Markets

3 Things You Must realise About The ECB And Its Role In Saving Europe

[credit provider=”Nihnih, Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Bushido-Rolle.jpg”] As we explained last night, there’s basically just one solution left in Europe, and everybody knows it: The ECB must come in forcefully to suppress sovereign yields.We’re not talking about nibbling around the edges here: We’re talking about the ECB basically announcing that it won’t […]
3 Things You Must realise About The ECB And Its Role In Saving Europe
Markets

LOOK: There’s One Solution For Europe, Everyone Knows What It Is, And If It Doesn’t Happen, There Will Be A Collapse

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:RelojDespertador.jpg”] Remember the October 26 deal to expand the European rescue facility? Nobody who matters believes in it anymore.Irish PM Enda Kenny and Greek PM Lucas Papademos — both of whom are feeding at the Europe Financial Stability Facility (EFSF) trough — both basically said today that […]
LOOK: There’s One Solution For Europe, Everyone Knows What It Is, And If It Doesn’t Happen, There Will Be A Collapse
Markets

ECB And Banks Furious At Hungarian Solution To Swiss Franc Mortgage Problem

[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=hungary%20mortgages&showact=results&sort=creationdatelower%3Areversealphabetical&intv=None&sh=10&kwstyle=and&adte=1312389132&pagez=60&cfasstyle=AND&rids=27d20ec387834b05ac50fe33f3280ec7&dbm=PY2010&page=1&xslt=1&mediatype=Photo”] Hungary has been offering forint loans to its citizens to help them repay Swiss Franc denominated mortgages. Hungarian prime minister Viktor Orbán has said as many as 300,000 might opt for the discount repayment scheme.The European Central Bank (ECB) has warned that the government’s scheme is likely […]
ECB And Banks Furious At Hungarian Solution To Swiss Franc Mortgage Problem
Markets

Running Through Italian Default Scenarios

[credit provider=”AP”] The most important debate of our lifetimes is now ongoing. For many, the answer will be existential. First, the question: Should the ECB “write the check’ for the euro area national governments? In thinking about the answer to this all-important question, I prefer to shift the focus by […]
Running Through Italian Default Scenarios
Markets

Five Uncommon Observations About Europe

The escalation of the European debt crisis and mounting evidence of new economic contraction have increased the scrutiny on the region. Yet it seems like many observers may be failing to grasp several important points, including the nature of the new governments, the Italian challenge, pressure on the ECB, risks […]
Five Uncommon Observations About Europe
Markets

This Is The Reason Bond Yields Are Exploding Across Europe

[credit provider=”Wikimedia” url=”http://commons.wikimedia.org/wiki/File:USAF_EOD_explosion.jpg”] Bond yields are spiking across Europe, not to mention the spreads between Belgian, French, Spanish, and Italian bonds and German 10-year bunds.To give you an idea, here’s today’s carnage in 10-year spreads (via Bloomberg):
This Is The Reason Bond Yields Are Exploding Across Europe
Markets

SocGen Names A Few Big Reasons To Be Bullish On European Real Estate

[credit provider=”www.chaletzermattpeak.com” url=”http://www.chaletzermattpeak.com/czppictures.html”] Even as Europe flirts with depression, it could be a great time to buy a chalet.Societe Generale’s Marc Mozzi names a few reasons to be bullish on European real estate, starting with debt monetisation by the ECB:
SocGen Names A Few Big Reasons To Be Bullish On European Real Estate
Markets

There’s A Big Solution In Europe, And Actually It’s Really Cheap

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:EUR_5_holographic_band.jpg”] It’s been darkly amusing watching European leaders continue to increase the size of their “bazooka” over the past two years, only to see the markets return fire, and render it useless.First they thought they could solve the problem with a few hundred billion euros. Then they […]
There’s A Big Solution In Europe, And Actually It’s Really Cheap
Markets

Aha! This Seems To Be The Reason Stocks Are Surging Like Crazy Today

[credit provider=”US Navy” url=”http://www.navy.mil/view_single.asp?id=45643″] Stocks are having a mad run today, with the Dow up 270.According to Cullen Roche, the hot rumour is that the ECB is soon going to come in and forcefully drive yields lower in the periphery through massive bond buying.
Aha! This Seems To Be The Reason Stocks Are Surging Like Crazy Today
Markets

