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

Thursday, September 15, 2011

A Greek Orderly Default Impossible: Kyle Bass


A Greek Orderly Default Impossible: Kyle Bass
CNBC.com
"Greece has to default," said Bass. "It's going to be a hard default, and then it's going to be difficult to contain this contagion." "The world seems to think they're going to have an orderly default," he added. "I've never seen an orderly default. ...


Secret talks on Greek default confirmed, PMS, French banks downgraded | Euro ...
EUX.TV
TV at http://www.youtube.com/euxtv Follow us on Twitter: @euxtv and @raymondfrenken The Dutch, Finnish and German governments and central banks are preparing 'in secret' for a Greek default. Dutch Finance Minister Jan-Kees De Jager on Tuesday said in a ...
Student Default Rates Jumping
Wall Street Pit
Of the approximately 1 million student borrowers at for-profit schools whose first payments came due in the year starting Oct. 1, 2008 — at the peak of the financial crisis — 15 percent were already at least 270 days behind in their payments two ...
European Bank Default Insurance Costs Drop
Wall Street Journal
By Michelle Abrego Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The cost of insuring the debt of European financial companies against default fell Wednesday, as a short-covering rally and positive sentiment ahead of an afternoon conference call between ...
Six Big Ideas: From Hot Stocks to the First Country to Default
CNBC.com
Yes, Yahoo Anne B. Popkin, president, Symphony Asset Management: Many things have changed since the financial crisis in 2008, not the least of them the shape of corporate credit. Popkin believes higher-quality leveraged debt has become attractive since ...
Following Second Lien Lenders, First Lien Lenders Issue Notice of Default ...
MarketWatch (press release)
UN -15.38% (the "Fund") announced today that its first lien secured lenders have issued a notice ofdefault under the Fund's senior credit facilities, but have not accelerated the obligations owing thereunder. The Fund's first lien secured lenders ...
US Bank Credit-Default Swaps Surge on Greek Debt Concern
BusinessWeek
Credit-default swaps on Charlotte, North Carolina-based Bank of America Corp. added 21.5 basis points to 358.7 basis points, according to data provider CMA. Contracts on Morgan Stanley climbed 20.1 basis points to 335.1, the data show. ...
Swaziland's financial crisis 'forcing schools to shut'
BBC News
Most schools in Swaziland are shut because of the financial crisis that has hit the government, the head of the Swaziland Principals Association says. Charles Bennett told the BBC teachers were boycotting classes at the start of the new term because ...
Asian falls spark contagion fears
Financial Times
In the 2008 financial crisis, European banks cut lending to Asia by 20 per cent, leading to widespread contagion and preventing some companies from rolling over their debt. “Fears of euro fallout are driving money out of emerging markets,” said Perry ...
Default or departure: Greece's dangerous dilemma
CNN International (blog)
Compare that with 23% percent for Italy, whose debt pile stands at a whopping $1.9 trillion - and you can see that a Greek default would be less extreme than for other, larger eurozone partners. But Greece is grabbing the headlines because its ...
Kamakura Corporation Announces Non-Public Firm Default Model
MarketWatch (press release)
The KRIS Non-Public Firm Model displays default probabilities on an annualized, cumulative and forward basis for a 1, 2 and 3 year term. "In the wake of the 2007-2009 credit crisis and the well-known performance of legacy rating agencies, ...
HOW TO PLAY IT-Solving your portfolio's Greek debt crisis
Reuters
THE ISSUE: Fears of a Greek default have shaken global financial markets; relief over even temporary fixes has triggered big rallies like on Wednesday. What can investors do to position themselves? By Sam Forgione NEW YORK, Sept 14 (Reuters) - US ...
Eurozone crisis could rip EU apart: officials
AFP
STRASBOURG — The eurozone crisis could wreck the European Union, top EU officials warned on Wednesday as the leaders of Germany and France held talks with Greece to avoid a default and widespread chaos. The pressure rose on all fronts with United ...
