Europe In Big Trouble

Europe Woman Riding Beast

PIGS is short for Portugal, Ireland and Italy, Greece, and Spain. With Italy at this moment under fire Greece and the others look downright stable. The big question is pending now is will the Euro survive and if not want, what effect it will have in the US if it collapses.. Big, you can bet on it.

Marketwatch

Pain returns to Spain as yields jump

Spain was in danger of resuming its place at the forefront of the European debt crisis Monday as banks sought to trim exposure to sovereign debt, economists and strategists said.

Read The Entire Article

Marketwatch

Italy on brink as 10-year bond yield tops 7%

FRANKFURT (MarketWatch) — Investors dumped Italian government bonds on Wednesday, leaving the nation in danger of being shut out of credit markets and underlining fears that European authorities remain unprepared to take on the sovereign-debt crisis, threatening the survival of the euro currency.

The yield on benchmark 10-year Italian government bonds IT:10YR_ITA -0.48%  was seen at 7.07% in recent trades, according to FactSet Research, up 67 basis points from Tuesday and above the 7% level viewed as a crucial threshold. The yield spiked to more than 7.4% in earlier activity.

Read The Entire Article

Mother Jones

Italy Is Now the Biggest Story in the World - Kevin Drum

Well, that was quick. When I wrote about Italy's unsustainable bond yields on Monday, rates stood at about 6.8 percent, just below the Oh Shit threshold of 7 percent that's unanimously believed to spell certain doom. Above that point, even higher yields aren't enough to attract buyers, Europe's main clearinghouse will start to require higher collateral for Italian bonds used in repo trades, and traders will start panic selling, which would send rates spiraling even higher. That kind of panic is self-fueling, and once it starts it can destroy its target within days. And now it's started:

Read The Entire Article

Washington Post

Greek lawmakers break with PM over bailout - Michael Birnbaum

ATHENS — Opposition from within Prime Minister George Papandreou’s governing party may derail his proposal for a national bailout referendum, which has halted the flow of European aid to Greece and endangered its participation in the euro zone.

Finance minister Evangelos Venizelos on Thursday condemned Papandreou’s demand that the European bailout package be presented to Greek voters for approval.

Read The Entire Article

Mother Jones

A Conversation About Greece - Kevin Drum

Are the Greeks crazy?

No, they're just at the end of their tether. Europe is asking them to adopt more austerity than they're willing to bear.

Okay, but they're spending too much money. Surely they know they have to cut back?

Sure, but the deals on offer are pretty unattractive. Europe wants to forgive half of Greece's debt and put them on a brutal austerity plan. The problem is that this is unrealistic. Greece would be broke even if all its debt were forgiven, and if their economy tanks they'll be even broker.

But that's the prospect they're being offered: a little bit of debt forgiveness and a lot of austerity.

Read The Entire Article

Iceland Took Another Approach To Their Debt Crisis

2008–2011 Icelandic financial crisis

Author Greg Palast and Dylan Ratigan the role of Goldman Sachs in the Greek economic crisis.

Visit msnbc.com for breaking news, world news, and news about the economy

More Articles By InnerSelf Staff

InnerSelf celebrates 30 years!

 

Support InnerSelf by
using this Amazon link

 

follow InnerSelf on

google-plus-iconfacebook-icontwitter-iconrss-icon

 Get The Latest By Email

{emailcloak=off}

MOST READ

Do Sex And Violence Actually Sell?
Do Sex And Violence Actually Sell?
by Robert Lull, University of Pennsylvania and Brad Bushman, The Ohio State University
Is Yoga The Missing Link To Stroke Survivors' Rehabilitation?
Is Yoga The Missing Link To Stroke Survivors' Rehabilitation?
by Maarten Immink, University of South Australia
Why Do Patients Want Treatment That Doesn’t Work?
Why Do Patients Want Treatment That Doesn’t Work?
by Clark Hobson, University of Birmingham
Why We Should Get Three-day Weekends All The Time
Why We Should Get Three-day Weekends All The Time
by David Spencer, University of Leeds
Reflecting On New Orleans 10 Years After Katrina
Reflecting On New Orleans 10 Years After Katrina
by David D Troutt, Rutgers University Newark

DID YOU KNOW?

Sweet Potato Chipotle Chili recipe
in Healing Diet by InnerSelf Staff
Chipotle chilies are dried smoked jalape?o chilies. They are often canned in adobo sauce,…
Personality Need Upgrading?
in Counseling by Eric Maisel
If you are brave enough to appraise your personality and arrive at some conclusions about…
Strategies to Help Alleviate and Heal Your Sinusitis
in Diseases & Conditions by Dana Ullman
Inflammation in the sinuses, called sinusitis, creates head pain, facial tenderness,…
Enlightenment Is Not a Goal
in Religions and Beliefs by Osho
Don't think about enlightenment as a goal, it is not. It is not a goal; it is not…
Beloved Friend
in Relationships by Will Johnson
Can a man who longs for a woman to complete him really believe that he needs to do…
Astrology and Human Evolution
in Astrology by Jagdish Maheshri, Ph.D.
Astrology can be a blessing when used as a guide or means to undertand unique happenings…
Addictions to Coffee Sugar Caffeine
in Diseases & Conditions by InnerSelf Staff
Current estimates suggest that addictions affect one-third of the population in the…
Viagra and Heart Disease
in Diseases & Conditions by Melanie Fridl Ross
University of Florida cardiologists say there is no solid scientific evidence that…

LIVING IN HARMONY

Latest Articles & Videos

PERSONAL DEVELOPMENT

Latest Articles & Videos

How to Grow the Love In Your Relationships

How to Grow the Love In Your Relationships

Noelle C. Nelson, Ph.D. & Jeannine Lemare Calaba, Psy.D.
in Relationships

SOCIAL & POLITICAL

Latest Articles & Videos

Do Sex And Violence Actually Sell?

Do Sex And Violence Actually Sell?

Robert Lull, University of Pennsylvania and Brad Bushman, The Ohio State University
in Economy