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

Friday, September 30, 2011

Bloomberg View: A Road Map to a Prepackaged, Orderly Greek Default

Bloomberg View: A Road Map to a Prepackaged, Orderly Greek Default
BusinessWeek
An orderly default would require immediate restructuring of Greece's debts, and possibly those of several other countries. That would have to be accompanied by the three S's: stopping the contagion, saving the euro, and stabilizing the banks—all at ...
Sovereign, Corporate Default Swaps Rise on Recession Concerns
BusinessWeek
29 (Bloomberg) -- Credit-default swaps insuring government and corporate debt rose on concern Europe's deepening debt crisis will trigger a global economic slump. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments increased four ...
Hovnanian Bonds Plunge, Default Risk Soars on Planned Debt Swap
BusinessWeek
29 (Bloomberg) -- Bonds from Hovnanian Enterprises Inc. tumbled and the cost to protect the debt from default soared after the largest homebuilder in New Jersey announced exchange offers for up to $220 million of securities. The company's $797 million ...
One in Five Modified Loans Default Again, U.S. Comptroller Says
San Francisco Chronicle
Default notices sent to delinquent homeowners surged 33 percent in August from the previous month, RealtyTrac Inc. said on Sept. 15. Total loan modifications and alternative payment plans for delinquent borrowers fell to 456397 in the three months ...
FOREX-Euro rises on German vote but contagion risk lingers
Reuters
See [ID:nL5E7KT1F2] "The threat of contagion is still very much alive," said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. Shankar said his firm's bond flow indicators show peripheral euro zone debt exposure remains ...
Fitch Affirms CapitalSource Commercial Loan Trust 2006-2
MarketWatch (press release)
Upon the occurrence of a default in the portfolio, the payment waterfall directs part or all of the excess interest otherwise available to the equity to pay down the senior-most notes in an amount equal to the aggregate balance of defaulted assets in ...
Default will take everyone down
The Wenatchee World Online
Default and the financial consequences will be severe and lasting. They will besmirch the reputation of the entire region and everything in it, in a place where reputations are tangible — the municipal bond market. The member governments of the PFD ...
Jobless Claims Lift US Sentiment; Euro Zone Default Worries
Ticker Magazine
German people have been against the setting up of such a facility and expanding and several investors are also worried that no amount of loans to the Southern European nations will solve the expanding sovereign default crisis. ...
Trade Finance and the Financial Crisis
Huffington Post (blog)
As the 2008-9 financial crisis spread from its epicenter in the United States to the rest of the world, policy makers found themselves in uncharted waters. The effects of the global contraction were so severe that the world experienced the largest drop ...
Diron Says `Much Bigger' EFSF Needed to Arrest Contagion
Washington Post
Sept. 29 (Bloomberg) -- Marie Diron, a senior economic adviser at Ernst & Young, discusses the European Financial Stability Facility and the euro-zone debt crisis. She speaks with Andrea Catherwood on Bloomberg Television's "Last Word. ...
EU proposes transaction tax in face of financial crisis
Bend Bulletin
By Rebecca Christie / Bloomberg News BRUSSELS — The European Union Wednesday proposed a financial-transactions tax that would take effect in 2014 and raise about $78 billion a year. The plan would set minimum tax rates for financial transactions ...
Two Top Italian Bank Execs Sound Terrified Of EuroCrisis Contagion
Business Insider
Two top Italian banking execs recently spoke about how contagion resulting from a Greek default would devastate their industry. First Federico Ghizzoni, the CEO of UniCredit, Italy's biggest bank, warned that it is important for the 17-nation currency ...
Students default on loans in record numbers
Texas A&M The Battalion
From 2008 to 2009, default rates increased 1.2 percent for public institutions, 0.6 percent for private institutions and 3.4 percent for for-profit schools, with an overall increase of 1.2 percent, according to the release. The overall default rate was ...
The Tale of Two PIIGS, Continued
Seeking Alpha
The likelihood of an Irish default is now significantly lower than it was just two months ago, because Ireland is on the road to salvation thanks to credible austerity measures. Only two PIIGS now stand out as serious candidates for default: Greece ...
Greece faces austerity strike as default looms
China Daily
Facing historic poll lows for his party amid an upsurge in social anger, Papandreou is working hard to allay fears that Greece could default. The next installment of debt aid due under its May, 2010, bailout from the European Union and the ...
Simply Money: Muni bonds still worth look
Cincinnati.com
We said at the time that this simply wasn't going to happen - approximately 30 cities the size of Detroit would have to default in order for this prediction to come true. And even if the threat ofdefault was there, we felt that, after bailing out the ...
SCOREBOARD: German stir
Business Spectator
The passage of the July 21 measures is unlikely to end debate about the costs (enormous) and benefits (none) of a Greek default though. Should European politicians opt to allow Greece todefault (the most expensive option for German and other European ...
