Tag Archives: euro

GREECE: Voters Reject Bailout

Via the New York Times: Greeks delivered a shocking rebuff to Europe’s leaders on Sunday, decisively rejecting a deal offered by the country’s creditors in a historic vote that could redefine Greece’s place in Europe and shake the Continent’s financial stability. As people gathered to celebrate in Syntagma Square in central Athens, the Interior Ministry reported that with more than …

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Dollar Soars Against Foreign Currency

Via the Los Angeles Times: Americans have long complained that the dollar doesn’t buy much anymore. Suddenly, the dollar’s problem may be that it buys too much — a change that has huge implications across the global economy for consumers, businesses, investors and governments. The U.S. currency’s value has surged over the last nine months, reaching levels against some world …

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Greece May Leave Euro Zone

It appears that Greece may leave the Euro Zone and return to a national currency by June 18th, a move that may spark banking panic in other nations where only the first 100,000 Euros on deposit are insured. “Preventing bank runs in Italy, Spain and Portugal should be the top priority,” said Berenberg Bank economist Holger Schmieding. “Policymakers need to …

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UK To EU: Good Luck With Euro Mess

British Prime Minister David Cameron has refused to sign on to the just-struck pact to save the Euro. All 17 nations that use the Euro have signed on. Cameron said Britain refused to sacrifice sovereignty to save the euro, remaining outside an agreement by European nations to tighten budget rules. Cameron broke ranks with French President Nicolas Sarkozy and German …

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British Government Warns Ex-Pats Of Potential Riots Over Euro Collapse

The British government has advised its embassies across Europe that they are to write up emergency plans to assist ex-pats in the event of rioting over the collapse of the Euro. Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for …

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Anti-Gay Italian Prime Minister To Resign

Italian Premier Silvio Berlusconi has promised to resign in the wake of his nation’s growing financial crisis. We last heard from Berlusconi here on JMG when he dismissed his patronage of an underage prostitute by saying, “At least I’m not a homo.” Berlusconi said today that he favored early elections and that Angelino Alfano, head of his People of Liberty …

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Greece Near Bankruptcy

Greece is perilously close to defaulting on its debts, putting the solvency of the euro at risk as well. If no buyers can be found for its securities, Greece will have no choice but to declare insolvency — just as Mexico, Ecuador, Russia and Argentina have done in past decades. This puts Brussels in a predicament. European Union rules preclude …

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