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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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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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 pays record debt interest

Italy pays record debt interest | Countdown to Financial Armageddon | Scoop.it

Italy has to pay more to borrow money at its latest bond auction, despite passing new austerity measures last week. Italy sold 3bn euros ($4.2bn, £2.6bn) worth of 5-year bonds at a 6.29% yield on Monday, a new eurozone record.

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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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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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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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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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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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Humiliated Berlusconi 'agrees to IMF oversight' of austerity measures

Humiliated Berlusconi 'agrees to IMF oversight' of austerity measures | Countdown to Financial Armageddon | Scoop.it

Silvio Berlusconi, the Italian Prime Minister, has agreed to allow International Monetary Fund oversight of the debt-ridden country's progress
in implementing austerity measures.

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Italy's 'shock therapy' as eurozone manufacturing buckles

Italy's 'shock therapy' as eurozone manufacturing buckles | Countdown to Financial Armageddon | Scoop.it

Europe is sliding into a full-blown industrial recession with contraction spreading to Germany and a drastic decline under way in Italy, greatly complicating efforts to contain the region’s debt crisis.

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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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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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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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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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Merkel: Europe faces its "toughest hour since the Second World War" but eurobonds still ruled out

Merkel: Europe faces its "toughest hour since the Second World War" but eurobonds still ruled out | Countdown to Financial Armageddon | Scoop.it

pain and Italy's borrowing costs soared as economists warned that Europe is sliding into recession and Angela Merkel defied intense pressure and ruled out issuing European-guaranteed debt.

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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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Italy economic crisis: Fears UK could be dragged into second recession

Italy economic crisis: Fears UK could be dragged into second recession | Countdown to Financial Armageddon | Scoop.it

Experts said Britain would be dragged into a second recession unless eurozone leaders get a grip on the debt crisis.

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Italy PM 'loses majority' of MPs

Italy PM 'loses majority' of MPs | Countdown to Financial Armageddon | Scoop.it

Italian Prime Minister Silvio Berlusconi has lost his parliamentary majority, despite winning a vote on the budget, the opposition says...

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Greece was so last week! Italy on the brink

Greece was so last week! Italy on the brink | Countdown to Financial Armageddon | Scoop.it

The cost for the Italian government of borrowing for 10 years has risen to a new euro high of 6.6%.

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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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Singing for his supper on the streets of Cannes? Financial crisis forces Berlusconi to delay release of latest love song CD

Singing for his supper on the streets of Cannes? Financial crisis forces Berlusconi to delay release of latest love song CD | Countdown to Financial Armageddon | Scoop.it

Rolling economic storm clouds scupper the publishing date of the Italian prime minister's "True Love" album...

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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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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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