Post by faithinhim on Jul 11, 2011 9:31:15 GMT -5
Domino effect: financial debt contagion in danger of spreading from Greece
Posted on July 10, 2011 by The Extinction Protocol
July 10, 2011 – 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. –Market Watch
IMF urges U.S. to increase debt load: The International Monetary Fund’s new chief foresees “real nasty consequences” for the U.S. and global economies if the U.S. fails to raise its borrowing limit. Christine Lagarde, the first woman to head the global lending institution, said in an interview broadcast Sunday that it would cause interest rates to rise and stock markets to fall. That would threaten an important IMF goal, which is preserving stability in the world economy, she said. The U.S. borrowing limit is $14.3 trillion. Obama administration officials say the U.S. would begin to default without an agreement by Aug. 2. “If you draw out the entire scenario of default, yes, of course, you have all of that — interest hikes, stock markets taking a huge hit and real nasty consequences, not just for the United States, but for the entire global economy, because the U.S. is such a big player and matters so much for other countries,” she said. -CNBC
contribution Luisport
Posted on July 10, 2011 by The Extinction Protocol
July 10, 2011 – 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. –Market Watch
IMF urges U.S. to increase debt load: The International Monetary Fund’s new chief foresees “real nasty consequences” for the U.S. and global economies if the U.S. fails to raise its borrowing limit. Christine Lagarde, the first woman to head the global lending institution, said in an interview broadcast Sunday that it would cause interest rates to rise and stock markets to fall. That would threaten an important IMF goal, which is preserving stability in the world economy, she said. The U.S. borrowing limit is $14.3 trillion. Obama administration officials say the U.S. would begin to default without an agreement by Aug. 2. “If you draw out the entire scenario of default, yes, of course, you have all of that — interest hikes, stock markets taking a huge hit and real nasty consequences, not just for the United States, but for the entire global economy, because the U.S. is such a big player and matters so much for other countries,” she said. -CNBC
contribution Luisport