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Eurointelligence Daily Morning Newsbriefing: Delirious markets declare euro crisis over (03.01.2013)
Italian spreads fell to 283bp as markets react euphorically to the fiscal cliff deal, amid unbroken optimism about the eurozone; the latest Italian polls see a massive advantages for Pier Luigi Bersani's PD; Mario Monti's alliance scores between 10 and 12%, but could yet emerge as a king maker if the PD falls short of a majority in both chambers of parliament; Silvio Berlusconi says Monti was part of a criminal conspiracy of international banks to bring down his government; Monti said he keeps having difficulties following Berlusconi logic; the latest forecast show a massive rise in Italian unemployment, especially in the south; while the private sector suffers, the Italian public sector's revenues are increasing; Jonathan Hopkin says Berlusconi will not win the election, but he could still score a surprise; Gavin Jones says Monti's labour market reforms have so far failed to bring any benefits; the Greek general government had a primary surplus between January and November last year; finance minister says country will be within the agreed 2012 deficit target of 1.5% of GDP; the pressure is growing on a former Greek finance minister over allegations that he tampered with a list of tax refugees; the Spanish Socialists are proposing to turn the country into a federal state to counter the threat of regional separatism; the Spanish government is considering a number of measures to reduce SME's dependence on bank loans; a Spanish newspaper writes that the 2012 deficit will come in at 9% of GDP - completely busting the target; Portugal's president has referred the 2013 budget to the Constitutional Court; the eurozone's manufacturing sector purchasing managers' index continued to shrink further in December - while US manufacturing is slowly picking up; German employment reached a new record, despite the economic slowdown; car sales fell dramatically in Italy, Spain and France during 2012; an investors' survey shows that the risk of a eurozone breakdown has fallen dramatically; US money market funds are slowly returning to the eurozone - or rather to Germany - but overall funding levels are still low; Lex, meanwhile, warns that the eurozone crisis is far from over.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Carrie (migeru at eurotrib dot com) on Thu Jan 3rd, 2013 at 03:29:42 AM EST
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