A Greek Deadly Wound ?
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 And I saw one of his heads as it were wounded to death; and his deadly wound was healed: and all the world wondered after the beast
                                                                 -Book  of  Revelation  13 : 3
(((  Special  Update : )))
...Ladies  &  Gentlemen  we  are  witnessing  the  prelude
to  what  will  ultimately give rise  to that  10  Horned  Beast
and  to  its  financial  666  Mark, a financial earthquake-
Tsunami is hitting the EU, will it remain standing  or  will
it collapse  to  give rise  to  a  NEW  EUROPE  led by 10 ?
...The  EU  is  taking  "NO"  chances  they  are  infusing
almost  $ 1 TRILLION  into  Greece  &  the  EURO  to  try
to  rebuild  global investor  confidence*** 
...Various financial & intelligence  institutions are  predicting
the break-up of the Euro Zone...Regardless of what happens
in the end "that 10 Horned Beast  shall  arise!" many students
of  Bible prophecy  have  been  scratching  their  heads
wondering who those key 10 Nations will be since the E-Zone
is comprised of 16 EU Nations and the EU is comprised of  27
well when this financial shake-up ends we may very  well  see
hints  of those 10 Kings foretold  by  Bible  Prophecy...Almost
all  financial  experts agree  that  Greece is  still in big trouble
and is merely buying time, the Billions  that are being  lended
to  it  is merely prolonging   its  fall ***It has been  reported
that up to  1  Trillion !!! will  be  infused  into Greece, Spain &
Portugal  to  avert  a  potential  collapse  of  the  EURO ***
...Yes, the Little Horn is alive & unfortunately  waiting  in  the
wings  his  hour  has  not  yet  come, his rise may not be today
or next month  but it will be well  in  a little  bit  more ***
..It  just so happens that Greece is  part  of  the  10  nation
Western  European  Union  and  that  3  EuroZone countries
( Greece, Spain & Portugal )  are  in  very  serious  financial
trouble  ( remember  the  10 horns and  the 3 horns that will
be  kicked  out !!! )  ...But  that's  NOT  all,  the  Western
European  Union  (WEU )  is  supposed  to   dissolve  this
year  according  to  news  reports ( due to too much  duplicity
and bureaucracy in the EU )
...As  you  may  know  I  personally  do  NOT  believe  that
the  WEU  is  the  Beast  with  10  horns, but  due  to  the
"REMOTE"   possibilities  I  am  still  keeping  an  open  mind
on  the  subject, you  also  know  that  one  of  the  10  Horns
according  to  Bible  Prophecy   will  suffer  a  DEADLY  wound
of  some  kind, this has been  interpreted  as  a  possible
assassination  attempt  on  Mr.666   or  the  remote
possiblity  exists  that  even  with  all  the  BILLIONS  that
will  be  lent  to  Greece, in the end   the Greek  economy
collapses, takes down the EURO and  a new financial  system
for the EU has to be replaced, something like  a 666  thing*
...This  entire financial   dilemma  could just be  laying  down
the  framework for an entire EU  financial  overhaul, but  then
again  this  could  be  the  real  thing !!!   You  decide***  
...My  insignificant  opinion  is  that  WE  are  "NOT"  yet
in  Revelation  1, 5 and much less in in the Book of Revelation
13 : 3, if indeed  the Book  of  Revelation  is  chronological
then  this  present  scenario   is  just  laying  the  foundation
by  which  the  Little  Horn  rises   to  power  and  the  end  is
NOT  yet...

Euro Zone  Warned  of  Contagion

ATHENS/BERLIN  - European leaders warned on Wednesday the euro zone debt crisis could spread beyond Greece and investors sold stocks and the euro, as Greek anti-austerity unrest claimed its first lives.

Three people choked to death when rioters set a central Athens bank ablaze during a protest against wage and pension cuts that were the price of the 110 billion euro ($146.5 billion) EU/IMF bailout agreed on Sunday.

A general strike shut down Greek airports, tourist sites and public services and some 50,000 demonstrators marched against the planned public spending cuts and tax rises, demanding that tax cheats and corrupt politicians be put on trial.

