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

Tuesday, October 4, 2011

Should countries facing default be required to exit the euro zone?

Should countries facing default be required to exit the euro zone?
Wall Street Journal
European financial markets took another turn for the worse Monday, as the Greek government's announcement that it would miss its budget target made the prospect of a "hard" default more likely.Greece needs to cut its deficit to 7.6% of gross domestic ...
Credit Default Swaps Are 'Scapegoat': Industry Body
CNBC.com
Credit default swaps (CDSs) have emerged blinking from computers in glass-fronted offices into the limelight in recent years. In recent weeks, they have come back into focus as CDS spreads on Greek debt hit stratospheric levels, fueling fears that the ...
Bank stocks drop on fears of European contagion
Reuters
Analysts and investors said the sharp sell-off in financial stocks in recent weeks has been reminiscent of the financial crisis. Bank of America and Citi hit intraday lows not seen since the market bottomed in March 2009, while Morgan Stanley hadn't ...
Oil slides on fears of Greek default
Sydney Morning Herald
Oil fell to the lowest level in almost eight weeks in New York on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption. Futures tumbled as much as 3 per cent as European finance ...
Core Europe Sitting Pretty in their PIIGS Drawn Chariot
Wall Street Pit
Implicit in this vie, of course, is the idea that the current “bailout” proposals are operationally unsustainable and will lead to a broader contagion which will ultimately afflict the pristine credit ratings of core countries such as Germany and ...
Jobs: Default retirement age has been scrapped
Dunstable Today
EMPLOYEES cannot now be forced out of work because of their age, following the abolition of the Default Retirement Age on October 1. Before the law was changed the DRA - 65 for men for example - was one of the ways employers could legally make someone ...
Fitch Releases Global Short-Term 2010 Transition and Default Update
MarketWatch (press release)
NEW YORK, Oct 03, 2011 (BUSINESS WIRE) -- Fitch Ratings today published a new study on the rating migration and default experience of Fitch-rated global corporate and structured finance short-term ratings in 2010, including the historical 21-year ...
Financial Crisis Could Turn More CFOs into CEOs
Wall Street Journal (blog)
CFOs who have been battle-tested by the financial crisis might find it is easier than ever before to cross C-suite chasm from CFO to CEO , according to Ed Heffernan, CEO of Alliance Data. Heffernan should know; he was CFO of the company for almost 9 ...
Hovnanian Default Odds Soar After Swap Offer: Corporate Finance
San Francisco Chronicle
Oct. 3 (Bloomberg) -- Investors are wagering an effort by Hovnanian Enterprises Inc. to slash interest payments by almost 10 percentage points on as much as $220 million of bonds won't spare the homebuilder from default. Credit-default swaps tied to ...
Greek Default: Analysts Don't Ask "When?" but "How?"
Motley Fool
By Alexander Crawford, Kapitall | More Articles For over a year now, the world has been grappling with the possibility of a credit default by Greece -- today, analysts and the markets say that adefault in some form is inevitable. ...
Default Concern Drives Maxcom Yields to Record: Mexico Credit
BusinessWeek
By Jonathan J. Levin and Crayton Harrison Oct. 3 (Bloomberg) -- Maxcom Telecomunicaciones SAB's borrowing costs are rising at twice the pace of similarly rated global peers on speculation the Mexican phone company may default as slowing economic growth ...
Markets: Greek default fears hit FTSE 100 on Monday
Interactive Investor
By Interactive Investor News Team | Mon, 03/10/2011 - 17:04 17:04 - The FTSE 100 (UKX) managed to halve its daily deficit on Monday, but still closed firmly on the back foot as Greece's likely default spooked investors. London's leading share index ...
Hungary Needs IMF Backing to Counter Euro Contagion, BofA Says
BusinessWeek
By Andras Gergely Oct. 3 (Bloomberg) -- Hungary needs a precautionary standby loan agreement with the International Monetary Fund to defend against contagion from a potential worsening of the euro crisis, Bank of America Corp. economist Raffaella ...
Emerging Stocks Fall on Global Slowdown, European Debt Concern
BusinessWeek
OTP Bank Nyrt., Hungary's biggest lender, fell 5.9 percent on concern Hungarian municipalities willdefault on debt. The BUX Index, in which OTP has a 25 percent weighting, retreated 1.7 percent. The Markit iTraxx SovX CEEMEA Index of eastern European, ...
Default Fears Flop
Inside Futures
by Phil Flynn of PFGBEST The weekend just seems longer when you have a long position. Oil traders just couldn't face the weekend as fears about the European banking system caused a late day Friday sell-off. Oil Prices dropped a whopping 3.6% as fears ...
Financial crisis hits Belarus leader's popularity
Kyiv Post
AP MINSK - A financial crisis in Belarus, which has triggered two devaluations in its currency and caused soaring prices for staple goods, has pushed President Alexander Lukashenko's popularity ratings down to their lowest level, a survey showed on ...
Lee stresses G20 role in financial crisis
Korea Times
"We have surmounted the previous global financial crisis in the fastest and most successful fashion in the world,” Lee said in a radio address. Lee is expected to go to Cannes, France, Nov. 3-4 for the G-20 Summit. Korea hosted the G-20 summit in 2010 ...
Greece default threat sends European stock markets plummeting
Fresh Business Thinking
“The falls reflect concern from investors that the Eurozone countries will not be able to meet their debt payments causing tangible fears of another credit crisis,” commented John Douthwaite CEO of SimplyStockbroking. “However, some investors are ...
Greek debt default can be less scary than what world thinks: Jamie Dimon, CEO ...
Economic Times
My confidence is not great, but I still think they will survive. If there is an orderly default - if there is anything like one where everyone takes a haircut and the pain and the economy settles on a slower path, then isn't it better than throwing money?
