On Thursday, Société Générale analysts made a prescient call on Europe.
“It is far too early to dismiss euro area crisis as a key [market] driver,” wrote SocGen’s Vincent Chaigneau. “We fear another shockwave in the spring.”
As it turns out, they may not have had to wait very long. News this weekend that the ECB, EU, and IMF bailout of the Cypriot banking system will include an instant 10 percent “tax” on bank deposits before [...]
March 16, 2013
Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country’s bank accounts.
Lines formed at many ATMs as people scrambled to pull their money out after word that the €10 billion ($13 billion) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included one-off levy [...]
(Reuters) – Over 150,000 Portuguese marched on Saturday against planned tax hikes that have shattered the consensus behind austerity imposed by an EU/IMF bailout, and tens of thousands more marched in Spain, seen as the next country needing to be bailed out.
The rallies in Portugal were mostly incident-free, but a young protester of about 20 was taken to hospital with burns after an attempted self-immolation during the protests in the northern town of [...]
(Reuters) - Spain has for the first time conceded it might need a full EU/IMF bailout worth 300 billion euros ($366 billion) if its borrowing costs remain unsustainably high, a euro zone official said.
Economy Minister Luis de Guindos brought up the issue with German counterpart Wolfgang Schaeuble in a meeting in Berlin last Tuesday as Spain’s borrowing costs soared past 7.6 percent, the source said.
If needed, the money would come on top [...]
The European Central Bank turned up the heat on Greece on Friday ahead of a review of its bailout program, saying it would stop accepting Greek bonds and other collateral used by Greek banks to tap ECB funding, at least until after the review.
The ECB move, which analysts said was aimed at stepping up pressure on Athens to adhere to the commitments of its EU/IMF bailout, will force Greek banks to turn [...]
by Tim Staermose of Sovereign Man blog,
Fourteen years ago during the Asian financial crisis, Indonesia endured a currency collapse, a severe 2-year recession, and an embarrassing IMF bailout.
Western bureaucrats wagged their fingers incessantly at Indonesia, lecturing the country about the dangers of excess and fiscal irresponsibility.
How sweet the irony is. In a stunning rags-to-riches story, Indonesia contributed US$1 billion to the IMF last week in order to help bail out bankrupt Western nations.
As I’ve written before, unlike [...]
Latest update: Greece2012 91.41% total: ND 29.83 (129) Syr 26.78(71) Pasok 12.40 (33) IndGr 7.46 (20) GolDa 6.90 (18) DemLeft 6.16 (17) KKE 4.52 (12)
Greece: SYRIZA party says will not take part in a government that supports an EU/IMF bailout – Reuters
Live Greek stream results as they come in !! WATCH HERE !
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All voting poll results
Watch live streaming video from stopcarteltvgr at livestream.com
Ignore the media spin of [...]
Sunday’s Greek election is a choice between staying in the euro and going back to the drachma, the leader of the centre-right New Democracy party has told a final campaign rally in Athens.
The general election, the second in six weeks, is seen as crucial to Greece’s future in the eurozone.
New Democracy broadly accepts the EU/IMF bailout of debt-laden Greece but wants changes to the terms.
Main opponents Syriza reject the [...]
EU SOURCES HAVE DISCUSSED IMPOSING CAPITAL CONTROLS AS WORST CASE SCENARIO IF GREECE LEAVES EUROZONE – RTRS
IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING – EU SOURCES – RTRS
SUSPENSION OF SCHENGEN ALSO DISCUSSED
Major Italian Bank Freezes All Customer Accounts
On May 31st Bank Network Investments discretely posted an announcementon their website that they would be freezing all of their customers accounts for 1 month freeze on citing financial [...]
Spain is warning that Europe‘s single currency will unravel unless its leaders decide within weeks to centralise budget and tax policies in the eurozone and agree on a strategy to pool responsibility for failing banks.
As Spain’s prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone’s fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of [...]
AFP: Spain tumbled into recession and European stock markets and the euro fell Thursday as Greece installed a crisis government to tackle its crippling debt, EU leaders prepared for talks and analysts raised the spectre of a run on eurozone banks.
“Markets are worried about eurozone bank deposit runs and an escalating banking crisis,” London-based VTB Capital economist Neil MacKinnon told AFP.
Heavy withdrawals of deposits have been reported in Greece and Spain, and top European Union leaders were to hold [...]
“If the country’s budgetary commitments are not honoured, there are appropriate revisions to do, which means either supplementary financing and additional time or mechanisms for an exit, which in this case must be an orderly exit,” Christine Lagarde said in an interview with France 24.
Meanwhile, debt-stricken Greece must hold fresh elections after talks on forming a new government broke up today without agreement.
The new polls, expected on June 17, follow [...]
Greek President Karolos Papoulias has begun talks with party leaders in a last attempt to form a coalition and avert another election.
Leaders of the three main parties – New Democracy, Syriza and Pasok – held a 90-minute meeting with the president and left without commenting.
Mr Papoulias will now start negotiations with smaller parties.
The parties are deeply divided over the EU-IMF bailout and the austerity measures demanded by lenders.
Voters deserted [...]
EU Central banksters admit Greece could default and the banksters who control Europe say they could then kick Greece out of Europe:
Europe central bankers have been openly expressing views on the possibility of Greece leaving the eurozone as its leaders struggles to form a government.
Germany’s top banker said it was up to the Greeks to decide, but if they did not keep to their bailout commitments, they [...]
(Reuters) – Greece sank deeper into crisis on Tuesday when the Leftist candidate for prime minister set conditions for a new coalition which the biggest party said would destroy the country.
Antonis Samaras, leader of the conservative New Democracy party which finished first in Sunday’s election, said Leftist Alexis Tsipraswould drive Greece out of the euro with his demand that pledges made in exchange for an EU/IMF bailout be torn up.
(Reuters) – Conservative rebel Panos Kammenos has stormed out of nowhere to torpedo his old party’s chances of winning outright victory in Sunday’s Greek election and put himself in a strong position to be a power broker after the vote.
Kammenos splintered from the main conservative party New Democracy in February when he launched the Independent Greeks movement. It is riding a wave of popular discontent against austerity policies demanded by [...]
Over the past few month we have made it expressly clear that as part of its bailout of European banks, all Greek “bailout” funding in the form of super senior first lien debt funded by the Troika (since the Greek balance sheet now has 7 distinct debt classes), which counts the IMF among its backers, which in turn means you, US taxpayers, will go to European banks and most importantly, [...]
By Alexander Zaitchik
I arrived in Athens only hours after the February 12 anti-austerity riots, the acrid odor of burnt-out banks still lingering downtown, and checked into a familiar haunt, the Hostel Zorbas on Victoria Square. The last time I stayed there, in the summer of 2001, the place still took drachmas and buzzed with backpackers just returned from Piraeus, where the ferries fan out to the pleasure islands of the Aegean. A decade [...]
Greece will not get funds from a second EU/IMF bailout until its private creditors give final approval for their losses next week, EU ministers say.
Eurogroup chief Jean-Claude Juncker said Greece had taken all the legal action necessary to get the 130bn euro (£110bn; $175bn) bailout.
But the bailout must await the debt swap with private bondholders on 8 March, he said.
EU leaders are meeting in Brussels again to discuss the [...]
Feb 21 (Reuters) – Greek conservative leader Antonis Samaras, a strong contender to become next prime minister, welcomed the latest EU/IMF rescue package to avert a chaotic default on Tuesday but said its debt-reduction targets can only be met through economic growth.
“Without the rebound and growth of the economy … not even the immediate fiscal targets can be met, nor can the debt become sustainable in the long-term,” he told [...]