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Best of the Blogs: Draghi Comes Out Against Eurozone


Minyanville's daily roundup of some of the best financial commentary from around the Web.

This column highlights the most interesting and useful business and financial commentary from around the Web each day. Use our comments section to post your own suggestions for blog content that you've read or written.
"Europe's top central banker said Thursday the eurozone's current set up is "unsustainable" in its current form and that the bloc's political leaders should step in with decisive action if they want to save the single currency, according to media reports. 'The configuration that we had with us by and large for ten years which was considered sustainable, I should add, in a perhaps myopic way, has been shown to be unsustainable unless further steps are taken,' European Central Bank President Mario Draghi said before the European Parliament, according to several media reports." (For related content, see Debt Contagion Is Real, and It Doesn't End With Spain.)

Wall Street Journal: China Real Time Report
Link: Economists React: China Manufacturing Gauge Falls Sharply
"China's official Purchasing Managers Index, a measure of manufacturing activity, took a dive in May, falling to 50.4 from 53.3 in April. The fall was steeper than projections from nine of out 10 economists in a Dow Jones Newswires poll and comes amid concerns over slowing growth in the world's second-largest economy. (A reading above 50 indicates an expansion in manufacturing activity, while a reading below 50 indicates contraction.) Analysts weigh in." (For related content, see Chinese Banks' Stealth US Growth Plans Get Fed Backing.)
Link: Network of Homeless Newspapers Tries QR-Code Digital Edition
"Since 1994, the International Network of Street Papers (or INSP) has worked with the homeless to sell locally-produced newspapers or magazines as a way for them to earn a decent living. The Glasgow, Scotland-based non-profit helps journalists set up weekly or monthly publications in cities globally. Homeless vendors buy the papers at a 50%+ discount and sell them for the full cover price. Profits are theirs to keep."
Venture Beat
"Use Facebook (FB)? Of course you do! But do you use it in a way that promotes and improves human rights? If you have a great idea or application that uses the Facebook platform for human rights, the company just might give you a sweet $20,000 prize for your efforts. The cash is part of the Access Innovation Prize and is offered in partnership with Access, the tech human rights organization." (Also read New Stock Coverage: Fresh Chapter for Facebook?)

Link: Mayday! Equities, Oil End Ugly Month
"The Dow Jones Industrial Average (^DJI) broke a seven-month winning streak in May, falling 6.2% in the month. It was the largest monthly drop for the index since May of 2010. The S&P 500 (SPY) was off by 6.3% for the month, the index's largest percentage decline since September 2011. Uncertainty in Europe precipitated much of the sell-off. The Stoxx Europe 600 was down 6.8% in the month."

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No positions in stocks mentioned.
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