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

Thursday, October 6, 2011

Greek default -- just a matter of time

Greek default believed to be just a matter of time
Chicago Tribune
The threat of a banking crisis is one of the main reasons why euro area politicians have pledged to do whatever it takes to prevent a Greek default. In addition, officials in Europe are afraid a messydefault would lead to a so-called debt contagion ...
World stock markets lower on Greek default fears
BusinessWeek
The latest setback in Greece's financial crisis sent major US stock market indexes to lows for the year Monday. The S&P 500 lost 2.9 percent to 1099.23. The Dow Jones industrial average fell 2.4 percent to 10655.30. The Nasdaq composite slid 3.3 ...
Eurozone Contagion Recap
Seeking Alpha
A quick summary of what's been happening: As the sovereign debt crisis has intensified, as Greek yields have soared, as PIIGS default risk has soared, Eurozone banks—who are stuffed to the gills with PIIGS debt—have been crushed. ...
Is Greece signing its default warrant?
Business Spectator
Close by, in the national parliament, Greek politicians were debating proposals to hold a referendum on the country's worsening fiscal crisis. The 24-hour strike halted trains and air traffic, closed schools and forced hospitals to run on emergency ...
Making The Next Financial Crisis Worse, One Regulation At A Time
Forbes
While accurate disclosure in securities offerings is desirable, unfortunately what the SEC has done is not to fix the problem, but rather to increase the odds and severity of the next financial crisis. Why is that? Under the SEC's proposal, ...
Fitch Doubts Marfrig Default That Traders Expect: Brazil Credit
San Francisco Chronicle
Oct. 5 (Bloomberg) -- Marfrig Alimentos SA is retaining the confidence of  ratings companies while a surge in the Brazilian meatpacker's dollar bond yields indicate investors are bracing for a default. Yields on Marfrig's dollar bonds due in 2016 soared ...
European Default Inevitable -- Sell Your Gold? Part 2
Minyanville.com
That article focused on events that would occur if a Greek default could be contained and the contagion that's brought so much fear to the global system could be defeated. But what if, hypothetically, that fear cannot be contained? How will it happen, ...
European financial crisis to blame for lending clamp-down
Herald Sun
Competition has soared to levels unseen since the onset of the financial crisis, they say, and discount rates are now bigger than when non-bank lenders proliferated the market in 2007. "We believe the current pricing is about as competitive as it can ...
Europe default would hit US: Bank of America CEO
Economic Times
European debt default poses a real threat to the US economy, Bank of America Corp Chief Executive Brian Moynihan said on Wednesday, adding that he is confident that policy makers are "working through solutions." Moynihan, speaking at the Washington ...
Michael Lewis discusses Europe's financial crisis on "The Daily Show"
CBS News
(CBS) Michael Lewis, author of "Moneyball" and "The Blind Side," stopped by "The Daily Show" on Tuesday to discuss his latest book, "Boomerang: Travels in the New Third World." In the book, Lewis embarks on what he calls "financial disaster tourism," ...
IFR Comment: Building defences for Greek default and contagion risks
International Financing Review
Specifically by insulating the banks there is the prospect that the core can build defences for their financial sector against: 1) an eventual Greek default and, 2) the contagion fallout to Italy and Spain or Portugal and Ireland of such a default. ...
Flip-Flop In Bond, CDS Premiums For Goldman, Morgan Stanley
Fox Business
By Katy Burne NEW YORK -(Dow Jones)- A recent gap between risk premiums on Goldman Sachs and Morgan Stanley bonds and the cost of insurance-like derivatives protecting the debt against default snapped shut this week, signalling that activity by traders ...
Greek Econ Min: Situation 'Pretty Hopeless' But No Default
NASDAQ
FRANKFURT -- Greece's situation is "fairly hopeless," and the government can't yet see a light at the end of the tunnel, Greek Economy Minister Michalis Chrysochoidis said in a newspaper interview released Wednesday, but he insisted that default isn't ...
How Greece's Financial Crisis Hurts The US Economy
NPR
On Capitol Hill yesterday, Federal Reserve Chairman Ben Bernanke told members of Congress that what he called a disorderly default by Greece could lead to runs or stresses on European banks, which he said would create a huge amount of financial turmoil ...
RBI has to factor in loan default while raising rates
mydigitalfc.com
By Manju AB, Shruti Verma Khare Oct 05 2011 , Mumbai/New Delhi increase in loan defaults have added to the RBI's money policy worries. RBI's task has been rendered difficult as its decision on interest rates would have to now factor in financial ...
European Crisis Could Tip US Into Recession, Economists Warn
Huffington Post
Economists do not agree on when Greece might default, but they expressed concern that afinancial crisis in Europe, sparked by a Greek default that seems almost inevitable, could push the fragile American economic recovery into a recession by the end ...
Canada says it's Europe's decision time on Greece
Reuters
Ottawa backs an expansion of the European bailout fund to prevent contagion from Greece. Flaherty declined to comment on the International Monetary Fund's idea, floated earlier on Wednesday, of buying Spanish or Italian bonds alongside the bailout fund ...
Default mortgage servicing needs to get into 'the cloud'
Housing Wire
