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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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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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Overnight Sentiment Improves Modestly, If Not Greek 1 Year Bonds Which Slide To Record 1114%

Overnight Sentiment Improves Modestly, If Not Greek 1 Year Bonds Which Slide To Record 1114% | Countdown to Financial Armageddon | Scoop.it
Following yesterday's broad risk off day, some positive sentiment has returned to markets despite ugly economic data from Germany, and an odd indefinite halt of trading of Greek bonds on the Milan Borse.

Via Vincent Denoiseux
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Bank of Englad reveals UK household incomes fall for fifth year

Bank of Englad reveals UK household incomes fall for fifth year | Countdown to Financial Armageddon | Scoop.it

Disposable incomes of UK households have fallen for the fifth year in a row, research by the Bank of England suggests. The Bank's survey found the amount the average household had to spend each month, after tax, bills and housing costs, fell by £46 over the year.

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Just when you thought things were getting better - IMF chief warns no country immune from crisis

Just when you thought things were getting better - IMF chief warns no country immune from crisis | Countdown to Financial Armageddon | Scoop.it

WASHINGTON (Reuters) - No country is immune from an escalating euro zone crisis and each one must act to head off the risk of a global depression, the head of the International Monetary Fund said on Thursday.IMF...

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China's epic hangover begins?

China's epic hangover begins? | Countdown to Financial Armageddon | Scoop.it

It is hard to obtain good data in China, but something is wrong when the country's Homelink property website can report that new home prices in Beijing fell 35pc in November from the month before. If this is remotely true, the calibrated soft-landing intended by Chinese authorities has gone badly wrong and risks spinning out of control.

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Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis?

Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis? | Countdown to Financial Armageddon | Scoop.it

BBC Economics editor, Stephanie Flanders writes 'No-one thinks the eurozone crisis is over or that European leaders did enough last week to rule out nasty surprises in the next few weeks, but talking to officials, economists and analysts closer to the trading floor in the last few days, something has changed that I'm going to take as a sliver of good cheer.'

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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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The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began

The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began | Countdown to Financial Armageddon | Scoop.it

The European Union is the biggest economy in the world — close to $15 trillion in GDP. When it sinks, so does the U.S. and much of the world.

European banks are roughly THREE times larger than U.S. banks. When they’re forced to cut their lending drastically, global capital shortages hit hard.

Most frightening of all, the U.S. has committed most of the same mistakes as Europe — the same kind of massive debts, deficits, and failed bailouts.

And now the European Union is crumbling, threatening a systemic collapse far larger than the near meltdown witnessed in the wake of the Lehman Brothers collapse in 2008.

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UK banks worst hit by looming credit squeeze

UK banks worst hit by looming credit squeeze | Countdown to Financial Armageddon | Scoop.it

The early stages of the looming credit crunch hit Britain even harder than struggling European countries, figures from the Bank for International
Settlements (BIS) show.

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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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Bloomberg Poll: Sixty One Percent respondents predict Chinese credit crisis by 2016

Most global investors predict China will face a banking crisis within the next five years, paring their appetite for the nation's shares and eroding confidence in its leadership, a Bloomberg Global Poll indicated.

 

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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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FT Alphaville » Post-euro currencies, charted

FT Alphaville » Post-euro currencies, charted | Countdown to Financial Armageddon | Scoop.it
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Tesco plans for eurozone break-up

Tesco plans for eurozone break-up | Countdown to Financial Armageddon | Scoop.it

Tesco is shifting its currency exposure, holding cash and refusing to sign long-term supply contracts in the face of the eurozone crisis.

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Why the euro turkey is well and truly stuffed

Why the euro turkey is well and truly stuffed | Countdown to Financial Armageddon | Scoop.it

'The coming break-up of the single currency makes Britain’s veto seem a mere sideshow', writes Jeff Randall in The Telegraph.

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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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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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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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Top economists reveal their graphs of 2011

Top economists reveal their graphs of 2011 | Countdown to Financial Armageddon | Scoop.it

The BBC's Newsnight asked top economists to each select a graph which they considered key to the economic story of 2011. Here those experts show us which graphs they chose and explain why.

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UK recession will be far deeper than previously thought... but not as bad as in the eurozone

UK recession will be far deeper than previously thought... but not as bad as in the eurozone | Countdown to Financial Armageddon | Scoop.it

Britain will plunge into a far deeper recession next year than previously forecast, according to a gloomy prediction from top economists. But the contraction will not be as painful as for those in the eurozone, including France and Germany, which are struggling to tackle the single currency debt problem.

 

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Like it or not, the euro is doomed

Like it or not, the euro is doomed | Countdown to Financial Armageddon | Scoop.it

There's a lot of hope that Europe's latest plan will put an end to the debt crisis, but some say there are too many obstacles, making a euro breakup inevitable.

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Cyber attacks could wreck world oil supply

Cyber attacks could wreck world oil supply | Countdown to Financial Armageddon | Scoop.it

DOHA (Reuters) - Hackers are bombarding the world's computer controlled energy sector, conducting industrial espionage and threatening potential global havoc through oil supply disruption.Oil company...

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Half-Baked Treaty Deal Could Lead to Collapse of Euro Zone

Half-Baked Treaty Deal Could Lead to Collapse of Euro Zone | Countdown to Financial Armageddon | Scoop.it

An agreement that involves only the 17 euro-zone members pursuing a treaty to bring down debt, rather than a wider solution, means the collapse of the entire edifice is now a matter of when, says Felix Salmon.

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What the Euro Crisis means for Portugal

What the Euro Crisis means for Portugal | Countdown to Financial Armageddon | Scoop.it

Click on the graphic and scroll down to read an interview... it's in English

(Is it me, but if you look at the photo above quickly the 2 guys look like Gilbert & George (the artists)????

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Which do you prefer: a horrible end to the Euro, or endless horror?

Which do you prefer: a horrible end to the Euro, or endless horror? | Countdown to Financial Armageddon | Scoop.it

While we are waiting for Mario and Merkozy plus, just a quick thought on one of the EMU break-up reports hitting my desk daily, and sometimes in twos and threes.

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Central Banks Prep for Life After Euro

Central Banks Prep for Life After Euro | Countdown to Financial Armageddon | Scoop.it

More evidence of the coming Euro dissolution?  Some central banks in Europe have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely, according to people familiar with the matter.

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