euro zone debt crisis http://www.globalpost.com/taxonomy/term/20610/all en IMF chief warns of return to depression http://www.globalpost.com/dispatches/globalpost-blogs/europa/mf-chief-warns-return-depression IMF chief Christine Lagarde says euro zone crisis can no longer be solved simply by the European nations themselves.<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/mf-chief-warns-return-depression" target="_blank">read more</a></p> Christine Lagarde euro zone debt crisis Great Depression Home IMF protectionism Business Debt Crisis Europe Global Economy Europa GlobalPost Blogs Fri, 16 Dec 2011 10:30:50 +0000 Michael Goldfarb 5684415 at http://www.globalpost.com Euro and "morbid speculation" http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation Christmas spirit distinctly absent as first step in euro zone rescue fails to unite EU members<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-and-morbid-speculation" target="_blank">read more</a></p> Christmas Daily Telegraph ECB EU euro zone debt crisis Home IMF Mario Draghi The Guardian Europe United Kingdom Europa GlobalPost Blogs Tue, 20 Dec 2011 09:22:30 +0000 Michael Goldfarb 5684649 at http://www.globalpost.com Spain: sombre times ahead http://www.globalpost.com/dispatches/globalpost-blogs/europa/spain-sombre-times-ahead New Spanish Prime Minister Mariano Rajoy says times are tough and they will get tougher<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/spain-sombre-times-ahead" target="_blank">read more</a></p> euro zone debt crisis Home Mariano rajoy snowbirds Spain Sunbelt unemployment Europe Spain Europa GlobalPost Blogs Tue, 20 Dec 2011 09:58:07 +0000 Michael Goldfarb 5684653 at http://www.globalpost.com Europe's bond markets, explained http://www.globalpost.com/dispatch/news/regions/europe/111222/europes-bond-markets-explained <p> LONDON &mdash; &quot;The bond markets don&#39;t like this, the bond markets don&#39;t like that.&quot; As the euro&#39;s debt crisis races out of control, the &quot;bond markets&#39;&quot; likes and dislikes have become a journalistic cliche. What does it all mean?</p> <p><a href="http://www.globalpost.com/dispatch/news/regions/europe/111222/europes-bond-markets-explained" target="_blank">read more</a></p> euro zone debt crisis Debt Crisis France Europe Germany Global Economy Italy Spain United Kingdom Tue, 27 Dec 2011 11:00:17 +0000 Michael Goldfarb 5684947 at http://www.globalpost.com Mixed messages from today's European bond auctions http://www.globalpost.com/dispatches/globalpost-blogs/europa/mixed-messages-todays-european-bond-auctions Italian 10 year bond rates are finally back under 7 percent ... but only just. Meanwhile Hungary looks like the next target of bond markets.<p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/mixed-messages-todays-european-bond-auctions" target="_blank">read more</a></p> bond markets euro zone debt crisis Home Hungary Italy Mario Monti Regions Europe Italy Europa GlobalPost Blogs Thu, 29 Dec 2011 12:39:15 +0000 Michael Goldfarb 5685373 at http://www.globalpost.com New year, same euro doubts http://www.globalpost.com/dispatches/globalpost-blogs/europa/new-year-same-euro-doubts <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> British economic think tank predicts 2012 will see the beginning of the break-up of the euro </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Whatever New Year&#39;s glow the markets were experiencing on 2012&#39;s first day of trading yesterday, London think tank the Centre for Economics and Business Research, poured cold water on it.</p> <p> In a <a href="http:// http://www.cebr.com/?p=453">report</a> published yesterday, the CEBR, projected that Greece will leave the euro this year.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/new-year-same-euro-doubts" target="_blank">read more</a></p> CEBR euro euro zone debt crisis Greece Home Regions Business Debt Crisis Europe Europa GlobalPost Blogs Wed, 04 Jan 2012 09:29:03 +0000 Michael Goldfarb 5685862 at http://www.globalpost.com Italy: the tax man cometh http://www.globalpost.com/dispatches/globalpost-blogs/europa/italy-the-tax-man-cometh <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Raid on luxury ski resort Cortina d'Ampezzo leads to astonishing haul </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Tax evasion has long been a national sport in Italy but with the country facing major debt problems - 1.9 trillion euros ($2.4 trillion) and counting - the government of recently appointed prime minister, Mario Monti, is letting Italians know everyone has to pay their taxes. He is doing it in dramatic style.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/italy-the-tax-man-cometh" target="_blank">read more</a></p> Cortina d'Ampezzo euro zone debt crisis Ferrari Home Italy Mario Monti Regions tax evasion Business Debt Crisis Europe Italy Europa GlobalPost Blogs Fri, 06 Jan 2012 16:37:00 +0000 Michael Goldfarb 5686239 at http://www.globalpost.com European economic news: today's round-up http://www.globalpost.com/dispatches/globalpost-blogs/europa/european-economic-news-todays-round <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Meetings, bank runs and some surprising good news for France </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Let&#39;s start with the good news: Ratings agency Fitch announced France would keep its AAA rating for the rest of the year. A Fitch spokesperson in Paris said, &quot;Fitch maintains its position from December. In the absence of important shocks that could be linked to a strong worsening of the situation in the eurozone, Fitch does not foresee modifying its negative outlook (on the ratings) before 2013.