Fitch Releases 2010 India National Ratings Transition and Default Study
MarketWatch (press release)
MUMBAI, India & NEW YORK & SINGAPORE, Sep 14, 2011 (BUSINESS WIRE) -- Fitch Ratings today has published its report 'Fitch India National Ratings 2010 Transition and Default Study'. The report provides data and analysis on the performance of Fitch ...
Can the US Sidestep Contagion with Europe?
ETFguide
Europe's financial crisis has moved beyond a regional crisis into a global one. And while financial theorist argue the problems can be easily contained, it's only fair to ask how and why. Can the US (NYSEArca: DIA) avoid being sucked into Europe's ...
Spain, Italy need intl support to avoid contagion-IMF official
Reuters
CORTE FRANCA, Italy Sept 14 (Reuters) - Spain and Italy are doing a lot to deal with their public finance and debt problems but to avoid contagion they also need international support, a senior International Monetary Fund official said on Wednesday. ...
Fitch: Traditional ABCP Emerges from Credit Crisis Bruised but Intact
MarketWatch (press release)
Four years after the credit crisis, traditional asset-backed commercial paper (ABCP) programs remain sound structures, though the regulatory landscape raises questions as to the prospects for growth going forward, according to Fitch Ratings. ...
U.S. seeks to unload homes in default
Zanesville Times Recorder
The FHFA was created in the wake of the financial crisis of 2008 to regulate the nation's secondary mortgage markets -- specifically, Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The agency expects to receive comments from two distinct ...
Geithner: They'll Be No 'Lehman' in Europe
International Business Times
By IBTimes Staff Reporter | September 14, 2011 4:32 PM EDT US Treasury Secretary Timothy Geithner said the global financial crisis, which has experienced two stages, is not likely to see a third -- as least not one emanating from Europe's banking ...
Asia-Pacific Bond Risk Falls, Credit-Default Swap Prices Show
Bloomberg
By Bloomberg News - Wed Sep 14 06:24:19 GMT 2011 The cost of protecting Asia-Pacific corporate and sovereign bonds from default rose, according to traders of credit-default swaps. The Markit iTraxx Australia index rose 9.5 basis points to 195 basis ...
Former Argentine Central Banker Says "Greece Should Default, And ...
By Gus Lubin
The guy who managed Argentina's default in 2001, Mario Blejer, says Greece should follow suit. He told Bloomberg: “This debt is unpayable. Greece should default, and default big. A small default is worse than a big default and also worse ...
Business Insider
Here Are The Countries Most Likely To Default
By Simone Foxman
A recent report out from their team proposes a new method for calculating companies' and sovereigns' probability of default, using credit spreads and spread volatility to alter the ratings set out by agencies and other models. The report is highly ...
Business Insider
The Looming Greek Default | PRI's The World
By Clark Boyd
Europe continues to struggle with finding a way out of its economic crisis. The most immediate threat to the Eurozone is the possibility of a Greek default. But some are openly wondering whether it's time to let Greece go.
PRI's The World
Slaughtering the PIIGS | Ian Bremmer
By Ian Bremmer
Nobody likes to be called PIIGS. For years, Europe's so-called peripheral countries -- Portugal, Italy, Ireland, Greece and Spain -- have complained about this acronym, but the euro zone's sovereign debt problems have only entrenched it further. Yet, it's time to acknowledge that the ... Ireland has little in common with the rest of this group, because its need for a rescue package comes from a banking crisis, not a fiscal crisis or an economy that can't compete. Italy is also a special case, ...
Ian Bremmer
Student Debt Grows and Grows: Default Rate on Student Loans Up ...
By Kristina C.
More students are defaulting on their loans after graduating; are for-profit colleges to blame?
Care2 Causes
The Euro Contagion Band | The Reformed Broker
By Joshua M Brown
