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Anger Builds In Italy As Old Guard Plots Fresh Technocrat Takeover Italy’s president Giorgio Napolitano is exploring the creation of a second technocrat government to break the political log-jam and calm markets after key parties failed to reach an accord, risking a serious popular backlash. Italian officials say the Bank of Italy’s governor Ignazio Visco is front-runner to take over as premier despite warnings that this will be seen as an elitist [...] It seems like ages ago that the Italian election result caused markets to spasm and volatility to surge.
In fact, it was just on Monday, and by the end of the week, the event had largely been forgotten by the global markets (although Italian markets continue to underperform, as headlines reveal the difficulty the parties will have going forward in their attempt to form a government). But it would be a mistake [...] by GoldCore Today’s AM fix was USD 1,592.50, EUR 1,201.89 and GBP 1,051.85 per ounce. Silver is trading at $29.27/oz, €22.14/oz and £19.41/oz. Platinum is trading at $1,631.50/oz, palladium at $749.00/oz and rhodium at $1,175/oz. Gold rose $3.60 or 0.23% on Friday in New York and closed at $1,580.50/oz. Silver gained 0.28%. Gold fell 1.77% this week while silver slipped 3.49%. Gold in [...] http://ransquawk.com/headlines/moody-s-says-would-maintain-us-rating-outlook-in-event-of-fiscal-cliff-await-further-cues-12-11-2012 Moody’s says would maintain US rating, outlook in event of fiscal cliff, await further cues Says: - US delaying budget action until 2013 looks increasingly likely. - The US sovereign rating will be closely watched by investors as we had into year end and the [...]  Debt Crisis Is Starting To Hurt Germany Economy, Spain September Adjusted Industrial Output – 7.0%, AAPL Plunges Towards Bear Market, And Sean Egan Will Most Likely Downgrade US Credit Rating ‘No Matter What Happen’ DEBT CRISIS STARTING TO HURT GERMAN ECONOMY It was shaping up like the perfect overnight ramp following yesterday’s Goldilocks election result… and then Mario Draghi opened his mouth. DRAGHI SAYS [...] The Spanish government sold €3.39bn (£2.7bn) in 12- and 18-month bonds, beating the top end of its target to sell €3bn, but the interest cost on the loans almost doubled. The interest rate on the 12-month bills shot up to 5.07pc from 2.98pc at the last such auction on May 14. The rate on the 18-month bills soared to 5.1pc from 3.3pc. In the secondary market, where previously issued debt is traded, [...] From Newsmax: Spain called on Monday for the European Central Bank to step in to fight financial market pressure after any hopes that the Greek election result might ease the strain on vulnerable Spanish and Italian debt were dashed. The [...] via AP: A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The conservative New Democracy party, which supports a bailout agreement [...] Euro crisis far from over, stock analysts warn WASHINGTON (AP) — A slim victory for the main conservative party in an election in Greece should relax fears that a country will stop using the euro for the first time and possibly unleash global financial turmoil. But when it comes to Greek politics – and European economic policy – it’s never that easy. So the bumpy ride for financial markets isn’t over yet. The [...] From the time I started blogging about a decade ago I’ve been writing somewhat frantically about the GOP efforts to suppress the vote. This should not be surprising since I started writing online in the aftermath of the most dubious election result in history: the infamous Bush v. Gore. Vote suppression has been with us for centuries, of course. Jim Crow was built on it.Very famous and important Americans have participated in it, [...] by Tyler Durden
The implications of a nation leaving the Euro (and its contagion effects) are becoming clearer but are by no means discounted by the market. The risk of an interruption in the Greek adjustment program has increased significantly – and as Goldman notes – is the most likely eventual outcome for Greece and fears of the missed interest payment in June continue to concern many. The tough decision and dilemma for [...] From Capital.gr:
The Greek parliamentary elections delivered a fragmented result that highlighted growing public opposition to austerity, foreshadowing significant challenges ahead at forging the political consensus necessary to keep the country in the euro, according to a report published by Citi on May 7th. Even considering the push for a growth agenda among European leaders, including newly elected French President Francois Hollande, Citi sees significant potential for a new Greek government to miss the next round of [...] By Karl Ritter HELSINKI—Finland’s electoral commission says the conservative National Coalition Party has won the Nordic country’s election, while a nationalist party opposed to eurozone bailouts made the strongest gains. With all votes counted, the conservatives won 20 percent [...] |
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