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EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

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Post  Panda Mon 22 Aug - 10:54

Cyprus is the latest Country to issue Government Bonds on the Market to raise finance. Like Greece, it is expected a high rate of interest will be paid and analysts predict Cyprus will be the next Country to request a bail-out.
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Post  Panda Mon 22 Aug - 17:28

At 10am tomorrow France and German Finance Ministers will meet to discuss the EU Crisis because Merkel has ruled out a Eurobond and now Cyprus will probably need a bail-out.
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Post  Panda Tue 23 Aug - 7:36

There is a Conference in Lindau Germany where 19 Economic Laureates will discuss the World crisis.

One of the Members, Edmund Phelps says there may be a couple of Countries in Europe who will default and leave the EU but the EU will survive
with fiscal Union and the Euro survive. The Banking system around the World must be overhauled.
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Post  Panda Thu 8 Sep - 6:21

The German Court has ruled that while bail-outs to other EU Countries is not illegal, any future Government undertakings must first be approved by the
Budget Committee. This will obviously delay any future bail-outs causing more havoc in the EU Countries seeking Financial help.

Italian Bond Insurance is now higher than Spain,s which suggests Spain is doing better than Italy in tackling their economy.
Italy has announced new measures to help the economy, a 3% Wealth Tax is to be introduced on earnings above E300,000 and Women will have to work until aged 65 yrs.

Analysts are suggesting a two-tier EU which in itself negates the "Union" bit as far as I can see and it will be interesting to see how the Economic crisis
develops.

The Dutch are saying Countries which default on their Economies should be kicked out of the Union and a new European Commission to be appointed
with special powers to monitor Member Countries adherence to the Financial Rules.
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Post  Panda Fri 9 Sep - 20:18

There is increased concern that Greece will default and the lack of initiative by the EU to tackle the problem . There is a banking crisis in Denmark, a sell off of the Euro, shares around the World have fallen again . There is a G7 meeting in France to discuss the World Economic Crisis. Germany is said to be preparing to assist it"s Banks if necessary.
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Post  Panda Mon 12 Sep - 8:45

The Greek Prime Minister made a televised speech saying he is confident Greece will reduce its debt and that he has no wish for Greece to leave the
EU.

Moody"s is considering downgrading the three major French Banks.

The German Finance Misister is saying the next tranch of Greek Borrowing might be withheld if Greece does not show it is doing all it can to reduce it"s
debt. German Exports are declining..

Banks across all of Europe are suffering massive reductions in their share price .

Hold on to your hats folks, it"s going to be a bumpy ride. EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 25346
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Post  Panda Tue 13 Sep - 7:16

China has become the lender of last resort for Italy it is predicted that it will buy E7 Billion bonds of Italian debt today, EU shares have improved .
Berlesconi to attend meeting in Brussels today to discuss crisis.

Angela Merkel says uncontrolled Greek debt must be avoided.

French Bank Shares suffered big losses because of their exposure to loans to Greece .

The ECB has lent E202 Billion to date to various Countries, two Directors have recently resigned rumoured to be on the way the ECB has handled
the situation and decisions made by France and Germany, with Trichet showing poor leadership .
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Post  Panda Tue 13 Sep - 11:45

Chinese representatives have been meeting with Berlesconi for the last few days and it is felt that because China has 3 TRILLION Euros in
Investment Bonds it cannot allow Italy to default. China owns 4% of Italy, Spain, Greece and Portugal and is considering whether to buy
Italian State owned Companies rather than Bonds.
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Post  Panda Tue 13 Sep - 13:18

Frederic Oudia, Chairman and CEO of Societe Generale interviewed this morning on U.S. T. V. says there is no reason for the panic his bank
has low exposure to risky debt . His Bank is selling 4 Billion U.S. $ worth of assets and there will be some staff cuts but the Bank is sound..

China is considering whether to buy Italian State Owned assets rather than invest in Bonds. It owns 4% of Italy, Greece and Portugal through
its 3 Trillion Euro investment in Bonds. The problem for China is the 14.3 trillion of U.S. Debt so it does not want the $ to fall in value.
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Post  Panda Wed 14 Sep - 7:42

Moody"s has cut ratings on French Banks Societe Generale and Credit Agricole.

Tim Geitner is taking a tougher stance on Europe, he is to attend a meeting in Poland next week and said the ECB and EU must take action.