EMERGING MARKETS-Latam stocks sell off on Greek default fears
Reuters
Fears a Greek default could hit European banks holding Greek debt and lead to a contagion in the banking sector, spooking holders of riskier stocks. [ID:nN1E7921T7] The pessimism over Europe's sovereign debt crisis has hung over markets for months and ...
An unsettling trifecta for market contagion
Reuters Blogs (blog)
And it is a time to strengthen firewalls that limit the further spread of economic contamination and financial contagion. Photos, top to bottom: An artist's impression of a growing supermassive black hole located in the early Universe is seen in this ...
Gold ETFs Rise on Greek Default Worries
ETF Trends
Gold and silver exchange traded funds opened the week with a rally after Greece missed goals on cutting its deficit. The Greek government passed austerity measures over the weekend. Eurozone finance ministers were meeting later Monday to hold talks on ...
Finance Minister: Borrowing is the solution for financial crisis
Al-Masry Al-Youm
Local or foreign borrowing is the immediate solution to the financial crisis in Egypt, Finance Minister Hazem al-Beblawy said on Sunday. In an interview with state TV, Beblawy said the rate of local savings should be raised to finance investments and ...
Germany like insurance co doesn t pay up Robert Johnson
Moneycontrol.com
If Italy starts to be questioned as to whether they will remain solvent and certainly the rise in the Italian interest rates suggests that's ongoing right now, we could see a contagion of the size of Lehman Brothers or beyond throughout the world. ...
Wall Street slides on Greek contagion fears
IBNLive.com
By Rodrigo Campos NEW YORK (Reuters) - US stocks tumbled more than 2 percent on Monday on investor concerns Greece would fail to avoid a default on its debt and the effect that may have on European lenders and the global economy. ...
Greek financial crisis continues to haunt markets
Scotsman
By Andrew Whitaker EUROPE'S markets were gripped by growing turmoil yesterday amid rising fears that debt-ravaged Greece is likely to miss targets to cut its huge deficit. The latest crisis to hit the eurozone countries came as Europe's finance ...
'Occupy Vancouver' takes shape but ... the art gallery?
Globe and Mail
The pros of getting a default out of the way is it removes the uncertainty and speculation - the cons of course is how leaders manage any contagion and that's the big unknown." Not only are the finance ministers meeting today, but all of this is also ...
European Default Inevitable -- Sell Your Gold? | Bonds | Minyanville ...
Every other day the market swings widely based on rumors out of Europe, “Greece will default soon," markets down three percent; “German vote promotes confidence in Union”, markets up three percent. It has actually become predictable volatility. The simple fact is that Greece will default. The questions that ... An investment into gold makes sense during another major financial crisis, right? If the hypothetical scenarios foretold play out, the safe-haven-seeking investors will be in for a ...
Minyanville
Gold Futures Surge 2% On Mounting Greek Default Fears
By Forexpros
Forexpros – Gold futures were up for a third day on Monday, climbing to a three-day high as mounting fears over a possible Greek debt default and a sharp drop in global equities boosted the appeal of the precious metal. On the Comex ...
DailyMarkets.com
MAJORITY OF GREEKS BELIEVE THE STATE WILL DEFAULT…….. |
By KGS
Put a fork in it, this goose is cooked. Just yesterday in the Finnish news it was reported that the new Greek budget falls way short of EU requirements for upcoming loans. There is no way for the Greeks to get their house into order other than ...
Saving the Eurozone With Credit Default Swaps, RealClearWorld ...
By Greg Scoblete
Saving the Eurozone With Credit Default Swaps. Posted by Greg Scoblete at 8:00 AM. Wolfgang Munchau sees danger with Europe's chosen relief mechanism: There exist only two categories of solutions to the crisis: a fiscal solution or a ...
RealClearWorld - The Compass Blog
Crude Oil Trader: Phil Flynn: Default Fears Flop
By Ray C. Parrish
Phil Flynn: Default Fears Flop. The weekend just seems longer when you have a long position. Oil traders just couldn't face the weekend as fears about the European banking system caused a late day Friday sell off. Oil Prices dropped a ...
Crude Oil Trader
Eurozone Struggles with Greece Amid Default Fears
LUXEMBOURG (AP) — Top financial officials from eurozone countries were grappling with Greece's worsening debt crisis on Monday after Athens' admission that its deficit will be higher than promised sent markets tumbling.
The National Herald top stories
Bank stocks drop on fears of European contagion (Reuters) | Wall ...
By David Zax
Analysts and investors said the sharp sell-off in financial stocks in recent weeks has been reminiscent of the financial crisis. Bank of America and Citi hit intraday lows not seen since the market bottomed in March 2009, while Morgan Stanley ...
Wall Street Financial News
Greece insists it will not default on debt | Business | The Guardian
Greece's finance minister, Evangelos Venizelos, says talk of a default on the country's debt are a distraction. Photograph: Panagiotis Tzamaros/AFP/Getty ...
www.guardian.co.uk/.../greece-default-european-debt-crisis
US Stocks Log Worst Quarter Since Credit Crisis - CNBC
Stocks closed out the worst quarter in almost three years amid fears over the global recovery and finished near session lows for the day as investors were ...
www.cnbc.com/.../Stocks_Log_Worst_Quarter_Since_Credit_...
'Orderly' Greek default could be market positive - Market Extra ...
An 'orderly' default could potentially help reverse flight-to-safety flows, lifting stocks and commodities, but weakening the dollar and Treasury prices.
www.marketwatch.com/.../orderly-greek-default-could-be-mar...

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