Breaking Euro News

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Breaking Euro News

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July 10, 2011, 10:46 a.m. EDT

Euro zone officials set emergency meeting

Edited by admin on 11/08/2014 - 06:05

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Breaking Euro News

By Alan Doyle

SAN FRANCISCO (MarketWatch) -- Top officials of the European Council, the European Central Bank and the European Commission willl hold an emergency meeting Monday to discuss the possibility that the debt crisis could spread to Italy from Greece, according to a media report Sunday. The meeting comes in the wake of the sharp sell-off in Italian assets on Friday, Reuters reported, citing three unnamed official sources. The emergency meeting will be held before a previously scheduled meeting of the euro zone's 17 finance ministers to discuss details of the second Greek bailout and bank stress-test results due Friday, Reuters said.

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Eric Original
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Sounds like they are flashing

Sounds like they are flashing the lights.  Intermission was short.  It's time for next act to start.

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murphy
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Quick, grab your seat before

Quick, grab your seat before the music stops. There's safety in the USD.(sarcasm)

Seacap81
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Contagion

Ah yes, a little Euro Contagion will be plenty to get the fuse lit on precious metals this evening.  I say we open up decidedly on both silver and gold.

Desert Fox
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Stacks and Stacks!

murphy wrote:

Quick, grab your seat before the music stops. There's safety in the USD.(sarcasm)

Too funny!

Yes by all means, load up on Treasuries!

There's safety in #'s. {lol}

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Updated Euro/Italian Crisis

July 10, 2011, 1:10 p.m. EDT

Italian sell-off prompts emergency euro zone meet

SAN FRANCISCO (MarketWatch) — Top officials of the European Council, the European Central Bank and the European Commission will hold an emergency meeting Monday to discuss the possibility that the debt crisis could spread to Italy from Greece, according to a media report Sunday.

The meeting comes in the wake of the sharp sell-off in Italian assets on Friday, Reuters reported, citing three unnamed official sources.

On Friday, Italian government bond yields jumped, as did the cost of insuring Italian sovereign debt against default, as worries grew over Finance Minister Giulio Tremonti’s possible exit.

The finance minister was tied to a corruption investigation involving a member of parliament and former aide. Conflicts between Tremonti and Silvio Berlusconi’s conservative government have also been rising. Read more: Political turmoil puts Italy in spotlight.

Tremonti has been credited with keeping Italy, the euro zone’s third-largest economy, removed from the worst of the euro-zone debt crisis.

Monday’s emergency meeting will be held before a previously scheduled meeting of the euro zone’s 17 finance ministers to discuss details of the second Greek bailout and bank stress-test results due Friday, Reuters said.

Politicians and banks are trying to work out a plan in which financial institutions would voluntarily roll over some of Greece’s maturing debt — a move that would spread at least some of the cost of another Greek bailout to private bondholders. Read more: ECB’s Trichet signals hike, insists ‘no default.’

Also on Sunday, European Central Bank President Jean-Claude Trichet said that more work needs to be done on regulating non-bank financial institutions, The Wall Street Journal reported on its website.

Europe's week ahead: stress tests

Results of the second round of European bank stress tests will be released on Friday, reports MarketWatch’s Polya Lesova.

“The major revelation of the last four years was the fragility of the global economy,” Trichet told the Rencontres Economiques d’Aix-en-Provence conference, according to the report. “Strengthening resilience is absolutely essential given the fragility exhibited by the global economy.”

The European Union also needs stronger coordination of public spending, he added.

“We evidently need a strengthening of governance for the constellation of sovereign states that we have seen working together so effectively in terms of creating wealth,” he said, and that may someday mean the installation of a single euro-zone finance minister, according to the Journal report.

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An epic lack of foresight, accuracy and humility over 3 1/2 years ago. Once a pumper, always a pumper!
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33 and a turd
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The FT and WSJ have recent

The FT and WSJ have recent articles touting a potential Greek default

things getting interesting

http://online.wsj.com/article/SB10001424052702303544604576433411639184184.html

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unum mountaineer
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thought this was interesting too

italy is a hot topic out of europe...basically banning naked short selling...hmmm..wonder what wud happen if the same thing happened in the silver space..anyhoo..interesting article re: spain housing and unemployment. if ya didnt know by now..spanish cajas are next on stage after italy

http://www.nytimes.com/aponline/2011/07/10/world/europe/AP-EU-Spain-Mortgaged-for-Life.html?_r=3&hp

Eric Original
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Ambrose Evans-Pritchard is back

Ambrose Evans-Pritchard is back in action after a 3 month layoff.

"Italy and Spain must pray for a miracle"

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8628939/Italy-and-Spain-must-pray-for-a-miracle.html

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CNBS Ran a Story on this Friday

You All Might Have Seen This, But I'll Post This--From 7-8-2011

http://in.news.yahoo.com/video/relatedcontent-22205591/default-threatens-italy-25894395.html;_ylt=Ai9wkgk.y0VS1A9x_CObe_MDssB_;_ylu=X3oDMTFrMm1zMDN2BHBrZwNpZC0yNTg5NDM5NQRwb3MDMQRzZWMDVmlkZW8gQnJvd3NlIENhcm91c2VsBHZlcgM-;_ylg=X3oDMTFoZm9zODBrBGludGwDaW4EbGFuZwNlbi1pbgRwc3RhaWQDBHBzdGNhdAMEcHQDdmlkLWdhbGxlcnk-;_ylv=3

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