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Greek economy to shrink 5 percent...


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#1 Rogerdodger

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Posted 24 April 2012 - 08:10 AM

Austerity has a price:

WORSE: Greek economy to shrink 5 percent...

ATHENS, April 24 (Reuters) - Greece's economy will contract a deeper than expected 5 percent this year, the country's central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and record joblessness.

Spain, Italy borrowing rates soar...
Spain's borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone's determination to deal with its debts.
Further undermining stability, the Netherlands' government collapsed yesterday after failing to reach agreement over austerity measures, placing its AAA credit rating at risk. But Spain still managed to lure strong interest in the auction with overall demand outstripping supply by more than four-to-one.

The money raised was towards the top of its targeted range of €1-2 billion. But it had to pay a steep price. The borrowing rate leapt to 0.634% from 0.381% for three-month bills and to 1.58% from 0.836% for six month bills, when compared with the last similar auction on March 27.

Edited by Rogerdodger, 24 April 2012 - 08:14 AM.


#2 Cirrus

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Posted 24 April 2012 - 11:16 AM

I have a watch list of quality US industrial names that will benefit from LT lower NG prices. They are relatively cheap...probably because we are at or near peak earnings. The other culprit is a Euro-economy that may enter more than a mild recession.

#3 salsabob

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Posted 24 April 2012 - 12:39 PM

http://uk.reuters.co...E83M0DO20120423

German manufacturing shrinks at fastest pace since 2009

Mon Apr 23, 2012 11:01am BST

BERLIN (Reuters) - Germany's manufacturing sector unexpectedly shrank at the fastest pace in nearly three years in April, denting hopes it can drive growth in the euro zone and casting a shadow over upbeat business sentiment surveys.

Markit's manufacturing Purchasing Mangers Index (PMI) fell sharply to 46.3 from March's 48.4, according to a flash estimate released on Monday, well below the 50 mark which would sign al growth in activity.


What a surprise: you cut your customers' go-nads off and they stop buying your BMers! Who'd a thought? :rolleyes:
John Galt shrugged, outsourced to Red China and opened a hedge fund for unregulated securitized credit derivatives.

If the world didn't suck, wouldn't we all just fly off?