Recovery? Eurozone GDP Now Down Six Straight Quarters
Friday, May 17th, 2013 By Michael Lombardi, MBA for Profit Confidential 1 inShare Email In the first quarter of 2013, the eurozone continued to witness an economic contraction. The gross domestic product (GDP) of the 17-nation region declined 0.2%. This decrease in the GDP marked the sixth straight quarter of economic contraction in the eurozone [...]
EU Predicts Eurozone Recession to Continue in 2013
Friday, 03 May 2013 The eurozone economy will contract by more than expected this year and budget deficits will decline more slowly, the European Commission said on Friday as it set out forecasts for the next two years. France, Spain, Italy and the Netherlands — four of the five largest eurozone [...]
Spain Is Beyond Doomed: The 2 Scariest Unemployment Charts Ever
April 28, 2013 Source: The Atlantic Spain is in a great depression, and it is one of the most terrifying things I have ever seen. Five years after its housing boom turned to bust, Spanish unemployment hit a record high of 27.2 percent in the first quarter of 2013. It’s almost too horrible to comprehend, but [...]
EU chooses Spain to start shutting down austerity policy
Claudi Pérez / Miguel Mora Brussels / Paris 28 ABR 2013 France and Italy add support to greater flexibility on budget deficits and new focus on reforms Brussels to give Spain two more years on deficit as austerity loses its shine Doing politics is to tell stories. A country — never mind a continent — cannot [...]
Merkel To Europe: “Prepare To Cede Sovereignty”
Submitted by Tyler Durden on 04/22/2013 The liquidity tsunami that started in September of 2012 in the Marriner Eccles building and continued with the BOJ’s own epic QEasing expansion three weeks ago, has so far provided the impetus for Europe to kick the can of its inevitable dissolution for a few more months, yet [...]
Fitch Downgrades United Kingdom to ‘AA+’; Outlook Stable
Fri Apr 19, 2013 LONDON, April 19 (Fitch) Fitch Ratings has downgraded the United Kingdom’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘AA+’ from ‘AAA’. The Outlook is Stable. At the same time, the agency has affirmed the UK’s Short-term foreign currency rating at ‘F1+’ and the Country Ceiling at ‘AAA’. [...]
The Netherlands Becomes Next Casualty of the Eurozone Crisis
Monday, April 8th, 2013 By Michael Lombardi, MBA for Profit Confidential Mark my words: the eurozone’s economic problems are here to stay, and the economic slowdown in the common currency region will get worse as we move forward. The Netherlands, the fifth-biggest nation in the eurozone, is the new victim. The country, once looked upon [...]
Euro Area Unemployment at Record 12 Percent
Tuesday, 02 Apr 2013 The eurozone economy has passed another bleak milestone. Official figures Tuesday showed that unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999. Eurostat, the EU’s statistics office, said the rate in February was unchanged [...]
Cyprus Parliament President Says “No Future” Under Troika, Calls For “Iceland” Solution
Submitted by Tyler Durden on 03/31/2013 Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is “time for responsibility” as they progressed towards a final solution; and yet today, as Cyprus’ Famagusta reports, he believes the ‘Troika-imposed’ responsibility will, “turn Cyprus into a colony of the [...]
Bank of Cyprus big depositors could lose up to 60%
30 March 2013 Mark Lowen BBC News, Athens Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say. The central bank says 37.5% of holdings over 100,000 euros will become shares. Up to 22.5% will [...]
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