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

Tuesday, October 25, 2011

Forced Greece deal "tantamount to default"

Forced Greece deal "tantamount to default": IIF
Reuters
By Steve Slater and Jean-Baptiste Vey LONDON/PARIS (Reuters) - Any deal forcing banks to take bigger losses on Greek debt "would be tantamount to default" and impose a high cost on European taxpayers, the lead negotiator for the banks warned on Monday. ...
The Real Contagion Risk
Gold Seek
Because slashing spending is a delicate and politically painful process, by default it almost certainly will not happen in time to prevent the interest rate spiral from occurring. As to the idea of running out of money, that is deemed an unthinkable ...
Greek Default: Don't Fear a Credit Event
Forbes
One of the seriously strange things that is going on in the face off about the coming Greek default is that the authorities are “threatening” a proper default, not a “voluntary” one. Their assumption seems to be that a real default (and along with it a ...
Brown Says Default May `Catapult' Greece From Euro Zone
Washington Post
Oct. 24 (Bloomberg) -- Brendan Brown, chief economist at Mitsubishi UFJ Securities International Plc, talks about the likelihood of Greece leaving the euro zone if it fails to avoid default. He speaks with Maryam Nemazee on Bloomberg Television's "The ...
Fitch: Cumulative Default & Deferral Rate Falls for US Bank TruPS CDOs
MarketWatch (press release)
The combined default & deferral rate for US bank TruPS CDOs declined this past month, according to the latest index results from Fitch Ratings. Fitch noted that 14 banks resumed interest payments and repaid accrued interest on their TruPS through the ...
Spain Slipping on Deficit Means Possible Contagion: Euro Credit
BusinessWeek
European leaders' failure to end the debt crisis risks “a vicious circle” in which “deficit reduction weighs on growth, rendering targets unachievable and triggering more downgrades, eventually leading” to default, said Angel Laborda, chief economist ...
Russia Default Redux as Brazil Stocks Sink: Chart of the Day
BusinessWeek
The CHART OF THE DAY shows that the difference between the MSCI Mexico Index's price-to-earnings ratio on Oct. 21 was the widest versus the MSCI Brazil Index's since October 1998, when investor concern mounted that Brazil would default after Russia ...
Superannuation default funds hit by equities sell-off
The Australian
SUPERANNUATION default funds lost 5.1 per cent in the September quarter amid the sell-off in global equity markets, making it the worst quarterly performance since the peak of the credit crisisin 2008. The funds now need to grow by 11 per cent to ...
Beyond the Financial Crisis: Germany's Plan to Regrow the Global Economy
Huffington Post
At the moment, Germany is embroiled in a fierce debate over how to save the Eurozone and, with it, the future of the European Union. Although stringent austerity programs will have to be enacted in the member countries to reduce government debt, ...
Vatican releases 'strange remedy' to global financial crisis
National Post
But a statement released Monday with suggestions on how to repair the global “financial crisis” goes the other way. It abandons nuance in favour of concrete economic proposals that put the Church in the new territory of offering advice on creating new ...
Sovereign, Corporate Credit-Default Swap Indexes Fall in Europe
Bloomberg
(Source: Bloomberg) The cost of insuring against default on sovereign and bank debt rose in Europe as policy makers wrangle over how to contain the region's debt crisis. The Markit iTraxx Financial Index of credit-default swaps on the senior debt of 25 ...
Global financial crisis stall Dubai real estate recovery further
Economic Times
Home prices and rents in the Gulf emirate has already plunged nearly 60 percent from its peak before the global financial crisis. Residential property prices in Dubai will fall 70 percent from a peak in the third quarter of 2008, according to the ...
Extreme Risk Planning: Towers Watson Reveals Research and Ranking for Managing ...
MarketWatch (press release)
Accordingly, it has moved sovereign default from 'Medium' impact to 'High' impact and recent developments -- both economic and political -- in the euro area suggest that a break-up of the euro is more likely, so it has moved this risk from 'Very low' ...
Notices of default up, foreclosures down in third quarter
Napa Valley Register
A total of 263 notices of default were filed for Napa County homes or condos in the third quarter, compared to 222 in the same period the year before. It was the largest percentage increase in nine Bay Area counties. However, the number of Napa County ...
ECB's Mersch - Default must not become standard crisis tool
Reuters UK
"Due to the high level of integration in financial markets and trade, there is an elevated risk of contagion in case of a sovereign default in the euro area." "The credibility of the monetary union as a whole could be scratched. ...
