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

Monday, October 17, 2011

EU Given One Week to Fix Crisis as G-20 Warns of Threat to World

EU Given One Week to Fix Crisis as G-20 Warns of Threat to World
BusinessWeek
Group of 20 finance ministers and central banks concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set an Oct. 23 summit of European leaders in Brussels as the deadline ...
Noyer Rules Out Euro-Zone Defaults Beyond Greece
Fox Business
Noyer urged against a forced default of Greek debt as it would stop Greece being able to borrow for a long time. Noyer said the behavior of financial markets is "a bit inexplicable and irrational" as they price in contagion from the Greek crisis to ...
Change EU treaty to stabilise bloc, says Trichet
Reuters
The financial crisis had also shown the need for stronger global governance, Trichet said, saying he saw this as a message from protests that brought thousands onto the streets across the world on Saturday. "It is our task to make the world financial ...
Turning up the heat
Sydney Morning Herald
The protests came as finance ministers from the Group of 20 countries met in Paris, where poorer countries made it clear they did not want any "contagion" from Europe's financial crisis to affect their own economies. The heat is now on leaders to come ...
Key blames Wall St, Minto blames Key
TVNZ
Prime Minister John Key says he has some sympathy for anti-Wall Street protesters because much of the blame for the global financial crisis can be laid on Wall Street. However veteran activist and Mana Party Economic Justice spokesperson John Minto ...
Global Financial Crisis: is a new form of revolution in the offing?
Asian Tribune
The inspiration that fuels the growing 'Occupy the Wall Street' movement, which has been spreading across major cities in America, finally crossed the Atlantic pool on Saturday, while giving the much-needed impetus to the like-minded European folks in ...
No longer immune, China has a hand in global credit crisis
The National
Of similar importance is an end to the contagion that is spreading from Europe's banking turmoil to emerging economies. Crucially, the fate of the West and the rest increasingly depends on a "soft landing" of China's economy amid mounting worries about ...
The United States Contagion Effect
Technorati
The projected fall is on the back of recent budget standoff and the current European debt crisis with its likely contagion effect. The group's CEO Economic Outlook Index, a measure of the nation's economic performance, dropped for a 2nd consecutive ...
Misreading the Financial Crisis
Wall Street Journal
The congressional Financial Crisis Inquiry Commission concluded the Community Reinvestment Act, which predated the meltdown by three decades, "was not a significant factor" in the crisis. Government did contribute to the crisis, but not by forcing ...
IMF pledges to stabilize global financial markets
Zimbabwe Metro
Until now, the IMF has funded about a third of the bailouts of Greece, Ireland and Portugal, but helping the eurozone to stem contagion beyond those countries would require a broader use of resources that it might not sufficiently has. ...
Global economic outlook has worsened, says International Monetary Fund chief
NDTV.com
We heard loud and clear that the emerging markets in particular were very concerned about the risk of contagion from advanced economies to emerging markets and to low income countries," Following a second day of meetings with finance ministers from G20 ...
FDI flows decline for 2nd consecutive year in 2010
Arab Times Kuwait English Daily
KUWAIT CITY, OCT 15: In 2010 foreign direct investment flows (FDI) to the GCC declined for the second consecutive year since the end of the financial crisis to level at $39.8 billion, according to UNCTAD's World Investment Report 2011 (Chart 1). ...
The Great Debate: Should Greece default inside or outside the eurozone?
Calculator
By Matt Fielding · October 15, 2011 · No comments As recently as the beginning of this summer, financial analysts were still debating whether or not Greece woulddefault. The line was drawn and the battle raged as politicians and financial analysts...
EDITORIAL: The Occupy movement
Pakistan Daily Times
A seemingly innocuous sub-prime mortgage sector collapse in the US soon set off ripples that exposed the underbelly of a mountain of debt and paper based on it, the mounting default of which produced a spectacular collapse of the heights of the banking ...
G20 Gives EU Eight Days to Solve Crisis;
DailyFX
New rhetoric from this weekend focused mainly on preventing contagion from spreading to other European countries in case of a Greek default or forced haircut of its lenders. Bank of France Governor Christian Noyer also noted that EFSF funds are ...
Unravelling an economy with an interlinked crisis
Telegraph.co.uk
The current fiscal crisis may ultimately prove to be most serious in the US, not least because of the sheer scale of US debt and the fact that the US occupies a pivotal role in the world's financial system. If it does, this will not be the result of ...
Bankers Balk at EU Push for Bigger Greek Losses, Higher Capital
BusinessWeek
One risk to changing the agreement is that forcing bigger write downs could be viewed as a default, triggering insurance bought against such an event, known as credit default swaps, and risking contagion to larger countries such as Italy and Spain, ...
