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

Friday, October 14, 2011

Default rumours

Default rumours
Business Spectator
Wiser heads at the ECB pointed out (in the monthly bulletin), yet again, that this is all fine and dandy except for that small issue of contagion. Yes, contagion! Something that threatens to engulf Europe and perhaps the globe in another GFC-type event ...
Foreclosure notices rise in 3Q, but down from a year ago
USA Today
The number of US homes that received a first-time default notice during the July to September quarter increased 14% from the second quarter, RealtyTrac said Thursday. That increase signals banks are moving more aggressively now against borrowers who ...
Britton Says Greek Default Would Have `Domino Effect'
Washington Post
Oct. 13 (Bloomberg) -- Erik Britton, a director at Fathom Financial Consulting, discusses the potential domino effect of a Greek debt default. He talks with Maryam Nemazee on Bloomberg Television's "The Pulse." (/Bloomberg) Correction: Clarification: ...
Greek Default 'Would Mean the End of the Euro': Analyst
CNBC.com
The domino effect of a Greek default is almost inevitable because of the integrated banking system within Europe, a consultant told CNBC Thursday. The plan to recapitalize banks has to be big enough to cover a default by Greece, Ireland and Portugal ...
S&P: Corporate Default Tally Rises To 34 This Year
Wall Street Journal
Standard & Poor's 2011 corporate default tally rose to 34 this week after a US homebuilder and a Greek glass manufacturer joined the list. US-based home builder William Lyon Homes Inc. defaulted for the second time this year by again missing an ...
Default defense
The Daily Star
The news that Lebanon suddenly has just 30 days to come up with more than $30 million in funding for the Special Tribunal for Lebanon shouldn't have come as a surprise. It is not as if the financial contribution sneaked up on the Cabinet, divided as it...
Policymakers say Greek deal must avoid default
Financial Times
Senior European policymakers insist that any deal to persuade Greek bondholders to take a bigger hit in a new bail-out for Athens must avoid a full-scale default, a condition that could limit the size of investors' losses. Officials in Paris, at the ...
Goldman Leads Rise in Credit Risk After JPMorgan Profit Decline
BusinessWeek
Oct. 13 (Bloomberg) -- Goldman Sachs Group Inc. led increases in the cost of protecting the debt of US companies on renewed concern that Europe's fiscal crisis will continue to derail the economic recovery and after JPMorgan Chase & Co. reported a drop ...
Europeans Won't Let Italy Default, DBRS Chairman Schroeder Says
BusinessWeek
By Frederic Tomesco Oct. 13 (Bloomberg) -- European Union leaders are determined to support Italy even if they let Greece default on its debt, said Walter Schroeder, chairman of Toronto-based credit-ratings company DBRS Ltd. Italian Prime Minister ...
German Institutes Call for State-Default Mechanism
Wall Street Journal
Still, a repeat of the contagion that followed the collapse of Lehman Brothers in 2008 is unlikely, and Germany's economy is likely to avoid recession. Germany's unemployment rate is likely to fall further next year, to 6.7% from 7%.
Nobel Laureate Pissarides Sees Bigger 'Haircut' on Greek Bonds
BusinessWeek
By Rose Kim and Deirdre Bolton Oct. 13 (Bloomberg) -- Greece is likely to avoid a full default while investors in its bonds may take losses of 50 percent, Nobel economics laureate Christopher Pissarides said. “I am very optimistic that there will be ...
China is in credit market crosshairs
Globe and Mail (blog)
Which country saw the cost of insuring its sovereign debt against default rise more in the third quarter, Spain - the country that puts the S in PIIGS - or rising economic titan China? The answer is China, as concern grows in credit markets about the ...
Fighting financial crisis
The Economist
The hope is that this will remove the incentive for creditors to run, precipitating a collapse andcontagion. Whether it will actually work is unclear, since it has never been tried. If it doesn't, the rest of the official safety net is more threadbare ...
How one bank's default is the same bank's gain
FT Alphaville (blog)
Many institutions are pricing counterparty risk based on their own default (DVA), and are examining the best way to manage this component. DVA is gaining common acceptance among those surveyed, and it is supported under accountancy regulations. ...
Approaching a Great American Crossroads in the Current Financial Crisis
Benzinga
