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Leaders scramble to head off 'black Monday' on markets
France 24 ^ | 8/7/2011 | AFP

Posted on 08/07/2011 7:55:57 PM PDT by bruinbirdman

World leaders made emergency conference calls Sunday, seeking solutions to the US debt and eurozone crises ahead of a feared disastrous reopening of markets on Monday. In a possible bellwether, Israel's market fell seven percent.

World leaders searched Sunday for answers to a global debt crisis, hoping to head off a massacre on markets spooked by an unprecedented US rating downgrade and Europe's swelling malaise.

France and Germany called for full implementation of measures agreed at a eurozone summit in July to safeguard the single currency as markets braced for fresh turmoil this week.

"President (Nicolas) Sarkozy and Chancellor (Angela) Merkel reiterate their commitment to fully implement the decisions taken by the heads of state and government of the euro area and the EU institutions on July 21," a joint statement said.

"In particular, they stress the importance that parliamentary approval will be obtained swiftly by the end of September in their two countries," it added.

Officials from the Group of 20 and Group of 7 economies held emergency conference calls, leaders of major powers worked the phones and European Central Bank (ECB) governors readied for the opening of New Zealand financial markets, the first to trade in Asia.

In a sign of a possible storm ahead, the Israeli market fell seven percent Sunday and major Gulf markets also tumbled as investors digested Standard & Poor's historic cut in the the US rating to AA+ from the top notch triple-A.

In Washington, the US Treasury said Secretary Timothy Geithner will not step down despite opposition calls for him to leave because of the downgrade.

"Until the stock markets open (Monday) the extent of earthquake caused by the downgrade of the US debt rating will not be known," Spanish newspaper El Pais said.

(Excerpt) Read more at france24.com ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: blackmonday; bonds; dollar; downgrade; economy; merkel; obamadowngrade; sarkozy; standardpoors; stockmarket; stocks; trade
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1 posted on 08/07/2011 7:55:59 PM PDT by bruinbirdman
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To: bruinbirdman

ITEOTWAWKI


2 posted on 08/07/2011 7:57:26 PM PDT by BipolarBob (Yes I backed over the vampire but I swear I didn't see him in the rearview mirror.)
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To: bruinbirdman

Here the answer geniuses.

Stop spending.


3 posted on 08/07/2011 7:58:07 PM PDT by yldstrk (My heroes have always been cowboys)
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To: bruinbirdman

And the Plunge Protection Team springs into action.


4 posted on 08/07/2011 7:59:39 PM PDT by dfwgator
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To: bruinbirdman

5 posted on 08/07/2011 7:59:59 PM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: bruinbirdman

Good luck! Unfortunately, reality intrudes..! Yes, we are a debtor nation with no optimistic future....


6 posted on 08/07/2011 8:00:04 PM PDT by Deagle
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To: bruinbirdman
"Until the stock markets open (Monday) the extent of earthquake caused by the downgrade of the US debt rating will not be known," Spanish newspaper El Pais said.

Let's see .... Greece, Ireland and Portugual received bailouts. Spain and Italy are in dire financial straights, with Italy on the verge of a collapse. Cyprus is in a heap of hurt and Germany and France are getting fed up with having their pockets picked. It is possible that Europe is an even bigger concern to investors than the US downgrade. So, who does the Spanish newspaper El Pais single out as the culprit?

7 posted on 08/07/2011 8:01:20 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: bruinbirdman

No way to stop it. The chickens are coming home to roost.


8 posted on 08/07/2011 8:05:19 PM PDT by VideoDoctor
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To: bruinbirdman

Obama is not scrambling.

Obama has not done anything to avert a black Monday.


9 posted on 08/07/2011 8:06:10 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
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To: mlocher

Because now every bank or other financial institution in the world that holds US treasuries will have to take a haircut on those positions on Monday. The downgrade cost every and bank in the world a couple of hundred million. Let’s see who passes their stress tests, now, hmmmmm?


10 posted on 08/07/2011 8:09:45 PM PDT by L,TOWM (Once you see that it is all Kabuki Theater, you are free to quit wasting your time on politics.)
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To: NoLibZone

“Why does it always gotta be a black thing”.


11 posted on 08/07/2011 8:10:39 PM PDT by political1 (Love your neighbors)
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To: NoLibZone

Obama has not done anything to avert a black Monday.

We won’t have a black monday, maybe half black...


12 posted on 08/07/2011 8:10:39 PM PDT by rolling_stone
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To: bruinbirdman

They should have thought of that back in November 2008. The only thing now to do is to ride it out.


13 posted on 08/07/2011 8:11:38 PM PDT by sport
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To: bruinbirdman

Announce a two party agreed upon package of across the board cuts to entitlement programs, sweeping fundamental changes in those programs, remove Obama’s health bill from the books and ease regulatory practices.

Do that and the markets will be calm. If you refuse to do that then don’t pretend like you aren’t asking for market upheaval.


14 posted on 08/07/2011 8:11:40 PM PDT by Soul Seeker ( I was there when we had the numbers, but didnÂ’t have the pThey may feel bettrinciples.---Jim DeMin)
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To: bruinbirdman

Leaders scramble for the globalist currency fix again. They’re looking for real trouble. They’re not “free market,” or they’d allow currencies to adjust, and Americans, to get back to work. They’re groups of gangsters attempting to continue their plans for global corporate socialism.


15 posted on 08/07/2011 8:12:23 PM PDT by familyop (We Baby Boomers are croaking in a noisy avalanche of rotten politics smelled around the planet.)
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To: NoLibZone
Obama has not done anything to avert a black Monday.

0bama, just doing what Al Qaeda failed to complete in 2001.

16 posted on 08/07/2011 8:14:22 PM PDT by EGPWS (Trust in God, question everyone else)
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To: NoLibZone

Yep. Let’s hope the world leaders are more competent than our “leaders”.


17 posted on 08/07/2011 8:16:44 PM PDT by Zarro (Jail Congress)
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To: bruinbirdman

18 posted on 08/07/2011 8:17:29 PM PDT by rabidralph
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To: bruinbirdman

YO...WHY’S IT GOTTA BE BLACK?


19 posted on 08/07/2011 8:17:44 PM PDT by SIDENET ("If that's your best, your best won't do." -Dee Snider)
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To: EGPWS
0bama, just doing what Al Qaeda failed to complete in 2001.

Even got a little bumper-sticker for that sentiment:


20 posted on 08/07/2011 8:18:24 PM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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