But the default servicing industry appears to be largely unprepared for the houses that will enter thedefault, foreclosure and REO queue in the coming months. The flow of REO re-sales has been uneven at best, for a number of reasons. ...
MarkitSERV Unveils Service To Speed Up Interdealer CDS Clearing
Fox Business
By Katy Burne NEW YORK -(Dow Jones)- MarkitSERV, a joint venture of the Depository Trust & Clearing Corp. and financial data company Markit, rolled out a service Wednesday that will help privately traded derivatives called credit default swaps between ...
The Great Default and the Great Divergence
The Market Oracle
A great international default is coming. It will come in the West. The welfare promises of national governments will be reneged on by a new generation of politicians. The present deficits cannot be sustained for a decade or more. ...
Europe Must Stop Italy, Spain Crisis Contagion, Urpilainen Says
BusinessWeek
By Kati Pohjanpalo Oct. 5 (Bloomberg) -- European countries must do everything they can to stop contagion of the sovereign debt crisis into Italy and Spain, Finnish Finance Minister Jutta Urpilainen said in a television interview on YLE TV1 today. ...
Banks wrestle with 'stress test' to probe their strength to cope with a Greek ...
This is Money
Merkel's move marks a significant shift in Germany's stance on the debt crisis, which has undermined confidence in the European system and threatens to trigger a second credit crisis. Until now the German leader has resisted calls from the US and ...
Irish FinMin: Greek default not expected; European bank bailout EUR 100bln+
ForexLive (blog)
By Jamie Coleman || October 5, 2011 at 18:42 GMT A European bank bailout will cost well in excess of EUR 100 bln, FinMin Noonan says, according to Reuters. The content of this field will not be shown publicly. zpiders: More EU tax money down the drain. ...
FTSE plummets as Greece default fears rock investors
shareprices.com
The drop is significant as it shows the index breaking through the psychologically important 5000 barrier and hitting a low of 15 months over fears that Greece's position is not sustainable and will result in a default sooner rather than later. ...
Lockheed Martin 5-year Credit Default Swap soars 15.3 basis points rising for ...
Military & Aerospace Electronics
Lockheed Martin 5-year Credit Default Swap (LMT.US) widened 15.3 basis points (or 22.8%) to close at 82.43 basis points. The CDS rose for a second day on Tuesday bringing its two-day rise to 17.72 basis points or 27.4%. An increase in spread is a ...
REITs Slapped by Liquidity Concern, Financials Lessen Loss
USA Market News
If banks hold back lending due to a sovereign debt default, there's a possible repeat of the previous credit crisis that immobilized the short-term commercial paper market. Ross commented in an interview that REITs depend on the liquidity of the ...
The Survivability of Sovereign Default
By Eric Fry
Eric Fry discusses the sovereign debt crisis in the eurozone, specifically that of Greece, and what adefault would mean to the eurozone and the global economy.
The Daily Reckoning
The 13 Banks With The Most Exposure To The PIIGS
By Mamta Badkar
The 13 Banks With The Most Exposure To The PIIGS. 1/14. #12 Banco Popular, Spain, Total GIIPS... Boston Fed President Delivers Excellent Overview Of Potential For Credit Contagion Right Now · Trichet · Remember When EFSF Was Going ...
Money Game
Default mortgage servicing needs to get into 'the cloud' « HousingWire
By CHRISTOPHER BEHNING
The flow of REO re-sales has been uneven at best, for a number of reasons. As a result, the defaultservicing industry, asked to grow virtually overnight to handle historic volume, has only had its capacity and process efficiency tested in fits and ...
HousingWire
Financial crisis has world teetering on the brink – guardian.co.uk ...
By Matt
Financial crisis has world teetering on the brink – guardian.co.uk. Posted by Matt in October 5th, 2011. Panic on markets reflects a growing mood that Greece will inevitably default, triggering another Great Depression … … . Next up is Greece, ...
1913 Intel
Greek Default And A World Without Big Banks « SGTreport.com
By SJB
Greek Default And A World Without Big Banks. by Jeff Nielson, Bullion Bulls Canada: For many years, a widely circulated cliché in the West was that in China's predominant dialect the symbol/word for “crisis” represented both “danger” and ...
SGTreport.com
BRIEF-BofA CEO says contagion fears from European debt default ...
Search for a news provider, date, or keywords. News Providers: Thompson Financial, AP, XFN-Asia, Daily FX, Reuters Date format: yyyy-mm-dd. Refresh Articles. BRIEF-BofA CEO says contagionfears from European debt default are real ...
XE Forex News
Michael Meacher MP » Blog Archive » Even if Greece avoids default ...
By Michael Meacher MP
The question is whether the inevitable Greek default is an orderly one or whether the ensuing ructions go wide, as seems likely. French and to a lesser degree German banks will take a major hit because of their extensive exposure to Greek ...
Michael Meacher MP
The Real Cost of a Greek Default (BAC, DB, ING, IRE, NBG, RBS)
The Motley Fool - Questions remain, but Greece's bark looks much worse than the bite.
www.fool.com/.../2011/.../the-real-cost-of-a-greek-default.asp...
Calafia Beach Pundit: Eurozone contagion recap
Eurozone contagion recap · More signs the economy continues to grow · My next .... The prospect of a PIIGS default leading to a Eurozone banking collapse has ...
scottgrannis.blogspot.com/.../eurozone-contagion-recap.html

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