Obama urges Europe to stabilize banks, ease austerity

On Saturday, Spain's prime minister Mariano Rajoy Asked For a Eurozone Fiscal Authority, in effect the "Fiscal Nannyzone" that I have spoke of on numerous occasions.

President Barack Obama will make a statement at 1415 GMT on Friday on the state of the US economy and how it is being impacted by the crisis in Europe, the White House said.Facing a tough reelection battle in November, the Obama campaign fears contagion and the eurozone meltdown could shift the balance in favor of the president's Republican rival, former Massachusetts governor Mitt Romney.The White House said Obama would deliver a statement that urges Congress to pass a string of bills designed to help grow the economy and create more jobs.

Interest rates on the 10-Year Spanish bond touched 6.7% today after the ECB shot down prime Minister Mariano Rajoy's Ponzi plan to recapitalize banks. The Spanish banking condition is in such precarious shape that Matthew Lynn of Strategy Economics proposed 'Spexit' Will Come Before a 'Grexit'. “The euro debt crisis, like any really spectacular geo-economic event, is spawning its own special vocabulary” said Matthew Lynn of Strategy Economics on Wednesday.

Slovenia’s six-day-old government is being urged to prevent the nation becoming the euro region’s next bailout battleground. Prime Minister Alenka Bratusek’s Cabinet must quickly carry out a plan to revamp the country’s ailing lenders, the central bank said yesterday. The former Yugoslav nation needs about 3-billion euros (US$3.9-billion) of funding this year, while banks need 1-billion euros of fresh capital, the International Monetary Fund said last week.

US President Barack Obama on Tuesday said it was "imperative to redouble our efforts" to combat global warming ahead of key climate change talks in Copenhagen next month.He was speaking as European leaders urged the US Congress to take action on climate change ahead of next month's high-stakes summit.

LONDON — Big countries’ weakening resolve to cut debt is a mistake, and surplus capital coursing through the world economy risks inflating asset bubbles and causing fresh turmoil, Canada’s finance minister said on Thursday. Jim Flaherty, in Britain to attend a two-day meeting of G7 finance ministers, told Reuters that although it was possible to reduce national debt and foster growth, it was the former which was indispensable.