Greek default needed, says Major

Greek default needed, says Major BBC News He said the UK faced a "very, very serious" financial crisis. Last Thursday, the Bank announced it would begin a fresh round of quantitative easing by injecting another £75bn into the economy, having pumped £200bn in during its first round. ... Cameron Calls For 'Big Bazooka,' Warns 'Time Short' To Prevent Eurozone Disaster In an extensive interview with the Financial Times, British Prime Minister David Cameron warned that continental Europe has just weeks to avert a global financial disaster. “The situation with the world economy is very precarious,” he said. “The eurozone is probably contributing more to that uncertainty and lack of confidence than anything else.” http://www.businessinsider.com/cameron-calls-for-big-bazooka-says-time-short-to-prevent-eurozone-disaster-2011-10

When A Country Defaults, Who Comes Knocking? NPR by NPR Staff Protesters in Argentina in 2001 wave national flags as they walk through tear gas and smoke from burning street fires set by demonstrators during the country's financial crisis. Protesters in Argentina in 2001 wave national flags as they ...

Barroso says Greek default would spread crisis: paper Reuters Merkel warned last week the threat of contagion from a euro zone state rescheduling its debt would be huge and only made sense once it had achieved a primary surplus. Barroso noted the euro zone had no experience with the possible bankruptcy of a ...

Norske Skog to Sell Assets to Avoid Default: Corporate Finance BusinessWeek By Stephen Treloar and Meera Bhatia Oct. 10 (Bloomberg) -- Norske Skogindustrier ASA, the second-largest newsprint producer, is planning to sell assets and issue debt backed by its accounts receivable to stave off a default that credit markets judge is ...

Reasons not to ban naked sovereign CDS Financial Times By Andrew Baker “Prohibiting naked CDS [credit default swaps] transactions, as proposed, would have detrimental effects on liquidity as the market is left only to hedgers. Valuing credit risks will become more difficult. It should also be considered ...

DiManno: Financial crisis is literally killing Greeks Toronto Star By Rosie DiManno Columnist ATHENS—Three weeks ago, a man in his mid-50s set himself on fire outside a bank in the northern Greek city of Thessaloniki. While his suicide bid did not succeed — he was hospitalized with severe burns — the symbolism of ...

Alternative political vision required to tackle financial crisis Herald Scotland Bank of England governor Mervyn King's warning last week that the current financial crisis is the worst ever surely sent a chill through hearts all over the country. As the British government is yet again poised to bail out the banks, as the UK economy ...

France, Germany to Discuss Greek Bankruptcy, Contagion, JDD Says Bloomberg A Greek default would sink some banks and send the euro area back into recession, while Greece's exit from the euro would deter investors from Europe, leading to the same results, according to Le Journal du Dimanche. The French government believes ...

Lackawanna County financial crisis raises questions Scranton Times-Tribune BY DAVID SINGLETON AND BORYS KRAWCZENIUK (STAFF WRITERS) Lackawanna County's looming financial crisis raises a fundamental question: Could the need to borrow up to $21 million to cover the county's accumulated deficit have been avoided by small but ...

Financial crisis is man-made, says King Times of Swaziland By MDUDUZI MAGAGULA on October 09,2011 MATSAPHA – His Majesty King Mswati IIII says the current financial crisis that has gripped the nation is man-made. The King labelled this situation a man-made disaster which is somehow different from similar ...

Dominoes: From Financial Crisis To Economic Crisis To Government Crisis Seeking Alpha Since the most conservative and regulated institutions hold large proportions of sovereign bonds in their portfolios, the default of the bonds becomes their balance sheet insolvency. The next domino is the withdrawal of the funding from banks by those ...

Global art market rebounds from financial crisis Xinhua by Du Yuge BEIJING, Oct. 9 (Xinhua) -- The global art market has recovered from the financial crisis, with both confidence and prices continuing to rise. And one of the growth centers is the Asian market, particularly Beijing and Hong Kong. ...

SCOREBOARD: EU distraction Business Spectator Moreover, default will simply feed speculation and uncertainty. It's not just about recapitalising banks. Sentiment sapping uncertainty is something that needs to be addressed, and it can't be if markets are continually thinking about who else is going ...

Should All PIIGS Get A 'Haircut'? Seeking Alpha But the Greek 'haircut' has basically put the debt of Greece, but also of Ireland, Portugal, Italy, Spain (the 'PIIGS' with Belgium and possibly even France to follow), on much higher interest rates. Italy and Spain pay roughly 6% on their 10 year debt ...

Commodities slide feared as replay of financial crisis InvestmentNews By Dan Jamieson Concerns over a global economic slowdown — especially in emerging markets — have hammered commodities, resurrecting frightful memories of their meltdown during the financial crisis. “The fear in the marketplace now is along the lines ...

