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 - the fifth victim to fall in Europe's arc of depression - Telegraph

Spain - the fifth victim to fall in Europe's arc of depression - Telegraph | Countdown to Financial Armageddon | Scoop.it

Let us all extend our sympathies to the Spanish people. They face the greatest national emergency since the Civil War yet their vote for drastic change is palpably useless, even if democracy has in this case at least been respected.

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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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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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Moody's cuts Spain's debt rating

Moody's cuts Spain's debt rating | Countdown to Financial Armageddon | Scoop.it

Moody's follows other ratings agencies in downgrading Spanish government debt, in response to the eurozone debt crisis.

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Put These in Your Diary: Coming Events in the Euro Zone Debt Crisis

All the important economic meetings and deadlines related to the Euro Zone Debt Crisis in one place until end of 2011.

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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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Is The Cupboard Almost Bare? IMF Chief Warns on Limits to Crisis Funding

Is The Cupboard Almost Bare? IMF Chief Warns on Limits to Crisis Funding | Countdown to Financial Armageddon | Scoop.it

Of course Christine Lagarde is much better dressed than old Mother Hubbard, but the IMF warns it may not have enough money to bail out larger eurozone countries if the debt crisis were to spread. And that means you Spain, Italy!

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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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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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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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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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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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And so it goes... Italy and Spain debt downgraded

And so it goes... Italy and Spain debt downgraded | Countdown to Financial Armageddon | Scoop.it

Italian and Spanish government debt are both downgraded by the Fitch credit rating agency.

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Interest Rates up as Spain Sells €3.2 Billion Short-Term Debt

MADRID — Spain’s treasury has sold €3.2 billion ($4.3 billion) in two short-term debt auctions but has had to pay higher interest rates as investors continue to worry over the level of the country’s borrowings.

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