&quot;</p> <p> Now, it&#39;s Europe, let&#39;s get to the bad news. In London, Fitch&#39;s managing director, David Riley, said Italy was the country that was most at risk of a downgrade. &quot;The future of the euro will be decided at the gates of Rome,&quot; Riley told reporters.</p> <p> The country&#39;s A+ rating could be lowered as soon as the end of January.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/european-economic-news-todays-round" target="_blank">read more</a></p> Angela Merkel Christine Lagarde euro zone debt crisis Fitch. ratings agency. AAA. Italy France Germany IMF Greece Home Portugal Regions Business Debt Crisis France Europe Germany Global Economy Italy Europa GlobalPost Blogs Tue, 10 Jan 2012 17:44:26 +0000 Michael Goldfarb 5686739 at http://www.globalpost.com Europe: daily econ news round-up http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-econ-news-round <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Stocks down, bonds sell, meetings held, rumors circulating </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Rumors first: Yesterday, France was assured by Fitch ratings service it would keep its AAA rating for the rest of the year. Today French finance minister Francois Baroin was forced to knock down rumors that one of the other agencies has notified him that they intend to downgrade France anyway.</p> <p> &quot;False&quot; was the word Baroin used to describe the rumors.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-econ-news-round" target="_blank">read more</a></p> Angela Merkel euro zone debt crisis financial markets FTSE 100 German bonds Home Mario Monti Nicolas Sarkozy Regions Tobin tax Business Debt Crisis France Europe Germany Italy Europa GlobalPost Blogs Wed, 11 Jan 2012 17:23:19 +0000 Michael Goldfarb 5686942 at http://www.globalpost.com Euro zone crisis: has a corner been turned? http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-pause-reflection <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> The atmosphere is calmer these days - politically and in the bond markets. Why? </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> There is probably no riskier form of behavior for a blogging journalist than to claim that a corner has been turned in solving the euro zone&#39;s debt crisis but two weeks into the New Year it feels like something has changed - and changed for the better.</p> <p> It may be a moment akin to something in an episode of ER where the patient is in the emergency room and the crash carts have been deployed and vital signs have stabilized and the family - you and me and everybody in the world who understands that a euro crash will mean Great Depression MkII - are taking a deep breath, sipping tepid coffee, and feeling tentatively hopeful that the patient will make it.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-crisis-pause-reflection" target="_blank">read more</a></p> Angela Merkel bond markets ECB ER euro zone debt crisis France Germany Greece Home Italy Mario Draghi Mario Monti Nicolas Sarkozy Regions Business Debt Crisis France Europe Germany Global Economy Italy Europa Fri, 13 Jan 2012 12:52:00 +0000 Michael Goldfarb 5687235 at http://www.globalpost.com Europe: daily economic round-up http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-economic-round-0 <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Downgrades coming? </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <p><strong>UPDATE; THE FRENCH GOVERNMENT HAS ACKNOWLEDGED THAT STANDARD &amp; POOR'S HAS DOWNGRADED THE COUNTRY'S CREDIT RATING ONE NOTCH FROM AAA TO AA+.  </strong></p> <p><strong>"It's not good news, but it's not a catastrophe," said French Finance Minister Francois Baroin. "It's not ratings agencies that decide French policy."</strong></p> <p> </p> <p>The day - and the week - ends with rumors swirling that Standard &amp; Poor's is preparing to issue credit downgrades for a number of euro zone countries including <a href="http://www.globalpost.com/internal/section-config/france">France</a>. How strong are the rumors? If S &amp; P doesn't drop France a notch or two from AAA every newspaper and most of the financial community in <a href="http://www.globalpost.com/internal/section-config/europe">Europe</a> is going to feel real embarrassed.</p> <p>The rumor has sent stock <a href="http://Europe: daily economic round-up">markets down</a>. The euro has lost more than a cent against the dollar.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/europe-daily-economic-round-0" target="_blank">read more</a></p> EFSF euro euro zone debt crisis France Home Regions S & P Standard & Poor's Business Debt Crisis France Europe Europa GlobalPost Blogs Fri, 13 Jan 2012 17:44:00 +0000 Michael Goldfarb 5687300 at http://www.globalpost.com Euro zone debt crisis: focus returns to Greece http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Negotiators head to Athens to try and nail down agreement on bail-out </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> You may have thought the Greek crisis was pretty much over. After all the headlines from last November were: Greek bondholders agree to take a haircut and the country&#39;s Prime Minister George Papandreou resigns to be replaced by a technocrat named Lucas Papademos, who is more congenial to the needs of the EU&#39;s leadership in Brussels, and more important, to German Chancellor Angela Merkel.