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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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Euro debt crisis: Greek PM George Papandreou to resign when new coalition government formed

Euro debt crisis: Greek PM George Papandreou to resign when new coalition government formed | Countdown to Financial Armageddon | Scoop.it

Prime Minsiter George Papandreou and opposition leader Antonis Samaras locked in crisis talks to form a new government as eurozone leaders issue an ultimatum that a deal on a coalition must be sealed before a summit of finance ministers on Monday 7 November

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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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The true picture of US unemployment

The true picture of US unemployment | Countdown to Financial Armageddon | Scoop.it

US unemployment data is set to show the jobless rate steady at 9.1% – but a broader analysis puts the true rate at 16.5%...

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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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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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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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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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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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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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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.

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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 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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Euro zone's political bumbling risks global gloom

Euro zone's political bumbling risks global gloom | Countdown to Financial Armageddon | Scoop.it

L'ISLE-SUR-LA-SORGUE, France (Reuters) - The euro zone's repeated failure to tackle its debt crisis is catapulting the bloc toward recession, raising the specter of dangerous spillovers to the rest of...

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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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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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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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Has The Dollar Lost its Safe Haven Status?

Has The Dollar Lost its Safe Haven Status? | Countdown to Financial Armageddon | Scoop.it

Given the scale and complexity of the Greek crisis, it might reasonably have been expected that the euro would have plunged in value against the US dollar, the traditional safe-haven currency in times of uncertainty.

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The first of many? BNP Paribas writes down Greek Debt by 60% as earnings slump

The first of many? BNP Paribas writes down Greek Debt by 60% as earnings slump | Countdown to Financial Armageddon | Scoop.it

BNP Paribas, the largest French bank, said it was writing off 60 percent of the value of its Greek debt holdings, a belated acknowledgement that the loans were largely unrecoverable.

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Scary chart of historical long-term US unemployment

Scary chart of historical long-term US unemployment | Countdown to Financial Armageddon | Scoop.it

Just look at how many in the US have been out of work for a year or more. Scary!


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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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'Strong chance' of UK recession

'Strong chance' of UK recession | Countdown to Financial Armageddon | Scoop.it

There is a strong chance the UK will fall back into recession even if eurozone leaders find a resolution to the debt crisis, a report says. f a quick fix is found, the chance of recession is 50%, the National Institute for Economic and Social Research said. This rises to 70% if leaders continue to "muddle through".

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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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FT Alphaville » Eurozone PMIs – Feeling gloomy

FT Alphaville » Eurozone PMIs – Feeling gloomy | Countdown to Financial Armageddon | Scoop.it

"Markit Eurozone Manufacturing PMIs released on Wednesday have shown just how bad a start the fourth quarter has gotten off to. As the massive repricing (or rather, pricing-in) of political risk continues apace in financial markets, businesses are spluttering."


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Which bright spark thought this was a good idea? Let's Start a War With China or Russia To Save U.S. Economy

Which bright spark thought this was a good idea? Let's Start a War With China or Russia To Save U.S. Economy | Countdown to Financial Armageddon | Scoop.it

According to reports out of top Chinese mainstream news outlets, the RAND Corporation recently presented a shocking proposal to the Pentagon in which it lobbied for a war to be started with a major foreign power in an attempt to stimulate the American economy and prevent a recession.

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