Cleveland: Keeping Christmas at Home
Ramona: The War on Happy Holidays
By Charles Forelle and David Roman, Wall Street Journal, July 24, 2012
LONDON—The ratings firm Moody's Investors Service late Monday dimmed its outlook on Germany, the euro zone's dominant economic power and political force, further exposing the currency bloc's fragility on a day that also saw markets drop around the world on fears about Europe.
Moody's cited the huge potential cost of a euro breakup and, alternatively, the steep bill that would be paid to hold it together.
The warning to Germany followed a dramatic flight by investors from Spanish bonds Monday, leaving the euro zone's fourth-largest economy at grave risk of needing a bailout and sparking a selloff on global markets [....]
5 reasons for Spain’s colossal economic troubles explain why it may need full-blown bailout
Associated Press, July 24, 2012
MADRID — Spain’s financial crisis is a lot like peeling an onion: remove one troubled layer and you only expose another. Repeated efforts since 2009 by successive governments to fix the country’s problems have only managed to undermine confidence in the fourth-largest economy among the 17 nations that use the euro.
A recession is deepening in Spain and the growing number of its regional governments seeking financial lifelines is only adding to the problems of a government already struggling to prop up its shaky banking system [....]
Spain short-term debt costs climb, bailout pressure mounts
By Paul Day, Reuters, July 24, 2012
Spain paid the second highest yield on short-term debt since the birth of the euro at an auction on Tuesday, reflecting a growing belief that the country will need a full sovereign bailout that the euro zone can barely afford [....]