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Euro Crisis News Overview
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European banks may have to pare down assets to bolster capital reserves as cheap oil is taking a toll on portfolios of energy-exposed loans.
European banks' energy exposure is hitting their stocks worse than U.S. counterparts. Now, they may have to unload assets to satisfy shareholders — and regulators.
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The European Central Bank will not surrender to low inflation, Mario Draghi vowed, reinforcing his case for ECB action next month to counter deteriorating global conditions. The ECB president made his remarks in the Frankfurt regional offices of
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WOLFGANG MUNCHAU (FT):  Italy under multiple crises: '....I shudder to think how Italy would cope with an additional shock of the kind Greece is experiencing after the Macedonian decision — a sudden inflow of immigrants from Syria. This might occur, for example, through further border closures on the Balkan route, which has been the preferred gateway for Syrian refugees on their way to Germany. Such a shift could see refugees divert via the Adriatic Sea to Italy.
There are signs that Italy’s patience with the EU and Germany, in particular, is wearing thin ....'
How should we think about systemic risk in Europe today? The EU has been moderately successful at crisis management. But the ability to muddle through is reaching its limits when, as now, several crises intersect at once. You can see the problem
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WOLFGANG MUNCHAU skeptical about ECB policy ',....I do not doubt Mr Draghi’s determination, but I have no reason to expect that the governing council as a group will act any differently to the way it did in the past: reluctantly and late....'
It looks as though Mario Draghi will get in March what he asked for in December — a further easing of monetary policy. This is welcome. It will allow the European Central Bank president to re-establish his authority — but it will not fully undo the
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Mr White said Europe's creditors are likely to face some of the biggest haircuts. European banks have already admitted to $1 trillion of non-performing loans: they are heavily exposed to emerging markets and are almost certainly rolling over further bad debts that have never been disclosed.
The European banking system may have to be recapitalized on a scale yet unimagined, and new "bail-in" rules mean that any deposit holder above the guarantee of €100,000 will have to help pay for it.

#EuroCrisis #Eurozone  
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Mr. Renzi’s dissatisfaction with the current EU leadership clearly goes beyond narrow domestic politics. It also reflects a widely held view in Rome that EU rules aren’t being applied consistently, that Germany is standing in the way of reforms needed to make the EU and the eurozone stronger, and that the concerns of countries such as Italy are being ignored.
This distrust of Brussels and Berlin was bought to a head by the migration crisis: there is resentment in Rome at the way the EU treated the crisis in the Mediterranean as a purely Italian problem throughout 2014, ignoring Italian proposals for a common European response until large numbers of refugees started arriving in Germany in mid-2015.
#italy #germany #eu
Rome’s discontent reflects the view that rules of the EU game are rigged in Berlin’s favor
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Violent clashes broke out between Greek police and protesters as tens of thousands of people marched through central Athens
Public and private sectors protest pension reforms.
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The European Union’s executive arm was unprepared for the magnitude of the financial crisis, and as a result displayed significant weaknesses in its management of bailouts in Ireland, Latvia, Portugal, Romania and Hungary, according to a report by the bloc’s auditors.

The report, published Tuesday by the European Court of Auditors, the Luxembourg-based watchdog, looks into the European Commission’s management of the financial assistance provided to five EU countries and makes a series of often-embarrassing assessments about its unpreparedness to handle the task at hand.
Where the EU executive fell short in dealing with financial turmoil in Europe.
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Run on Italy's Third Largest Bank? Capital Controls or Bail-Ins Next? Why Take Chances?
Italian Bank Customers Pull Deposits The CEO of Monte dei Paschi, Italy's third largest bank, and the oldest surviving bank in the world, admits Customers Pulling Deposits as share prices sink. Some Monte dei Paschi customers have been pulling savings out o...
Financial blog on news and global macroeconomic themes regarding the world economy. The blog7quot;s primary focus pertains to inflation, deflation, and hyperinflation, especially currencies, gold, silver, crude, oil, energy and precious metals. Other macro discussion topics include interest rates, China, commodities, the US dollar, Euro, Yuan, Yen, stagflation, emerging markets, politics, Congressional and statewide policy decisions that affect ...
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Italian Banks Hammered; Bad Loans Hit €201 Billion; End of Drghi PUT; Get Out Now!
Italian Banks Hammered Things don't matter until they do. For whatever reason, things in Europe are starting to matter. For example, Bloomberg reports Italian Banks Lead European Decliners on Bad-Loan Concerns . Italian banks dropped in Milan, leading decli...
Financial blog on news and global macroeconomic themes regarding the world economy. The blog7quot;s primary focus pertains to inflation, deflation, and hyperinflation, especially currencies, gold, silver, crude, oil, energy and precious metals. Other macro discussion topics include interest rates, China, commodities, the US dollar, Euro, Yuan, Yen, stagflation, emerging markets, politics, Congressional and statewide policy decisions that affect ...
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A wave of selling has taken Europe’s corporate-bond market to levels typically seen during recessions, another indication that the turmoil in global markets could spread into the wider economy.

Bond markets can’t always be relied upon to predict a slowdown in economic activity. Still, credit spreads above 1.5 percentage point are historically associated with troubled times, according to Mr. Davies, such as the 2008 financial crisis and the eurozone sovereign-debt turmoil of 2010 to 2012.
A wave of selling has taken spreads in Europe’s corporate-bond market to levels typically seen during recessions, another indication that the turmoil in global markets could spread into the wider economy.
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News items from the worlds media about the current euro crisis
Introduction
This page contains a running list of news articles about the current crisis in the Euro zone.
These are mostly whatever I stumble upon...