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Importantly the European Commission spokesman Amadeu Altafaj said "This has been approved by all the rest of the members of the euro area and I have no sign ... at all that another episode of this kind could take place." Of course there will be many rumors that other members of the euro zone would pull out like Slovakia. He made it clear Greece will be receiving the funds from the 110 billion EU/IMF euro aid fund.

There has been much speculation as to the penalties to Slovakia and would the Teutonic states be the ones left holding the bag. The EU has said this is not the time to speculate on that. Altafaj said "It's quite an unusual decision but I will not speculate as to any any political consequences."

Slovakian Prime Minister Iveta Radicova and his cabinet recommended against the approval of the Slovak contribution to Greek financial aid. While they rejected the loan the parliament did approve Slovakia's participation in the broader euro zone loan facility. This came the day after Slovakia's governemnt survived a no confidence vote.]]> melanie@nospam.com (traders) Thu, 12 Aug 2010 05:44:05 -0700 http://traderscommunity.com/news.php?item.34778.23 http://traderscommunity.com/news.php?item.34773.23
The Chartered Institute of Personnel and Development (CIPD) has predicted a surge in Unemployment in the U.K. The Conservative-Liberal Democrat coalition government intends to cut the budget deficit with large spending cuts. The moves are likely to cause tension within the ruling coalition.

The dominant Conservatives are of center-right ideologically who are committed to reducing big government. The liberal democrats lean to the left ideologically and will be opposed to large cuts to Britain’s public sector. The worry is without drastic measures the British Unemployment Forecast to rise to 3 million may be a low-ball estimate.]]> billyaustindillon@nospam.com (billyaustindill) Tue, 08 Jun 2010 08:04:19 -0700 http://traderscommunity.com/news.php?item.34773.23 http://traderscommunity.com/news.php?item.34775.23 Portugal Cut in Crisis Contagion

Today saw Portugal cut in crisis contagion by Standard & Poor's after the agency downgraded Greek bonds to junk status. S&P also downgraded Portuguese bonds two notches to A-minus. Markets were jolted as evidence of Greece's financial contagion is spreading.

Last week Greece’s fifteen Eurozone partners and the International Monetary Fund responded to Greece’s request for emergency aid with a euro 45 billion-rescue package but that hasn’t calmed the agencies or investors. The so called PIIGs have been a concern and now Portugal is catching the Greek flu. The contagion affect is clear, as Portuguese stocks were punked 5.4 percent and Greek stocks down 6.7 percent.

Standard & Poor's cut Portugal’s sovereign debt rating by two notches to A-minus. Today's cut leaves Portugal four notches above Greece’s speculative or "junk" status. The S&P rating on Portugal is the lowest of the other credit agencies Moody’s and Fitch. Which suggests they will follow downgrading Portugal soon.]]> billyaustindillon@nospam.com (billyaustindill) Sat, 08 May 2010 08:19:32 -0700 http://traderscommunity.com/news.php?item.34775.23 http://traderscommunity.com/news.php?item.34769.23 Contagion Fears Grow, 3 Dead in Greece Protests

European contagion fears grow, Greece protests see 3 killed as an anti austerity march turned violent. The social unrest has unnerved markets that the Greek Socialist Government will not be able to achieve the austerity measures announced to get the $143 billion EU/IMF loan package. Markets reacted with negativity, the Euro is at 14 months lows at 1.2840 and European credit default swaps (CDS) widened on contagion fears for spreading to other Eurozone sovereign borrowers.

There are fears capital markets are entering global financial crisis redux. In 2008 felt there existed the government bailout, now it is sovereign debt that is the problem. This has the potential for severe social, political and economic upheaval. This is why the Greek protests have sent shivers through the markets and contagion fears grow.

Capital Market Contagion

The Greece Violent protests and British insurer Prudential Plc’s canceling a rights issue hit credit Default Swaps. The EU and IMF aid was intended to calm currency and credit markets by giving the Greek government time to complete austerity measures.]]> billyaustindillon@nospam.com (billyaustindill) Sat, 08 May 2010 07:20:37 -0700 http://traderscommunity.com/news.php?item.34769.23 http://traderscommunity.com/news.php?item.34774.23
Look at the players involved in this, the self serving politicians of Greece, Europe and the IMF. Then throw in the self serving bankers like Goldman Sachs. I challenge you to find a bank who hasn’t issued fantastic positive ‘rah rah’ projections for the rest of the year for Europe, the US and oh Greece too! All rhetoric when it comes to Greece toeing the party line of who bas it would be for Greece to leave the euro. Oh all the legal issues and shame, please! Let me repeat Greece crisis communication is no Greece travel package.