The banking crisis in Europe could see the end of the Eurozone.

China signals reluctance on European bailout.

There is no way Greece can service the loans, 2yr Bonds interest 24% 10 yr Bonds 46%

Greece Prime Minister to meet Merkel and Sarcozy tonight, Merkel says no way can Greece be allowed to default.


Personally I think they are clutching at straws, Norway is the latest Country in financial difficulty. Sarcozy and Merkel have virtually run the EU
and both will be seen as incompetent by the rest of the European Countries now. One analyst said had they refused to bail out Greece a year
ago instead of lending them all this money, Greece would have defaulted but the Eurozone would have been safe.
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Post  Panda Wed 14 Sep - 18:23

4:56pm UK, Wednesday September 14, 2011




European leaders are to hold an emergency phone summit over Greece, amid deepening concern of a default.












Athens has warned it will run out of cash in a few weeks' time and needs 8bn euros next month to pay wages and pensions.








FTSE 100 1-Week ChartEC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 Chart




Investors have been increasingly sceptical the debt debacle in the 17-nation currency area can be resolved.


Credit markets are factoring in a 90% chance Greece will default and Italy also remains under pressure.


However, the Italian Chamber of Deputies is expected to approve a
54bn euro austerity package this evening now prime minister Silvio
Berlusconi's government has won a key confidence motion.


Despite the signs of political action today, there has been growing international alarm over events in the single currency area.


Chinese Premier Wen Jiabao said: "What we have to take note of now is to prevent the sovereign debt crises from spreading and expanding further."


China and the so-called BRICS of Brazil, Russia, India, China and
South Africa are in early talks on increasing their holdings of European
debt to help ease the burden.






EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 16013312
Under pressure: Greece's prime minister needs 8bn euros by next month





US President Barack Obama has said the eurozone needs better fiscal co-ordination.


In a speech to the European Parliament in Strasbourg, the EU
Commission president Jose Manuel Barroso urged governments to implement
agreed reforms without delay.


He spoke about the need for international partners, EU citizens and
the markets to see action and said "the truth had been drowned out" - a
reference to the assault on equities and bonds.








What we have to take note of now is to prevent the sovereign debt crises from spreading and expanding further.



Chinese Premier Wen Jiabao







A rebound in stock prices and the euro stalled in Asia overnight as
investors remained spooked about a crisis that has also hit French banks
because of their debt exposure to Italy but especially Greece.


Moody's cut the credit ratings of both Credit Agricole and Societe
Generale, citing their Greek loans, in the run up to Europe opening this
morning.


Its statement said that despite the downgrade, both are strong enough to withstand a default by the Greek government.


The share price of both banks has fallen by around half since the begining of the year.


The FTSE 100 opened 0.5% lower but later closed up 1% on hopes of further political measures to ease the euro crisis.


Banks were among those seeing improved values while BP
shares were also making gains as an official US report on last year's
oil spill in the Gulf of Mexico shared around some of the blame for the
disaster.







EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 16019126
Chinese Premier Wen Jiabao is keen to help China's biggest export market





The CAC 40 in Paris gained 1.9% while the German DAX closed up by 3.4%.


In the United States, the Dow Jones Industrial Average opened 0.6% higher.
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Post  Badboy Wed 14 Sep - 19:42

DIDN'T I READ SOMEWHERE FINLAND IS IN TROUBLE,OR AM I CONFUSED WITH ITALY?
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Post  Panda Wed 14 Sep - 20:43

Badboy wrote:DIDN'T I READ SOMEWHERE FINLAND IS IN TROUBLE,OR AM I CONFUSED WITH ITALY?


Hi Badboy, Norway and Denmark were reported to have Bank problems. Angela Merkel is determined Greece will not default because it would have
repercussions for the Euro, but how the Hell is Greece ever going to lower it"s debt when it is paying over 20% interest on 2 yr Bonds and 46% on 10 year Bonds. Apparently it only has cash to last for a few weeks and the Tourist season is almost over.
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Post  Badboy Wed 14 Sep - 20:56

POSSIBLY NORWAY OR DENMARK,AT THIS RATE EVERY EUROPEAN COUNTRY IS GOING TO HAVE ITS PROBLEMS.
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Post  Panda Wed 14 Sep - 21:18

Badboy wrote:POSSIBLY NORWAY OR DENMARK,AT THIS RATE EVERY EUROPEAN COUNTRY IS GOING TO HAVE ITS PROBLEMS.


