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Posts Tagged ‘European Debt Crisis’

Greece’s Exit From The Euro Zone Approaches, While Europe Fiddles

Posted by Ram Kumar Shrestha on May 25, 2012

By Mark Gonglof

Greek Exit Euro Zone
A Greek flag flies next to a statue of ancient Greek philosopher Socrates in the center of Athens on 23 May, 2012. European leaders are considering the repercussions of Greece leaving the euro zone.

Europe and Greece are at the stage in their stormy marriage where they are consulting with divorce lawyers. And we may all feel the pain of their breakup.

On Thursday a Markit Economics indextracking European service-sector and factory activity in May tumbled to its lowest level since June 2009, suggesting a deeper economic contraction. A separate Markit index of German factory activity also tumbled, as did an Ifo Institute index of German corporate confidence, both suggesting the core of the European economy is suffering, too.

Meanwhile, new public polling in Greece showed the anti-austerity Syriza partygaining more support than ever ahead of elections scheduled for June 17 — even as 85 percent of Greeks polled said they wanted the country to stay in the euro zone.

A formal European summit is scheduled for the end of June, several days after the Greek election. Many observers fear that, by then, it will be too late for decisive action to keep Greece in the euro zone.

The euro fell on Thursday to $1.253, its lowest level in nearly two years. But European stocks rallied, in part on a hope that the European Central Bank will come to the rescue with rate cuts and fresh support for struggling sovereign debt. Germany’s DAX index edged up by about 0.5 percent, while France’s CAC 40 rose 1.2 percent. Read the rest of this entry »

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Greek Crisis: George Papandreou Survives No-Confidence Vote

Posted by Ram Kumar Shrestha on November 5, 2011

Greek Prime Minister George Papandreou has survived the crucial no-confidence vote on his leadership.

Members of the Greek parliament returned a result of 153 to 145. The PM needed 151 votes to survive.

The eurozone bailout package now looks certain to be passed.

On Saturday, Papandreou will meet the Greek President and request to form a coalition government.

According to Finance Minister Evangelos Venizelos, the new government will last until the end of February.

The result will raise a sigh of relief across the Europe, particularly with the leaders at the G20 summit in Cannes, France, which has been overshadowed by the drama in Athens.

A majority no vote would have been tantamount to a public default on the Greek debt throwing the beleaguered eurozone project into further chaos.

The much-needed euro130 billion tranche of bailout cash will now be paid to Greek treasury, while European banks will write off half the money owed by Greece, amounting to around euro100 billion.

The vote was secured after a day of turmoil in Athens in which the viability of the ruling socialist party looked increasingly uncertain.

Read the Article at HuffingtonPost

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Eurozone Crisis: European Markets Rally As Eurozone Plan Boosts Confidence

Posted by Ram Kumar Shrestha on October 27, 2011

 
We have to be happy for the agreement, but needs to be careful for the implementa­tion and effectiven­ess:

Europe’s main stock indices fought back strongly on Thursday as markets gave a vote of confidence to eurozone leaders’ “grand plan”.

At close, the FTSE 100 was up 2.98%, the German DAX up 5.35% and the French CAC40 up 6.28%.

The latter two indices have been dragged down by continuing fears over the solvency of the continent’s banking sector, and banks led the recovery as dual measures to cut Greece’s debt by 50% and to pump more than €100bn into recapitalisations buoyed confidence.

The STOXX Europe 600 Banking Index – a composite of bank stocks in Europe – was up 8.92%.

The euro hit a seven-week high of 1.41 against the dollar, with traders forced to unwind bets taken against a deal being reached.

Many traders had been squaring off positions ahead of the summit on Wednesday night, with most having little faith in a comprehensive package, but few willing to go long into such a critical meeting. The plan, while still short on detail, beat their limited expectations.

Read the Article at HuffingtonPost

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10 Biggest Unsolved UFO Stories (PHOTOS)

Posted by Ram Kumar Shrestha on August 14, 2011


UFO and Yeti issue always mysterious­.
Read the Article at HuffingtonPost

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Eurozone Leaders Must Act Says European Commission President Jose Manuel Barroso

Posted by Ram Kumar Shrestha on July 20, 2011


Must act, but how to have common voice in this divided selfish world – that’s the problem.
Read the Article at HuffingtonPost

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Why Europe Slept

Posted by Ram Kumar Shrestha on July 12, 2011

They will ask why Europe slept as an undercapitalized banking system floundered, unemployment remained unacceptably high, and the continent’s growth and competitiveness plummeted.

Worse still, if a reconstruction plan does not come soon, Europe’s leaders will be charged with “the decline of the West” and then face accusations for being, in the words of Churchill about the 1930s, “resolved to be irresolute, adamant for drift, solid for fluidity and all-powerful for impotence.”

By Gordon Brown, Former prime Minister of the United Kingdom

When the history of the 21st century is written, people will rightly ask why it was that Europe was found wanting during its most intractable economic crisis.

They will ask why Europe slept as an undercapitalized banking system floundered, unemployment remained unacceptably high, and the continent’s growth and competitiveness plummeted.

Worse still, if a reconstruction plan does not come soon, Europe’s leaders will be charged with “the decline of the West” and then face accusations for being, in the words of Churchill about the 1930s, “resolved to be irresolute, adamant for drift, solid for fluidity and all-powerful for impotence.”

There is, of course, no shortage of European meetings. Hardly a day goes by without a summit of European leaders discussing the latest crisis facing a member state. But each time they talk as though they are dealing with a calamity confined to the nation in the headlines — the Greek problem, or the Irish problem, sometimes the Portuguese or the Spanish problem — without an agreement on the true nature of the emergency, which is pan-European. By wrongly analyzing Europe’s woes, they end up implementing the wrong remedies too. For Europe’s deficit crisis is a real concern but just one of its concerns.

Europe has in fact three deep-rooted problems, each of which is entwined with the other, and each of which reaches systemically into every corner of the continent. Alongside the deficit problem is also a banking problem — not confined to a handful of banks or countries — and a chronic growth problem.

First, banks: I was present in Paris in October 2008 at the first meeting ever held of the euro zone heads of government. The diagnosis of the banks I presented was of problems of liquidity but also of structure. But most in Europe at the time believed they were dealing only with the indirect consequences, the fallout, from an Anglo-Saxon financial crisis, and of course thought that a wayward Britain had allowed itself to be locked into the American financial boom. They did not then know that HALF the sub-prime assets had been bought by banks across Europe. No one had yet fully appreciated the depth of the entanglements between European banks and other global financial institutions, or how big the banks’ exposure to falling property markets was. I remember the shocked looks which passed along the table when I argued that European banks were even more vulnerable than American banks because they were far more highly leveraged — and indeed still are. Read the rest of this entry »

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Why Europe Slept

Posted by Ram Kumar Shrestha on July 12, 2011

Yes Mr. Brown, we are not making history. To be more precise we are not maintainin­g previous history. There are lots of reasons behind this. And we are not being honest to accept our own mistakes and weaknesses­. Our way of thinking is not so broad to sort out problems in real. Without crossing this boarder solving problems and maintainin­g history could not be possible.
Read the Article at HuffingtonPost

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