News Links: Economists see France losing AAA in 3 months
News links for 7 December 2011 featuring thoughts on a French downgrade, the austerity budget in Ireland, patents and China and other stories
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News Links: Corzine Rebuffed Internal Warnings on Risks at MF Global
Financial news links for 6 December 2011 featuring stories on MF Global, Facebook, class divides and retail sales.
Full text: Standard & Poor’s Puts Ratings On Eurozone Sovereigns On CreditWatch With…
"Standard & Poor's Ratings Services today placed its long-term sovereign ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative
implications. "
Buiter: no politically feasible route to sustained growth for many years to come
In the aftermath of the emergence of a “reinforced ‘Stability and Growth Pact’”, Citigroup chief economist Willem Buiter is pessimistic about growth outcomes in the major developed economies because the political economy of the sovereign…
News Links: Euro Zone Economy Shrinks
News links for 5 December 2011 featuring stories on Europe, the sovereign debt crisis, and shadow banks,
Italian minister breaks down in tears over austerity budget
Italy's government has come forward with an aggressive 30 billion euro austerity package to prevent the country's bankrupcty and pave the way for the fiscal integration that Angela Merkel is pushing as the key to solving the European debt…
Stephen Roach on the IMF bailout, Chinese banks and US consumers
Here’s a good all-encompassing Bloomberg TV video with Morgan Stanley’s Stephen Roach from Friday. He is not impressed with the IMF plans that the Europeans are working on, calling the numbers “chump change”. Roach also talks about the US…
More on what I think will happen in Europe
The prevailing view amongst euro area policy makers seems to be that saving Italy from default is necessary and that the only politically justifiable way to effect this rescue is to move to fiscal integration. All of the statements by…