Things we're reading today include ...
Today's must read:
Are we about to see the end of the much-vaunted eurozone? - Guardian
"The imposition of the euro, and the rigid economic policy a single
currency implies, is having socially catastrophic effects across much
of Europe on a scale that dwarfs Britain's suffering in the 1990s.
Consider the facts. In Spain, unemployment has already reached a
gut-wrenching 19.3%. But unemployment for those between 16-24 is a
catastrophic 42%. In Greece, youth unemployment is 25%, in Ireland
28.4% and Italy 26.9%. Marginal eurozone countries such as Greece,
Spain and Ireland are not just in recession. They are in depression –
and so long as they remain inside the euro there is no exit."
What does 2010 hold for Europe? - Financial Times (Video)
Frosty UK-Iceland Relations
Iceland ditches bank compensation deal - The Independent
Britain threatens to freeze Iceland out of EU as loan payback vetoed - The Times
Companies
RBS stock jump on investor interest hope - The Telegraph
Santander To Rebrand UK Ops As Banking System Begins Makeover - Wall Street Journal
Bank of America CEO Expects 'Long, Slow Recovery'
- Wall Street Journal
Regulation
Research warns of need to lift bank deposits - Financial Times
Record fines from City regulator - BBC
Wall Street Hubris Soars as Crisis Goes to Waste: William Cohan - Bloomberg
Quote of the Day
"Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, then his credit has gone."
Walter Bagehot (1826-1877)
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...