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

Tuesday, September 27, 2011

Roubini: Global Financial Crisis Has 'High Likelihood' of Happening

Roubini: Global Financial Crisis Has 'High Likelihood' of Happening
AdvisorOne
By Marlene Y. Satter Economist Nouriel Roubini said that worries last week that the world is in for another financial crisis were based on indicators that such a crisis was on its way. He added that his data indicate that most advanced economies are ...
Global financial crisis must be tackled through cooperation, Portugal tells UN
UN News Centre
“The economic and financial crisis, which started in the last decade, underscores that interdependence is a reality at the global level,” said Portugal's Prime Minister Pedro Passos Coelho when he addressed the annual general debate of the General ...
Corporate Bond Risk Rises in Europe, Credit-Default Swaps Show
Bloomberg
By Abigail Moses - Mon Sep 26 09:52:41 GMT 2011 Credit-default swaps on French and German government debt rose to records as policy makers struggle to resolve Europe's debt crisis and the global economy slows. The Markit iTraxx SovX Western Europe ...
Dealers' CDS Coverage Doesn't Seem To Match Greek Exposure
Wall Street Journal
"Controlled or not, the subsequent contagion [from a Greek default] will likely be severe, but that will be the spoils of this battle," wrote Suki Mann, credit strategist at Societe Generale, in a note Wednesday. If banks have been scaling back their ...
Student loan default surge begs for state action
Orlando Sentinel
The state's 10.5 percent default rate topped the national rate of 8.8 percent, and made Florida the ninth worst state for students going belly up on their loans. Defaults can be disastrous for students — ruining their credit; impairing their ability ...
World Finance Chiefs' Patience Ebbing as Pimco Sees Slump
BusinessWeek
Finance ministers and central bankers urged European officials to intensify efforts to contain their 18-month debt crisis as Greece teetered on the edge of default. US Treasury Secretary Timothy F. Geithner called on governments to unite with the ...
European banks brace for Greek default
euronews
Because in the end, that's the problem, the delay in the authorities finally deciding to implement these measures: the length of time that takes should be reduced in the future.” European banks brace for Greek default.
Minister urges Europe to prevent Greek default
Hurriyet Daily News
Greece has a strong possibility of defaulting as the latest indicators of the country point to the worst scenario, Turkey's deputy prime minister said Monday, emphasizing that Europe should not allow Greek to default. “The latest indicators related to ...
Peso falls anew over Euro debt contagion fears
Inquirer.net
Traders said concerns that Greece would default on its liabilities and thus affect other Euro zone economies that have exposure to the debt-ridden country have dampened appetite of foreign portfolio investors. Consequently, traders said, holders of ...
Financial Crisis: Calculating the Probability of Extreme Events
Science Daily (press release)
ScienceDaily (Sep. 26, 2011) — It had to happen: the property bubble burst and the global financial market experienced its biggest crisis in the last hundred years. In retrospect, many suspected it was coming, but nobody could have known for sure. ...
Volatile, with a chance of default: The economic week ahead
Mail & Guardian Online
"The threat of cascading default, bank runs, and catastrophic risk must be taken off the table," US Treasury Secretary Timothy Geithner warned in a speech to the International Monetary Fund on Saturday. Economists and investors fear that European banks ...
Student loans not likely to vanish anytime soon
The Olympian
By STEVE ROSEN | McClatchy Newspapers • Published September 26, 2011 According to the latest data from the US Department of Education, default rates on federal loans are now at their highest level since 1997. More than 320000 borrowers fell behind on ...
Australia Weathered Financial Crisis 'Relatively Well,' FSB Says
Bloomberg
By Brendan Murray - Mon Sep 26 08:01:51 GMT 2011 Australia's economic growth in recent years, fueled by demand for raw materials, helped the nation weather the global financial crisis, the Financial Stability Board said in an e-mailed statement. ...
Cypress mill at center over loan default
Houston Chronicle
BATON ROUGE, La. (AP)  A failed cypress mill in Tangipahoa Parish is at the heart of a legal battle that could determine whether the state is on the hook for millions of dollars in debt incurred by private industry. ...
Ed Balls sets out Labour plan to fix financial crisis
Channel 4 News
Ed Balls says he doesn't care if it is plan A, B or C - Britain just needs a plan for growth. But a former union boss tells Channel 4 News the shadow chancellor could have said more on coalition cuts. To view this video you will need to have Adobe ...
Global authorities face final chance to avert depression as debt turmoil ...
Sydney Morning Herald
''Cascading default, bank runs, and catastrophic risk must be taken off the table'' ... US Treasury Secretary Tim Geithner. Photo: Reuters The world's rising powers won't escape lightly this time if the economic crisis spirals out of control, ...
Eircom most likely borrower in world to default on debts
Irish Independent
Prices in the credit default swap (CDS) market show that Eircom is considered most likely todefault on its debt of any name in the CDS market. Investors think Eircom is more likely to default than Greece, according to the market prices. ...
FTSE falls again as City traders fear Greece will default on loans
Evening Standard
The blue chip index slipped almost two per cent in the first few minutes of trading on fears that Greece will be allowed to default on part of its debts as part of a vast euro-zone rescue plan. However, it later recovered the lost ground and stood at ...
Is perfect storm for financial crisis approaching?
Korea Times
Most of the surveyed strategists agreed Greece's default would be the worst, and its impact on the Korean capital market would be so dire that they refused to publicly share their forecasts. The Seoul bourse continued its losing streak for three ...
Europe can protect itself against a Greek default | Reuters ...
By Hugo Dixon
The rest of Europe can and must protect itself against a Greek default. A three-pronged plan is required: 150-200 billion euros to recapitalise banks across the region; extra liquidity, again for banks; and a beefed-up bailout fund to help Italy, ...
Reuters Breakingviews