Strategic Mortgage Default: Fair or Frivolous?
Complete Growth Investor (blog)
Many financial institutions are now developing tools that analyze which clients are most at risk of going deadbeat, so they can take action before a default actually occurs. One company, Loan Value Group, is getting proactive by offering a financial ...
Student Loan Default: Avoid at All Costs
MainStreet
Government figures lag considerably, with the latest showing an 8.8% default rate for borrowers who were to start repayments in the 2009 fiscal year. That was up from 7% the previous year. With the job market so weak, it's not likely things have ...
Europe Debt Crisis, Greece Default, US Economy
Bloomberg
Sept. 29 (Bloomberg) -- Vincent Truglia, managing director at Granite Springs Asset Management, Douglas Borthwick, managing director and head of FX trading at Faros Trading, and Henley Smith, chief investment officer at Commonwealth Asset Management, ...
Islamic banking: Panacea for global financial crisis
Nigerian Tribune
Islamic banks have not been affected by the mortgage/credit crisis that afflicted the international financial markets and are largely immune against such crisis, thanks to inherent factors within the tenets of Islamic banking. ...
Prodi Says Greece Default Is 'Not Advantage for Anybody'
BusinessWeek
29 (Bloomberg) -- Former European Commission President Romano Prodi said a default by Greece is “not an advantage for anybody” and that public opinion in Germany has changed to support the euro region's rescue fund. Today's vote in Germany's lower ...
Deeper Look At EU Sovereign Debt And Financial Institutions
Seeking Alpha
European banks are the latest casualties of the EU Sovereign debt crisis, reflecting fears that these institutions have too much exposure to sovereign bonds issued by the fiscally weak PIIGS (Portugal, Italy, Ireland, Greece and Spain). ...
A Bullish Number
Wyatt Investment Research
And we heard PIMCO's Mohamed El-Erian say that the world is at the brink of the next financial crisis. Yeah, sounds pretty bad. Throwing around words like "global recession" and "next financial crisis" confirms a lot of investors' worst fears and is ...
NS mayor says south shore golf course in default and seeking investors
CanadianBusiness.com
By The Canadian Press | September 29, 2011 LUNENBURG, NS - A Nova Scotia golf course in operation since 1996 has been issued a notice of default. Osprey Ridge received the notice on Wednesday, stating the course must meet its financial obligations in ...
ATP Says New Gulf of Mexico Oil Wells to Stave Off Default
BusinessWeek
By Joe Carroll Sept. 29 (Bloomberg) -- ATP Oil & Gas, one of the first oil explorers allowed to resume drilling in the US Gulf of Mexico after the Deepwater Horizon disaster, expects to pump enough oil from new wells during the next three years to ...
Buy Morgan Stanley For Meaningful Upside When Eurozone Hysteria Subsides
Seeking Alpha
Management noted on the second quarter conference call that the firm has just $2 billion of netPIIGS exposure, and $5 billion net exposure. The stock market is pricing in a catastrophic hit to Morgan Stanley from a Greek (or other) default that, ...
Italian Bank Execs Worry About Contagion From A Greek Default
By Courtney Comstock
Federico Ghizzoni (left), the CEO of UniCredit calls for swift resolution. the Head of Global Securities at UniCredit, Attila Szalay-Berzeviczy, warns of what will happen otherwise. Image: Photoshop, Chart from Bill Marsh, NYT (Source: Bank for ...
Business Insider
Greek default may lead to second bailout for Portugal: PM - Europe ...
By XinhuaNET.COM
Greek default may lead to second bailout for Portugal: PM Portuguese Prime Minister Pedro Passos Coelho said on Wednesday that if Greece was to default on.
Siam Daily News Online
XE.com - FOREX-Euro rises on German vote but contagion risk lingers
By Wanfeng Zhou. NEW YORK, Sept 29 (Reuters) - The euro rose against the. dollar on Thursday as Germany approved an expansion of the euro. zone rescue fund, but the single currency could be vulnerable. to selling as investors book ...
XE Forex News
Agreement elusive on Greek default — Clearing and Settlement
By RSS Feed
29 (UPI) — Some German officials favor a full-blown Greek debt default, aides said as Germany's Parliament was poised to give more money to the eurozone's bailout fund. Letting Greece defaultwould let it restructure its debt, which would in ...
Clearing and Settlement — Clearing...
Greece Will Still Default | Mr. Cain Thaler
By Mr. Cain Thaler
There was a study Mr. Jubak had quoted, which went into the defaults of sovereign nations such as Argentina in 2002 and Russia in 1998, looking for common conditions that lead to a country to willfully default on their obligations. What this ...
Mr. Cain Thaler
Greece needs to default on its debt and exit the eurozone | Stergios ...
Therefore, the clear, strong nudge is for Greece to default as soon as practicable. Given the future..... Wholesale transfer of money from Germany/France to the PIIGS. ... Contagion moves onto Italy and total brek up of Euro. 3. Chinese save the ...
www.guardian.co.uk/.../sep/.../greece-default-debt-exit-eurozo...
A Greek Default Would Spread Debt Contagion : NPR
European leaders insist they will take all necessary measures to ensure Greece does not default on its debt. A default would throw Greece's economy — and the ...
www.npr.org/.../a-greek-default-would-spread-debt-contagion

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