Bini Smaghi Will Resign From The ECB

[credit provider=”AP”] Lorenzo Bini Smaghi, a longtime Italian member of the European Central Bank’s executive board, has tendered his resignation, according to Bloomberg.He will go to Harvard January 1.
Bini Smaghi Will Resign From The ECB
Markets

ITALY: Past The Point Of No Return

[credit provider=”AP”] Yesterday Italy’s 10-year government bond yields soared well above 7%, the level beyond which Greece, Ireland and Portugal were all pushed into EU/IMF bailout programmes. Having been frozen out of the markets, Italy now faces a buyer’s strike. Its only possible options going forward are a bailout or […]
ITALY: Past The Point Of No Return
Markets

GOLDMAN SACHS: The ECB Should Take A Leaf Out Of The Swiss Book

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Gs4.jpg”] With Italian borrowing costs at dizzying highs, Goldman Sachs strategist Dominic Wilson says the European Central Bank should take a leaf out of the Swiss book.An unlimited commitment by the ECB to purchase Spanish and Italian sovereign bonds may actually end up being less expensive for […]
GOLDMAN SACHS: The ECB Should Take A Leaf Out Of The Swiss Book
Markets

ECB Tries To Put The Genie Back In The Bottle

The sun has risen today and Italy is still there and so is Europe and monetary union, despite concerns about a point of no return being passed or some Rubicon has been crossed.  The combination of an acceptable Italian T-bill auction and apparently stepped up ECB buying has seen the […]
ECB Tries To Put The Genie Back In The Bottle
Markets

The New Axis Of Evil Threatens To Destroy Europe

[credit provider=”wikimedia commons” url=”http://en.wikipedia.org/wiki/File:DeathStar2.jpg”] OK, that’s it. Calling on a European policy to appear in front of us as a divine saviour is turning out to be nigh on impossible. We have tried the Ouija board of Greek debt, then the talking in tongues of Greek politics, we have tried […]
The New Axis Of Evil Threatens To Destroy Europe
Markets

Why The ECB Can’t Rescue Europe

[credit provider=”flickr / jurjen_nl” url=”http://www.flickr.com/photos/jurjen_nl/5271842133/”] With borrowing costs rapidly escalating not only in Italy but also in Spain and France, analysts are chattering about whether or not the European Central Bank can and will step in to save the euro.WSJ’s Simon Nixon says don’t count on it, for three reasons. […]
Why The ECB Can’t Rescue Europe
News

At Occupy Frankfurt, Bankers And Protesters Are Actually Talking To Each Other

[credit provider=”flickr / jurjen_nl” url=”http://www.flickr.com/photos/jurjen_nl/5271842133/”] The Occupy Frankfurt movement, part of the global protests, has been camped out in front of the European Central Bank in Frankfurt for a couple of weeks now.Though Deutsche Welle reports that the weekend saw protesters march through the city’s streets, it’s impressive to see […]
At Occupy Frankfurt, Bankers And Protesters Are Actually Talking To Each Other
Markets

2 Big Questions Ahead Of Today’s ECB Meeting

[credit provider=”AP/Riccardo De Luca”] The European Central Bank is about to make a decision on monetary policy at 8:45 AM EST this morning.Italian Mario Draghi just took the helm of the bank earlier this week, and investors will be examining his willingness to deviate from the policies of French predecessor […]
2 Big Questions Ahead Of Today’s ECB Meeting
Markets

MARIO DRAGHI: saviour Of The Euro?

[credit provider=”AP/Riccardo De Luca”] Today is Italian Mario Draghi’s first day on the job as president of the European Central Bank — and what a day.Greek PM George Papandreou’s call for a national referendum on austerity measures and the second Greek bailout have pushed the country even closer to the […]
MARIO DRAGHI: saviour  Of The Euro?
Markets

Here’s A Preview Of This Week’s 6 Market-Moving Events

Risk appetites returned in a big way in October, as equities, emerging markets, commodities and currencies all generally advanced and smartly so, recouping much of the ground lost in September.  The events in the week ahead will likely set the tone for the month of November.  They include three central […]
Here’s A Preview Of This Week’s 6 Market-Moving Events
Markets

