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

Monday, September 19, 2011

Sliding toward financial crisis

Sliding toward financial crisis
Reuters
An anti-austerity protester shouts at police officers outside the Greek parliament following an unscheduled cabinet meeting in Athens September 18, 2011. By Stella Dawson, US Economics Editor WASHINGTON (Reuters) - Three years after the collapse of ...
Greece braces for more austerity to avert default
Reuters
By George Georgiopoulos and Dina Kyriakidou ATHENS (Reuters) - Greece on Sunday pledged to take the tough decisions needed to avoid default but announced no new austerity measures to secure international bailout funds next month. ...
Italy must not ignore default risk: Intesa CEO
Reuters
ROME (Reuters) - Italy cannot rule out the risk of default though it can weather the crisis if its economy returns to growth, the head of Italy's largest retail bank Intesa Sanpaolo was quoted by Italian news agencies as saying on Sunday. ...
Default protection: Collateral management grows in strength
Financial Times
The real dangers of counterparty default and credit risk were exposed during the dog days of the financial crisis, most brutally through the collapse of Lehman Brothers in late 2008. As a result, institutions ranging from asset managers to corporates, ...
Greek default fears accelerate as EU finmin end talks
FXstreet.com
by Ivan Delgado Egea - FXstreet.com | View company's profile The lack of progress at the EZ FinMin meetings over the weekend has forced Euro bulls to bail themselves out of long positions as a Greekdefault scenario looms ever nearer. ...
Fear of contagion set to spread
gulfnews.com
Protesters gather near Wall Street to voice their frustration with the economy on Saturday. A fight looms tomorrow in the US Federal Reserve as policymakers wrestle over whether the threat of inflation should prevent them from feeding more money into ...
Making the case for EFSF credit default swaps
Financial News
Although there are one or two political obstacles to be negotiated en route, there is a good market case to be made for the development of credit default swap prices on the European Financial Stability Facility, the eurozone's financing support vehicle ...
Brazilian President Blames US Financial Crisis on Obama's Lack of Political Will
Brazzil Magazine
Farmers admitted to Mujica they fear a contagion of farm policies applied by President Cristina Fernandez in Argentina and pointed out that the extraordinary development of Uruguayan agriculture in the last decade has been in the framework of serious ...
High default rate on loans plagues city
The State
The charts list nine of the 30 loans, some of which were made through a loan program funded by city tax dollars, as being in default. Borrowers have defaulted on nine of 30 commercial loans made by the city of Columbia. The department that oversees the ...
The 2008-2009 Global Financial Crisis: Lessons for Country Vulnerability
EconoMonitor (blog)
When the Global Financial Crisis hit ten years later, it was bad news for everyone, except that it was good news for econometricians: we could observe which countries got hit badly by this common external shock in 2008-09 and which did not, ...
Banks cut rates in fear of contagion from rich nations
Fundweb
As a result, according to this view, Brazil went through an unnecessary period of contraction owing to the global financial crisis and worldwide economic slump that followed. The idea is that the eurozone sovereign debt crisis and the sluggish American...
SC city tries to get handle on default rate
The State
AP COLUMBIA, SC — Almost one-third of the commercial borrowers who got publicly funded loans from the city of Columbia have defaulted, and city officials say they're investigating whether the loans can be restructured to make them more affordable. ...
Greek PM calls meeting about financial crisis
Focus News
Athens. Greek Prime Minister Georgios Papandreau calls a ministerial meeting for Sunday afternoon to discuss the country and eurozone's financial health, AFP reported, citing the prime minister's office. On Saturday Papandreau canceled his departure ...
Running on Empty: Scranton searches for answers to fiscal crisis
Scranton Times-Tribune
Councilman Bob McGoff said it is possible the city could default on the 2011 tax-anticipation note payment, not be able to acquire a note for 2012 and even land in bankruptcy. Mr. McGoff, who had attended a weekly meeting with city officials and PEL, ...
Bernanke, Europe hold key to rally
Reuters
US Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee hearing on Enhanced Oversight After the Financial Crisis: The Wall Street Reform Act at One Year on Capitol Hill in Washington, July 21, ...
Suddenly disapproving of what was 'a significant step forward'
phillyBurbs.com
Just six weeks ago, Reed and 173 other House Republicans voted in favor of a deal to raise the debt limit and avoid default. Reed called it “a significant step forward” at the time. But on Wednesday, Reed sponsored a “disapproval resolution” on the ...
Forex: EUR/USD remains below 1.3700, Greek default further priced in
NASDAQ
"Greece war against the default continues losing battles and investors run away from the common currency, that found support in early interbank trading at 1.3680, 23.6% retracement of last 2 weeks' fall" commented Valeria Bednarik, Chief Analyst at ...
Euro Bulls Capitulate After Trichet Comments
Bloomberg
The Markit iTraxx SovX Western Europe Index of credit- default swaps tied to 15 governments rose as high as 354.5 basis points on Sept. 12 before ending the week at 323.6. The index has risen from this year's low of 157.4 on April 8, ...
