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Whaaa!? Why, We Had No Idea It Was This Bad

December 21, 2011 at 12:17 am 0 comments

The ECB warns that next year could be extremely tough as the sovereign debt crisis continues. The European Central Bank warned Monday of a perilous year ahead as the sovereign debt crisis collides with slower economic growth and a dearth of market financing for banks. The dire prediction, contained in the E.C.B.’s twice-yearly report [...]

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If I’m Out of Money & You’re Out of Money…

December 21, 2011 at 12:16 am 0 comments

European banks struggle to save the world. IT HAD seemed a simple enough wheeze. Give banks unlimited access to 3-year funding from the European Central Bank and it wouldn’t take much more than a nudge and a wink for them to buy the bonds of Europe’s troubled peripheral countries instead [...]

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Desperate to Blame Anyone but Themselves

December 15, 2011 at 9:39 pm 0 comments

IMF Chief says “we’re all in this together.” 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 [...]

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Double Secret Failure

December 15, 2011 at 9:38 pm 0 comments

Like the others before it the recent euro-zone summit was a failure, only this time doubly so. The recent euro-zone summit was a double failure. It failed to achieve the increased European political integration that was the primary goal of German Chancellor Angela Merkel and the other European political leaders. [...]

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The Euro Can’t Buy a Break

December 15, 2011 at 9:38 pm 0 comments

More bad news from the latest euro-zone summit. AS YOU read this, lawyers are busily drafting a European fiscal “compact” designed to restore discipline to the euro zone’s economies. In the new year all but one of the European Union’s 27 members are to start thrashing out this treaty’s details. [...]

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Western Governments Set to Borrow Record Amount

December 13, 2011 at 11:52 pm 0 comments

In the coming year Western governments will struggle to fund their services and debt. Markets and governments face an uphill struggle to fund themselves next year amid extreme uncertainty over the eurozone and the global economy, as new figures reveal that the borrowing of industrialized governments has surged beyond $10tr this year and [...]

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How Long Before Obama Will Use This As An Excuse for the Bad Economy?

December 13, 2011 at 11:52 pm 0 comments

Blizzards, Earthquakes and Now No New Cool Toy.  Why the lack of a hit toy threatens retailers this Christmas. With Christmas less than two weeks away, the toy industry has no runaway hit — leaving many toy shoppers bored and complicating how stores sell holiday inventory. “We are not seeing [...]

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It’s All Britain’s Fault

December 13, 2011 at 11:51 pm 0 comments

Surely the euro wouldn’t be in any trouble had eurozone countries controlled their spending… A senior European official said on Tuesday that Britain’s demands for measures to protect its financial services industry at last week’s summit meeting were impossible to meet and directly responsible for the collapse of a Europe-wide [...]

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British PM Nixes EU Deal

December 9, 2011 at 5:35 pm 0 comments

Sends many EU countries scrambling to cobble together a new deal. David Cameron stood defiantly behind his historic veto of a new EU power grab last night as France plotted to push Britain towards the EU exit door. In the most momentous decision of his premiership, Mr Cameron resolutely defended [...]

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Nothing to See Here People; Move it Along, Move it Along

December 9, 2011 at 5:35 pm 0 comments

Moody’s downgrades three French banks. Ratings agency Moody’s downgraded the debt of BNP Paribas (BNPP.PA), Societe Generale (SOGN.PA), and Credit Agricole (CAGR.PA) on Friday, citing deteriorating liquidity and funding conditions. Moody’s cut its ratings on the long-term debt of BNP and Credit Agricole by one notch to Aa3, concluding reviews [...]

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