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Is that the best they could do? Global Bank Action Sees Short-Lived Rally In Stocks

Is that the best they could do? Global Bank Action Sees Short-Lived Rally In Stocks | Countdown to Financial Armageddon | Scoop.it

European markets have been trading flat on Thursday, after a brief but dramatic rally on Wednesday as the world's central banks took coordinated action to head off a fresh credit crunch.

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Greek PM loses majority for vote

Greek PM loses majority for vote | Countdown to Financial Armageddon | Scoop.it

The Greek government teeters on the brink of collapse as three ruling party MPs say they will abstain from a confidence motion on Friday.

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Why the latest eurozone bail-out is destined to fail within weeks - Telegraph

Why the latest eurozone bail-out is destined to fail within weeks  - Telegraph | Countdown to Financial Armageddon | Scoop.it

I want last week's European bail-out to work. My sincere hope is that collective and decisive action by the eurozone's large member states will stabilize global markets, at least for a while, so allowing the global economy to catch its breath.

 

By late Thursday, though, and certainly on Friday, the warning signs were there. Global bond markets, by character more sober and smarter than the excitable equity guys, were voting against the deal. This is alarming. For it is only by selling more bonds that the eurozone's deeply indebted governments can roll-over their enormous liabilities and keep the show on the road.

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Lender of the last resort? EU seeks bailout funds from China

Lender of the last resort? EU seeks bailout funds from China | Countdown to Financial Armageddon | Scoop.it

So not only is China propping up the US economy, it will now be asked to do the same for Europe! Are we now seeing the first geo-economic shift towards a new world economic pecking order?

 

The head of the eurozone's bailout fund begins attempts to persuade China to invest in the scheme to help rescue member countries facing debt crises.

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Too little, too late? Greece handed €8bn aid package lifeline but euro concerns remain

Too little, too late? Greece handed €8bn aid package lifeline but euro concerns remain | Countdown to Financial Armageddon | Scoop.it

Greece was handed a lifeline on Friday night after international lenders finally released an €8bn (£6.95bn) aid package for the beleaguered country, kicking off a crucial weekend for the future of the eurozone.

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Berlin experts fear euro break-up from bail-out escalation

Berlin experts fear euro break-up from bail-out escalation | Countdown to Financial Armageddon | Scoop.it

Plans to increase the firepower of Europe's bail-out machinery with extra
leverage threaten France's AAA rating and risk setting off a dangerous chain
of events, a top German institute has warned.

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NIL POINTS! Plucky Slovakia Votes Down Euro Bailout Move! Could This Tiny Country Upset the Plan?

NIL POINTS! Plucky Slovakia Votes Down Euro Bailout Move! Could This Tiny Country Upset the Plan? | Countdown to Financial Armageddon | Scoop.it

Slovakia's parliament votes against measures to bolster the powers of the eurozone bailout fund, seen as vital in combating the bloc's debt crisis.

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Why Europe's Debt Crisis Could Trigger another Giant Bailout of Wall Street

Why Europe's Debt Crisis Could Trigger another Giant Bailout of Wall Street | Countdown to Financial Armageddon | Scoop.it

If Greece goes down, investors will flee Ireland, Spain, Italy, and Portugal. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble.

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“We’re Seeing a Practical Example of Contagion Playing Out,” Dexia Moves Debt Crisis From EU Periphery to Core

“We’re Seeing a Practical Example of Contagion Playing Out,” Dexia Moves Debt Crisis From EU Periphery to Core | Countdown to Financial Armageddon | Scoop.it

Less than three months after Dexia SA got a clean bill of health in European Union stress tests, France and Belgium are considering a second bailout, moving the banking crisis from the continent’s periphery to its heartland.

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Germany Approves EU Bailout Fund

Germany Approves EU Bailout Fund | Countdown to Financial Armageddon | Scoop.it

A large majority in Germany's parliament approves new powers for the EU's main bailout fund, despite opposition from some members of the ruling coalition.

