Euro | Battalion of Deborah

Posts Tagged ‘ Euro ’

Biggest Greek bank warns of dire euro exit fallout

Biggest Greek bank warns of dire euro exit fallout

By Reuters If Greece left the euro, living standards would plummet, incomes would be slashed by more than half, and inflation and unemployment would skyrocket, the National Bank of Greece warned on Tuesday. In a report released ahead of an election on June 17 that may determine whether the country stays in the single currency, the country's biggest bank said the risk of Athens exiting the euro was no longer just a theoretical possibility, warning that the fallout from such a move would be dramatic. "An exit from the euro would lead to a significant decline in the living standards…

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Secret 100 billion Euro’s popping up Greek Banks

Secret 100 billion Euro’s popping up Greek Banks

By: Ralph Atkins in Frankfurt There has been no official announcement. No terms or conditions have been disclosed. But Greece’s banking system is being propped up by an estimated €100 billion or so of emergency liquidity provided by the country’s central bank — approved secretly by the European Central Bank in Frankfurt. If Greece were to leave the eurozone, the immediate cause might be an ECB decision to pull the plug. Extensive use of “emergency liquidity assistance” (ELA) to help banks in the weakest economies has been one of the less-noticed features of the eurozone crisis. Separate from normal supplies…

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Euro hits 11-month low against the dollar as banks hoard ECB cash

Euro hits 11-month low against the dollar as banks hoard ECB cash

Single currency also at 10-year low against yen, but Italy brings festive cheer to markets as borrowing costs tumble The euro weakened about 1% percent against the dollar and the yen on Wednesday, the day before an important auction of long-dated Italian debt, while US stocks slid more than 1% on concerns about the economy in early 2012. The European single currency hit a fresh 11-month low against the dollar of $1.291 and a 10-year low against the yen as data showed banks were hoarding the cash recently injected by the European Central Bank rather than lending it out –…

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World economy at a ‘very dangerous juncture’: IMF chief

World economy at a ‘very dangerous juncture’: IMF chief

IMF chief Christine Lagarde warned Tuesday that the world economy is at a "very dangerous juncture," speaking of the potential impact on poorer nations during her first visit to Africa as head of the fund. The International Monetary Fund managing director spoke of a crisis of confidence with high unemployment and slowing global growth. "Currently the world economy stands at a very dangerous juncture," Lagarde told a roundtable on Africa's economic future in the Nigerian city of Lagos. She said the IMF's revised global growth forecast expected in January looked to be lower than the previous one in September, which…

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Economic collapse with the euro will lead to the end of the world as we know it

Economic collapse with the euro will lead to the end of the world as we know it

Jim, economic collapse with the euro: will that lead to a recession?” asks Glenn Beck. “That will lead to the end of the world as we know it,” answers Jim Rogers, founder of Rogers International Commodities Index. “That will certainly lead to the end of the world as Washington D.C. knows it. There’s no question about that.” But who is Jim Rogers and what does he know about the global financial situation? For those unfamiliar with Beck’s guest, Jim Rogers is a famous American investor who, along with George Soros, founded the Quantum Fund, one of the world’s first international…

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Awash in rumors of war

Awash in rumors of war

‘Mysterious explosion rocks Iranian city of Isfahan’ - The Jerusalem Post, November 28, 2011, 19:30 For weeks Israelis have been greeted – almost every day – with headlines sounding the ticking clock that is measuring the minutes toward war. Other things – for us, relative trivia, but indicative of growing global chaos – have dominated the news in the west: Occupy Wall Street; the imminent collapse of the Euro; the quest for a Republican candidate for 2012; the guilty verdict for Michael Jackson’s doctor; allegations of misconduct against Herman Cain… All the while, here in the Middle East, we have…

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Euro on death watch

Euro on death watch

John Melloy Investors began to fear the worst for the euro after unusually weak demand at an auction for bonds from Germany, the region’s largest economy. One analyst went so far as to put the currency on a “death watch.” Germany sold just 60 percent of the 6 billion euros in 10-year bunds it brought to auction, about the weakest demand seen for the country’s debt in the currency’s 16-year history, economists said. The rejection of debt from Europe’s safe harbor marks a new stage for the crisis. “No bunds wanted equals no Euros wanted equals the Euro death watch,”…

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US bank shares tumble on eurozone exposure warning

US bank shares tumble on eurozone exposure warning

How might Greece leave the euro? Shares in US banks tumbled in late trading on Wall Street after ratings agency Fitch issued a warning over their exposure to the eurozone crisis. The Dow Jones fell sharply in the last hour of trading, to close 1.6% lower, with financial stocks taking the brunt of the sell-off. Fitch said that unless the eurozone crisis is resolved soon, the outlook for US banks could worsen. Meanwhile fellow rating agency Moody's downgraded 12 German banks. Major US banks JP Morgan and Bank of America fell 3.8% each, while investment bank Morgan Stanley dropped 8%,…

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Death to the Euro; Secret plot to wreck the currency

Death to the Euro; Secret plot to wreck the currency

City insiders yesterday speculated that the “death warrant” for the euro had already been written By Macer Hall PREPARATIONS were under way last night for the break-up of the euro as Europe’s debt crisis spiralled out of control. As Treasury officials worked through the night to soften the impact on Britain, David Cameron warned that the single European currency was facing its “moment of truth”. Business Secretary Vince Cable went further and spoke about “Armageddon” while Brussels officials warned that the chaos threatened to plunge us all into a new recession. Ministers are understood to be deeply concerned that French…

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New euro ‘empire’ plot by Brussels

New euro ‘empire’ plot by Brussels

European Union chiefs are drawing up plans for a single “Treasury” to oversee tax and spending across the 17 eurozone nations. Britain must decide on the nature of its relationship with the European Union By Patrick Hennessy, and Bruno Waterfield The proposal, put forward by Herman Van Rompuy, the European Council president, would be the clearest sign yet of a new “United States of Europe” — with Britain left on the sidelines. The plan comes as European governments desperately trying to save the euro from collapse last night faced a new bombshell, with sources at the International Monetary Fund saying…

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