Hundreds of protesters threw rocks and bottles at police who responded with tear gas. Prime Minister George Papandreou told parliament he was deeply shocked by the fire deaths and vowed to bring the culprits to justice.

In Berlin, German Chancellor Angela Merkel said Europe's fate was at stake in the most serious crisis of the single currency's 11-year lifetime, and other euro countries could be hit unless the rescue for Greece succeeds.

European Monetary Affairs Commissioner Olli Rehn said it was vital to stop the crisis spreading beyond Greece.

"It's absolutely essential to contain the bushfire in Greece so that it will not become a forest fire and a threat to financial stability for the European Union and its economy as a whole," he told a news conference.

Anxiety over a widening of the crisis sent stocks tumbling worldwide, and the euro hit a new one-year low below $1.29.

Battered Greek bank shares shed a further 5 percent on news of the first casualties in three months of sporadic strikes and street protests.

Shares in Spain and Portugal, seen as the next two targets for investors testing the European Union's will and ability to defend weak euro zone economies, fell for a second straight day. Lisbon had to pay more than four times its previous yield to sell six-month treasury bills on Wednesday.

In a sign of growing alarm in Brussels, European Commission President Jose Manuel Barroso launched a fierce attack on financial "speculators," saying the EU executive could move quickly to further regulate them if they acted irresponsibly.

Merkel, whose foot-dragging many analysts have blamed for aggravating the Greek crisis, told parliament the success of the rescue package would determine "nothing less than the future of Europe -- and with it the future of Germany in Europe."

Without the aid, a chain reaction threatened to destabilize the European and international financial system, she said in a debate on approving Berlin's 22 billion-euro contribution to the emergency loans for Athens, despite German public hostility.


European Central Bank governing council heavyweight Axel Weber gave German lawmakers a similar warning, saying a Greek default would pose a substantial risk to the stability of European monetary union and the financial system.

The head of the International Monetary Fund acknowledged the risk of the debt crisis spreading from Greece to other European countries but said he saw no real threat to the big euro zone states such as France and Germany.

"There is always a risk of contagion," Dominique Strauss-Kahn told French daily Le Parisien.

"Portugal has been mentioned, but it is already taking measures and the other countries are in a much more solid situation ... but we should remain vigilant."

The euro hit a 14-month low of $1.2801 and the cost of insuring Spanish and Portuguese debt against default spiked to euro lifetime highs.

Seeking to calm markets, Rehn said Spain did not need an aid mechanism of the kind created for Greece and he was not going to propose one. But he also said the deficit levels of all EU states were "worryingly high."

Despite official denials, many economists are convinced Greece will have to restructure its debt, making private investors take a share of the pain.

"What we are seeing today is very classical financial contagion effect," said Sebastian Barbe, head of emerging markets strategy at Credit Agricole, Hong Kong.


Concern that Greece's Socialist government will be unable to implement all the deficit-cutting measures agreed with the EU and IMF because of potential social unrest is one of the drivers of the euro zone turmoil.

Papandreou presented an austerity bill to parliament on Tuesday which foresees 30 billion euros in new savings. But the conservative opposition vowed to vote against it, dooming hopes of a political consensus.

Analysts were watching Wednesday's protest for pointers to the degree of mobilization of Greece's powerful trade unions.

So far, demonstrations have been limited to tens of thousands but anger is mounting, with opinion polls showing ordinary Greeks believe they are paying the price of the crisis while tax evasion and corruption go unpunished.

"With our strike today we are continuing our fight against harsh and unfair measures that hit workers, pensioners and the unemployed," Yannios Panagopoulos, president of private sector union GSEE, told us.

                                                                                                                                             Source : Reuters


Greek's debt troubles raise contagion worries

Greece's debt troubles send worries through global economy about contagion threats

The Greek debt crisis sent a shudder through global financial markets and served as a dramatic reminder of how vulnerable the world economy remains to the threat of a fast-spreading financial panic.

