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shared by Gene Ellis on 30 May 12 - No Cached

Indeed, the adverse economic effects of a single currency on unemployment and inflation would outweigh any gains from facilitating trade and capital flows among the EMU members.
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There is no sizable country anywhere in the world that does not have its own currency. A national currency is both a symbol of sovereignty and the key to the pursuit of an independent monetary and budget policy.
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shared by Gene Ellis on 29 May 12 - No Cached

But euro-zone members would probably have to take a big hit on loans to the country and banks could face heavy losses on their exposure to the Greek economy.
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Contingency planning is ramping up on the corporate side, too. One European supermarket group has been looking closely at its suppliers’ financing requirements. “The key thing for them is how their working capital cycle is funded and whether they can get access to the banks that they normally would use, which may themselves be in a liquidity squeeze,” a treasury official at the company tells CFO European Briefing. “Our job is to ensure the channels of liquidity are open. If we can keep that going, a lot of the disruption can be minimized relatively quickly.”
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Meanwhile, some portfolio managers are dumping debt of southern European countries, while others are piling into U.S. and German issues,
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shared by Gene Ellis on 29 May 12 - No Cached

shared by Gene Ellis on 29 May 12 - No Cached

Greek-vacation bookings from Germany and the rest of Europe are down sharply, as would-be tourists take fright at the prospect of strikes and street protests.
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Early reservations for this summer's tourist season are down by around 15% from a year ago. Last year's record total of 16.4 million visitors is already out of reach, he says.
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The industry accounts for about one-sixth of economic activity and nearly one in five jobs.
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If the decline in bookings continues, it would mean about 1.5 million fewer tourists coming to Greece this year compared to last, shaving more than a percentage point off gross domestic product and jeopardizing 100,000 summertime jobs.
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Greece is one of the world's top 20 tourist destinations, traditionally drawing about half of its visitors from other European Union countries—especially from Germany and the U.K.
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Prices are down some 15% from last year, according to SETE, following a 10% cut in rates charged by hotel and tour operators in 2011.
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Leading German tour operator TUI AG says its Greek vacation bookings were down 30% up to March. European travel agency Thomas Cook TCG.LN +0.23% said German bookings for Greece so far are also down by 30% compared with 2011, despite discounts of as much as 20%.
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shared by Gene Ellis on 28 May 12 - No Cached

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shared by Gene Ellis on 21 May 12 - Cached