Some Pretty Good Evidence That European Leaders Are Insane

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:2010_Moscow_Victory_Day_Parade-21.jpeg”] Paul Krugman is correct here about the inadequacy of the latest European bailout scheme, and what it will take for Europe to save itself:It’s still looking impossible to save this system without a drastic change in both the ECB’s actions and its philosophy. If that’s impossible, […]
Some Pretty Good Evidence That European Leaders Are Insane
Markets

Right Now Inflation Hawks Are Threatening To Destroy The World

[credit provider=”Stuart Richards on Flickr” url=”http://www.flickr.com/photos/left-hand/2675010261/”] Today’s inflation hawks are crowing over nothing.Not only do we have the most divided Fed since 1992, we’ve watched the European Central Bank repeatedly refuse to cut interest rates all year despite the clearly flagging eurozone economy.
Right Now Inflation Hawks Are Threatening To Destroy The World
Markets

Morgan Stanley: Get Ready For QE And Rate Cuts

[credit provider=”pixle via Flickr” url=”http://www.flickr.com/photos/pixle/1102673463/”] Both the European Central Bank and the Federal Reserve are set to ramp up easing measures, if not right away then in the near future.That’s the view Morgan Stanley analysts Evan Brown and Gabriel de Kock take in a recent investor note.
Morgan Stanley: Get Ready For QE And Rate Cuts
Markets

Morgan Stanley Presents Everything You Need To Know About Europe

[credit provider=”www.time.com” url=”http://www.time.com/time/covers/0,16641,20110822,00.html”] Today Morgan Stanley economists put out a European strategy report as leaders in the 27-nation region try to hammer out a new financial stimulus.The firm asks if we’re starting to see some light at the end of the tunnel, and answers that perhaps we are.
Morgan Stanley Presents Everything You Need To Know About Europe
News

Here’s Why Sarkozy Is So Mad Over Berlusconi’s Bank Of Italy Appointment

[credit provider=”AP”] Silvio Berlusconi’s appointment of Ignazio Visco to run the Bank of Italy may cause a rift with French President Nicolas Sarkozy, reports Reuters.It was reported yesterday that Berlusconi had appointed Visco to run the bank after Mario Draghi was foisted into the role of head of the European […]
Here’s Why Sarkozy Is So Mad Over Berlusconi’s Bank Of Italy Appointment
Markets

October 18: Top Stories From Open Europe

Moody’s warns that France’s Triple-A rating could be put on negative outlook; Merkel’s Spokesperson: Dreams of a magic solution will not be fulfilled this week Reuters reports that eurozone leaders are likely to agree to leverage the eurozone’s bailout fund, the EFSF, by allowing it to guarantee a portion of […]
October 18: Top Stories From Open Europe
Markets

Where Things Stand In Europe Right Now

[credit provider=”Ibrahim lujaz on Flickr” url=”http://www.flickr.com/photos/notsogoodphotography/2713087843/lightbox/#/photos/notsogoodphotography/2713087843/”] Everyone’s still watching Europe right now, with traders jumping to react to each new announcement or rumour — important or not.With the EFSF still in flux, Trichet stepping down this month, and Greek protests turning violent in Athens, the crisis could be escalating once […]
Where Things Stand In Europe Right Now
Markets

Here Are The Key Things Trichet Just Said At His Last ECB Press Conference

[credit provider=”World Economic Forum at Flickr” url=”http://www.flickr.com/photos/worldeconomicforum/2297234392/”] Outgoing European Central Bank President Jean-Claude Trichet gave his final press conference after a rate decision today.This marks the end of his incumbency at the helm of the ECB, and he’s not exactly receiving high fives on his way out the door.
Here Are The Key Things Trichet Just Said At His Last ECB Press Conference
Markets

Morgan Stanley: No ECB Rate Cut Tomorrow

[credit provider=”Artnow314, Flickr” url=”http://www.flickr.com/photos/[email protected]/356048734″] Don’t get your hopes up for the European Central Bank to slash interest rates tomorrow.A note out this morning from Morgan Stanley explains why this is unlikely to happen, although waxes optimistic about seeing the bank hint at a rate cut in November.
Morgan Stanley: No ECB Rate Cut Tomorrow
Markets

