Things we're reading today include …
Today's must read:
"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
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
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
German bank cards hit by '2010' bug – Financial Times
BoQ EFTPOS issue resolved – ZDNet
Gartner Says 50 Per Cent of Banks Will Still Lack an Innovation Programme and Budget by 2013– Gartner
Three Billion iPhone Apps Downloaded: The Top Ten Finance Apps of 2009 – My Bank Tracker
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)