Hard hitting global and local news
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
Read the original post: Ten Major Italian Cities On Verge of Financial Collapse
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.
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 .
On Saturday, Bloomberg reported Six Spanish Regions May Seek Bailout After Valencia The Balearic Islands and Catalonia are among six Spanish regions that may ask for aid from the central government after Valencia sought a bailout, El Pais reported.
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
Please see Target2 and the ELA (Emergency Liquidity Assistance) program; Reader From Europe Asks "Can You Please Explain Target2?" for a more compete description. There is much misinformation floating around on how Target 2 works, what Germany’s liabilities are, so please click on the above link if you are interested in target 2 balances. The following chart from PIMCO article TARGET2: A Channel for Europe’s Capital Flight shows the capital flight through March