Chutes And Ladders: Preview Of BOE And ECB Meetings

The Bank of England and the European Central Bank meet this week. There is much speculation that both could alter policy. We suspect there may be risk for disappointment, but that disappointment with the BOE, could trigger a bounce in sterling, while disappointment with the ECB could see the euro […]
Chutes And Ladders: Preview Of BOE And ECB Meetings
Markets

Future ECB Chief Confirms: Banks Definitely Have Funding Problems

[credit provider=”Bank Of Italy” url=”http://www.bancaditalia.it/media/fotogallery/eventipersone/conv_mezzogiorno/intervento_draghi”] The Chairman of the Financial Stability Board and soon-to-be head of the European Central Bank, Italian Mario Draghi, told reporters this morning that banks are clearly having funding problems.This may have sent the euro into a tailspin.
Future ECB Chief Confirms: Banks Definitely Have Funding Problems
Markets

There’s A Report About Greek Bondholders Being Asked To Take An Even Bigger Haircut

[credit provider=”Robin Zebrowski on Flickr” url=”http://www.flickr.com/photos/firepile/68493747/”] A top official at the European Central Bank said off the record that the ECB/EU/IMF troika could require private holders of Greek bonds to accept a 75% haircut rather than the 21% they were expected to take, according to Italian newspaper Linkiesta (via @FGoria).This […]
There’s A Report About Greek Bondholders Being Asked To Take An Even Bigger Haircut
Markets

BAD NEWS: This Euro Situation Is Just Going To Go On And On And On And On…

[credit provider=”Ibrahim Iujaz on Flickr” url=”http://www.flickr.com/photos/notsogoodphotography/5739769957/”] With the media outlook swinging from wildly positive to wildly negative on a daily basis and rumours spiraling out of control, it can be hard to tell exactly where things stand on the eurozone crisis.But let’s be clear: the eurozone crisis is NOT going […]
BAD NEWS: This Euro Situation Is Just Going To Go On And On And On And On…
Markets

GREEK FIN MIN: If Europe Can’t Save Greece, It Can’t Save Itself

[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=Evangelos%20Venizelos&showact=results&sort=creationdatelower%3Areversealphabetical&intv=None&sh=10&kwstyle=and&adte=1314047304&pagez=60&cfasstyle=AND&rids=554882c6cfc04508abc8c8be1c0c63d1&dbm=PY2011&page=1&xslt=1&mediatype=Photo”] Greek Finance Minister Evangelos Venizelos warned today that if Europe cannot save Greece, it cannot save itself, according to Bloomberg.Reuters also reports that he proposed a “euro-atlantic axis” to take steps to resolve the crisis.
GREEK FIN MIN: If Europe Can’t Save Greece, It Can’t Save Itself
Markets

ECB’s Bonnici: Need To Wait For More Hard Data To Judge Economic Situation

Eurozone inflation situation is more stable, liquidity more important than rates ECB borrowing costs extremely cheap, inflation appears stable and  not far from ECB objectives Greek insolvency shouldn’t be scenario, situation moving in the right direction Spain and Italy proposals for consolidation should be enough to get them back to fiscal […]
ECB’s Bonnici: Need To Wait For More Hard Data To Judge Economic Situation
Markets

Morgan Stanley: The ECB, Explained

The European Central Bank may be telling the world it has virtually unlimited liquidity, but except for the extremely unpalatable approach of just printing more money, this promise is not as sturdy as it seems.
Morgan Stanley: The ECB, Explained
Markets

The ECB Relaxes Its Collateral Rules And Makes It Easier For Banks To Borrow

[credit provider=”flickr:timsnell” url=”http://www.flickr.com/photos/timsnell/4569457286/”] According to CNBC, The ECB just changed its rules for allowing banks to use debt instruments to be used as collateral.Before, debt instruments could only be used if they were covered bonds, or approved for trading on regulated markets. Now, they’ve thrown that rule out.
The ECB Relaxes Its Collateral Rules And Makes It Easier For Banks To Borrow
Markets

Eurozone Finance Ministers Finally Admit That Banks Need To Be Recapitalized

[credit provider=”DanielleCM via flickr” url=”http://www.flickr.com/photos/danni_m/536492895/”] According to Reuters, EU finance ministers have prepared a statement calling for European banks to raise their capital.The move would signal acknowledgment of the ineffectiveness of bank stress tests conducted by the European Central Bank in July. This couples mounting speculation that banks may indeed […]
Eurozone Finance Ministers Finally Admit That Banks Need To Be Recapitalized
Markets

What EU Leaders Just Said At Their Press Conference

UPDATE: A time frame for EFSF approval by eurozone parliaments is probably the biggest news coming out of this meeting. The EU officials said parliaments should all approve the July 21 agreement by early October so that funds can be dispersed by mid-October. They all stressed that this would only […]
What EU Leaders Just Said At Their Press Conference
Markets

Britain Suing The ECB!

