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

Wednesday, September 28, 2011

Euro-zone sovereign debt crisis and the prospects for a Greek default

Default Swaps on US Companies Fall as Greece Aid Progresses
Bloomberg
27 (Bloomberg) -- Mohamed El-Erian, chief executive officer and co-chief investment officer at Pacific Investment Management Co., discusses the euro-zone sovereign debt crisis and the prospects for a Greek default. El-Erian speaks with Betty Liu on ...
Greece must default
CNN (blog)
The only way out is for Greece to default on its sovereign debt. When it does, it must write down the principal value of that debt by at least 50%. The current plan to reduce the present value of privately held bonds by 20% is just a first small step ...
Banks May Hold Credit-Default Swap Risks for Weeks, Fed Says
BusinessWeek
27 (Bloomberg) -- Credit-default swap dealers often hold onto risk from big trades for longer than many investors thought, which may complicate efforts by regulators to impose new reporting rules in the $28.4 trillion market, according to a Federal ...
Brazil's Mantega doesn't expect Greek default
MarketWatch
By Tom Murphy SAO PAULO -(MarketWatch)- Brazil's government doesn't expect a Greek sovereign debt default, Finance Minister Guido Mantega said Tuesday, denying a newspaper report that jittery Brazilian officials are preparing for a debt moratorium by ...
Immigration, Financial Crisis Cast Doubt on Border-Free Europe
Voice of America
September 27, 2011 Immigration, Financial Crisis Cast Doubt on Border-Free Europe Lisa Bryant | Paris As Europe scrambles to contain the financial crisis in the eurozone, another effort to deepen European unity is also being challenged, the Schengen ...
7 Things You Didn?t Know About Sovereign Debt Defaults
San Francisco Chronicle
Investors have renewed their obsessing over the risk of sovereign default, as fear creeps back into the market that contagion will lead to a replay of the financial crisis and the return of a recession. While sovereign debt defaults are frightening, ...
Most Greeks want to stay in euro, see default risk
Reuters
ATHENS (Reuters) - More than three quarters of Greeks say the country should stay in the euro zone, but a small majority sees risks that Athens could default on its debt in the next couple of months, a GPO poll for Mega TV showed on Monday. ...
Can bankrupt Greece take lessons from Argentinian default?
FRANCE 24
In late 2001, faced with an astronomical public debt, Argentina announced that it would default. Standing at a similar crossroads, can Athens follow in the footsteps of Buenos Aires? By Sébastian SEIBT (text) In December 2001, Argentina announced that ...
NZ stocks rise as Greek default fears dim
Stuff.co.nz
New Zealand stocks rose, taking their lead from global equities which rallied after Greek lawmakers approved a property tax and soothed fears the heavily indebted country is heading for a disorderlydefault. PGG Wrightson rose and Nuplex Industries ...
European Sovereign Default Insurance Costs Drop
Wall Street Journal
At around 0855 GMT, the five-year credit default swap spread on Italy was 28 basis points tighter at 475 basis points, according to Markit. This means it now costs an average of $475000 a year to insure $10 million of debt issued by the country. ...
Jefferies's Owen Says Greece Default Is 'Very Likely'
Washington Post
Sept. 27 (Bloomberg) -- David Owen, chief European economist at Jefferies International Ltd., talks about the Greek debt crisis. He speaks with Andrea Catherwood on Bloomberg Television's "Last Word." (/Bloomberg) Correction: Clarification: SuperFan ...
Corporate Bond Risk Falls in Europe, Credit-Default Swaps Show
Bloomberg
By Abigail Moses - Tue Sep 27 14:15:08 GMT 2011 The cost of insuring against default on European financial debt fell for a third day amid speculation policy makers will step up efforts to contain the region's deficit crisis. The Markit iTraxx Financial ...
Financial crisis: Three years later, the encore
Economic Times
Even without a default in sight, Europe has seen its bourses fall to well below the level when Lehman went under: the Italian market by 48%, the French 35%, the Swiss 27% and Germany 17%. Other markets have also slipped below pre-Lehman levels: US S&P ...
FTSE soars 4% on hopes Greece dodges default
Citywire.co.uk
by Caelainn Barr on Sep 27, 2011 at 17:16 Britain's FTSE 100 and other global stock markets jumped on Tuesday, as miners and commodity prices rallied on hopes of decisive action from the eurozone to stave off an imminent default by Greece. ...
Tips for a Financial Crisis
WABI
Finance may be fun, but sometimes life can be unexpected or just really hard. If you face a major illness your family could face some serious financial problems. Here are a few ideas that may help in this crisis. Plan- some financial institutions refer ...
