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The whole financial system of the planet is in panic mode…
GREECE WILL LEAVE EURO via google translate: Spiegel.de The fate of Greece in the Euro-zone is less likely. The country can not realize the savings targets, the IMF wants to hire his help – and now comes the Greek Economy Minister Philipp Rösler little chance of keeping the euro. Berlin / Madrid / Athens – Germany’s Economics Minister Philipp Rösler (FDP) sees little chance of [...] Spain’s €100bn bank bailout could backfire on Madrid by destabilising public finances and hampering the country’s access to capital markets, experts have warned. Prime minister Mario Rajoy today hailed the deal with Brussels as a “victory” for Spain and the eurozone, but analysts said it was unlikely to convince financial markets for long. Mr Rajoy’s claims that Spain’s public finances would not be impacted were disputed, even though the details of [...] Earlier we wrote up a note from BNP Paribas discussing the dramatic economic collapse that would happen in Greece (on top of what’s happened already!) were Greece to quit the Euro.
But before Greece gets to that state, something else has to happen first: basically, the mother of all games of Chicken. If there is a June election, the likely victor will be Alexis Tsipras, and that will be interesting… BNP’s Paul Mortimer-Lee sets the stage: Alexis Tsipras, leader of [...] From FT:
Greece is heading for a clash with international lenders as the radical leftwing party that came second in the weekend’s election called for the ripping up of a “barbarous” austerity programme underpinning its bailout and questions mounted about the country’s future inside the euro. Alexis Tsipras, the 38-year-old leader of the Syriza party that surged in popularity in Sunday’s poll, outlined a five-point plan to be put to conservative and [...] From FT:
Russia, China and Iran showed support for Bashar al-Assad, Syria’s president, on Monday, just days before an international meeting which is likely to put more pressure on him to step down amid an increasingly bloody uprising. Mr Assad met a senior Russian politician in Damascus, who reiterated Moscow’s support for his reform programme and spoke out against any foreign intervention in the conflict, Russian and Syrian news agencies reported.
China accused western [...] From FT: Silvio Berlusconi pledged on Monday to fight on in spite of a growing revolt within his centre-right party and a further erosion of Italy’s credibility on bond markets that forced the European Central Bank to intervene to steady nerves. Italian 10-year bond yields rose to euro-era highs of 6.68 per cent at one point, well into territory considered unsustainable by the markets. Traders warned that without ECB intervention, the Italian [...] The austerity measures demanded by the IMF and EU have caused outrage in Athens Greece’s enormous debts are sustainable but on a “knife’s edge,” according to the International Monetary Fund. A 110bn-euro (£96bn) rescue package for Greece is being implemented but investors still fear a default. Given the situation, Greece must stick to its reform programme, IMF Athens mission chief Poul Thomsen said. His comments came as UK Deputy Prime Minister Nick [...] |
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