Britain will sue the European Cental Bank to prevent it from implementing a new policy that would drive London’s financial services sector to the Continent, according to the FT.
Britain Suing The ECB!
Markets

IT’S OFFICIAL: Nobody In Europe Has Any Idea What’s Going On

It’s hard to be optimistic about any solution in Europe if you listen to what top European leaders are saying today. First, you have ECB boardmember Carlos Costa saying that the Eurozone was better off than the UK and the US, because external debts were lower. Sorry, but external debts […]
IT’S OFFICIAL: Nobody In Europe Has Any Idea What’s Going On
News

Politics In 60 Seconds

Good morning. Here’s the news:1. The Taliban yesterday detonated a powerful truck bomb at a major military base in eastern Afghanistan near Kabul, killing five Afghan civilians and injuring 77 American troops. The blast was timed to coincide with the 10th anniversary of 9/11.
Politics In 60 Seconds
Markets

Excitment/Fear About The Dovish New ECB Is Boiling Over

[credit provider=”ap”] It may be too late to save Greece from default, but Eurozone doves are excited as the European Central Bank sheds its biggest hawks.Outspoken ECB critic Nouriel Roubini sees a brighter future. He tweeted this morning: “With Weber, Stark, Trichet and Bini Smaghi all soon gone the ECB […]
Excitment/Fear About The Dovish New ECB Is Boiling Over
Markets

ECB Deserter Proposed “Quantum Leap” For Eurozone

[credit provider=”AP”] Jürgen Stark — who quit the European Central Bank over bond-buying this morning — told Handelsblatt that the European Monetary Union has to consolidate in order to function effectively.According to a report published in that paper this morning, Stark believes “far-reaching reform of the decision and sanction mechanisms” […]
ECB Deserter Proposed “Quantum Leap” For Eurozone
Markets

There’s Only One Speech That Really Matters Today

[credit provider=”horasis via Flickr” url=”http://www.flickr.com/photos/horasis/4672102342/in/set-72157624208930732/”] If you think the big speech of the day is Obama’s jobs speech at 8:00 PM ET, you’re not paying attention.First, let’s quickly explain why Obama’s speech won’t be that big of a deal: We know all the details, the Republicans have already said they […]
There’s Only One Speech That Really Matters Today
Markets

Italian Bond Spreads Back On The March

While yields on Italian bonds are certainly not out of control again (yet), bonds to bunds spreads have been marching steadily upwards since bond buying by the European Central Bank pulled them down last month.
Italian Bond Spreads Back On The March
Markets

Talks Over $8 Billion In Bailout Funds Stalled After Greeks Miss Reform Goals

[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=Evangelos%20Venizelos&showact=results&sort=creationdatelower%3Areversealphabetical&intv=None&sh=10&kwstyle=and&adte=1314047304&pagez=60&cfasstyle=AND&rids=554882c6cfc04508abc8c8be1c0c63d1&dbm=PY2011&page=1&xslt=1&mediatype=Photo”] Discussions between Greece and officials from the “troika” of the European Union, European Central Bank, and International Monetary Fund will pause for 10 days so that Greece can perform a technical study of its economic data.This pause follows revelations yesterday that Greece will miss its deficit-cutting and […]
Talks Over $8 Billion In Bailout Funds Stalled After Greeks Miss Reform Goals
News

Politics In 60 Seconds

[credit provider=”Associated Press”] Good morning! Here’s the news:1. Reuters reports: “The euro fell across the board on Thursday after a weaker-than-expected reading of German manufacturing highlighted increasing sluggishness in the euro zone’s largest economy.” Eurozone manufacturing activity is down virtually everywhere. 
Politics In 60 Seconds
Markets