Reinhart: U.S., Europe debt woes to persist
MarketWatch
In a new book called “A Decade of Debt,” Reinhart examines what she calls an unprecedented buildup in private and public borrowing, mainly in the US and Europe, that led up to a financial crisis in 2007. She said it could take years to reduce the debt, ...
Financial crisis in Europe and America
euronews
Obama also said that Europe never really fully recovered from the financial crisis in 2007. “So they're going through a financial crisis that is scaring the world and they're trying to take responsible actions, but those actions haven't been quite as ...
Danish Krone Demand Shows Markets Prize Low Debt Over Liquidity
Bloomberg
By Christian Wienberg - Tue Sep 27 12:44:58 GMT 2011 Investors are turning to Denmark's currency market even as the country's twin banking and housing crises send credit default swaps higher. Investors are turning to Denmark's currency market even as ...
Let Greece default and live
The Japan Times
One is a default by Greece. That could happen any day now. Indeed, it SHOULD happen soon. The second is a collapse of the euro, triggered by a Greek default. That would plunge Europe back into recession, and cause chaos in the world's financial markets ...
ECB's Bini-don't underestimate impact of Greek default
Reuters
FRANKFURT, Sept 27 (Reuters) - A default for Greece would set a new precedent for a modern advanced economy and would have an impact on countries across the board, European Central Bank executive board member Lorenzo Bini Smaghi said in an interview ...
Hamish McRae: Europe can still have a prosperous future
The Independent
It must be odds-on that the plan now sketched in outline to allow Greece to default but keep the eurozone intact will be hammered out in the next six weeks. It is not certain and we will come to the consequences of that in a moment. ...
Carlyle's Sarkozy: The Financial Crisis of 2008 Never Ended
Citybizlist (press release)
The financial crisis never ended, said P. Olivier Sarkozy, the Carlyle Group's head of global financial services partners group. Sarkozy, who spoke today at Bloomberg's Dealmaker Summit, told me on the sidelines that the financial downturn of 2008-2009...
BANK WATCH Contagion: Less Chance of Bank Pandemic Equals Bad News for 3 Banks
CoStar Group
Moody's said it continues to see the probability of support for highly interconnected, systemically important institutions as very high, although that probability is lower than it was during the financial crisis. During the crisis, the risk of ...
Daniels to hopefuls: Be a GOP candidate, not the 'default option'
CNN (blog)
Daniels is not terribly impressed with his own party's outlook on what can be done to salvage thefiscal crisis, saying, "Folks on both sides don't think we have the capacity to make drastic changes to reform...Neither side is giving Americans enough ...
Change Default Browser, Quickly Switch The Default System Browser
Ghacks Technology News
One web browser is always the default system browser on a computer system. That's the program that is launched when you click on links for example. The majority of computer users on Windows come into contact with multiple browsers. ...
Fitch Affirms Northampton Generating Company's (PA) Senior Bonds at 'C'
MarketWatch (press release)
The reserve is nearly exhausted and Fitch believes a debt payment default is likely within the next six months. --Reduced revenues: The power purchase agreement (PPA) provides inadequate profit margin and constrains the project from selling excess ...
For-profit colleges influence rising loan default rates for graduates
Temple News
As the cost of tuition rises with the rate of inflation, the default rate for students across the country between October 2008 and September 2009 has swelled by almost 2 percent from the previous year, to 8.8 percent–the highest in 12 years, ...
Greece: will get loans in time to avoid default — Clearing and ...
By RSS Feed
BERLIN (AP) — Greece will receive its next batch of bailout loans in time to avoid a disastrousdefault, the finance minister said Tuesday, as stock markets rallied on hopes that the prime minister will discuss new ways of solving the crisis with ...
Clearing and Settlement — Clearing...
Eurozone's Looming Financial Crisis - WNYC
By Philip Reeves
For a long time, much of the world saw the eurozone sovereign debt crisis as Europe's problem. Now world leaders, ...
The latest stories from www.wnyc.org
Greece will avoid default - Financial Post
The Greek parliament is expected to approve a deeply unpopular property tax on Tuesday to lure international lending inspectors back to Athens and release vital aid, even as demonstrators stepped up protests against more austerity.
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