Spain sinks deeper into recession in third quarter - Telegraph: "Spain has slipped deeper into recession as the financial crisis and austerity weighs on the embattled country’s economy."
UBS bankers in London head for the pub after being turned away at office door - Telegraph: "UBS bankers in London were turned away from their offices on Tuesday and handed a letter putting them on "special leave", just hours after the Swiss bank unveiled a radical restructuring to axe 10,000 jobs."
Britain 'sorely needed' in EU, says German Finance Minister Wolfgang Schaeuble - Telegraph: "German Finance Minister Wolfgang Schaeuble has urged Britain to remain strongly engaged in the European Union, responding to a tide of Euroscepticism that Berlin fears could sweep London towards the exit."
Germany rattled as taxpayer losses loom in Greece - Telegraph: "The EU-IMF Troika of inspectors in Greece has called on European bodies and official creditors to write off a chunk of their loans, opening the way for first taxpayer losses since the sovereign debt crisis began. . . . Hans-Werner Sinn, head of Germany’s IFO Institute, said it is becoming cruel to keep Greece in EMU. "The austerity needed to restore wage and price competitiveness will break society first. We are sacrificing a generation of young people who cannot find work, and all in the name of the euro. It is irresponsible. A euro exit would offer hope at last," he said. Dr Sinn said Europe should craft a controlled return to the drachma with help to shore up the Greek banking system and to provide trade credits. "There is no need for catastrophe scenarios," he said."
Mario Draghi backs Wolfgang Schaeuble's 'super commissioner' plan - Telegraph: "The head of the European Central Bank has thrown his weight behind a German scheme to allow the EU to intervene in countries' budgets and propose changes before they are agreed in parliaments."
FRANKFURT--Greece has good chances to overcome its debt crisis provided it tackles its structural problems and receives support from its partners in the European Union, European Central Bank Governing Council Member Ewald Nowotny said Sunday.
Investors have been bombarded with reasons to be pessimistic this year. The euro zone crisis, the U.S. fiscal cliff, fears of a China slowdown: all seem designed to hamper stock market performance.
US growth quickens as fight for the White House enters final stretch - Telegraph: "The stronger-than-expected expansion was driven by a pick-up in consumer spending, a sharp rise in government spending and a rare contribution from the housing sector, figures from the Commerce Department showed."
US growth quickens as fight for the White House enters final stretch - Yahoo! Finance UK: "The stronger-than-expected expansion was driven by a pick-up in consumer spending, a sharp rise in government spending and a rare contribution from the housing sector, figures from the Commerce Department showed . The third-quarter's pace is up from the 1.3pc pace in the second and slightly better than the 1.8pc that economists had forecast."
A request by Spain, the euro zone's fourth largest economy, for help would be considered a positive for the euro because it would allow the European Central Bank to start buying its bonds. That would lower borrowing costs of the highly indebted country.
It’s still a hard toil to the sunlit uplands of recovery - Telegraph: "The Coalition has been vindicated by the GDP figures, but tough times will be with us for years"
Eurozone nears Japan-style trap as money and credit contract again - Telegraph: "All key measures of the eurozone money supply contracted in September and private credit fell at an accelerating pace, dashing hopes of a quick recovery from recession."
Euro zone Debt Crisis and EUR/USD Outlook – What's New?
EUR/USD had a strong fall, which as of now we will avoid to term as “free fall”. The pair had gone to 1.3139 but could not retest the previous high of 1.3172.
Debt crisis: Europe ratchets up grip on Madrid - Telegraph: "The EU-IMF Troika in charge of Spain's €60bn (£48bn) bank rescue is to demand much tougher action by the country's authorities to clean up toxic debts, risking a clash that could deter Madrid from requesting a full sovereign bail-out."
RBS under pressure to offload US business - Telegraph: "Royal Bank of Scotland has come under pressure to sell its US business and shrink its investment banking arm by the body charged with managing the taxpayers’ 82pc holding in the lender."
IMF's epic plan to conjure away debt and dethrone bankers - Telegraph: "So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan."
Spanish elections could mark step toward bail-out - Telegraph: "Many believe elections held in Spain on Sunday represent a crucial step towards the recession-hit nation’s sovereign bail-out."
ECB's Knot backs call for EU commissioner - Telegraph: "European Central Bank policymaker Klaas Knot has thrown his support behind German finance minister Wolfgang Schaeuble's call for a euro zone commissioner with power over European Union nations' budgets."
Debt crisis: Merkel blocks eurozone support efforts - Telegraph: "Angela Merkel reasserted German control over European strategy by insisting that the bail-out machinery would not pay for the past banking debts while also dismissing French plans to spread wealth."
Merkel wins major victory over Hollande - Telegraph: "Angela Merkel has won a major victory over Francois Hollande by overturning a European Union decision to use the euro's bailout fund to directly recapitalise struggling eurozone banks for the foreseeable future."
Debt crisis: as it happened - October 19, 2012 - Telegraph: "EU leaders in Brussels have agreed to have the legal framework for the eurozone banking regulator in place by the end of the year, and it will be implemented through the course of 2013."
The worst is over for the euro zone? Shh! Stop saying that!
EU Summit: Angela Merkel moves to block Hollande bank union deadline - Telegraph: "Angela Merkel refused to commit to Francois Hollande’s deadline for the banking union, frustrating one of the key aims of a summit paralysed by indecision."
Man dies outside Greek parliament during clashes - Telegraph: "A 65-year-old man has died, reportedly of a heart attack, during violent clashes in front of the Greek parliament in Athens."
World's oldest bank Monte dei Paschi di Siena cut to 'junk' by Moody's - Telegraph: "The world's oldest bank has been cut to "junk" by Moody's, as the rating agency warned that there was a "material probability" that the lender may need another cash injection from the Italian government."