The Euro Contagion Band. Joshua M Brown; September 14th, 2011. This comes to us from William Banzai7, my favorite economics folk artist working today... ANGELA MERKEL'S EUROCONTAGION BAND. And like the real Sergeant Peppers ...
The Reformed Broker
As Greek Debt Default Nears, Investors Need to Take Cover :: The ...
Gilani believes that Germany is about to stop sending money to the ECB to shore up Greece and its fellow PIIGS so it can start "recapitalizing its own banks to be ready to handle a Greek default and rolling contagion that may result." ...
The Market Oracle
As Greek Debt Default Nears, Investors Need to Take Cover | The ...
Gilani believes that Germany is about to stop sending money to the ECB to shore up Greece and its fellow PIIGS so it can start "recapitalizing its own banks to be ready to handle a Greek default and rolling contagion that may result." People fear a Greek debt default because of the likely domino effect ... Credit Default Swaps: Why Washington Ignored Our Warning; Money Morning: The Next Global Credit Crisis: Why U.S. Banks and Greek Debt Will be the Toxic Trigger; Money Morning: ...
The Wall Street Examiner
As Greek Debt Default Nears, Investors Need to Take Cover - Money ...
By David Zeiler
A Greek debt default is inevitable and could happen within a matter of weeks. A Greek debt defaultwill trigger a global financial crisis worse than the one caused by the collapse of Lehman Brothers in 2008. Money Morning - Only The News ...
Money Morning
A Greek Orderly Default Impossible: Kyle Bass - Wall Street ...
... Orderly Default Impossible: Kyle Bass. Share. From: The Strategy Sesion Blog. 1:39pm - September 14, 2011. "Greece has to default," Kyle Bass said. "It's going to be a hard default, and then it's going to be difficult to contain this contagion." ...
eWallstreeter
FT.com / Europe - Merkel bids to quash Greece default talk
Merkel bids to quash Greece default talk ... our disposal” to avoid a Greek default, because such an event could cause contagion throughout the currency area. ...
www.ft.com/.../1ffbc352-ddff-11e0-a391-00144feabdc0.html
Robertson Expecting Greek Default - CNBC
CNBC's Maria Bartiromo sits down with Julian Robertson, Tiger Management founder, to discuss a variety of hot topics, including his ...
video.cnbc.com/gallery/?video=3000045421
US stock indexes rise sharply on optimism that Greece will be able to avoid a ...
Washington Post
By Associated Press, NEW YORK — A promise by European leaders to help Greece avoid defaultsent stocks sharply higher Wednesday for the third straight day. The leaders of Greece, France and Germany agreed in a teleconference that Greece was an ...
Slaughtering the PIIGS
Reuters
Ireland has little in common with the rest of this group, because its need for a rescue package comes from a banking crisis, not a fiscal crisis or an economy that can't compete. Italy is also a special case, given that the sheer size of its debt — 1 ...
Roesler Defends Comments on Possible Greek Debt Default
Washington Post
14 (Bloomberg) -- German Economy Minister Philipp Roesler speaks to reporters in Rome about his comments on a possible Greek debt default. Roesler said in an op-ed published in Die Welt newspaper on Sept. 12 that there can be no "taboos" when ...
BASE METALS: Copper Ends Lower As Greek Default Fears Weigh
Wall Street Journal
Greece has teetered on the brink of default since early last year, when the country first turned to its euro-zone neighbors for financial aid. Since then, Greece has received two bailouts, but is struggling to comply with the spending cuts and budget ...
What might a Greek default look like?
BBC News
However, once Greece goes, there is a danger of three kinds of contagion - to other countries (Ireland, Italy, Portugal, Spain in that order, I think); to the banks (starting with Dexia and the eight Greek and Cypriot banks); and via the CDS market to ...
Eircom Said to Win Waiver Averting $5 Billion Debt Default
BusinessWeek
14 (Bloomberg) -- Eircom Group Ltd., Ireland's biggest phone company, reached an agreement with lenders to waive debt terms and avert a $5 billion default, two people with direct knowledge of the matter said. A spokesman for the Dublin-based company ...

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