Italy

The spread widening in the case of Italy is unprecedented since the start of the sovereign debt crisis.

WSJ: U.S. Tackles Housing Slump

POLITICS JULY 11, 2011, 4:47 P.M. ET
U.S. Tackles Housing Slump

By NICK TIMIRAOS

The Obama administration is ramping up talks on how to revive the housing market, which is weighing on the economic recovery—and possibly the President's re-election in 2012.

WSJ: New Fears on Italy Jolt Europe

EUROPE NEWS JULY 11, 2011, 7:13 P.M. ET
New Fears on Italy Jolt Europe

By ALESSANDRA GALLONI and MARCUS WALKER

ROME—Italy, long a bystander to the euro-zone's debt woes, was thrust into the eye of the storm on Monday, as investors fled the country's bonds and Europe's leaders struggled to keep the crisis from infecting the Continent's third-largest economy.

CNNMoney: Arrivederci, rally! Why Italy is latest worry

Arrivederci, rally! Why Italy is latest worry
By Paul R. La Monica July 11, 2011: 1:03 PM ET

NEW YORK (CNNMoney) -- This whole euro debt crisis is starting to remind me of the tagline of "Jaws." Just when you thought it was safe to go back into stocks ... cue the ominous cello music.

Bloomberg: Fed Data Cruncher Finding No New Normal Unemployment Nationwide

Fed Data Cruncher Finding No New Normal Unemployment Nationwide
By Vivien Lou Chen - Jul 11, 2011 8:01 AM GMT+0900

Mary Daly holds up two charts containing 33 bars that all point down. They show eight industries getting hit equally hard after the 18-month recession ended in June 2009, suggesting that much of the past two years’ high unemployment is broad-based and should dissipate as the economy improves.

EU Bank Stress Tests on Sovereigns

EU Bank Stress Tests on Sovereigns

The 2011 European bank stress test results, due Friday July 15, will be closely scrutinised, and most notably on sovereign risk. This year, the EBA hope that tougher guidance and capital criteria, and substantial transparency will go a long way to winning market credibility. We estimate that under the new guidance, sovereign losses in the adverse scenario could amount to €50bn, compared to €28.2bn in 2010. And, adding the tougher capital criteria, the capital shortfall in the 2011 tests is likely to far exceed the very modest €3.5bn identified last year. The real issue is how easily banks, if needed, can raise new capital and whether governments have the necessary strength to offer “backstop measures”. The risk is to see the already frail periphery suffer yet more market aversion.

Exclusive: EU calls emergency meeting as crisis stalks Italy

Exclusive: EU calls emergency meeting as crisis stalks Italy

By Luke Baker
BRUSSELS | Sun Jul 10, 2011 2:45pm EDT

(Reuters) - European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region's third largest economy.

NYT: No, We Can’t? Or Won’t?

OP-ED COLUMNIST
No, We Can’t? Or Won’t?
By PAUL KRUGMAN
Published: July 10, 2011

If you were shocked by Friday’s job report, if you thought we were doing well and were taken aback by the bad news, you haven’t been paying attention. The fact is, the United States economy has been stuck in a rut for a year and a half.

WSJ: Mortgage Rates Are Great, If You Qualify

HOMES JULY 10, 2011
Mortgage Rates Are Great, If You Qualify

By TOM LAURICELLA

With interest rates near rock bottom and home prices down, this ought to be a great time to buy a home. But for most people, it's a lousy time to get a mortgage.

NYT: Somehow, the Unemployed Became Invisible

Somehow, the Unemployed Became Invisible
By CATHERINE RAMPELL
Published: July 9, 2011

GRIM number of the week: 14,087,000.

Fourteen million, in round numbers — that is how many Americans are now officially out of work.