Tuesday, November 23, 2010

Political Chaos Engulfs Ireland. European Financial Crisis Fears Increase, With Portugal And Spain In The Spotlight

Graffiti in Dublin reflects public anger over Ireland's 'loss of sovereignty'. Reuters

Fears of Domino Effect Pervade Europe -- Wall Street Journal

Loss of Confidence Extends From Ireland to Spain, Portugal; Bond Spreads Widen as Euro Tumbles.

Contagion once again emerged in Europe as investors turned from Ireland's debt crisis and set their sights on Portugal and Spain.

Both Spanish and Portuguese bond prices fell sharply Tuesday, and the yields above German bunds rose to records. The euro slid below $1.34 for the first time in two months, though part of the weakness came as investors turned to the safe-haven status of the U.S. dollar after North Korean artillery attacks on South Korea.

Read more ....

More News On The Financial/Political Crisis In Ireland And Europe

Political chaos engulfs Ireland, threatens bailout -- Yahoo News/AP
Irish PM fights for survival as euro fears resurface -- Yahoo News/AFP
EU urges feuding Irish not to delay budget -- Yahoo News/Reuters
Irish to Detail Deficit Program as ‘Barbarians Arrive at Gate’ -- Bloomberg Businessweek
Ireland Said to Require 85 Billion Euros for Rescue -- Bloomberg
Ireland to get €85bn loan in deal that will nationalise its banks -- The Guardian
S&P Cuts Ireland Ratings On Growing Debt To Prop Up Banks -- Wall Street Journal
Ireland bailout reignites fears about the future of the euro -- Deutsche Welle
Merkel Says Ireland Is Cause for ’Great Concern’ -- Bloomberg Businessweek
Fears for euro remain as Ireland's woes continue -- The Independent
Euro Declines Most Since August on Speculation Irish Turmoil Will Spread -- Bloomberg
The Euro-Zone Crisis is Speeding up -- Wall Street Journal
Portuguese Strike as Debt Contagion Spreads to Lisbon Streets: Euro Credit -- Bloomberg
Spain, Portugal Bank Debt Risk Soars as Traders Look South -- Bloomberg
Spain and Portugal under fire as bond spreads hit record -- The Telegraph
Portuguese go on general strike against austerity -- Reuters
Portugal general strike set to disrupt services -- BBC
Bailout for Spain would empty European coffers, analysts warn -- The Guardian

Ireland refutes the German perspective
-- Martin Wolf, Financial Times
Ireland’s crisis explained -- Richard Blackwell, Globe And Mail
What Happened To The Celtic Tiger? -- Robert McTeer, Forbes

My Comment: Of all the stories that I read today .... excluding the dangerous crisis on the Korean Peninsula .... the one that struck me the most was this one. Of all the EU members who are in serious trouble, Spain is the one that will put everyone over the edge.

2 comments:

Yatalie said...

I am so happy to see the issue get some attention. will keep watching
www.growthmag.com

Parag said...

Europe has been bailing out poorer regions in Europe for decades. But this time, it is sovereign states and the numbers are bigger and need to be paid out more quickly. Perhaps the real question is whether France (the other key player in the "European Project") will allow EU resources to be diverted from farm subsidies, probably permanently.
European financial crisis