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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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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Global recession grows closer as G20 summit fails

Global recession grows closer as G20 summit fails | Countdown to Financial Armageddon | Scoop.it

IMF to monitor Italy to ensure austerity as leaders fail to agree plan for financial aid for distressed countries...

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Commerzbank takes €798m hit on Greek debt

Commerzbank takes €798m hit on Greek debt | Countdown to Financial Armageddon | Scoop.it

Commerzbank, Germany's second largest bank, says further writedowns on Greek debt have pushed it into a quarterly loss.

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ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows

ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows | Countdown to Financial Armageddon | Scoop.it

The European Central Bank unexpectedly cut interest rates form 1.5 to 1.25 percent at Mario Draghi’s first meeting in charge as the new ECB head signaled officials have no plans to help bail out cash-strapped nations facing an escalating debt crisis that threatens to splinter the euro region.

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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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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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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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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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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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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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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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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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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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Does Papandreou Fear a Military Coup in Greece?

Does Papandreou Fear a Military Coup in Greece? | Countdown to Financial Armageddon | Scoop.it

Amidst a deepening political crisis in debt-scarred Greece, Prime Minister George Papandreou sparked even more outrage by replacing senior members of the Greek military with officials deemed to be more sympathetic to Papandreou.

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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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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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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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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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