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See more here: Spanish Finance Minister in Germany Pleads for Temporary Credit Line to Halt an "Imminent Financial Collapse"
Black Monday messages on Facebook and Twitter have gone viral in Italy as people have had enough of austerity, job losses, and uncertainty. La Stampa reports on Panic in the Network
El Pais reports Full Spanish Bailout Increasingly Likely "The financial credibility of Spain is close to zero. Fiscal credibility is zero. The political credibility is zero.
According to Der Spiegel, the IMF Wants to Stop Aid to Greece as soon as the ESM is up and running in September. At that time Greece would become bankrupt. This is a Mish-modified translation from German: The patience of the International Monetary Fund (IMF) with Greece comes to an end: According to to information obtained by SPIEGEL, senior IMF officials told EU leaders in Brussels that the IMF was no longer willing to provide additional funds for Greece
At long last, everyone is willing to wave the white flag on a Greece exit from the eurozone. Please consider German Vice Chancellor ‘Very Skeptical’ Greece Can Be Rescued . German Vice Chancellor Philipp Roesler said he’s “very skeptical” that European leaders will be able to rescue Greece and the prospect of the country’s exit from the euro had “lost its terror.” Roesler, who is Germany’s economy minister, told broadcaster ARD that Greece was unlikely to be able to meet its obligations under a euro-area bailout program as its international creditors hold talks this week in Athens.
The Wall Street Journal discusses Negative Rates in Denmark, Switzerland .
Prepare for Spanish Implosion: Businesses Threaten to Leave Spain Over Tax Hikes; Finance Minister Proposes 56% Tax on Short-Term Financial Transactions Cristobal Montoro, the Spain’s finance minister has made a liquidity destroying proposal to tax short-term financial transactions at an astonishing 56% tax rate. Businesses are already upset over hikes in the VAT and have threatened to leave Spain. Interestingly, in spite of raising taxes elsewhere, the VAT was lowered on the highly subsidized renewable energy sector.
Expect Strikes and Protests to Spread to Italy; Another Look at Why Italy Will Exit the Eurozone Before Spain Anti-euro sentiment in Italy is already very strong and about to get stronger. Eurointellihence has some interesting comments today regarding Italy. The demonstrations and protests [in Spain] are very likely now to spread to Italy.
Please consider Tech sector layoffs surge to three-year high During the first half of the year, 51,529 planned job cuts were announced across the tech sector, representing a 260 percent increase over the 14,308 layoffs planned during the first half of 2011.
View article: Job Losses and Unemployment Skyrocketing in China; Thinner, Taller iPhone 5