The Grand Delusion

How much money will these guys “piss against the wall” trying to hold off a Greek collapse? What we need is a stop to this throwing good money after bad. Seriously what is the point of Greece staying in the Euro, they fibbed they way in and have caused untold damage with the charade. Is it too obvious that Greece should pull out of the euro and return to the drachma? Then you have to ask what of the other European basket cases Ireland, Italy, Portugal and Spain.]]> billyaustindillon@nospam.com (billyaustindill) Thu, 08 Apr 2010 08:13:35 -0700 http://traderscommunity.com/news.php?item.34774.23 http://traderscommunity.com/news.php?item.34739.23 ECB's Stark Comments On The Priorities For Greece

No country in the euro zone is responsible for the debts of other member states, European Central Bank policymaker Juergen Stark said in an interview that focused on Greece, released on Saturday.

Stark told the Welt am Sonntag newspaper that Greece, which is battling to get its budget under control, must make comprehensive consolidation a priorty but also reform its economy to stop producing deficits.

'Countries like Greece must not only bring their deficits under control, but also enact a fundamental reorientation of their economic policy,' Stark said.

'Some countries have even managed to accept falling wages -- there is no alternative for economies in a difficult situation,' he added in the interview, which had been held on Thursday.

Greece's deteriorating public finances have prompted one of the worst crises in the euro zone since the single currency was introduced. The country is attempting to cut its budget deficit, which hit 12.7 percent of gross domestic product in 2009.]]> melanie@nospam.com (traders) Sat, 23 Jan 2010 16:39:28 -0800 http://traderscommunity.com/news.php?item.34739.23 http://traderscommunity.com/news.php?item.34713.23
That compares with a 9.1 percent fall in 2008 and takes national prices 31.5 percent below their 2007 peak on average, the survey said.]]> melanie@nospam.com (traders) Wed, 20 Jan 2010 07:26:12 -0800 http://traderscommunity.com/news.php?item.34713.23 http://traderscommunity.com/news.php?item.34715.23
* The Commerce Department said housing starts fell 4 percent to a seasonally adjusted annual rate of 557,000 units. Analysts polled by Reuters had expected housing starts to rise to 580,000 units.

* November's housing starts were revised upwards to 580,000 units from the previously reported 574,000 units. The drop in housing starts was likely the result of unusually cold weather last month.

* Groundbreaking activity dropped a record 38.8 percent to an all-time low of 553,000 units for the whole of 2009.

* Starts for single-family homes fell 6.9 percent last month to an annual rate of 456,000 units after rising 4.0 percent in November. Groundbreaking for the volatile multifamily segment rose 12.2 percent to a 101,000 unit annual pace, after surging 69.8 percent in November.
]]> melanie@nospam.com (traders) Wed, 20 Jan 2010 05:45:50 -0800 http://traderscommunity.com/news.php?item.34715.23 http://traderscommunity.com/news.php?item.34704.23
The drop in the National Association of Home Builders/Wells Fargo Housing Market Index pointed to a patchy recovery in the housing sector.

The index, which measures builders' confidence in the market for newly built single-family homes, slipped to 15 in January from 16 last month, below market expectations for a reading of 17. A reading below 50 indicates more builders view sales conditions as poor than a good.

'Tight lending standards and concerns about job security appear to be offsetting attractive affordability and the tax credit, keeping the housing recovery on tenterhooks,' said Sal Guatieri, senior economist at BMO Capital Markets.

The Federal Reserve 'won't even think about tightening until this sector shows signs of a durable recovery,' he added, referring to the Fed's ultra-low interest rates.]]> melanie@nospam.com (traders) Tue, 19 Jan 2010 10:58:13 -0800 http://traderscommunity.com/news.php?item.34704.23