UPDATE: The European Debt Crisis
The EURO is in trouble, the monetary union is threatened, the sovereign debt contagion is now spreading from Greece to Spain, Portugal, Poland and will soon engulf Ireland and Italy. While I will still occasionally publish one of these stories either here or on the headlines page, I will utilize this 'tracking post' as the primary means of updating breaking European stories.
Whenever I post a new story, I will move this post to the top of the site, which is the cue that something has been added inside.
The newest stories will always be at the top.
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May 4
Guess Who's Paying For The Greece Bailout? That's Right -- YOU (Henry Blodget)
Euro market meltdown resumes despite Greek deal (Reuters)
Greek State Workers Escalate Protests Over Budget Cuts (Bloomberg)
Why A Eurozone Break-Up Would Trigger The Mother Of All Financial Crises
Trichet May Need to Rewrite ECB Rules to Tame Greek Threat
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May 3
EU, IMF agree 110 bln euro bailout for Greece (Reuters)
Greece: Collapse or Salvation (UK Mail)
RIGGED: Markets chief promotes idea of EU credit rating agency
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May 2
Greece Faces `Unprecedented' Cuts as $159B Rescue Nears (Bloomberg)
Greece erupts in violent protest as IMF prepares to wield axe (UK Mail)
Greece Gets Aid, Promises Austerity (WSJ)
Smart Money Is Short Debt Of Greece, Spain, Portugal (Forbes)
Europe's sovereign-debt crisis: Acropolis now (The Economist)
Thousands join May Day protests in Europe (Reuters)
Roubini And Milken Debate How Quickly The World Will Collapse
5 Terrifying Parallels Between The Crisis In Europe And The Great Depression
Europe Is Finished Unless It Changes The Rules Fast (Der Spiegel -- Germany)
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April 28
Roubini on European Monetary Union: Could Dissolve In A Matter Of Weeks
EU Scrambles for Solutions as Greece Turns Viral
Hesitation and Patronizing Advice: How Germany Made the Greek Crisis Worse
Spain Suffers Fallout From Greece, Debt Rating Cut to AA
Portugal's economy: The importance of not being Greece
Swaps Not Responsible for Crisis, Greece Is: Papantoniou
Greece Bondholders May Lose $265 Billion in Default
Greece's Credit Rating Cut To Junk Status As Europe's Debt Crises Worsens
Portuguese Bank CDS Go Vertical
Aflac Shares Slide on $1 Billion Greek Bank-Bond Holding
Updated May 2
Reader Comments (9)
In Britain we have no problem defining people as socialists, nor do people on the left have a problem calling themselves socialists." Adam Shaw from American Thinker
But how do those socialist really feel about its pensioners or its Joe the Plumber...lets take a look....
http://www.youtube.com/watch?v=PG0pJpSeVRI
http://www.businessinsider.com/more-deflation-means-more-of-the-same-old-failed-interest-rate-policy-in-japan-2010-4
http://www.businessinsider.com/roubini-us-sovereign-concerns-coming-in-just-a-few-years-2010-4
http://jessescrossroadscafe.blogspot.com/2010/04/policy-failure-if-stock-market-crashes.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29
http://www.cnbc.com/id/36828305
http://www.huffingtonpost.com/2010/04/30/madoff-sons-brother-charg_n_558937.html
"Bernanke is famously a student of the first Great Depression, even as General Joffre, the architect of the Ligne Maginot, was a student of the first World War. And Larry Summers is remarkably similar to Marshal Pétain. Tim, on the other hand, seems to be a student of very little, not even apparently of the tax code which he administers, except perhaps the art of being a manservant, a valet to the powerful."
I'm going to use that Maginot Line quip every chance I get. (Much more effective than starting in on Keynesian economics or whatnot.)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7MjyvkDO_XA&pos=7
What Does Plutonomy Mean?
Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.