The European Debt Crisis and the Euro - Page 20

On May 27 2010 08:12 nard wrote:
Money as Dept
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NEW YORK (AP) -- Stocks closed lower Tuesday following new worries about Europe's debt problems. Treasury prices rose and gold settled at a new high as investors sought out safe assets.

U.S. stocks followed European markets lower after news reports said banks in Europe may have more risky government debt on their books than was disclosed during "stress tests" earlier this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.

Shares of major European banks including Barclays PLC and UBS fell, and the dollar rose against the euro.

BERLIN (AP) -- The euro has slipped back below $1.27, giving up slight gains it made thanks to a relatively successful bond auction in Portugal.

The euro bought $1.2693 in Thursday morning European trading, down from $1.2724 in New York late Wednesday.

Strong investor interest in Wednesday's Portugese auction helped assuage concerns over the indebted country. Meanwhile, Ireland said it would split its most troubled financial institution, Anglo Irish Bank, as part of efforts to reassure lenders.

Still, data showing German industrial production rose 0.1 percent on the month in July were disappointing.

The British pound slid Thursday to $1.5437 from $1.5480. The dollar declined to 83.64 Japanese yen from 83.98 yen -- still above a 15-year low of 83.35 yen on Wednesday.

SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a "good" deposit bank and a "bad" toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.

BAIL OUT: The government has already plowed nearly euro23 billion ($29 billion) into the specialist lender. Analysts warn that the bill could top euro35 billion — a fifth of Irish GDP.

STUNNING FAILURE: Anglo recorded more losses than any other bank worldwide in 2009 and appears on course to do the same this year.

DUBLIN (AP) -- Ireland will have to pump euro12 billion ($16 billion) more into the country's crippled banking system, dealing more grief to shellshocked Irish taxpayers.

Coupled with the downgrade of Spain's bonds by a third ratings agency, the news Thursday from Dublin provided more evidence that Europe has not shed the debt troubles that shook the continent this spring as Greece teetered on the edge of bankruptcy.

Irish government leaders described the total bill to fix their banks, about euro45 billion ($60 billion), as "horrible" -- but manageable. The bailout will swell Ireland's deficit this year to a staggering 32 percent of economic output, the biggest in post-World War II Europe.

On March 01 2010 15:03 lOvOlUNiMEDiA wrote:
Greece can't pay its debts. So the EU, especially Germany, is wondering what to do. I hadn't thought too much about this and didn't think that it was a big deal. But then I read this article that claims that without precise actions the "euro may not survive." The article also mentions that even if the Greek crisis is dealt with that is only the beginning of the problem because there is a lot of debt in other countries, especially Spain, as well. So, please tell me how you see this difficult time in Europe playing itself out.

Article

Mod Edit: This is serious business. Anyone who posts trash in this thread will be banned.

On October 18 2010 04:25 Scrimpton wrote:



American poster talking about Euro debt? Take a look at your 13.6 Trillion, and what 14 trillion+ in liabilities first thanks.

That being said, bad times all round, nobody is going to come well off any of this, we need a global economy to function at this current level of lifestyle, but we prove over and over again we are incapable of running even micro economies smoothly, never mind global economies.

Much thanks to "Steady growth" and people becoming lobotomised by the industrial revolution, 99% useless idiots without a clue how to survive without things gift wrapped. Myself included.

DUBLIN – Europe's debt crisis spread widening ripples Monday, with Irish officials denying that their talks with other eurozone governments were aimed at getting a bailout, while the Greek Prime Minister accused Germany of making things worse with talk of forcing creditors to take losses.

The flare-up in tension adds to pressure on EU finance ministers, who will be in Brussels Tuesday for their monthly meeting.

After spending their recent gatherings focusing on crisis prevention, a weeklong sell-off of Irish and Portuguese bonds has thrown them back into crisis management.

The Irish Department of Finance said in a statement Monday it was pursuing "contacts at official level" with other eurozone governments and the EU, but aides to Finance Minister Brian Lenihan emphasized Ireland has no need for a lifeline from the euro750 billion financial backstop for the eurozone. Ireland says it had enough cash to last through mid-2011.