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Greek PM says worst fears confirmed on economy | Reuters Greek Prime Minister George Papandreou told parliament on Friday, after a visit by EU economic inspectors, that the worst fears about Greece's economy had been confirmed. (tags: Greece govt_spending debt economy) EU Debt Crisis: Banks Bet Greece Defaults on Debt They Helped Hide – CNBC … Read more

Almost 10% of FDIC-insured banks called "troubled" – MarketWatch Driven by expanding problems with commercial real estate loans, the number of distressed banks in the U.S. rose to 702 in the fourth quarter, marking the highest level in 16 years, according to a report released Tuesday by the Federal Deposit Insurance Corp. (tags: banks commercial_real_estate … Read more

China New Village Makes Chanos See Dubai 1,000 Times (Update1) – Bloomberg.com The township of Huaxi in the Yangtze River Delta is a proud symbol of how Chinese communists embraced capitalism to lift 300 million people out of poverty during the past three decades. (tags: China bubbles govt_stimulus) Euro Worst to Come as Greece Hammerlocks … Read more

The New Poor – Despite Signs of Recovery, Long-Term Unemployment Rises – Series – NYTimes.com Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits. (tags: … Read more

FT Alphaville » BNP Paribas says a weak euro could rescue Europe When FT Alphaville met with BNP Paribas’ head of currencies Hans Redeker in an informal meeting a couple weeks back, one of the subjects discussed was the need for a weaker euro to stimulate German exports beyond the Eurozone to offset falling demand … Read more