To many, market developments this week served as a spooky reminder of the fall of 2008 and the panic that spread worldwide after Lehman Brothers collapsed with disastrous consequences inSeptember 2008.

"If people get scared that Greece could default, they are going to be scared that Portugal will default and then other countries. Once people panic, they panic about everything," said David Wyss, chief economist at Standard and Poor's in New York. "We saw that in the wake of the Lehman Brothers failure."

The Dow Jones industrial average ended Thursday up 122.05 points at 11,167.32, while European stock markets rose after two days of steep declines.

Those market gains came as European and Germany officials sought to assure investors that they were working quickly to approve a bailout for Greece with European Union monetary affairs commission Olli Rehn, saying he was confident that talks on a bailout package of support from European countries and the International Monetary Fund would be wrapped up in a few days.

Underscoring the need for quick solutions, the White House released a statement late Wednesday that President Barack Obama and German Chancellor Angela Merkel had discussed the "importance of resolute action by Greece and timely support from the IMF and Europe to address Greece's economic difficulties."

In Asia, while there are not yet significant concerns about the creditworthiness of the region's governments, big economies like China and Japan still have much at stake. Europe is an important export market for Asia, and China and Japan are among the biggest investors in the debt issued by the United States and European countries with holdings worth billions of dollars.

Some lenders in the region, meanwhile, are already fretting that Europe's problems will chill the financial system, making it harder for banks to borrow the short and long-term money that helps fund their own lending to businesses and consumers.

There are also concerns the turmoil in Europe could convince China to delay any appreciation of its currency -- widely viewed as undervalued -- aggravating tensions with the U.S. and other trading partners. A key meeting on this issue is scheduled for May 24-25 when Treasury Secretary Timothy Geithner and Secretary of StateHillary Rodham Clinton will meet with their counterparts for talks in Beijing.

Economists noted that the debt problems hitting Greece and other European countries often occur after a financial crisis. That is because governments borrow heavily to prop up their banking systems, which sends their own debt burdens soaring.

In the current crisis, the United States has seen its publicly held debt jump from 36 percent of the total economy in 2007 to 64 percent this year. That's the highest level since 1951, when the country was still paying off the debt run up to fight World War II.

Debt levels of all developing countries are rising to levels not seen over the past 60 years, the IMF said in an economic survey released last week.

"The Greek problem highlights a broader problem across the globe," said Mark Zandi, chief economist at Moody's Analytics. "Governments used their resources to end the financial panic and the Great Recession, but now they have to figure out how to pay for it."

While the United States and Japan, the world's two biggest economies, also have heavy debt loads, they enjoy advantages in financing that debt that Greece does not have.

More than 90 percent of Japan's debt is funded domestically, putting the country at low risk for capital flight and servicing that debt remains manageable because of low interest rates.

But Fitch Ratings did warn last week that Japan's credit rating could worsen if Tokyo does not rein in snowballing debt, which reached 201 percent of gross domestic product in 2009. Deflation, slow growth and dwindling household savings could eventually undermine Japan's ability to fund itself.

The rest of Asia is on sounder financial footing, especially considering its rapid growth. The region underwent a "profound deleveraging" in the 1990s following its own financial crisis, mandated by the IMF's strict bailout conditions, said Glen Maguire, chief Asia economist at Societe Generale.

China's government reports its debt at about 20 percent of GDP. But Tom Orlik, an analyst in Beijing for Stone & McCarthy Research Associates, says the figure is far higher than official numbers suggest.

Add in local government debt and nonperforming loans in the government-owned banks, and the level tops 50 percent of GDP, he said.

"The number is higher than the government acknowledges, and that is well known, but it is still not a very alarming number," Orlik said.

While Asia appears strong enough to avoid the debt problems engulfing Greece and Europe, it hasn't been immune to the anxiety the turmoil has produced with Asian equity markets being hammered this week, in line with deep share declines in Europe and the U.S.

Signaling what may lie ahead, the chief executive of ANZ Banking Group Ltd., an Australian lender with operations across Asia, warned Thursday that the sovereign debt crisis in Europe could make it harder for banks to access credit.