Financial World's Expectations Threaten European Union
Business Insider
I know I've written more-than-my-fair on this topic, but let's look at the impeding Greek default in the form of a simple analogy: imagine a driver's fallen asleep at the wheel, and in the backseat sits 2 passengers, who, instead of seizing the wheel ...
United Commercial Bank's Spectacular Rise and Fall
ABC News
By PAUL ELIAS AP The US economy was stuck in a worsening credit crisis, but Tommy Wu was seemingly on top of the world during the black tie dinner the night of Nov. 29, 2007. The Hong Kong native was being honored at New York's Pierre Hotel by the ...
Crisis in Europe could cause recession in Canada: Flaherty
Vancouver Sun
By Jordan Press, AFP October 16, 2011 OTTAWA — Finance Minister Jim Flaherty on Sunday repeated his calls for European leaders to deal with an ongoing financial crisis and warned that not doing so could lead to a recession in Canada. ...
Don't blame gambling for the crisis!
Huffington Post (blog)
The Occupy Wall Street protesters are hardly unique in blaming the financial crisis on gambling. But they are wrong to do so. The first of their proposed "demands for congress" onhttp://occupywallst.org states that the crisis came about because Wall ...
Once-anticipated Fed audit is losing steam
msnbc.com
WASHINGTON — A congressional audit of the Federal Reserve's 12 regional banks looks set to land this week with a whimper instead of a bang as energies and sympathies on Capitol Hill have shifted since the financial crisis that spawned the inquiry. ...
Korean economy may avoid crisis but likely to face slower growth
Korea Times
A decade later, Asia's fourth largest economy was again exposed to a financial crisisin 2008, due to a massive outflow of foreign capital caused by the global credit crisis stemming from the US subprime mortgage meltdown. What is common in both crises...
A year-end stock comeback? It's happened before
The Associated Press
For much of the summer, investors feared that a Greek default could lead to a freeze of lending between European banks and cascade into a credit crisis similar to the one in 2008. The S&P 500 was down 12.6 percent for the year as of Oct. 3, ...
Dollar's Slide Is Unconvincing
Wall Street Journal
By STEPHEN L. BERNARD Just after the dollar posted its strongest month since the financial crisis to snap an almost-unbroken two-year slide, it has spent the first two weeks of October in a steady decline, losing about 5.5% from its peak against the ...
Euro-Zone Hopes Bring Trouble for Treasurys
Wall Street Journal
By CYNTHIA LIN NEW YORK—Optimism that authorities can contain the euro-zone credit crisis is improving investors' moods across financial markets, but it is also creating trouble for traders of Treasury debt, as well as those in charge of US monetary ...
Central Banks Selling Most Treasuries Since 2007 Prove No Barrier to Rally
Bloomberg
By Daniel Kruger - Sun Oct 16 15:06:10 GMT 2011 International central banks are selling the most Treasuries since the credit crisis began just as institutional investors load up on US government bonds. The Federal Reserve said its holdings of US ...
Politicians can help us be happy
The Guardian
Britons appear in the grip of great expectations: as the OECD reported last week, we remain jollier than many of our rich world peers, untroubled by the looming financial crisis. Perhaps we expect to avoid the disappointment of ...
Euro clock is ticking - Swan
Sky News Australia
'While the European sovereign debt and financial crisis is a European problem, it has the capacity to affect us all,' he said. The cost to Australia in providing support to the International Monetary Fund (IMF) in dealing with future challenges in the ...
Treasury launches probe into crisis response
Financial Times
By Chris Giles, Economics Editor The Treasury is seeking to learn lessons from its stuttering initial response to the financial crisis in an internal review launching on Monday of its management, staffing, expertise and preparedness. ...
Gillard Growth Spurs Second-Worst Global Bonds: Australia Credit
BusinessWeek
Only Portugal's rates climbed more, surging 119 basis points amid concern a possible Greek defaultwould impose losses on the creditors of other heavily-indebted European nations. Norway's two-year yield climbed 39 basis points. ...
JPMorgan likes junk bonds over stocks
InvestmentNews
JPMorgan is joined by Barclays Capital and BlackRock Inc. in recommending junk debt as global economic growth slows and European leaders struggle to protect the region's banks from a sovereigndefault. The neediest borrowers have strengthened their ...
Principia Dialectica | On the $600 trillion derivatives timebomb…
By principiadialectica.co.uk
'Do you want to know the real reason banks aren't lending and the PIIGS have control of the barnyard in Europe? It's because risk in the $600 trillion derivatives market isn't evening out ... Compounding the problem is the fact that nobody even knows if the $600 trillion figure is accurate, because specialized derivatives vehicles like the credit default swaps that are now roiling Europe remain largely unregulated and unaccounted for. Tick…Tick…Tick. To be fair, the Bank for International ...
principiadialectica.co.uk


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