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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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Uh Oh! Fitch downgrades six global banks

Uh Oh! Fitch downgrades six global banks | Countdown to Financial Armageddon | Scoop.it

Ratings agency Fitch downgrades six of the world's largest banks, including Goldman Sachs and Barclays, citing the challenging financial markets.

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Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis?

Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis? | Countdown to Financial Armageddon | Scoop.it

BBC Economics editor, Stephanie Flanders writes 'No-one thinks the eurozone crisis is over or that European leaders did enough last week to rule out nasty surprises in the next few weeks, but talking to officials, economists and analysts closer to the trading floor in the last few days, something has changed that I'm going to take as a sliver of good cheer.'

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Bloomberg Poll: Sixty One Percent respondents predict Chinese credit crisis by 2016

Most global investors predict China will face a banking crisis within the next five years, paring their appetite for the nation's shares and eroding confidence in its leadership, a Bloomberg Global Poll indicated.

 

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British banks could ask taxpayers for more cash as Credit Crunch Part Deux arrives

British banks could ask taxpayers for more cash as Credit Crunch Part Deux arrives | Countdown to Financial Armageddon | Scoop.it

Sir Mervyn King, the Bank's Governor, confirmed that there are "signs of a credit crunch already in the euro area". Banks have been ordered to slash bonuses to staff and payments to shareholders to get their houses in order as a second credit crunch bears down on the
country.

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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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The first of many? BNP Paribas writes down Greek Debt by 60% as earnings slump

The first of many? BNP Paribas writes down Greek Debt by 60% as earnings slump | Countdown to Financial Armageddon | Scoop.it

BNP Paribas, the largest French bank, said it was writing off 60 percent of the value of its Greek debt holdings, a belated acknowledgement that the loans were largely unrecoverable.

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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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George Osborne warns of 'blank spaces' in Eurozone rescue package - Telegraph

George Osborne warns of 'blank spaces' in Eurozone rescue package - Telegraph | Countdown to Financial Armageddon | Scoop.it

George Osborne has warned there are still “blank spaces” in the rescue deal agreed last night by European leaders to tackle the continent’s debt crisis.

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It's becoming a high stakes game! Europe's leaders threaten Greek default if banks won't take haircut and accept losses of £120bn

It's becoming a high stakes game! Europe's leaders threaten Greek default if banks won't take haircut and accept losses of £120bn | Countdown to Financial Armageddon | Scoop.it

Europe's leaders are threatening to trigger a formal default on Greek debt and risk a “credit event” if banks refuse to accept losses of up to €140bn (£120bn) on their holdings.

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Debt woes 'danger to all Europe'

Debt woes 'danger to all Europe' | Countdown to Financial Armageddon | Scoop.it

UK Chancellor George Osborne says the eurozone debt crisis is a "real danger to all of Europe" as he arrives in Brussels for talks on the bloc's problems.

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(VIDEO) Occupy London clashes: Fighting erupts at UK protest

Here's a new video from the Occupy London protesters

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Watch this BBC interview to see IMF advisor Predict GLOBAL BANKING MELTDOWN

Dr. Robert Shapiro who advised Presidents Clinton and Obama and who currently advises the IMF predicts possible banking meltdown within the next few weeks!

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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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Euro Approaches 11-Month Low against US dollar as Italy Borrowing Costs Rise

Euro Approaches 11-Month Low against US dollar as Italy Borrowing Costs Rise | Countdown to Financial Armageddon | Scoop.it

The euro was about 0.3 percent from an 11-month low against the dollar as Italian borrowing costs rose at a debt auction and Spanish banks’ borrowings from the European Central Bank increased by the most in more than a year.

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UK banks worst hit by looming credit squeeze

UK banks worst hit by looming credit squeeze | Countdown to Financial Armageddon | Scoop.it

The early stages of the looming credit crunch hit Britain even harder than struggling European countries, figures from the Bank for International
Settlements (BIS) show.

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Central Banks Prep for Life After Euro

Central Banks Prep for Life After Euro | Countdown to Financial Armageddon | Scoop.it

More evidence of the coming Euro dissolution?  Some central banks in Europe have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely, according to people familiar with the matter.

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Bank of England's dire warning over eurozone threat

Bank of England's dire warning over eurozone threat | Countdown to Financial Armageddon | Scoop.it

Banks should prepare to withstand an "extraordinarily serious" climate, with the eurozone crisis the main worry, the Bank of England chief says.

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What caused the financial crisis? The Big Lie goes viral.

What caused the financial crisis? The Big Lie goes viral. | Countdown to Financial Armageddon | Scoop.it

Rather than admit the error of their ways, those who helped cause the financial crisis are engaged in an active campaign to rewrite history.

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Selling More CDS on Europe Debt Raises Risk for U.S. Banks

Selling More CDS on Europe Debt Raises Risk for U.S. Banks | Countdown to Financial Armageddon | Scoop.it

U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.

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Why Euro zone debt deal tackles symptoms not cause

Why Euro zone debt deal tackles symptoms not cause | Countdown to Financial Armageddon | Scoop.it

LONDON (Reuters) - Euro zone leaders are as far as ever from finding a lasting solution to the bloc's underlying problem of economic divergence, despite their latest progress in managing the symptoms of...

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Federal Reserve's $1.2 trillion emergency loans: who borrowed what and when

Federal Reserve's $1.2 trillion emergency loans: who borrowed what and when | Countdown to Financial Armageddon | Scoop.it

The US Federal Reserve offered emergency lending programs to help banks with cash. See an updated ranking of financial institutions that had the biggest loans.

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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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Default: the student loan mini documentary (video)

Default: the student loan mini documentary (video) | Countdown to Financial Armageddon | Scoop.it

Default: the Student Loan Documentary chronicles the stories of US borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system.

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Fitch downgrades UK bank ratings

Fitch downgrades UK bank ratings | Countdown to Financial Armageddon | Scoop.it

Ratings agency Fitch downgrades the credit ratings of two UK banks, Lloyds and Royal Bank of Scotland.

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Down, Down Down! UK banks hit by Moody's downgrade

Down, Down Down! UK banks hit by Moody's downgrade | Countdown to Financial Armageddon | Scoop.it

Moody's downgrades the credit rating of 12 UK financial firms because it believes the government is now less likely to provide support.

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