Finding the human causes of this financial crisis can set us on the road to ... Telegraph.co.uk On the Continent, its contribution has been greater because the prospective default of some sovereign governments has seriously weakened the banks. Third, the huge rise in oil prices has transferred real income from western consumers to Middle-Eastern ...

VIDEO: Greece must default, says Major BBC News Former Prime Minister Sir John Major has told the BBC that European banks need to recapitalise and "Greece needs to default" on its debts, to help bring an end to the eurozone debt crisis. He told Andrew Marr it would be "catastrophic" if the country ...

Default ratepayers get 100 percent amnesty Fiji Broadcasting Corporation Ltd A three-month rates amnesty period has been put into effect for all default ratepayers. The Ministry of Local Government has directed all town councils to allow a waiver of 100 per cent on all interests accumulated on full payment of the principal ...

Companies that can yet buck trend during financial crisis Economic Times It has been evident for some time that we are heading for a slowdown. India Inc is already reeling under, high input costs and rising rates. With two major trade partners - US and Europe - facing a major crisis, things have only become worse. ...

Jim Lee: Romney the GOP's default candidate Carroll County Times It's probably best that New Jersey Gov. Chris Christie decided against running for president because, as Texas Gov. Rick Perry is finding out, it is impossible to appeal everyone in the idealistic group of islands that has become the Republican Party. ...

Greece: crisis takes toll on health The Associated Press ATHENS, Greece (AP) — The Greek financial crisis has become a health hazard. Economically vulnerable Greeks are losing health care access amid dwindling budgets, facing higher risks of HIV infection and sexually transmitted diseases, and in some cases ...

Europe's crisis ricochets toward US Tribune Review Furthermore, a Greek default likely would lead to default contagion among the remaining PIIGSand extend possibly to major states such as France, even to the UK and US Voters in creditworthy European nations are becoming restless at the thought of ...

Inside Job (DVD Review) - Financial Crisis Catalyst of Occupy Wall Street Protests Rambling Thoughts (blog) The global financial crisis of 2008 was an “Inside Job” that led to a global economic recession, millions of people losing their jobs, savings and homes and huge increases in government debt in order to pay for corporate bailouts. ...

The Future of Exchanges Is Now Wall Street Journal Now that boom is petering out—and the financial crisis has dented the turnover in stocks and derivatives. So exchanges are seeking a new way forward. They're looking to grow by sealing mergers, investing in more profitable businesses and capturing ...

Jitters Ahead of Bank Reports Wall Street Journal By LIZ RAPPAPORT And AARON LUCCHETTI Not long ago, earnings season gave banks and securities firms a chance to show they still could flex their money-making muscles following the financial crisis. Now, they are hoping mostly to show they can take a ...

Why Economists Won't Help Fix the Economy The Fiscal Times By CIRO SCOTTI, The Fiscal Times With all the sophisticated economic models around the globe, why didn't economists see the financial crisis of 2008 coming? And why in the face of joblessness and a floundering economy are they, in the words of one top ...

Postal Service to continue post-anthrax safeguards Washington Times By Jim McElhatton Despite being mired in the worst financial crisis in its history, the US Postal Service has no plans to cut back on any of the bioterrorism preparedness measures that began in the wake of anthrax attacks through the US mail system 10 ...

Pensions Wrestle With Return Rates Wall Street Journal Some lawmakers and pension officials are pushing to abandon the roughly 8% annual-return assumption set by many public-employee funds, saying the rate is unrealistically high given upheaval in markets around the world and the preceding financial crisis ...

Bottom of market rout is imminent Independent Online Stock markets are swinging wildly in the financial stampede to escape debt contagion. And according to Clem Chambers, the financial author and chief executive of ADVFN.com, the worst is likely yet to come. Although markets rallied on Thursday,...

End game in the long debt saga Kathimerini By Dimitris Kontogiannis Eurozone leaders have tried to tackle the Greek debt problem by giving the country more time to put its house in order through implementing fiscal austerity measures and structural reforms, and are addressing the contagion ...

Concerns grow over Fannie and Freddie debt Financial Times “At the peak, Asian central banks accounted for 40-50 per cent of the purchases,” said a senior analyst at one major Wall Street firm, referring to the period before the global financial crisis hit in 2008. “Today, it is between 10 and 20 per cent. ...

The Depression: If Only Things Were 'That Good Today' CNBC.com The most worrisome aspect about our current slump is that it combines obvious short-term problems — from the financial crisis — with less obvious long-term problems. Those long-term problems include a decade-long slowdown in new-business formation,...

Brazil Government Preparing For Greek Default This Week, Valor ... Brazil Government Preparing For Greek Default This Week, Valor Reports ... Mantega, who evaluated the diagnosis of the global financial crisis has changed. ... www.zerohedge.com/.../brazil-government-preparing-greek-d...

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