One of the Analysts discussing the EC said Greece can"t leave the EU, no Country can.........the unwinding from all the Treaties etc would take a long time to unravel and the expense astronomical. Tony Blair must have known this when he promised a Referendum the lying B*stard!!!!
This is why Gordon Brown and now David Cameron have not mentioned a Referendum since.
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Post  Badboy Wed 14 Sep - 21:23

IT PROPERBLY WAS LUCKY THAT GB DIDN'T JOIN THE EURO.
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Post  Panda Thu 15 Sep - 9:49

EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 Ad6787052St1Sz3530Sq101122697V0Id2























Clashes As Europe Braces For Bad News

















9:34am UK, Thursday September 15, 2011


Ed Conway, economics editor



The eurozone is poised to hear more bad news on the state of its
economic health, after Rome became the latest scene of protests over
spending cuts and tax hikes.










Protesters last night let off firecrackers and threw objects at
riot police as Italy's politicians approved a sweeping round of
austerity measures.


The focus now shifts to whether the Italian government can implement
the promised reforms and avert a crisis that has seen the nation's
borrowing costs soar.
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Post  Panda Thu 15 Sep - 10:05

sky Editorial

Editorial


A year after the start of the Greek crisis, the eurozone is still on the
brink of disaster. The 110 billion pledged by the EU and the IMF and the drastic
austerity measures implemented by the Papandreou government have not been enough
to restore market confidence or to convince the ratings agencies, which have
increased pressure on the country while its financial situation continues to
worsen.

Hot on the heels of Greece, Ireland and Portugal, which have been forced to
accept a stick and carrot regimen of bailouts and austerity packages, Italy and
Spain have been rocked by attacks on financial markets. And the fear is that a
default involving either of these countries could result in host of
unpredictable political and economic consequences including the break-up of the
eurozone.

At the Frankfurt headquarters of the European Central Bank, and in capital
cities throughout Europe, political and economic decision makers are attempting
to find a solution which may involve more austerity, more EU solidarity, or even
banking sector participation and sovereign default.

Amid conflicting calls for more federalism and the defence of national
interests, European leaders are at a loss as to which course to take. Terrorised
by the power of the markets and rating agencies, they appear incapable of the
decisive action which is urgently needed if the situation is to be brought under
control.
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Post  Panda Thu 15 Sep - 14:39

Stocks are improving on the latest News that the Fed is to lend dollars to European Countries and others have agreed to buy Bonds, Spain is today sellling
Bonds.

It"s like monopoly money being used to stem the default of Greece , Italian riots over the austerity measures, Spain and Portugal , also Ireland .....all
in a no win situation trying to create more income in a recession.......crazy!!!!!
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Post  fred Thu 15 Sep - 15:13

Here in Portugal it's ridiculous. VAT is 23% I have just paid out 340 euros for my daughters school books, 650 euros for a brace for her teeth, a tax bill for 3000 to be paid before the end of the month, yet the minimum monthly wage is 500 euros (more or less). In the news this week, is how the PM has family members with off shore accounts and false companies. Yep, it is the little people, like me and many, many others who are paying the price for greed and corruption.
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Post  Panda Thu 15 Sep - 17:26

fred wrote:Here in Portugal it's ridiculous. VAT is 23% I have just paid out 340 euros for my daughters school books, 650 euros for a brace for her teeth, a tax bill for 3000 to be paid before the end of the month, yet the minimum monthly wage is 500 euros (more or less). In the news this week, is how the PM has family members with off shore accounts and false companies. Yep, it is the little people, like me and many, many others who are paying the price for greed and corruption.

Yes fred a Plutocracy is how one analysed the U.S.A. and ordinary people will pay for years for all this folly, but the rich stay rich.
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Post  Panda Thu 15 Sep - 17:44

Greece is wedded to the EU because of Treaties it signed providing no exit from the EURO. Tony Blair should hang his head in shame for suggesting
a Referendum could let Britain withdraw from the EU. Analysts have said it would take a long time and prove very expensive which the Country can"t
afford.

