursday and Friday. So that’s all right then.
4.01pm: Some nasty rumours about Spain, notably that Moody’s may soon cut the country’s credit rating to junk after last week’s downgrade.
The Telegraph seems to be down playing it a bit on their blog. It’s live but in the business section and not front page.
16.29 Chris Beauchamp at IG Index comments on today’s market movers ahead of the close:
Despite several valiant tries, markets remain stuck in a downbeat mode for a second consecutive day. Weaker figures from the US, in the shape of consumer confidence and the Richmond Fed index, combined with a lingering sense of nervousness ahead of this week’s eurozone summit. This week’s summit is the nineteenth meeting of European leaders, but it seems to be doomed to the same inglorious failure as all its predecessors. Germany once again stuck to its familiar line on the pooling of debt, saying this would require greater oversight from Brussels. After more than two years of crisis we are left with the same problem, namely that Germany won’t take on everyone else’s liabilities, while the other countries remain opposed to a reduction in their sovereignty. One wonders how long the eurozone can carry on in this fashion.
So the more conservative Telegraph is concentrating on our problems instead of Europe’s. Even with Spain’s bonds being downgraded possible to junk status and France’s oldest bank in trouble.
Interesting comparison. Enjoy the show.
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6 Comments
I do not believe though that this whole thing will unravel really soon. On thing that was learned from the Lehman collapse was that if one is to kick a problem down the road, kick id hard enough to be of use.
Goodness, now my scroll thingie is skipping.
Thank you, c. I am not very knowledgeable about this subject, although it has been in the news a lot, I know. So, which way is the Eurozone 101 class? Has somebody done a basic blog on it…something to where I can follow the crisis better, say, Eurozone for Dummies, something like that? Here is my limited understanding so far.
-The US prints its own currency.
-So does the Eurozone.
-The states, like the countries in the Eurozone cannot print currency. Because they cannot print money, they must keep their budgets in balance.
-Germany=manufactures goods.
-Other EZ countries buy German goods, but they have run up their debt for the goods.
-In the US the states are in debt.
-If an EZ country has a debt problem, they face going broke.
-The EZ has been lending, with strings attached (Austerity>>getting rid of social safety net, etc)
-The European central Bank refuses to print money; they insist on austerity to solve the problem.
-Austerity is killing countries like Greece.
-Austerity is failing because the middle class is wiped out and has no money to spend.
-The end-result is an enormous transfer of wealth.
Is this close to what is going on?
Well that’s close. The biggest difference is that we are one country with one currency but Europe IE the Eurozone is multiple counties trying to use one currency with no one person/group really in charge of the whole thing.
Not only that, when they started out they did a one for one with each members currency even though at the time each currency was valued to other currencies differently.
It was a bad idea from the get go.
Add to that the fraud and extortion that the banks engaged in – primarily but not limited to ours – and you have the current situation.
And everyone wants a solution but no one wants the lose control or take responsibility.
So it’s rather like an earthquake with lots of tremors afterwards and it’s the last tremor that knocks over the remaining buildings.
I think I am understanding it a bit better now, thank you:)
Both Europe and USA are controlled by the plutocracy. For details see
http://patriceayme.wordpress.com/2012/06/18/europe-victim-of-plutocracy/
an interesting essay.