</p> <p> But as focus shifted to Italy and now to France, the Greek situation has remained bogged down in details. This week Greece&#39;s creditors in banks and hedge funds (not necessarily interested in the same outcome) plus representatives of the &quot;Troika&quot; (EU, IMF and European Central Bank) descend on Athens for an intensive round of negotiations with the Greek government.</p> <p> <a href="http://www.guardian.co.uk/business/economics-blog/2012/jan/15/greece-troika-debt-eurozone-crisis">Larry Elliott</a> at The Guardian has the best line of the day on the event. &quot;It is international finance&#39;s version of Sartre&#39;s Huis Clos, a vision of hell where three people who loathe each other are stuck in a room for eternity.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/euro-zone-debt-crisis-focus-returns-greece" target="_blank">read more</a></p> athens ECB EU euro zone debt crisis France George Papandreou Germany Greece Home Huis Clos IMF Italy Jean-Paul Sartre Lucas Papademos Regions Troika Business Debt Crisis France Europe Germany Italy Europa GlobalPost Blogs Mon, 16 Jan 2012 09:54:32 +0000 Michael Goldfarb 5687512 at http://www.globalpost.com European economic news round-up http://www.globalpost.com/dispatches/globalpost-blogs/europa/european-economic-news-round <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Quiet day in the financial markets but heating up elsewhere </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> <strong>Update:</strong> S&amp;P has just&nbsp;<a href="http://www.businessweek.com/news/2012-01-16/efsf-loses-aaa-rating-after-s-p-downgrades-france-austria.html">announced</a>&nbsp;it is making one more downgrade, to a critical issuer of European debt: the European Financial Stability Fund has lost its&nbsp;AAA rating. In parallel with France, it has gone from AAA to AA+.</p> <p> Last Friday, Standard &amp; Poor&#39;s downgraded several euro-zone countries credit ratings, most notably France, which went from AAA to AA+. The headline the next day Britain&#39;s Guardian newspaper was&nbsp; &quot;Friday the 13th&quot; with its attendant implications of misfortune.</p> <p> Today, there was no sign of Jason Voorhees ripping up Europe.&nbsp; The financial markets shrugged everything off. The CAC 40 in Paris finished up 0.9 percent while the DAX 30 in Frankfurt closed up 1.25 percent. The FTSE in London was up 0.4 percent. Not exciting but not negative.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/european-economic-news-round" target="_blank">read more</a></p> Angela Merkel Davos dollar euro euro zone debt crisis financial markets Friday the 13th Home Jason Voorhees Mariano rajoy Nicolas Sarkozy Occupy Regions S&P Standard & Poor's sterling Business Debt Crisis France Europe Spain Europa GlobalPost Blogs Mon, 16 Jan 2012 18:12:00 +0000 Michael Goldfarb 5687580 at http://www.globalpost.com Italian prime minister calls for German help http://www.globalpost.com/dispatches/globalpost-blogs/europa/italian-prime-minister-calls-german-help <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Mario Monti urges German government to do more to help lower Italy's borrowing costs </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The new Italian Prime Minister told the <a href="http://www.ft.com/cms/s/0/4385a59e-4061-11e1-8fcd-00144feab49a.html#axzz1jhXUUqf5">Financial Times</a> that it was in Germany&#39;s &quot;own enlightened self-interest&quot; to help Italy and the other heavily indebted countries of the euro zone periphery to lower their borrowing costs.</p> <p> Monti, a technocrat appointed to replace Silvio Berlusconi, praised Germany&#39;s &quot;culture of stability&quot; as &quot;a precious German product [that] has been marvelously exported.&rdquo;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/italian-prime-minister-calls-german-help" target="_blank">read more</a></p> Angela Merkel ECB euro zone debt crisis European Central Bank Home Mario Monti Regions Business Debt Crisis Europe Germany Ireland Italy Spain Europa GlobalPost Blogs Tue, 17 Jan 2012 08:57:41 +0000 Michael Goldfarb 5687676 at http://www.globalpost.com Greece: Pimco calls for bigger bondholder "haircuts" http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Pimco is the world&#39;s largest bondholder and when its CEO Mohamed El-Erian speaks people tend to listen. Today the Greek newspaper eKathimerini has an <a href="http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/01/2012_422997">interview</a> with El-Erian in which he says the famous 50 percent haircut for Greece&#39;s bond holders is not enough.</p> <p> &quot;According to our analysis, 50 percent is not enough for Greece to restore credibly the conditions for medium-term debt sustainability and economic growth. A 50 percent haircut would still leave open way too many questions about Greece&rsquo;s economic and financial outlook,&quot; the CEO told the paper.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europa/greece-pimco-calls-bigger-bondholder-haircuts" target="_blank">read more</a></p> ECB EU euro zone debt crisis Greece Home IMF Mohamed El-Erian PIMCO Regions Business Debt Crisis Europe Europa GlobalPost Blogs Tue, 17 Jan 2012 15:48:00 +0000 Michael Goldfarb 5687711 at http://www.globalpost.com