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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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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France cuts frantically as Italy nears debt spiral

France cuts frantically as Italy nears debt spiral | Countdown to Financial Armageddon | Scoop.it

France has unveiled the toughest austerity measures since World War Two despite the looming danger of a double-dip recession, vowing to slash borrowing by €65bn over the next five years in a last-ditch effort to save the country's AAA...

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G20 fails to come to Europe's rescue

G20 fails to come to Europe's rescue | Countdown to Financial Armageddon | Scoop.it

France could not persuade the rest of the G20 to commit hard numbers to providing a bigger financial safety net for the eurozone - or anyone else who might need it.

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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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Fresh Trouble for Euro: EU Shocked and Furious at Greek Referendum Plan - SPIEGEL ONLINE - News - International

Fresh Trouble for Euro: EU Shocked and Furious at Greek Referendum Plan - SPIEGEL ONLINE - News - International | Countdown to Financial Armageddon | Scoop.it
Greece has stunned Europe by calling a referendum on the bailout plan agreed to by EU leaders last week. The move throws efforts to rescue the euro into doubt and heralds weeks of market turbulence ahead of the vote.

Via kostasgeorgioy
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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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Greek referendum is coin-flip on euro exit

Greek referendum is coin-flip on euro exit | Countdown to Financial Armageddon | Scoop.it

If Greeks reject the 50% controlled default on the debts they owe to the banking sector, then the arithmetic I revealed on Newsnight on the eve of the Euro summit comes into play - without a 50% haircut, and a further 130bn euro bailout, on top of 110bn, Greek debt spirals out of control and the country goes bust.

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Sarkozy admits Euro for Greece 'was a mistake'

Sarkozy admits Euro for Greece 'was a mistake' | Countdown to Financial Armageddon | Scoop.it

French President Nicolas Sarkozy says allowing Greece into the eurozone was a "mistake" at the time, while Athens denies causing the debt crisis.

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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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Greek clashes amid general strike

Greek clashes amid general strike | Countdown to Financial Armageddon | Scoop.it

Greek protesters angry at the government's austerity policies clash with police, as a 48-hour general strike paralyses the country.

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Why is Greece Buying 400 Tanks From The US?

Why is Greece Buying 400 Tanks From The US? | Countdown to Financial Armageddon | Scoop.it

Greece has apparently just ordered 400 tanks from the United States. No idea where the money comes from though. And what do they need them for? 

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On Brink of Failure, U.S. Debt Committee Says It's Gridlocked

On Brink of Failure, U.S. Debt Committee Says It's Gridlocked | Countdown to Financial Armageddon | Scoop.it

While Europe has all the attention, the US debt crisis is about to hit the headlines again (and for the wrong reasons)...

 

On the brink of failure, members of a special deficit-cutting committee blamed each other Sunday for the intransigence that has gridlocked the panel in its quest to cut the deficit by at least $1.2 trillion over the coming decade.

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Italy's economic reforms 'lack credibility'

Italy's economic reforms 'lack credibility' | Countdown to Financial Armageddon | Scoop.it

A member of the European central bank's governing council has warned it may stop buying Italian debt if the government fails to reform.

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It's on. No, it's off! Greek referendum to be scrapped if political deal struck

It's on. No, it's off! Greek referendum to be scrapped if political deal struck | Countdown to Financial Armageddon | Scoop.it

ATHENS, Nov 3 (Reuters) - A proposed Greek referendum on the country's bailout package will be scrapped if ruling and opposition parties strike a deal to resolve the country's political crisis, an official...

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Italy a bigger threat to UK than Greece, warns FSA chairman

Italy a bigger threat to UK than Greece, warns FSA chairman | Countdown to Financial Armageddon | Scoop.it

Italy's debt problems pose an even greater risk to the British economy than a
Greek default, according to Lord Turner, the chairman of the Financial
Services Authority.

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Greek vote sets off 'pandemonium', engulfs Italy

Greek vote sets off 'pandemonium', engulfs Italy | Countdown to Financial Armageddon | Scoop.it

Greece's startling decision to call a referendum on last week's EU summit deal has set off wild tremors across the eurozone, pushing Italy to the brink of
a perilous downward spiral.

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Greek PM sticks with referendum on debt rescue package

Greek PM sticks with referendum on debt rescue package | Countdown to Financial Armageddon | Scoop.it

Greek Prime Minister George Papandreou insists that a referendum on a EU bailout will go ahead despite turmoil on world markets and stunned reactions from other eurozone countries.

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Abolish Credit Default Swaps

Abolish Credit Default Swaps | Countdown to Financial Armageddon | Scoop.it

It's time to abolish credit default swaps and similar exotic, impenetrable, essentially unregulated securities. They add nothing to economic efficiency, they line bankers' pockets, and they add massively to global financial risks.

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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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The Dragon's long tail risk: the cost of a 'what if China crashed' doomday scenario

The Dragon's long tail risk: the cost of a 'what if China crashed' doomday scenario | Countdown to Financial Armageddon | Scoop.it

(Reuters) - The China hard-landing debate is a classic tail risk story -- an unlikely scenario, but if it materializes the consequences could be catastrophic.Because of their close trade links, Malaysia,...

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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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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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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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