Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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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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Spain's borrowing costs approach danger levels

Spain's borrowing costs approach danger levels | Countdown to Financial Armageddon | Scoop.it

The cost of Spain's borrowing rises at its latest bond auction, on continued fears about the debt crisis in the eurozone.

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Italy's bond spike: the austerity death spiral has begun

Italy's bond spike: the austerity death spiral has begun | Countdown to Financial Armageddon | Scoop.it

Every time I refresh my browser, Italian bond yields seem to have climb another percentage point. They breached the 7 per cent level - considered just about sustainable – about an hour ago and have been climbing rapidly ever since.

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"The money ran out in June and what you are seeing now is the beginning of a new credit crunch, except this time it will be truly global, not Western,"

"The money ran out in June and what you are seeing now is the beginning of a new credit crunch, except this time it will be truly global, not Western," | Countdown to Financial Armageddon | Scoop.it

The global financial system is on the edge of a new credit crunch as the cost of insuring the bonds of banks across the world hits new highs, analysts
have said.

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FREE SUBSCRIPTION! The DebtQuake Monitor

FREE SUBSCRIPTION! The DebtQuake Monitor | Countdown to Financial Armageddon | Scoop.it

America and Europe are on the brink of complete financial meltdown. In the coming weeks and months we could see stock markets collapse, property values fall and the price of fuel and food soar as we enter a depression that could last years or even decades.

 

Follow the latest on the crisis plus how to prepare yourself for the challenges and the profit opportunities ahead. Click on the image to start your free subscription

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German bonds under pressure as Merkel, Sarokzy and Monti prepare meet for debt crisis talks

German bonds under pressure as Merkel, Sarokzy and Monti prepare meet for debt crisis talks | Countdown to Financial Armageddon | Scoop.it

Investors continued to shun German debt on Thursday following a weak 10-year bond auction as the leaders of Germany, France and Italy prepare to meet amid rising tensions in the eurozone.

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America and China must crush Germany into submission

America and China must crush Germany into submission | Countdown to Financial Armageddon | Scoop.it

As we watch Italy's 10-year bond yields near 7.5pc and threaten to detonate the explosive charge on €1.9 trillion of debt, it is time for the world to reimpose order.

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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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Italy Sells €14.5Bn of Debt as Borrowing Costs Rise ... and still faces €55 billion of bill maturities before the end of the year.

A €1.9 trillion debt  -- more than Spain, Greece, Ireland and Portugal combined -- leaves Italy vulnerable to any advance in yields as it refinances maturing debt. Today's sale will help cover the redemption of €8 billion of bills on Sept. 30. Italy still faces €55 billion of bill maturities before the end of the year.

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