The Eurozone Crisis Is All Italy’s Fault

[credit provider=”Rai.TV” url=”http://www.rai.tv/dl/RaiTV/diretta.html?cid=PublishingBlock-64203784-70f7-4b53-9d21-b14693850195&channel=Rai%201#cid=PublishingBlock-233b8482-1cbc-4970-87d5-9d7604b26ddb”] I am about to take a two week vacation (though will update the blog).I had some time off earlier in the summer, but it was dominated by the concerns of a father of a Little League baseball pitcher.
The Eurozone Crisis Is All Italy’s Fault
Markets

Warning Sign In Europe, As Bank Approaches ECB To Buy Dollars

[credit provider=”Images_of_money on Flickr” url=”http://www.flickr.com/photos/[email protected]/5858030702/sizes/l/in/photostream/”] A bank approached the European Central Bank to borrow dollars in violation of a major lending taboo, according to FT Alphaville.Banks systematically approach the ECB to temporarily borrow euros, but avoid asking for dollars unless pressed to find a reasonable borrowing rate.
Warning Sign In Europe, As Bank Approaches ECB To Buy Dollars
Markets

The State Of Global Monetary Policy In One Paragraph

[credit provider=”ECB”] From Morgan Stanley’s Joachim Fels:Economic conditions and policy legroom have switched places since 2008. Back then, economies were in very poor shape and policy legroom abundant. Since then, economic conditions have improved but policy is significantly more constrained than it was then. Despite higher thresholds to easing, the […]
The State Of Global Monetary Policy In One Paragraph
Tech

WHAT IN GOD’S NAME HAPPENED TO THE MARKETS? The SAIcast Discuss

Today everything in the market tanked. The US faced its first day as a AA+ rated nation and Europe continued to get crushed as it seemed no one was safe from investors’ debt fears. Join Nicholas Carlson, Politics editor John Ellis, and Politics reporter Zeke Miller as they discuss the […]
WHAT IN GOD’S NAME HAPPENED TO THE MARKETS? The SAIcast Discuss
Markets

BTW: RIP ECB INDEPENDENCE

[credit provider=”EU”] We’re waiting on Silvio Bersluconi to speak at 1:30, while watching this bonkers market.One quick note: If indeed the ECB is coordinating with the government of Italy to trade debt monetization in exchange for reforms, that should pretty much end any notion that the ECB is independent somehow.
BTW: RIP ECB INDEPENDENCE
Markets

Seeing Double At The World’s Central Banks

 Central banks are now targeting liquidity, not just inflation. The credit boom of the past decade highlighted the inadequacy of focusing only on prices, and underscored the need for the monetary authority of a country (or group of countries in the case of the European Central Bank and the eurozone) […]
Seeing Double At The World’s Central Banks
Markets

ECB Hikes Interest Rates To 1.50%

[credit provider=”World Economic Forum at Flickr” url=”http://www.flickr.com/photos/worldeconomicforum/2297234392/”] Update: Exactly as expected, a 25 basis point hike.Again, the real news will come in 45 minutes when Trichet speaks.
ECB Hikes Interest Rates To 1.50%
Markets

More Developments That Will Undermine The Euro

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Draghi,_Mario_%28IMF_2009%29.jpg”] The last few days have been very significant and will likely shape investors views in the weeks ahead.  While Greece remains at the epicentre of the European debt crisis, the issue is much bigger.  It has begun bleeding over not just into Ireland and Portugal, but […]
More Developments That Will Undermine The Euro
Markets

This Is What Will Happen If Greece Defaults

If Greece defaults on its sovereign debt, the effects will be global. Everyone from Japanese savers to U.S. retirees is likely to feel the effects. Let’s run through the dominos that could fall after a Greek default.
This Is What Will Happen If Greece Defaults
Markets

European Leaders Are In Open Revolt Against ECB President Jean-Claude Trichet

The feud between ECB president Jean-Claude Trichet and German finance Minister Wolfgang Schaeuble escalated in a major way today with members of German Parliament siding with Schaeuble and against the wishes of the ECB. German Politicians Demand Private Creditors Participate Please consider Germany MPs discuss resolution on Greece aid
European Leaders Are In Open Revolt Against ECB President Jean-Claude Trichet
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