"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Monday, August 22, 2011

PIIGS and TIP


PIIGS and TIP
Philippine Star
For US & European investors, it is beginning to feel like the 2008 credit crisis all over again. For Asian investors, it is reminiscent of the 1997 Asian financial crisis. Developments the last few weeks have significantly altered the monetary ...
Euro Traders Put Trust in Trichet as ECB Bails Out EU Leaders
BusinessWeek
The ECB's two interest-rate increases this year have also helped boost the euro. The central bank raised its benchmark lending rate from 1 percent, where it was during the financial crisis, to 1.5 percent to contain inflation. ...
WEEKLY MARKET MOVERS 1: PIIGS BOND EXPOSURE UNDERMINING BANKS, MARKETS
Business Insider
The ECB's latest tender operation for emergency 7 day liquidity – a kind of dollar-denominated discount window for Europe, showed one bank borrowing $500M. This was noteworthy because borrowed this facility had not been used since March 2011 and no one ...
Second wave of crisis casts its shadow on world
The Standard
If the global financial crisis undercuts the world economy again, any "deleveraging" measures will fuel the crisis in the euro zone. Not only will Greece worsen due to the lack of external aid, but Italy, Spain, Belgium, Austria, Cyprus and other ...
The Euro Zone's Cure Starts With Germany
New York Times
Three years ago, when the financial crisis first hit, the German government, like the rest of Europe, quickly defined the problem as an Anglo-Saxon one, and blamed America and Britain. A year later, as the financial crisis widened into a general ...
Analyst Gürsel says Turkey can limit effects of another likely financial ...
Today's Zaman
... make it riskier for euro bonds as well; so, finally Germans will be obliged to pay higher interest rates for their own bonds. How do you think Turkey, subject to the effects of foreign crises, could be affected by a new financial crisis in Europe? ...
Fed weighs options for more easing
Financial Times
Since then, circumstances have forced him to give a policy speech about financial crisis or recession every August. This year is likely to be his fifth in a row. The legacy of last year's Jackson Hole speech – which came to be seen as a promise of more ...
Govt urged to be prepared
The Nation
Investors are worried that the US economy may plunge into a double-dip recession due to contagion from the debt crisis in Europe. The risk of a default by Italy, the third-largest European economy, has increased. The spread of the debt crisis from ...
Greek prime minister rules out snap elections
AFP
ATHENS — Greek Prime Minister George Papandreou on Sunday ruled out the possibility of snap elections because of the country's economic and financial crisis amid growing pressure. "We are a democratically elected government and we will honour to the ...
Love or money at work?
Sydney Morning Herald (blog)
That might be a trend created by the global financial crisis, as people become more aware of their financial circumstances. Around the world, we have rising food prices which some economists predict will rise 10 fold by 2014. ...
Abu Dhabi eyes Irish lessons for its vision
The National
Ireland has taken a beating since the global financial crisis erupted, but despite the scary headlines on bank rescues and ratings downgradings, the country points the way for how Abu Dhabi can diversify its oil-dominant economy. ...
Sorrell Sees Three Years of Slow Western Growth, Telegraph Says
Bloomberg
Euro contagion “is of concern again” after German Chancellor Angela Merkel and French President Nicolas Sarkozy rejected measures to assist the continent's ailing economies, such as issuing a bond across the entire euro area or increasing the size of ...
To QE3 or Not to QE3
Business Insider
Perceptions have turned very negative and the media has been increasingly playing on fears (eg the US debt ceiling crisis and the big default scare). Conversely, if the economy gets so bad, and the stock market falls low enough, many believe the Fed ...
BlueScope slashes 1000 jobs
Weekly Times Now
Investment bank HBSC's August economic brief highlighted how soft international demand smashed Australian manufacturing during the global financial crisis despite a drop in the dollar. "The global financial crisis saw a large retreat in Australian ...
Questions for Seoul after US downgrade
JoongAng Daily
... the main culprit of the 2008 global financial crisis; governments and financial institutions' risk management capability is much better than it was in 2008; and there is ample global liquidity. However, the fragile US economy and euro zone debt ...
Chinese Banks: It's Just Like Old Times
Business Insider
After the financial crisis of the west, the reform in China is absolutely getting nowhere. Here, I have been flagging the problems of the credit expansion in the China's banking system for a while, pointing particularly to the worrying sign of local ...
How can you afford that £8m home, Mandelson?
Telegraph.co.uk
By Holly Watt Lord Mandelson is poised to buy an £8 million home after taking up a lucrative post with an investment bank that is advising the Greek government on its financial crisis. The purchase would be the first indication of the ...
Foreign funds for Hamas hit by Syria unrest-diplomats
Reuters
Hamas has denied that it is in financial crisis but says it faces liquidity problems stemming from inconsistent revenues from tax collection in the Gaza Strip and foreign aid. The movement is spurned by the West over its refusal to recognise Israel and ...
Chairman & CEO of M&T Bank: Financial firms should get back to traditional ...
GuruFocus.com
... the makings of the next financial crisis or, indeed, disrupted the balance in our society between rich and poor. Is this an issue any less important than the wars in Afghanistan and Iraq, the trouble with the Euro, the crises in the Middle East, ...
Not double dip, but recovery will be very slow: Arvind Virmani, International ...
Economic Times
What we are seeing today is the aftereffect of the 2008 crisis; policy reforms to deal with thefinancial crisis have not been adequate so we are getting these aftershocks, says International Monetary Fund Executive Director Arvind Virmani . ...
Who does the buck stop with?
Khaleej Times
The US is facing a major financial crisis. Analysts feel it might even spark a recession. The bond rating agency Standard & Poor lowered Washington's credit rating down a notch to 'AA+' from the highest AAA level. At the time of crisis the whole US ...
Banks shift assets to cut pension deficits
Financial Times
By Patrick Jenkins, Banking Editor Some of Britain's biggest banks have begun quietly ridding themselves of billions of pounds of assets they have found difficult to sell following the financial crisis, moving them off their balance sheets and into ...
The hilltop Spanish town overshadowed by a debt mountain
Telegraph.co.uk
Backed by seemingly limitless credit, town councils, or ayuntamientos, embarked on lavish spending sprees before the 2008 financial crisis, buying voters' affections by building brand new theatres, dance schools, and astro-turf football pitches in even ...
Shaping a new tomorrow
Korea Times
That level was about $20 trillion above where it stood just two years prior during the depths of the financial crisis. North America had the largest absolute gain in wealth, at $3.6 trillion, and the second-highest growth rate, at 10.2 percent. ...
Emerging economies faring better in downturn
Los Angeles Times
In Asia, the demons of the 1998 financial crisis are being exorcised. From the cocky entrepreneurs of New Delhi to the Turkish businessmen fanning out across the Middle East and Central Asia, this time their fate seems to lie in their own hands. ...
Will there be a new recession?
Jamaica Gleaner
Over the last century, whenever there has been a global financial crisis, events show that it started in the United States. In 1929, the stock market was almost totally wiped out by a free-fall loss of 89 per cent of its assets. ...
Woori Saga Underscores Worries About Korea
Wall Street Journal
... impact of the euro-zone debt crisis on Korean banks, which get nearly a quarter of their funding from foreign lenders, aren't conducive to such risk-taking. Woori, a hodgepodge of banks the government bailed out after the Asian financial crisis...
MediaNews Delays Deal to buy Freedom's Newspapers
Wall Street Journal
The snag highlights how fears of another recession and possible contagion from European debt woes have sapped investors' tolerance for risk. The tense climate has upset markets world-wide and raised borrowing costs, particularly in weak industries like ...

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