US banks hold billions in European bonds making the US susceptible to Europe’s debt woes.
Post Tagged with: "European bonds"
A Financial Nightmare For Italy
Global financial markets are very nervous right now. You can almost smell the panic in the air. As a CNBC article posted on Wednesday noted, one prominent think tank actually believes that there is a 65 percent chance that we will see a “banking crisis” by the end of November
Another U.S. Sovereign Downgrade Likely By 2011 Year End, Says Merrill
If the “super committee”, the bipartisan congressional committee formed to address the U.S. deficit, fails to agree on a plan by November 23, $1.2 trillion in automatic spending cuts, mostly in discretionary spending will be triggered, beginning in 2013, which would negatively impact the already fragile U.S. economy, says Merrill. The bank also cut its 2012 and 2013 U.S. GDP forecast to 1.8% to 1.4% respectively.
The EU robs our children – British MEP
And the Debtocrats led by Obama are robbing American children. British MEP Daniel Hannan on the lunacy of borrowing yet more money on the backs of future generations.
Goolsbee, Geithner warn – Greek default big trouble for US – IMF begs for bailout funds
Obama’s former economic adviser Goolsbee warns that Greek default will have a big impact on the US while the IMF needs a bailout to bailout Greece. Treas. Sec. Geithner warns “Sovereign and banking stresses in Europe are the most serious risk now confronting the world economy.”
The U.S. Bails Out A Profligate EU
The real problem is that Europe has created a massive welfare state that its shriveled, undynamic economies can no longer support.
Portugal’s debt is downgraded to junk status by Moody’s
The agency said there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again. – BBC News
Nigel Farage on ‘Monster’ Eurozone: Bailout Reinforcing Failure
Nigel Farage, a Member of the European Parliament and leader of the UK Independence Party says the whole idea of the Eurozone was a failure from the very beginning. In Brussels, Eurozone finance ministers are meeting to discuss whether to boost the EU bailout fund which was only set up last year. Belgium’s Finance Minister wants the pot doubled to 1.5 TRILLION Euro. Some believe China is buying European bonds as a gold play.