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    Italy Cannot Overcome Crisis

    Mario Monti, Italy’s prime minister designate, said he is not convinced the country can overcome the current crisis as he prepares to meet with President Giorgio Napolitano tomorrow to present his new government.
    Two days of talks seeking support from political parties, unions and employers were intense but not useful.He said that all parties involved in the talks offered their contributions for possible sacrifices to obtain a positive result.
    The former European Union Competition Commissioner has been under pressure to announce his new team, with the yield on Italy’s 10-year bond exceeding the 7 percent threshold today. That level had prompted Greece, Ireland and Portugal to seek EU bailouts. Monti said he will conclude the process with Napolitano tomorrow.
    Europe’s inability to contain a regional debt crisis that started in Greece more than two years ago led to a surge in Italian borrowing costs as investors bet on which nation may be next to need aid. Monti, an economist and former adviser to Goldman Sachs Group Inc., will try to reassure investors that Italy can cut a 1.9 trillion-euro ($2.6 trillion) debt and spur economic growth that has lagged behind the euro-region average for more than a decade.

    written by ABSTRACTMIND @ 12:26 pm, ,

    Greek Referendum

    Oil fell for a third day after Greek Prime Minister George Papandreou pledge to hold a referendum raised the prospect of the failure of Europe’s bailout plan.
    Futures dropped as much as 4.3 percent after decision to call a vote on its five-day-old bailout sent equities and the euro lower. You are seeing reduction in risk across the board because of concerns about what will happen in Europe.”
    Crude oil for December delivery declined $2.71, or 2.9 percent, to $108.48 a barrel . Futures climbed 18 percent in October, the biggest gain since May 2009.
    Brent oil for December settlement dropped $2.46, or 2.2 percent, to $107.10 a barrel on the London-based ICE Futures Europe exchange.
    Papandreou’s referendum risks pushing Greece into default if voters reject the plan. An opinion poll published Oct. 29 showed most Greeks believe the accord on a new bailout package and a debt writedown is negative.
    A rejection of the aid plan will increase the risk of a forced and disorderly sovereign default and raises the chance of Greece leaving the euro, WorldWatch said in a statement today.
    The euro dropped as much as 1.8 percent to $1.3609, the lowest level since
    Oct. 12. A weaker euro and stronger dollar reduce the appeal of raw materials as an investment.
    The Greek action and the market reaction underscore the instability of the euro.
    The market got overenthusiastic over the agreement last week. The party’s over and now we have to deal with the hangover.

    written by ABSTRACTMIND @ 11:09 am, ,


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