Europe In Big Trouble

Europe Woman Riding BeastPIGS 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

Enjoyed this article? Share with your friends...


prioritizing-fueled-solely-by-what-we-truly-love by Marney K. Makridakis. I find that when I’m rushing around and can feel myself in a busy fit, sometimes I just stop, put my hand on my heart, let it...Read More
red-and-blue-states-agree-on-taxing-corporations-more-and-lots-of-other-stuff by Miriam Axel-Lute. What if you asked Americans in largely "red" or Republican districts and largely "blue" or Democratic districts very specific...Read More
becoming-your-own-best-friend by Barbara Berger. One of the secrets of living a happy life is to become your own best friend. But you can only do this when you know who you are, when...Read More
perfectly-imperfect-connections-the-joy-of-nonattachment by Susan L. Westbrook, PhD. The first step to connection is to open ourselves to the possibility that we can survive the hurts and failures that...Read More
soaked by Kurt Koontz. If Noah were alive, this would have been a nice day to bring the ark out of retirement... I woke up early and started walking in the...Read More
new-hope-for-the-world’s-driest-regions Globally 1.2 billion people live in areas of water scarcity — defined by the United Nations as locations with an annual water supply that drops below...Read More
the-actions-of-a-change-master-from-victimhood-to-freedom by M. J. Ryan. Whenever we’re in a situation that’s changing, the most common initial reaction is denial, followed by anger. Almost immediately...Read More
a-pledge-that-promises-to-keep-seeds-free-for-all-to-use For years, many of us have kept an eye out for organic and pesticide free vendors at our local farmers markets. Thanks to a new movement hitting the...Read More
living-a-life-of-joy-getting-sobe,-staying-sober by Jenifer Madson. Before I got sober, just shy of my twenty-fourth birthday, the last thing I felt was the freedom and happiness that the promises...Read More
energy-medicine-an-emerging-paradigm by Finley Eversole, PhD. The prevailing industrial age view of the human body as a machine whose parts occasionally break down, requiring repair...Read More
our-need-for-acknowledgment-and-blessing by Joyce Vissell. There is a great need in every human being to be acknowledged and blessed by another person, especially their parent. People often...Read More
pandora-s-box-and-a-road-called-hope by Karen Hering. Some of the most hope-filled people I have known have been those for whom favorable outcomes might be described as a long shot at best....Read More