Lawrence McDonald

Article by Austen Sherman and Sara Eisen, Bloomberg Whether or not Greece is able to reach an agreement on the restructuring of its debt, the country is set to “implode” as the economy contracts, according to Johns Hopkins University’s Steve Hanke. “The game is completely over,” Hanke, professor of applied economics, said at the Bloomberg Sovereign Debt Crisis [...]

Article By Patrick Donahue, Rainer Buergin, Josiane Kremer, John Fraher, Bloomber European officials said the euro region’s temporary bailout facility has enough funds to deal with the sovereign debt crisis after losing its top credit rating at Standard & Poor’s. “The EFSF has sufficient means to fulfil its commitments under current and potential future adjustment [...]

Article By Chiara Vasarri, Bloomberg Italy will sell as much as $11 billion in bonds today, one day after borrowing costs plunged at an auction of shorter-maturity debt. The Treasury in Rome will sell bonds maturing in 2014, 2018, 2021 and 2022. Italy yesterday sold 9 billion euros of 179-day bills to yield 3.251 percent, down [...]

Article By Chiara Vasarri and Lorenzo Totaro Prime Minister Mario Monti’s market honeymoon is ending as Italian bond yields approaching 7 percent signal mounting concern his government may struggle to sell 440 billion euros ($574 billion) of debt next year. Monti took just five weeks in office to push through a 30 billion-euro emergency budget package [...]

Article By Sree Vidya Bhaktavatsalam, Bloomberg Black Rock, the world’s biggest asset manager, said European nations including France and Germany are headed for a recession as the prolonged debt crisis has prompted companies to cut spending and stop hiring. “We now believe that we’re in for a full-fledged recession, including one in France and Germany, that [...]

Article By Saijel Kishan and Jeff Kearns, Bloomberg Came the selloff in August when global stocks suffered their worst nine-day drop since the 2008 financial crisis. For four days, The Dow Jones Industrial Average (INDU) alternated between gains and losses of more than 400 points, the longest streak ever, and its intraday swings have averaged twice the [...]