Russian Tycoon Punches Another Billionaire on TV Panel Show
Wall Street Journal
AP MOSCOW—A Russian tycoon punched a fellow billionaire on a television panel show after a discussion on the financial crisis degenerated into petty name-calling. Russian banking tycoon Alexander Lebedev punches Sergei Polonsky, a wealthy developer, ...
International Forecaster September 2011 (#5) - Gold, Silver, Economy + More
Gold Seek
As you can see the Greek default will open up a Pandora's Box of problems for banks and for sovereign countries as contagion takes hold. We have seen as a result that the Swiss National Bank has linked its currency, the franc, to the plunging euro, ...
All Roads Lead to Asia
Manila Bulletin
By TRICIA V. MORENTE MANILA, Philippines — Any belief that the Asia Pacific region was going to be de-coupled from the rest of the world as the global financial crisis hit was amiss. Everything fell in almost perfect harmony, with no one in the world ...
Economists Back Euro Bonds to Stabilize Monetary System
Wall Street Journal
By PAUL HANNON LONDON—A group of leading economists on Monday backed the issuance of euro bonds, not as a way of resolving the currency area's fiscal crisis, but as way of making the global monetary system more stable. In a report published by the ...
When titans fall
Philippine Star
This table shows how a PIIGS contagion scenario, which may trigger writedowns on the PIIGS exposure of banks, can have detrimental effects to bank capital and the GDP of the two biggest and healthiest EU nations. Given this, it seems that the French ...
Germany wants to have it both ways on euro bonds
Globe and Mail
I recently wrote that it would be best for Greece to default on its debt obligations and leave the euro zone. This would be good, I argued, for Greece but bad for Europe. Greece has already lost its economic sovereignty and is under economic occupation ...
SANDERS: Common sense on the roller coaster
Washington Times
Its politicking season in the US, a European financial crisis blossoms, Chinese domestic turmoil escalates, Japan is lapsing into catatonia, India is returning to torpidity - not an easy time to call on common sense. But nothing is more necessary when ...
BERLIN: No new plans come out of 2-day financial summit
TheNewsTribune.com
Meanwhile, Greece's prime minister, George Papandreou, canceled his trip to the US because of the gravity of his country's financial crisis, officials said Saturday. In Berlin, the officials discussed but failed to agree on a proposal to tax financial ...
Citi Singapore Chief Points to
Wall Street Journal
By EMILY VEACH Few economies felt the pain of the last financial crisis as much as Singapore. But the city-state bounced back sharply, and has lately gained traction as a regional and global leader in private banking and wealth management. ...
Danish Property Market May See Correction Amid 25% Overvaluation
Bloomberg
By Frances Schwartzkopff - Sun Sep 18 22:01:00 GMT 2011 Denmark's property market may be facing another correction after a housing boom that turned to bust at the height of the financial crisisfailed to push prices low enough to entice buyers. ...
Allowing Underwater Borrowers to Refinance Could Improve Investors' Sharpe Ratio
Wall Street Pit
Assume that the probability that any one borrower will default in any one month is .2 percent, and that the cost of default to the lender conditional on default is 50 percent. Assume that at the end of five years, any remaining long balance is paid ...
Asia fares worst in world trade downturn
The Australian
The IMF has been working on global interconnectedness through both trade and finance channels and believes financial flows were the prime means of contagion during the global financial crisis. But trade is very important, particularly to Asia. ...
Upcoming policy sessions a chance to reignite consumer and business confidence
CTV.ca
For the second time in less than a month, a confluence of events is offering the world's leading policy makers the opportunity to rediscover the unity that helped them end the financial crisis. President Barack Obama is set Monday to present a ...
Sovereigns Beating Companies By Most Since '08: Australia Credit
Bloomberg
By Candice Zachariahs and Sarah McDonald - Sun Sep 18 14:00:01 GMT 2011 Australian government bonds are poised to beat the nation's corporate notes this quarter by the most since 2008 as concern Europe's fiscal crisis will undermine global growth spurs ...
Proof German's Hate Bailing Out the PIIGS
By Robert Wenzel
More Proof German's Hate Bailing Out the PIIGS. Germany's centre-left Social Democrats beat Angela Merkel's conservatives in a regional election in the city-state of Berlin on Sunday, handing the chancellor her sixth defeat in seven elections ...
EconomicPolicyJournal.com
Troika asks Greece to Cut 100K jobs – Will Greece Refuse and ...
By Yohay
There are 15 painful reasons why Greek Prime Minister cut short his trip to the US. The EU / ECB / IMF troika listed 15 fresh demands, including a cut of 100000 jobs in the next few years. The Greek government is reportedly meeting before ...
Forex Crunch

Euro Crisis - Google News

Fiscal Cliff - Google News

Economics, interest rates, house prices, inflation, Bank of England

Markets News - Global Financial Market News

Financial Crisis

Jeremy Warner - Finance and business comments

Ambrose Evans-Pritchard - Finance and business comments

Jeff Randall - Business and politics comments

New Normal News

Views under the Palm

johnyah