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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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French minister knocks UK economy

French minister knocks UK economy | Countdown to Financial Armageddon | Scoop.it

French Finance Minister Francois Baroin becomes the latest senior figure in Paris to criticise weaknesses in the British economy.

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Why Britain should pity those still trapped in the euro nightmare

Why Britain should pity those still trapped in the euro nightmare | Countdown to Financial Armageddon | Scoop.it

Angela Merkel and Nicolas Sarkozy are engaged in something that has little to do with democracy.

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Europe's great divorce

Europe's great divorce | Countdown to Financial Armageddon | Scoop.it

So two decades to the day after the Maastricht Treaty was concluded, launching the process towards the single European currency, the EU's tectonic plates have slipped momentously along same the fault line that has always divided it—the English Channel.

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Here comes a Franco-German Bloc: Sarkozy Calls For 'Refounding' Of Europe

Here comes a Franco-German Bloc: Sarkozy Calls For 'Refounding' Of Europe | Countdown to Financial Armageddon | Scoop.it

French President Nicolas Sarkozy has called for greater integration between France and Germany to save the euro, including changing the terms of the 1999 Maastricht Treaty.

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Moody's warns on French rating outlook

Moody's warns on French rating outlook | Countdown to Financial Armageddon | Scoop.it

PARIS (Reuters) - A rise in interest rates on French government debt and weaker growth prospects could be negative for the outlook on France's credit rating, Moody's warned in a report on Monday, adding...

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Roubini: Italy Is Doomed And Will Exit EMU Unless ECB, Germany Step In

Roubini: Italy Is Doomed And Will Exit EMU Unless ECB, Germany Step In | Countdown to Financial Armageddon | Scoop.it

Nouriel Roubini, Dr. Doom, believes Europe is in serious trouble as Italy is at risk of becoming illiquid and insolvent, losing market access, rendering it unable to service its debt and grow, forcing an EU exit.

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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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S&P sees downgrade blitz in EMU recession, threatening crisis strategy

S&P sees downgrade blitz in EMU recession, threatening crisis strategy | Countdown to Financial Armageddon | Scoop.it

Standard & Poor's (S&P) is to warn that a double-dip recession in Europe would imperil France's AAA rating and set off a string of downgrades across Southern Europe, undermining the EU's debt crisis strategy.

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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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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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“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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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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Eurozone debt web: Who owes what to whom?

Eurozone debt web: Who owes what to whom? | Countdown to Financial Armageddon | Scoop.it

Another great interactive graphic from the BBC showing the scale of foreign debt owed between key eurozone countries and the main world economies.

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Ratings agency warns euro nations

Ratings agency warns euro nations | Countdown to Financial Armageddon | Scoop.it

Ratings agency Standard and Poor's puts almost the entire eurozone, including Germany and France, on "credit watch" due to the debt crisis.

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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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We'd better get used to living with the euro crisis. It's the new normal

We'd better get used to living with the euro crisis. It's the new normal | Countdown to Financial Armageddon | Scoop.it

An excellent Telegraph article: 'There are two main schools of thought when it comes to fixing the eurozone debt crisis at the moment. The first is that matters will come to a head around Spring and a solution will be found.'

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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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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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EU Considers Wielding $1.3T to Break Debt Impasse

EU Considers Wielding $1.3T to Break Debt Impasse | Countdown to Financial Armageddon | Scoop.it
European governments may unleash as much as 940 billion euros ($1.3 trillion) to fight the debt crisis, seeking to break a deadlock between Germany and France that is forcing leaders to hold two summits within four days.
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Not for the squeamish! Europe's Web of Debt - Click on graphic for a better view of how the contagion could spread

Not for the squeamish! Europe's Web of Debt - Click on graphic for a better view of how the contagion could spread | Countdown to Financial Armageddon | Scoop.it

Banks and governments in these five shaky economies owe each other many billions of euros, and have even larger debts to Britain, France and Germany.

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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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