Obama Sows Seeds of a New Credit Crisis
TheStreet.com
This is all about getting past 2012 -- not jump starting the economy -- and could create yet another credit crisis for Obama or future president to address. Since early 2009, through QE1, QE2 and now Operation Twist, the Federal Reserve has suppressed ...
Study finds mortgage default may be risky to your health
ConsumerReports.org
Falling behind on your mortgage may have significant implications for your health, according to an article published online in the American Journal of Public Health. The study concluded that mortgage delinquency can be associated with an increase in ...
Financial Crisis—Vatican Weighs In
theTrumpet.com
In relation to the current global financial crisis, vis quoted Cardinal Turkson as stating that the pope and “the Holy See are following these matters with particular concern, constantly calling not just for 'joint action', but for 'examination of ...
Eurozone Contagion Fears Weaken
Seeking Alpha
The world has known that a Greek default was essentially unavoidable for many months now, and prices are braced for the worst. Markets have been priced to the expectation that the US was on the cusp of another recession, but it hasn't happened yet and ...
WikiLeaks suspends publication of classified files amid financial crisis
Metro
WikiLeaks has announced it is suspending the publication of classified files amid a financial crisis. The whistleblowing website says it will instead concentrate on fundraising after an 'arbitrary and unlawful blockade' by US-based financial companies....
Despite European financial crisis, Deutsche Post DHL optimistic
MiamiHerald.com
Larry Rosen, chief financial officer of the global mail and logistics services firm, stopped in South Florida during a tour of the German-based firm's US operations. Lawrence A. Rosen, Deutsche Post DHL's Bonn-based chief financial officer, ...
French Bank Fed Head: Discount Over 50% Could Jeopardize Trust In Other Debts
Wall Street Journal
PARIS (Dow Jones)--The head of the French banking federation, Frederic Oudea, warned Monday that discounting the value of Greece's sovereign debt held by private investors by more than 50% could cause contagion by denting investor confidence in Italian ...
Forex: EUR/USD retesting 1.3900 as Fitch says Greece default inevitable
NASDAQ
FXstreet.com (Barcelona) - Traders are lightening up to apply some moderate selling pressure on the European shared currency after the rating agency Fitch crossed the wires to state Greece default is inevitable. While the comment is "an inconvenient ...
Connect to Contagion Dots
By Douglas French
For those that believe the European financial crisis is far, far away, The New York Times helps you connect the dots. ... About · Blog · Literature · Media · Events · Donate. Source link:http://blog.mises.org/18791/connect-to-contagion-dots/ ...
Mises Economics Blog
ekathimerini.com | Greek default not on the cards, French finmin says
“We don't want Greece to default,” France's finance minister said Monday, while expressing his confidence that this week's eurozone meeting will reach a comprehensive deal to resolve the Continent's debt crisis. In an interview with Europe 1 ...
ekathimerini.com : Latest News
Obama Sows Seeds of a New Credit Crisis - Wall Street - eWallstreeter
2:07pm - October 24, 2011. Peter Morici, RealClearMarketsToday, President Obama will revamp, yet again, his program to help middle and working class homeowners, who already owe than their homes are worth or have less than perfect ...
eWallstreeter
IIF's Dallara: Unilateral Actions Would Mean Greek Default | ForexLive
involves unilateral actions would be tantamount to default, would isolate the Greek economy from international capital ... Such a move would also likely have “severe contagion effects, which would cost the European and the world economy ...
ForexLive
Possible Implications of a Greek Default - The Irish Economy
By John McHale
Unfortunately, a number of different things seem to get jumbled together in the discussion: the costs and benefits of default on State debt; the costs and benefits of default on senior bonds in the former Anglo and INBS; and the costs and ...
The Irish Economy
The Real Contagion Risk — Clearing and Settlement
By RSS Feed
In this report, we explore the idea that Europe is the canary in the coal mine that tells us it is time to begin preparing for how the world might change if the contagion spreads all the way to US Treasurys (which is mathematically inevitable, in our ...
Clearing and Settlement — Clearing...
XE.com - UPDATE 1-ECB's Mersch: Default must not become ...
Default must not become the standard approach used by troubled euro zone countries to cut their debts and repair their finances, European Central Bank Governing Council member Yves Mersch said on Monday.
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