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Weekly Brief | Tuesday, November 22

Eurozone debt web: Who owes what to whom? Who owes what to whom in the eurozone and beyond? The circle below shows the gross external, or foreign, debt of some of the main players in the eurozone as well as other big world economies. The arrows show how much money is owed by each country to banks in other nations… ★ 538 via BBC Business Eurozone 2021: The New Europe Welcome to Europe, 2021. Ten years have elapsed since the great crisis of 2010-11, which claimed the scalps of no fewer than 10 governments, including Spain and France. Some things have stayed the same, but a lot has changed… ★ 160 via WSJ Will Greece Survive the Crisis? Greece is unquestionably in a catastrophic spiraling economic, social and political crisis. Unemployment has reached an historical record of 18.4%, 30% of whom are below 30 and continues to rise. An increasing number of able and qualified young people emigrate… ★ 83 via HBR Eurozone crisis: European Union prepares for the 'great leap forward' As the skies over euroland darken, at least the jokes in Brussels are getting better. At a recent gathering to discuss the crisis that threatens to unravel the euro, one former member of the European parliament observed acidly… ★ 67 via Guardian UK For Euro Investors, Time to Check the Fine Print The risk that the euro could break up is now so pressing that Nomura Holdings is advising investors to check the small print on their bonds, as legal frameworks may determine whether the assets stay in euros, or switch into "new" currencies that are expected to rapidly depreciate… ★ 42 via WSJ Europe News Global Markets Egypt unrest may hasten currency crisis Violent unrest in Egypt threatens to accelerate the country's slide toward a currency crisis, forcing a sharp depreciation of the Egyptian pound in coming months and conceivably prompting Cairo to impose capital controls… ★ 41 via Reuters Dollar Status Grows as Foreign Banks Double Deposits at Fed Foreign bank deposits at the Federal Reserve have more than doubled to $715 billion from $350 billion since the end of 2010 amid Europe’s debt turmoil, buttressing the dollar’s status as the world’s reserve currency… ★ 24 via Bloomberg China's banks use gold as legal currency A prominent economist says that China's economic importance is growing strong and steady that the ailing US and EU economies will exchange their gold reserves for Beijing's financial bailouts… ★ 19 via PressTV Africa Wants to Be Europe Without the Currency Europe's crisis has created a world of common-market skeptics. Except in Africa. Although the euro zone is convulsing from debt contagion brought on by the profligacy of its weakest members, several regional trading blocs in Africa are pushing for closer integration among countries big and small… ★ 18 via WSJ The Outlook India's RBI Said to Buy Rupee as Currency Falls to 32-Month Low Europe's crisis has created a world of common-market skeptics. Except in Africa. Although the euro zone is convulsing from debt contagion brought on by the profligacy of its weakest members, several regional trading blocs in Africa are pushing for closer integration among countries big and small… ★ 15 via Bloomberg