Pimco Weighs Selling Spain, Italy Bonds
The firm's head of European portfolio management said he thinks the Cyprus banking crisis is "containable" for now but would sell Spain and Italy bonds if it appears out of control.
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Cyprus: The E.U. ‘Rescue’ That Risks Backfiring
With its $13 billion agreement to bail out Cyprus, the E.U. this weekend thought that it had successfully doused the latest threat to its single currency, the euro. Cyprus has run into trouble because its banks are heavily exposed to Greek debt. Instead, the nature of the bailout – which features a levy on the bank deposits of ordinary Cypriots — has sparked a bank run on the island that threatens to spill over to other European countries. The sudden eruption of panic could still be contained; European officials on Sunday night were looking to revise the terms of the agreement ahead of a vote on the rescue package in the Cypriot parliament, in order to shield smaller depositors. E.U. officials insist that Cyprus was always a special case. But by forcing ordinary citizens to fund the bank rescues up front, through a tax on deposits, the E.U. is setting a precedent that is chilling to people in other countries, like Spain, which has looked at a bailout for its own beleaguered banking ...
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Italy's inconclusive vote makes ECB bond-buying more likely: poll
LONDON - Uncertainty stemming from Italy's inconclusive election makes it more likely the European Central Bank will have to help struggling countries such as Spain by buying their bonds, a Reuters poll showed on Thursday.
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Found more than 1 month ago on channel
Reuters
Spain, France to miss debt goals as euro zone stays in recession
BRUSSELS - The euro zone will not return to growth until 2014 and struggling Spain and France will be among those who miss debt-cutting targets as a result, the European Commission said on Friday.
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Found more than 1 month ago on channel
Reuters
Economist: Euro Crisis Could Erupt Again This Year
(DAVOS, Switzerland) — Is the euro crisis over? A leading U.S. economist says not by a long shot. Barry Eichengreen warns that the debt crisis that has shaken Europe to its core could easily erupt again this year unless European leaders move faster to solve their problems. While European governments and markets have been breathing easier in recent months after years of turmoil, it’s no time for complacency, said Eichengreen, who has chronicled the Great Depression and explored the consequences of a breakup of the euro currency used by 17 nations. “Nothing has been resolved in the eurozone, where markets have swung from undue pessimism to undue optimism,” Eichengreen told The Associated Press in an interview at the World Economic Forum in Davos, Switzerland. “They said all the right things last year … and they’ve been backtracking ever since.” He warns that the crisis over too much debt burdening governments and banks in the 17-country currency group “is going to heat up ...
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