Britannia Radio

Greek "Voluntary" Restructuring On Verge Of Collapse As Hedge Fund Vega Threatens To Sue Greece For Excessive Haircut
http://www.zerohedge.com/news/greek-voluntary-restructuring-verge-collapse-hedge-fund-vega-threatens-sue-greece-excessive-hai

"Germany has enjoyed an improvement in its fiscal conditions in the past two years, but that luck is about to run out," said Stuart Thomson, a portfolio manager at Ignis Asset Management in Glasgow.

"Growth will be stymied by austerity programs in the region and the banking sector is a major risk. The current estimate for recapitalization needs was pulled out of a Christmas cracker. They will need to borrow more."
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/20/bloomberg_articlesLWIAU50UQVI9.DTL

European Governments Devise Unusual Measures to Prop Up Their Ailing Banks
http://tinyurl.com/73zqdmf

The future of the euro will be decided in the next six months and the joint currency has “no future” unless Germany changes its stand, Peter Bofinger, a member of Chancellor Angela Merkel’s council of economic advisers, was quoted as saying by Wirtschaftswoche.
http://www.bloomberg.com/news/2011-12-22/merkel-adviser-bofinger-sees-six-months-to-save-euro-wiwo-says.html

“Anything that’s got to do with the euro is going to get a ’No’ from Danish voters,” Nyholm said. “We’ve been following the rules while the guys inside the euro, they broke them.
http://www.businessweek.com/news/2011-12-22/denmark-divided-on-eu-s-fiscal-pact-as-presidency-approaches.html

Small country" to quit euro zone - RBS chairman

http://uk.reuters.com/article/2011/12/22/uk-rbs-eurozone-idUKTRE7BL00N20111222
RBS chief Phillip Hampton says of anger at bankers’ behaviour
The head of Royal Bank of Scotland today says the behaviour of bankers in the build up to the financial crisis was ‘absolutely shocking’ and impossible to defend.
Sir Philip Hampton, chairman of state-supported RBS, also warns that the UK banking system has yet to fixed.
http://www.thisismoney.co.uk/money/news/article-2077286/RBS-chief-Phillip-Hampton-says-anger-bankers-behaviour.html?ito=feeds-newsxml

European Union wasted year not tackling crisis - International Monetary Fund

http://www.news.com.au/business/breaking-news/european-union-wasted-year-not-tackling-crisis-international-monetary-fund/story-e6frfkur-1226228134308

IMF Chief Economist’s Four Lessons From 2011
http://blogs.wsj.com/economics/2011/12/21/imf-chief-economists-four-lessons-from-2011/
http://blog-imfdirect.imf.org/2011/12/21/2011-in-review-four-hard-truths/

BRITAIN may sign a new version of the EU treaty David Cameron vetoed two weeks ago, The Sun can reveal.
http://www.thesun.co.uk/sol/homepage/news/politics/4014750/David-Cameron-EU-turn-over-treaty-Britain-may-sign-a-new-version.html

David Cameron ‘EU-turn over treaty’

EU Comm Says Has No Enforcement Role In Fiscal Compact Treaty

Under the draft fiscal compact treaty prepared by the European Council last week, signatories would be able to take each other to the European Court of Justice to ensure that the agreement's fiscal discipline rules are enforced.
European governments are now studying the draft treaty, with the UK looking on as an observer, with the aim of signing it in March.
https://mninews.deutsche-boerse.com/index.php/eu-comm-says-has-no-enforcement-role-fiscal-compact-treaty?q=content/eu-comm-says-has-no-enforcement-role-fiscal-compact-treaty

Is Mario Draghi Preparing To 'Spring A Trap' On The Germans In Just A Couple Months?
http://www.businessinsider.com/signor-draghi-spring-a-trap-2011-12

ECB balance sheet sucked further into the crisis
http://blogs.ft.com/gavyndavies/2011/12/21/ecb-balance-sheet-sucked-further-into-the-crisis/#axzz1hAltc2Hk