Finally, Greek Default is the Received Wisdom
Forbes
So now we move on from Greek default, that inevitability, to the possible default of Portugal and Ireland (neither too damaging nor entirely necessary) to the possibilities of contagion through to Spain and Italy (neither necessary, both horrible to ...
Greek Default No Longer Taboo
Seeking Alpha
On the other hand, renegotiation of the July agreement before it is ratified throws the whole process back to square one, which means the markets will continue to assume that there will be contagionfrom the default. The fact that the eurocrats have ...
Detroit's Riverfront Towers sued for loan default
Wall Street Journal
Owners of the 24-acre complex are in default on a $55 million mortgage, and Fannie Mae has sued in federal court to recover that money, plus fees, The Detroit News reported Monday (http://j.mp/qLhMIz). "Wow, that is not good news," said former Michigan ...
Greek Fin Min Denies Default Scenario Discussed With IMF, ECB
Wall Street Journal
ATHENS (Dow Jones)--Greek Finance Minister Evangelos Venizelos denied local press reports Monday saying that he had discussed a default scenario for Greece in a meeting with European Central Bank President Jean-Claude Trichet and International Monetary ...
Obama: Europe crisis 'scaring the world'
The Associated Press
MOUTNAIN VIEW, California (AP) — President Barack Obama says the financial crisis rippling through Europe is "scaring the world" and that steps taken by European nations to stem the eurozone debt problem "haven't been as quick as they need to be. ...
Greek default EU s reply to decide how mkt swings Expert
Moneycontrol.com
In an interview with CNBC-TV18, Nick Parsons of National Australia Bank says over the last six weeks, global markets expressed anxiety over a possible Greek default which led them to tumble. Now, it appears that a default is almost a given. ...
Fed's Kocherlakota: Central Bank Price Control Linked To Debt-Default Risk
Wall Street Journal
He said "a sufficiently tough central bank does have the ability to control the price level, regardless of the behavior of the fiscal authority," though this hinges on a willingness to let a government default. However, Kocherlakota said sovereign debt ...
Greek default inevitable says Darling
AFP
LONDON — A Greek default on its debts is inevitable and eurozone countries must act now to prevent other countries going the same way, according to former chancellor Alistair Darling. Darling, who held the key post during the 2008 banking bailout, ...
In a First, SEC Warns Rating Agency It May Bring Financial Crisis Lawsuit
OPB News
Moody's and Fitch, S&P's main rival firms in the US, had also rated Delphinus and had to downgrade or withdraw those ratings after it went into default in 2008. Senate investigators also released an internal S&P e-mail chain in which analysts discussed ...
Lyons Says 'Key Issue' Is Limiting Contagion in Europe
Washington Post
Sept. 26 (Bloomberg) -- Gerard Lyons, chief economist at Standard Chartered Bank, talks about efforts by euro-zone policy makers to solve the region's debt crisis. He speaks from Washington with Owen Thomas on Bloomberg Television's "Last Word. ...
Euro Above Average Since Debut Undermines Calls for Collapse
San Francisco Chronicle
26 (Bloomberg) -- For all the concern about sovereign default in Europe, the euro remains above its average since being created almost 12 years ago, a sign that foreign-exchange traders see little chance of a collapse as officials step up efforts to ...
Delay by EU-IMF team raises fears of Greek default
Irish Times
With a view to preventing the spread of contagion from any default, the others would involve a radical increase in the lending powers of the euro-zone bailout fund and a big recapitalisation of vulnerable European banks. However, Greek finance minister ...

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