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

Thursday, October 27, 2011

Greece Must Default on Debt Like Argentina, TPG Capital's Bonderman Says

Greece Must Default on Debt Like Argentina, TPG Capital's Bonderman Says
By Beth Jinks - Wed Oct 26 20:53:52 GMT 2011 Greece must default on its sovereign debt, following Argentina's example, before it can emerge from the crisis now spreading through Europe, TPG Capital co-founder David Bonderman said today at a conference. ...
So Much For Orderly Default In Greece, New Haircuts Likely To Trigger CDS
Contagion, of course, is the buzzword and the biggest risk to the rest of the Eurozone. Nomura sees three potential transmission mechanisms that could feed an increase in the risk premium of the euro: First, through direct losses for the eurozone ...
EU debt crisis: contagion must not be allowed to spread, says Cameron
The Guardian
David Cameron has said stopping the "contagion" of the eurozone crisis from spreading to Britain is one of his key goals as he prepares to attend an emergency summit in Brussels. The prime minister laid out the priorities for the meeting of EU leaders ...
EU to allow Greece to default but euro rescue plan on hold
Irish Times
This crucial element of the rescue package is designed to minimise the risk of any market contagion undermining confidence in weakened euro zone countries like Ireland when the Greek default goes ahead. In a further effort to prevent contagion...
Corporate Bond Risk Little Changed in Europe, Default Swaps Show
By David Goodman Oct. 26 (Bloomberg) -- The cost of insuring against default on European corporate debt was little changed, according to traders of credit-default swaps. Contracts on the Markit iTraxx Crossover Index of 50 companies with mostly ...
Taoiseach insists Ireland will not go down default path
Irish Times
THE TAOISEACH has insisted the Government will not follow Greece down the path of a debt default, saying any repudiation of the national debt would undermine Irish living standards for a generation. Addressing the Dáil before he travelled to Brussels ...
Congress Cuts, Obama Attempts to Collect as Loan Default Rates Rise
U.S. News & World Report (blog)
By Equal Justice Works Your very own Student Loan Ranger (and many others) have chronicled the rapid growth of student loans and the associated rise in default rates (not to mention deferment, forbearance, and delinquency rates). This rise in default ...
'Imminent' Greek default is manageable: Citi
By Steve Goldstein WASHINGTON (MarketWatch) -- A Greek sovereign default involving deep restructuring appears imminent, but the risk to financial stability is manageable, according to Citi economists Willem Buiter and Ebrahim Rahbari in a note ...
Finnish PM says avoiding contagion is priority
Finland's Prime Minister, Jyrki Katainen, on Wednesday told journalists waiting outside the European Council that recapitalization of bankcand strengthening the EFSF are the key points euro leaders need to agree on in order to avoid a possible ...
China's Missed Credit Crisis Opportunity
Wall Street Journal
Wenzhou attracted attention recently for a credit crisis that was said to plague the city's privately owned small and medium enterprises. These companies, cut off from bank loans at reasonable rates of interest, had turned instead to supposedly ...
Phantom of the financial crisis
Daily Star Online
Three years after the global financial crisis originated in the US financial market, it appeared that major architects of the crisis, the financial institutions, are yet to fully admit their role. Instead, they are still stressing the need for fiscal ...
Business default claims rise
Credit insurance brokers have warned businesses to rein in debtors over Christmas after September quarter business default claims rose to their second-highest level since the global financial crisis. Around 95 default claims occurred in each month of ...
Cheat Sheet: What's Happened to the Big Players in the Financial Crisis
As we've reported, a hedge fund named Magnetar worked with banks to fill CDOs with the riskiest possible materials, then used credit default swaps to bet that they would fail. Magnetar says that the majority of its short positions were against CDOs it ...
James Moore: The PIIGS could derail plans to solve eurozone crisis
The Independent