The Fed is not lending U.S. $ to individual Countries, they are lending to the ECB but at the rate of interest charged on Bonds, there is no way any of these Countries can repay the indebtedness. The only reason the Fed have intervened is because the EU problems affects U,S. shareholders and the
value of the Euro cannot be allowed to decrease any more because of Trade. The Fed lending is on a 3 month basis to allow the ECB to finance Greece
and maybe other Countries until the end of the Year.

I think France and Germany have bank problems they won"t own up to but the EU action, or inaction is making some Countries angry.
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Post  Panda Fri 16 Sep - 5:26

EU Finance Chiefs Hold Crisis Talks In Poland













2:09am UK, Friday September 16, 2011


Tadhg Enright, business correspondent



European finance ministers are gathering for crisis talks in Poland -
in a bid to quell speculation that debt problems will force Greece to
quit the eurozone.






EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 15126848
Leaders are attempting to ratify Greece's €109bn bailout




US Treasury Secretary Tim Geithner
will also attend the meeting - underlining the urgency and pressure on
EU politicians to end a crisis that is one of a number of threats to
global economic recovery.


Mr Geithner has urged European governments to use "overwhelming force" to tackle the crisis.


Discussions are expected to focus on efforts to ratify the second €109bn bailout of Greece.


The cash injection was agreed in July but its implementation has been
obstructed by demands from Finland for collateral to be offered in
exchange for the loans.








Political leaders... may have to put aside for a little while not
just their egos but their partisan interests and they will have to
extend their agenda to beyond the next election.



IMF chief Christine Lagarde







Proposals by European Commission President Jose Manuel Barrosso
to permanently share the cost of borrowing between members - so-called
eurobonds - are also likely to be discussed despite opposition from
Germany.


Stockmarkets across Europe rose on Thursday after comments from European Economics Commissioner Olli Rehn.


He suggested the latest Greek tax-raising measures, if implemented,
were enough to convince the so-called 'troika' of bail-out authorities
(The EU, EC and IMF) to release the next instalment of money needed by
Greece to avoid default on its loans.


Mr Rehn said: "Over the last weekend, the Greek government took very
important decisions that go a long way to meeting the fiscal target for
this year."


Speculation that preparations were being made for Greece to leave saw
its benchmark 10-year borrowing costs hit an astronomical 25% earlier
this week.


After an emergency teleconference with Greek PM George Papandreou on Wednesday, German Chancellor Angela Merkel and French President Nicholas Sarkozy issued a joint statement asserting Greece remains "an integral part of the eurozone".


In a subsequent speech, Mrs Merkel urged patience to allow the measures agreed in the second bail-out to take effect.






EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2 - Page 6 16051187
Nicolas Sarkozy and Angela Merkel had a teleconference with the Greek PM





She also restated her opposition to eurobonds, which would see richer members subsidising the borrowing costs of poorer members.


Mrs Merkel said: "I am convinced the initiated measures help in
overcoming the crisis. But only if we undertake these steps one at a
time.


"And not look for the one ultimate solution like, for instance, eurobonds. I think that is very wrong.


"Common interest rates should be a result of comparable
competitiveness and comparable budgets and not as a collectivisation of
debts."


However, IMF chief Christine Lagarde
issued a stern warning to political leaders in the US and Europe,
saying they needed to be brave enough to make the difficult decisions
required to end the crisis.


"It will require leadership over brinkmanship; co-operation over competition; action over reaction," she said.


"And all three components are difficult because they have to be
demonstrated and implemented by political leaders who may have to put
aside for a little while not just their egos but their partisan
interests and they will have to extend their agenda to beyond the next
election."
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Post  Panda Fri 16 Sep - 8:32

Ireland seems to be doing well and hauling itself out of danger. This is due to wage cuts and increased exports and Labour Market flexilibity.

The President of ECB has told the EU they must do more to contain the debt and not expect bailout.

Christine leGarde says the EU situation is threatening the rest of the World and firm decisions must be made.

The U.K. will take the EU to Court over planned Clearing House restrictions.
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Post  Panda Fri 16 Sep - 18:25

It seems Geithner told the Meeting of EU Members that they shouldn"t leave their fate to others they must use their initiative to resolve the problem
of Greece and the decline of the Euro.

It is confirmed that Greece cannot default because of the Treaties which bind all the Members of the EU to the Euro.

One Analyst pointed out that you can make all the changes necessary to pay off the Debt, but unless the population accepts them they cannot be
implemented. He cited Greece and Italy where demonstrations have taken place.
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