"I am still quite worried about the global economy," Smith told reporters. "Europe is a mess."

                                         Source ; Associated  Press

Euro Sales Extend as Morgan Stanley Mulls EU Breakup

NEWS  BLOOMBERG- Investors are abandoning the euro at a rate not seen since the collapse of Lehman Brothers Holdings Inc. as Europe’s worsening fiscal crisis threatens to splinter thenation currency union.

Pension funds and banks sold euros this month at the fastest pace since the second half of 2008, when the currency tumbled more than 25 percent against the dollar between mid-July and the end of October, according to Bank of New York Mellon Corp., the world’s biggest custodian of financial assets with $23 trillion. Demand for options giving the right to sell the euro against the dollar versus those allowing for purchases rose yesterday to the highest level since November 2008.

“The assumptions that went into the makeup of the euro- zone, and hence the euro, are now being brought into question and revalued,” said Eric Busay, a manager of currencies and international bonds in Sacramento at the California Public Employees’ Retirement System, the largest U.S. public pension, with $202 billion under management. “There are differences, and screaming differences, that have now been shown between the regions of the euro-zone.”

While the euro became a rival to the dollar after the common currency’s inception in 1999, the debt crisis that began in Greece shows how it is being shaken by one country comprising 2.6 percent of the region’s economy. The euro’s 11 percent decline in the past six months made it the worst performer among its 16 most-traded peers. Standard & Poor’s cut the credit ratings on Greece, Portugal and Spain in the last two days.

Central-Bank Holdings

Credit-default swaps on the debt of Greece, Portugal and Spain climbed to record highs as the 16 nations making up the euro failed to bridge economic and political differences fast enough for traders.

The euro fell to a one-year low of $1.3115 yesterday in New York, down from 2009’s high of $1.5144 on Nov. 25, as German Chancellor Angela Merkel said in Berlin the “stability of the euro zone” was at stake if a 45 billion-euro ($59 billion) loan package for Greece orchestrated by the International Monetary Fund can’t be delivered soon.

Currency strategists are having a hard time keeping up with the decline. The median average of 32 forecasts compiled by Bloomberg is for the currency to end the year at $1.32. In February, the estimate was $1.43. The euro was at $1.3238 at 3:21 p.m. in New York today.

Dumping Bonds

Bank of New York Mellon’s chief currency strategist, Simon Derrick in London, said the euro may tumble to $1.10 by the end of 2011. Morgan Stanley predicts it will trade at $1.24 by year- end. Without central bank support, the euro’s long-term fair value is $1.20, UBS AG said April 26.

Investors are on course to sell a net 50 billion euros of euro-region bonds this year, compared with purchases of 225 billion euros in 2009, according to a Nomura Holdings Inc. projection.

Central banks reduced the share of euros in their $8.1 trillion of reserves to 27.6 percent in the fourth quarter of 2009 from 28 percent in the previous three months, according to Morgan Stanley calculations based on IMF data. The figure was about 17 percent when the euro was introduced 11 years ago.

“Central bankers and institutional investors have spent 10 years pricing out the likelihood of a euro-zone break-up, and now they have to price it in again,” said Emma Lawson, a currency strategist in London at Morgan Stanley. “The euro will no longer have this additional support going forward.”

‘Shift in Attitudes’

The euro’s one-month option risk-reversal rate fell to minus 1.97 percent yesterday, the lowest level since Nov. 4, 2008, and down from minus 0.9 two weeks earlier, signaling a relative increase in demand for puts, which grant traders the right to sell the currency. It was at minus 1.7 percent today.

“Euro weakness is driven by a broad shift in investor attitudes, a shift which goes well beyond shorter-term foreign- exchange position changes within hedge funds,” Nomura foreign- exchange analysts Jennifer Hau in London and Jens Nordvig in New York wrote in an April 20 report to clients.

The euro, introduced on Jan. 1, 1999, at a rate of about $1.17, weakened to 82.30 U.S. cents in 2000 as the region’s economy slumped amid the bursting of the dot-com bubble. It peaked at $1.6038 in July 2008 as the global financial crisis worsened.

