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

Saturday, October 22, 2011

EU financial crisis – The key questions

EU financial crisis – The key questions
RT
If they don't enlarge the EFSF then the risk of contagion as investors flee the Spanish and Italian debt markets (in particular – bearing in mind their yields have nudged back over 6% this week) potentially crippling economies already in recession, ...
Corporate Bond Risk Falls in Europe, Credit-Default Swaps Show
Bloomberg
By David Goodman - Fri Oct 21 15:34:52 GMT 2011 The cost of insuring against default on European corporate debt fell on speculation lawmakers may unleash as much as 940 billion euros ($1.3 trillion) to fight the region's debt crisis. ...
RBI defers default credit swap guidelines
Expressindia.com
Mumbai The Reserve Bank has deferred operationalisation of its credit default swap (CDS) guidelines for corporate bonds by a month till November-end to give market participants like insurers and mutual funds more time to clarify details on ...
Stockton, California, Warns of Possible Default on 2006 Debt
BusinessWeek
By Alison Vekshin Oct. 21 (Bloomberg) -- Stockton, California, which declared a fiscal emergency in May, warned it may default on redevelopment agency debt issued in 2006, citing a shortfall in tax-increment revenue. Debt service will exceed available ...
Next stage of solving Harrisburg fiscal crisis involves keeping city services
Patriot-News
By ERIC VERONIKIS, The Patriot-News DAN GLEITER, The Patriot-NewsHarrisburg police officers patrol the area of South 14th Street in the city's Allison Hill neighborhood. Harrisburg is headed into uncharted waters when it comes to who will run the city. ...
Dear Greeks, there is life after default - just ask Argentina
CBC.ca
Sovereign default If this current pile of money should not be enough to put your economy back on its feet again, you may find yourself, as Argentina did in 2000, left out in the cold. That cold place is called sovereign default...
Credit Suisse Global Wealth Report: Financial crisis 'modest setback'
Spear's WMS
While many financial commentators speak of the risk of global economic meltdown, the Credit Suisse report describes the financial crisis as 'no more than a modest setback in a benign decade for household wealth accumulation'. ...
Naked CDS ban may have little impact
International Financing Review
Regulation from the European Commission banning naked credit default swaps could turn out to be largely toothless, sovereign credit traders claimed, although concerns over the impact on market liquidity remain. The rules seek to prevent market ...
CDS Traders Raise French Bets as EU Debates Greece: Euro Credit
San Francisco Chronicle
Oct. 21 (Bloomberg) -- Credit-default swaps traders are scaling back bets on Europe's most indebted countries to focus on France and Germany as leaders of the region's two biggest economies wrangle over a solution to the debt crisis. ...
Hamilton's Lesson For Europe: Pay Your Debt
NPR
But Hamilton, with the strong backing of President Washington, refused to consider default. Hamilton consolidated debts and promised that Congress would raise taxes high enough to pay them off. Persuading lawmakers to go along wasn't easy. ...
S&P/Experian Credit Default Indices September Sees Increases in all Credit ...
InsideARM
by insideARM.com – October 21, 2011 Data through September 2011, released today by S&P Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed the only decrease ...
Clearfield ends agreement with Yoder
Clearfield Progress
"In March of 2011, Clearfield Borough provided notification, pursuant to the terms of the Consulting and Development Agreement, to Impact Pennsylvania Inc. that they were in default of the terms of the agreement by not moving forward with the project ...
Audit: State Fair in financial crisis
KRQE
ALBUQUERQUE (KRQE) - A new audit released Thursday shows Expo New Mexico--the state fairgrounds in Albuquerque--is millions of dollars in the red, and now, some state lawmakers are questioning if taxpayers should be paying to keep the fairgrounds...
Europe Contagion Risk Considerable, Liikanen Tells Talouselaemae
Bloomberg
European leaders meet on Oct. 23 in Brussels to discuss a plan to avoid a Greek default, bolster banks and curb contagion. “It's good that central banks have learned to cooperate and work together to safeguard sufficient liquidity for the euro and the ...
Chinese Premier calls for deepened China-ASEAN co-op amid global financial crisis
Xinhua
NANNING, Oct. 21 (Xinhua) -- Premier Wen Jiabao on Friday called for a deepened regional cooperation between China and member countries of the Association of Southeast Asian Nations, or ASEAN, in the wake of global financial crisis...
Hope springs eternal on eurozone rescue trail
Financial Times
Further, markets have particular difficulty in pricing the possibility of unlikely but extreme events (such as the unplanned bankruptcy of a large investment bank, or the disorderly default of a eurozone nation). What is more surprising is the extent ...
Are We Facing Our Worst Financial Crisis
SBWire (press release)
The article reads in part, “Sir Mervyn King was speaking after the decision by the Bank's Monetary Policy Committee to put £75 billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession. ...
: Greek default: better now than later?
Middle East North Africa Financial Network
Oct 21, 2011 (M2 PRESSWIRE via COMTEX) -- The escalating civil unrest gripping Greece begs the question: would it be better for the country to default now, before the imposed austerity measures lead to more disruption? Or, by enduring this painful ...
Kutenda: No Exposure to Zenith Infotech Debt Default
MSPmentor
Kutenda, a marketing firm that works closely with MSPs, has no exposure to the recent Zenith Infotech debt default, according to CEO Mike Cooch. Kutenda was co-founded in 2009 by Cooch and Akash Saraf, CEO of Zenith Infotech. ...
Resources' Run Is Stalling
Wall Street Journal
Investors are worried that, if a euro-zone member defaults on its debt, it could trigger another global financial crisis that would reach even China, the world's largest consumer of the metal. China's copper imports fell 18% from a year ago for the ...
Shares soar on eurozone deal hopes
The Independent
Markets have fluctuated wildly in recent months amid fears that Greece and possibly other eurozone nations could default on their debts, which could trigger another banking crash and tip the world economy back into recession. The problem has been made ...
In Gold We Trust In the Dollar We Bust
International Business Times
We either need to print more money in hopes that one of these extra trillions pumped into the economy will finally be enough to kick-start it, or, we have to default on debt and wipe some of it off the books. Great choices, eh? ...
ICE to launch sovereign credit default swaps clearing
Banking Business Review
The exchange said ICE Clear Credit, its CDS clearing house, has received regulatory approval from the Securities and Exchange Commission to offer clearing for Latin American CDSs. ICE will launch the service on 31 October 2011 with clearing for Brazil ...
Belarus Is Heading to Default | Atlantic Council
By Anders Aslund
G-7 Faces Three-Front Battle Against Contagion. Tomorrow, finance ... Belarus is heading to default. This country of 10 million people is running out of international currency reserves. Officially, they were down to $2.2 billion on October 1, which is a month's worth of imports. But when reserves are so small the question always arises whether they are really usable. Meanwhile inflation ... By spring 2011, Belarus' financial crisis had become rampant, provoking minor popular protests. ...
New Atlanticist
Student loan default rate spirals higher | The Enquirer ...
Students and workers seeking retraining are borrowing extraordinary amounts of money through federal loan programs, potentially putting a huge burden on the backs of young people looking for jobs and trying to start careers.
battlecreekenquirer.com 

Traders See 44% Default Chance Under Fernandez: Argentina Credit
San Francisco Chronicle
Oct. 21 (Bloomberg) -- Argentine President Cristina Fernandez de Kirchner averted a debt default in her first term by taking advantage of surging commodity exports. Traders see a 44 percent chance that she'll fail to have the same success in a second ...

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