The unflattering acronym of the PIIGS has largely been dropped, but only in favour of "Club Med". However, while these countries are united in the fact that they have too much debt without the monetary policy tools to help them deal with it (thanks to ...
Expert: Financial crisis may soon end
Green Bay Press Gazette
Based on historical figures from similar past economic events, the US economy appears to be in the late stages of a financial crisis, the chief investment officer of a research and investment advisory business said Tuesday. ...
Europe's financial crisis. The end of an era?
Telegraph.co.uk (blog)
By James Kirkup World Last updated: October 26th, 2011 Ah, Europe. Whatever else you say about it, there's no challenging the continent's place in history. It may be unpardonably Western-centric and culturally insensitive to say it, but this is where ...
UK PM Says Firewall To Prevent Euro-Zone Contagion Is Key
LONDON -(Dow Jones)- The construction of a European fund to act as a firewall to prevent contagion from the euro-zone's debt crisis is key, UK Prime Minister David Cameron said ahead of a summit of European Union leaders in Brussels Wednesday. ...
Finance Minister: Egypt faces financial crisis
Al-Masry Al-Youm
Egypt is facing a financial crisis that only foreign funding could help alleviate in the short term, Minister of Finance Hazem al-Beblawy said on Tuesday. “We need liquidity now,” Beblawy said in a press conference at the ministry featuring a panel of ...
China names its price for EU help
China, as the country with the world's biggest financial reserves, has thrown its weight behind the EU's efforts to contain its financial crisis, offering European countries its broad financial shoulder to lean on. However, bargaining over the price of ...
Government to support banks in financial crisis
Cyprus Property News Magazine
The banks' heavy exposure to Greek sovereign debt, estimated at some €4.2 billions and with a high risk of default, has been cited as a concern by credit ratings agencies which have downgraded the Island's sovereign ratings in the past few months. ...
Chambers Says Debt Deal Failure May Press US Rating
Moody's Investors Service and Fitch Ratings have affirmed their top rankings on US credit, and investors have shown increasing confidence. The cost of insuring US government debt againstdefault, as shown by credit default swaps on Treasury securities, ...
When a plan comes together
Business Standard
The cost of insuring against once-unthinkable default has soared. Investors are pricing in two related risks: that senior debt will be subordinated to deposits, and that bonds will be haircut if banks fail. It's good that bondholders no longer expect ...
Mortgage Default Associated With Worse Health Status
Doctors Lounge
"Mortgage delinquency was associated with significant elevations in the incidence of mental health impairments and health-relevant material disadvantage. Widespread mortgage default may have important public health implications," the authors write.
Don't Let the Keynesians Win by Default
Wall Street Journal (blog)
But at the very least it would be good if more people were willing to stand up and argue the case for austerity rather than allowing the Keynesians to win the argument for “tax and spend” policies by default.
In Fight Against Securities Fraud, SEC Sends Wrong Signal
New York Times
By JESSE EISINGER, PROPUBLICA Back when the Financial Crisis Inquiry Commission was doing its work, I would check in periodically with someone who worked there to find out how it was going. “Good news!” my source would joke. “We got the guy who caused ...
Cheat Sheet: What's Happened to the Big Players in the Financial ...
By Wire News Sources
Mortgage lenders contributed to the financial crisis by issuing or underwriting loans to people who would have a difficult time paying them back, inflating a housing bubble that was bound to pop. Lax regulation allowed banks to stretch their mortgage ... As we've reported, a hedge fund named Magnetar worked with banks to fill CDOs with the riskiest possible materials, then used credit defaultswaps to bet that they would fail. Magnetar says that the majority of its short positions were ...
Herald de Paris
Blame the Fed for the Financial Crisis Alex Jones' Infowars: There's ...
13 Responses to “Blame the Fed for the Financial Crisis”. JCizJD says: October 23, 2011 at 2:21 am. IF THE FED IS ABOVE THE LAW…..then it is cut loose from ...

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