Eurozone crisis Updates...

Eurozone crisis Updates…

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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Tags: Capitalism, Economy, Europe, Eurozone crisis, France, Italy, Spain
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Greek Elections and the Eurozone Crisis – Day Four

It Happens Every Spring - flickr

“This is gettin monotonous. Me and the kid here is playin catch while you guys is just fannin the air” – It Happens Every Spring

Pretty good way to start off this diary on the goings on in the Eurozone. In case you haven’t seen the movie, it’s about a college chemistry professor who accidentally come up with a formula that causes baseballs to hop over wood and uses it to help the home teem. Rather like the politicians trying to get the dept problem to avoid the banks. Which now focuses on Spain as well. Here is the current situation from The Guardian.

1.50pm: De Guindos is still going:

He believes the cost to Spain’s bank restructuring fund of helping out banks that cannot come up with the new provisions will be less than €15bn euros. Loans wil be for up to five years, but can be converted into shares (i.e. part nationalisation) if the banks fail to pay them back.

1.39pm: And more from Giles:

De Guindos has said that two separate valuations of the global real estate loan portfolio of Spanish banks will be produced by independent valuers.

Journalists at the press conference want to know if this is a vote of no confidence in the Bank of Spain and its valuations. Ministers do not want to answer the question and are insisting that all they want is maximum transparency.

Live blog: newsflash

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