While the European Union shares a common monetary policy, members are responsible for their own fiscal decisions. That allowed Greece’s budget deficit to expand to almost 14 percent of its gross domestic product, exceeding the EU’s 3 percent limit without penalty. Germany’s is 3.2 percent of its GDP.

‘Vulnerable Spot’

Greece’s $357 billion economy is 2.6 percent of the euro zone’s $13.6 trillion and compares with $3.65 trillion for Germany, according to data compiled by Bloomberg.

Even though Merkel called for a quick resolution of the aid package for Greece, she has delayed German approval of loans in the face of voter opposition. Almost 60 percent of Germans don’t want to help Greece, the Die Welt newspaper reported this week, citing a survey of 1,009 people.

“The problem with Europe, and people had forgotten about this over the past decade, is that the experiment of monetary union without political union, and without any sort of federalism across the euro-zone, puts them in a very vulnerable spot,” Scott Mather, head of global portfolio management at Pacific Investment Management Co. in Munich, said in a Bloomberg radio interview on April 26.

‘Nationalistic’ Tendencies

“So when push comes to shove and you have these large imbalances that develop between countries, it is very likely that they go back to the old world of being more nationalistic,” said Mather, whose Newport Beach, California- based firm runs the $220 billion Total Return Fund, the world’s biggest bond fund.

The outlook for the euro and the dollar are both poor, according to Kenneth Rogoff, a former IMF chief economist and professor at Harvard University in Cambridge, Massachusetts. President Barack Obama has increased U.S. marketable debt to an unprecedented $7.76 trillion to fund a budget deficit the government predicts will swell to $1.6 trillion in the fiscal year ending Sept. 30.

“There’s a tremendous surge to diversify out of the dollar, and the euro is still the main alternative,” Rogoff said in a telephone interview. “Both the euro and the dollar have their longer-term vulnerabilities.”

Since 2001 the percentage of currency reserves held in dollars has fallen to 62.1 percent from 72.7 percent, according to the IMF in Washington.

‘Great Solution’

Nobel Prize-winning economist Robert Mundell said the Greek crisis is a fiscal issue, not a broader credibility peril for Europe’s common currency.

“It’s not a euro problem; the euro has been a great solution,” Mundell, a professor at Columbia University in New York, said in an interview yesterday on Bloomberg Television. “It’s a deficit and debt problem.”

Mundell said there must be conditions attached to the financing package for Greece with a year-by-year target to reduce the country’s debt and cut its deficit “well below 3 percent” of GDP.

“It could be handled if the Greeks would be able to demonstrate to Germany and the other countries that they will keep the line and do this,” Mundell said. “There has to be that transformation, otherwise the alternative is a big restructuring of the Greek debt.”

Bigger Than TARP

The euro’s weakness may also help Europe’s economy rebound as its exports become more competitive. Bundesbank President Axel Weber said April 26 that Germany’s recovery will gather steam in the second quarter. The nation’s exports rose 5.1 percent in February from the previous month, the most since June 2009, a government report showed on April 9.

To fix the region’s fiscal crisis the EU may need a plan larger than the $700 billion Troubled Asset Relief Program deployed by the U.S. after the collapse of Lehman Brothers, according to Goldman Sachs Group Inc., JPMorgan Chase & Co. and Royal Bank of Scotland Group Plc.

Lower credit ratings on EU nations may force banks to boost the amount of capital they’re required to hold against bets on sovereign debt, said Brian Yelvington, head of fixed-income strategy at broker-dealer Knight Libertas LLC in Greenwich, Connecticut. While bank capital rules give a risk weighting of zero percent for government debt rated AA- or higher, it jumps to 50 percent for debt graded BBB+ to BBB- on the S&P scale and 100 percent for BB+ to B-.

Soaring Yields

Yields on Greek two-year notes soared to a record 26 percent yesterday. Portugal’s jumped to 7.05 percent and Spain’s reached 2.53 percent. S&P lowered its rating on Greece by three steps to BB+, or below investment grade, from BBB+ on April 27, minutes after cutting Portugal to A- from A+. It reduced Spain’s rating one step to AA from AA+ yesterday.