According to msnbc.com, "the surge in default notices means homeowners who haven't kept up their mortgage payments could now end up on the foreclosure path sooner". The article suggests that because minority and low-income communities were targeted for ...
Small enterprises' credit crisis under control
Xinhua
WENZHOU, Oct. 12 (Xinhua) -- Evening lights shining from surrounding factories shatter the dark silence dominating buildings owned by the Zhengdeli Shoes Company. Piles of unfinished shoes sit the company's warehouse and workshops. ...
Serviced offices defy financial crisis
ABC Online
TICKY FULLERTON, PRESENTER: Many businesses suffered during the global financial crisis, shedding staff and down-sizing offices, but for serviced office companies the global financial crisishas been a time of growth. For clients, renting an office can ...
Retiring Portland superintendent: 2007 financial crisis was 'tip of the iceberg'
Bangor Daily News
Morse joined the school system in July 2009 as the replacement for previous superintendent Mary Jo O'Connor, under whom the district, in fiscal year 2007, had a budget overrun of nearly $2.5 million, a financial crisis that ultimately led to the ...
Fairfax Financial's Hedges Shelter Insurer from Financial Crisis
Insurance Journal
As the equity market crumbled in late 2008, Fairfax notched a $2.7 billion investment gain on the year, due to equity hedges and the use of credit default swaps as a bet against the US housing market. Watsa then removed the equity hedges and rode the ...
The Dangers of European Contagion
Motley Fool
By Christopher Barker | More Articles You never forget a near-death experience, and over my years I've had quite a few. As investors, I believe we are wise never to lose sight of just how close we came during 2008 to some seriously horrific scenarios ...
Credit crisis drives supply chain finance programmes
Procurement Leaders News
The vast majority of banks surveyed in Demica's research believe that the credit crisis is driving growth in SCF programmes. "This time last year, Demica observed the tension building in many European supply chains as buyers continued to exert ...
Japan firms PIIGS exposure hits $37.3B: Nikkei
MarketWatch
By Sarah Turner SYDNEY (MarketWatch) -- A survey by the Nikkei found that nine Japanese financial institutions had a combined exposure of 2.87 trillion yen ($37.3 billion) to five of Europe's debt-saddled nations. The Japanese firms do not hold Greek ...
Who Pays for the Debt Overhang?
Wall Street Pit
Default, reduction in mortgage payments are all proposals to alleviate the problem but they come at a cost: your debt is someone else's asset. There are, of courses, circumstances where debt reduction is not a zero-sum game, where this is the only way ...
Banks 'not coming to grips with financial crisis' as complaints rise
thejournal.ie
Speaking on RTÉ's Morning Ireland this morning, ombudsman Bill Prasifka said: “The industry is not really coming to grips with the challenges of the financial crisis.” He added: Complaints were always at historically high levels but we're up five per ...
Greece Will Default: It's Just The Beginning | The Daily Capitalist
By Jeff Harding
The Germans and the French are struggling to work out a compromise to rescue Greece, and perhaps the other PIIGS, that will be accepted by all eurozone members as well as the Greek government: “We are determined to do what is ...
The Daily Capitalist
Greek Default 'Would Mean the End of the Euro': Analyst — Clearing ...
By RSS Feed
The plan to recapitalize banks has to be big enough to cover a default by Greece, Ireland and Portugal and possibly Spain and Italy, Erik Britton, director at Fathom Consulting, said. “The issue is that those individual countries are not solvent to ...
Clearing and Settlement — Clearing...
XE.com - Selective Greek default could be managed-French source
A French finance ministry source said on Thursday that a selective default on Greece's debt could be managed but a credit event would not be acceptable.
XE Forex News
Small firms' credit crisis under control | China business news
By CBN
Evening lights shining from surrounding factories shatter the dark silence dominating buildings owned by the Zhengdeli Shoes Company. Piles of unfinished shoes sit the company's warehouse and workshops. A few security guards stand by a ...
China business news
Nobel Winner Pissarides Says No Default, But Big Haircut | Greece ...
By Andy Dabilis
As Greek leaders are admitting that the country's investors won't get paid back all they are owed, Cyprus' Nobel Prize Winner for Economics.
Greece.GreekReporter.com Latest...

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