( Read more... )

Bank Runs Amok: Eurozone Edition

Contagion from Greece is now seen spreading to Spain and is feared by many to be on the cusp of also infecting Italy and possibly other European states.

This slow motion train wreck has the potential to spiral out of control, much as the slow motion financial crisis of 2007 so did back in 2008. Economists largely ( Read more... )

Banks Runs Unfolding in Greece.
Will Spain & Italy Soon Follow?

CNBC
Greeks Withdraw Nearly $1 Billion From Local Banks

CNBC:

After a brief relief rally, markets around the world are realizing that the EU deal is potentially not much more pleasant than no deal at all, and are selling off this week ( Read more... )

Start the countdown clock to another leg down in the ongoing Global Financial Crisis

• Merkel: Time to design a "New Europe"
• Markets: Contagion spreading beyond control
• Eurozone: No plans to rescue Italy
• Think Tank: 65% Chance of severe banking crisis by month's end

CNBC
Market Selloff: 'Contagion Spreading; They've Got to Stop This'
Fears that Italy, the ( Read more... )

Financial Times
French banks could tip Europe back into a full-blown crisisBy Mohamed El-Erian ( Read more... )

Lehman II
MarketWatch.com
Lehman Brothers II crisis is coming soon
Commentary: Canadian strategist says debt will produce ‘ugly’ result ( Read more... )

Heavyweight, respected, and bull-bear-neutral economic forecasting firm, High Frequency Economics, sent out a bummer of a note to their clients tonight. Highlights my own emphasis.

From CNBC

Sometimes a summer vacation can set you up for the autumn, allowing you some-hard earned rest to recharge the batteries before returning to the office, ( Read more... )

CNBC
ECB's Coene: Crisis Heading to 2008/9 LevelThe problems of liquidity and confidence in Europe are not as severe as during post-Lehman crash, but are heading in that direction, ECB Governing Council member Luc Coene said in an interview published on Friday ( Read more... )