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Is The Euro Crumbling? Brilliant BBC Video Explains All

Is The Euro Crumbling? Brilliant BBC Video Explains All | Countdown to Financial Armageddon | Scoop.it

The eurozone is in crisis, but what went wrong?

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The Most Sensible Solution to Fix The Debt Crisis? Give Collapse a Chance

The Most Sensible Solution to Fix The Debt Crisis? Give Collapse a Chance | Countdown to Financial Armageddon | Scoop.it

Bill Bonner gives his assessment of how to fix the financial crisis, by letting it default and collapse. '... every bailout makes the world poorer. Because it’s clearly bad money after good. Greece does not suddenly become a good credit risk just because you lend it more money. And Americans won’t be made richer because the feds offer them more debt at an even cheaper rate!'

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Secret Fed Loans Gave Banks $13 Billion

Secret Fed Loans Gave Banks $13 Billion | Countdown to Financial Armageddon | Scoop.it

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

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China refuses to commit to European bailout fund

China refuses to commit to European bailout fund | Countdown to Financial Armageddon | Scoop.it

China refuses to commit to the European Financial Stability Fund until the situation with Greece has been clarified.

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Greece doesn't feel quite so left out anymore: Italian debt soars on EU bail-out fears

Greece doesn't feel quite so left out anymore: Italian debt soars on EU bail-out fears | Countdown to Financial Armageddon | Scoop.it

Fears over the ability of the eurozone bail-out to protect the region's embattled members have been heightened after Italy was forced to pay the
highest price to issue debt since the launch of the euro.

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RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022

RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022 | Countdown to Financial Armageddon | Scoop.it

How make money trading the global debt crisis.

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Extra euro crisis summit called

Extra euro crisis summit called | Countdown to Financial Armageddon | Scoop.it

EU leaders are to hold another summit by Wednesday at the latest, because they will not be able to agree a rescue plan for the eurozone on Sunday.

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UK economy brought to grinding halt by euro crisis

UK economy brought to grinding halt by euro crisis | Countdown to Financial Armageddon | Scoop.it

British taxpayers may be dragged into a rescue package for the eurozone after a leading forecaster warned that the crisis has brought this country’s economy “grinding to a halt”.

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Euro Crisis Talks: Sarkozy says plan will be ready by end of October

Euro Crisis Talks: Sarkozy says plan will be ready by end of October | Countdown to Financial Armageddon | Scoop.it

The German and French leaders say they will propose "important changes" to the way the eurozone operates after talks on controlling the bloc's debt crisis.

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Germany Overtakes Spain in Credit Default Swaps

Bets on German credit quality overtook those on Spain for the first time in a year as the mounting cost of bailing out the region's most indebted nations infects Europe's largest economy.

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Eurozone Delays Greek Loan Choice - But Can it Last That Long?

Eurozone Delays Greek Loan Choice - But Can it Last That Long? | Countdown to Financial Armageddon | Scoop.it

Eurozone finance ministers have delayed a decision on giving Greece the next instalment of bailout cash.

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MIND YOUR OWN BUSINESS! Germany slams 'stupid' US plans to boost EU rescue fund

MIND YOUR OWN BUSINESS! Germany slams 'stupid' US plans to boost EU rescue fund | Countdown to Financial Armageddon | Scoop.it

More debt is not the answer! Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.

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£1.75 Trillion Deal to Save The Euro - But Who's Going to Pay?

£1.75 Trillion Deal to Save The Euro - But Who's Going to Pay? | Countdown to Financial Armageddon | Scoop.it

British taxpayers risk being caught up in a £1.75 trillion deal aimed at saving the euro by allowing Greece to default on its huge debts. Cash would come, at least in part, from the International Monetary Fund, in which Britain holds a 4.5 per cent stake. This could mean British taxpayers paying out more than the £1billion they are already slated to have to contribute under the terms of the first Greek bailout fund.

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