“The euro is not the euro we initially bought into,” said Roddy Macpherson, investment director in Edinburgh at Scottish Widows Investment Partnership Ltd., which manages the equivalent of $216 billion of assets. “The whole confidence in the euro has taken a bit of a bashing. We’re short the euro.”

EU  Sets  up  Massive  EURO  Defense 

BRUSSELS — The European Union and the International Monetary Fund pledged a massive nearly $1 trillion defense package for the embattled euro Monday, hoping to finally turn back relentless attacks on the eurozone's weakest members and allow the continent to resume its hesitant economic recovery.

Under the three-year aid plan, the EU Commission will make €60 billion ($75 billion) available while countries from the 16-nation eurozone would promise bilateral backing for €440 billion ($570 billion). The IMF would contribute an additional sum of at least half of the EU's total contribution, or €250 billion, Spanish Finance Minister Elena Salgado said.

"We shall defend the euro whatever it takes," EU Commissioner Olli Rehn said after an 11 hour-meeting of EU finance ministers. The meeting capped a hectic week of chaotic sparring between panicked European governments and aggressive markets.

The massive sums come after a week of political posturing and soothing words by euro zone leaders that had no impact on global investors. In the end, even longtime skeptic Germany realized Europe had to show the money after financial attacks on Greece's debt seemed poised to spread to Portugal and Spain.

"We are placing considerable sums in the interest of stability in Europe," Salgado said after the meeting.

The talks were called on Friday night after a eurozone summit in Brussels amid concerns that the financial crisis sparked by Greece's runaway debt problems had begun to spread to other financially troubled eurozone countries such as Portugal and Spain.

"We are facing such exceptional circumstances today and the mechanism will stay in place as long as needed to safeguard financial stability," the ministers said in a statement.

Spain and Portugal, which have begun to see the same signs of trouble that Greece had three months ago, have committed to "take significant additional consolidation measures in 2010 and 2011," the statement said, and the two countries will present them to the EU's finance ministers at their meeting on May 18.

The EU's slow response to the crisis and its failure to keep Greece from reaching the brink of bankruptcy triggered slides in the euro and global stocks last week, and intensified fears the crisis would spread.

Ministers had hoped to have something approved by the time stock markets opened Monday in Asia, but they missed their deadline by a couple of hours.

"We need to make progress today because in the night, when the markets are opening, we cannot afford disappointments," Swedish Finance Minister Anders Borg said as he headed into the meeting Sunday afternoon.

"We now see herd behaviors in the markets that are really pack behaviors, wolf pack behaviors," he said. If unchecked, "they will tear the weaker countries apart. So it is very important that we now make progress."

Some eurozone nations blamed the fragile governments and a lack of European cooperation for the crisis.

"I'm against putting all the blame on speculation," said Austrian Finance Minister Josef Proell. "Speculation is only successful against countries that have mismanaged their finances for years."

Compounding the Greek financial crisis, attention has centered on fragile finances of countries like Spain and Portugal, which in turn could drag the whole of the euro zone down. Fear of default led to investors demanding high interest rates that Greece could not pay, forcing it to seek a bailout; the risk is that market skepticism will make Portugal and Spain pay more and more to borrow, worsening their plight.

Early Saturday, the eurozone leaders gave final approval for an €80 billion ($100 billion) rescue package of loans to Greece for the next three years to keep it from imploding. The International Monetary Fund also approved its part of the rescue package — €30 billion ($40 billion) worth of loans — in Washington Sunday.

Financial markets have continued to sell off the euro and Greek bonds even as EU leaders have insisted for days that the Greek financial implosion is a unique combination of bad management, free spending and statistical cheating that doesn't apply to other euro-zone nations.

Many economists think Greece will eventually default anyway, which could deal a sharp blow to the euro and lead to sharply higher borrowing costs for other indebted countries in Europe. Default, or market contagion to other countries could lead to panic, intimidating consumers from spending and making banks fearful to lend money to businesses and consumers.

                                                                 Sorce :   JPOST

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