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

Tuesday, November 8, 2011

Berlusconi in Last-Ditch Effort To Save Coalition

Berlusconi in Last-Ditch Effort To Save Coalition - WSJ.com: "Prime Minister Silvio Berlusconi was in 11th-hour talks aimed at saving his conservative government ahead of a key parliamentary vote on Tuesday, as investors renewed pressure on the premier to step down and allow a new government to steer the country out of Europe's debt crisis"

johnmpoole.com: Italy: end game time: "Unbelievably, we are quickly moving into end game time for Italy—"
johnmpoole.com: Denial is a river . . . in Europe: "What makes you think that to become the lender of last resort for governments is actually the thing that you need to keep the eurozone together?"

How PIIGS Defaults Could Affect The Markets
San Francisco Chronicle
European governments have certainly taken note of this, since they know that in order to preserve the euro they will have to prop up PIIGS governments or allow them to go through default in a semi-orderly manner. ) Then there are European banks. ...
Greek default inside the euro is the only real option
Financial Times
Contagion commences. Portuguese citizens worry that it might happen there. Portuguese depositors begin to withdraw euros for fear they will soon be escudos. Companies in Portugal transfer funds abroad as a precaution. Banks close. ...
Venezuela denies default risk, defends bond policy
Reuters
By Marianna Parraga CARACAS, Nov 7 (Reuters) - OPEC member Venezuela sees no risk of debtdefault due to the stability of oil prices, an economic official said on Monday, amid some market fears the country faces a looming problem with maturing debt. ...
Sovereign, Corporate Credit-Default Swap Indexes Increase in Europe
Bloomberg
Credit-default swaps on Italy climbed 13 basis points to 506 at 1 pm in London, approaching the record 534 set Sept. 22, according to CMA. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments rose five basis points to 328. ...
Moody's: Global Junk Default Rate Ticks Higher To 1.9% In Oct
Wall Street Journal
The global default rate among junk-rated entities increased in October, according to a monthly report from Moody's Investors Service. For its October reading, Moody's global speculative-default rate came in at 1.9%, up slightly from 1.8% in September. ...
Citigroup CEO on Financial Crisis, Citi Holdings
Bloomberg
7 (Bloomberg) -- Vikram Pandit, chief executive officer of Citigroup Inc., talks about the financial crisis and the outlook for the bank and its Citi Holdings division, which contains assets marked for sale. He speaks with Charlie Rose at the ...
Financial crisis: Punishment Europe
The Guardian
The upshot of Germany's hard bargaining, however, is that the interest on Italian debt is surging towards rates that invite default, while the EU's proud claims to solidarity are undermined. It has become commonplace to say the single European currency ...
HK Dollar Slips As Contagion Fears Resurface, Stocks Decline
Wall Street Journal
HONG KONG (Dow Jones)--The Hong Kong dollar fell against the US dollar in light volume Monday, tracking the greenback's strength offshore as fears resurfaced that Greece's debt crisis might spill over to other euro-zone countries, starting with Italy. ...
Seat PG heading for default on 2014 bond
Reuters
MILAN, Nov 7 (Reuters) - Debt-choked Italian directory company Seat Pagine Gialle will be in default on a 2014 bond by the end of Monday based on its decision last month to delay a coupon payment as it struggles to reach a debt restructuring deal. ...
Loss of Confidence in CDS Means Trouble: Economist
CNBC.com
The agreement on the size of the haircut on Greek debt banks will take could have serious consequences for all the so-called PIIGS according to Carl Weinberg, the chief economist at High Frequency Economics. The problem for Weinberg is the ...
SCOREBOARD: Contagion effect
Business Spectator (blog)
It's pointless, they should default, blah blah. The same stuff we heard about Greece. As to Greece, it is effectively irrelevant now and there is no point giving them more money – especially as the populace doesn't even seem to want to be bailed out. ...
Is Your Mortgage Making You Sick?
Fox Business
According to the study, more than one quarter of the people in mortgage default or foreclosure are over the age of 50. Is this age bracket more prone to experiencing a mortgage default or foreclosure? That information is actually based on a report from ...
Wenzhou credit crisis eases up
China Daily
By Yu Ran (China Daily) SHANGHAI - Wenzhou's credit crisis is under control and some of its closed enterprises have recovered operation. The city government promised to introduce more measures to improve the financial situation in Wenzhou a month after ...
We Still Need Full Disclosure of Credit Default Swaps: The Ticker
Bloomberg
The point is that a financial institution is at risk not only from contracts it has entered into, but also from contracts that its many counterparties have entered into (this is the whole idea of systemic risk linked to the possibility of contagion). ...
Credit crisis main players in spotlight at new parliamentary inquiry
DutchNews.nl
A parliamentary inquiry into the effect of the billions of euros spent to combat the 2008 credit crisis will begin hearing witnesses under oath on Monday. The committee, under the leadership of Socialist Party MP Jan de Wit, will hear over 40 witnesses ...
Bank Of America's Debt Exchange And PIIGS CDS Exposure
Seeking Alpha
I said it before and it bears repeating, Brian Moynihan could get up out of his chair in Charlotte, WALK up the Atlantic ocean to NYC and the newspapers would write, “Brian Moynihan can't swim..”. Either that or they would say “Moynihan's afraid to ...
Clearing houses tackle MF Global default
Asset Servicing Times
In the wake of MF Global's default, clearing houses are attempting to coordinate a response. Some 16 exchanges and clearing houses from around the globe have chimed in to announce that open trades and positions of the firm's UK arm have been liquidated ...
Inquiry into 2008 financial crisis begins
Radio Netherlands
The first part, looking into the causes of the credit crisis, was completed last year. The likelihood of the investigation leading to any resignations by members of the current Dutch government is believed to be insignificant. ...
Debt Credit Crisis, Something Is About To Break
The Market Oracle
At the height of the 2008 financial crisis the total balance held at the Fed reached $107.8 billion. In non credit language, simply said in just one week $43.2 billion in capital that was used for bank to bank lending is gone. ...
Understanding the Real Implications of a Greek Default
Daily Reckoning - American Edition
Most of the Greeks on the street are hip to this reality, which is why they would prefer a default over austerity. Clearly, Papandreou is on the same page, which is why he asked for a national referendum on the bailouts. He knew the people wanted to ...
Australian sharemarket slips as Computershare soars 15.6pc
The Australian
THE sharemarket closed slightly lower as finance and energy stocks fell and investors kept watch while Greece worked to avoid a debt default. At the close of trade today, the benchmark S&P/ASX 200 index was down 7.7 points, or 0.18 per cent, at 4273.4, ...
Ireland's Noonan: ECB Must Stand Ready To Provide Immediate Firewall To Stop ...
Wall Street Journal
BRUSSELS (Dow Jones)--Irish Finance Minister Michael Noonan Monday called for the European Central Bank to stand ready to provide an immediate firewall to stop contagion from the euro- zone debt crisis spreading to other countries. ...
When French bankers gorge on roasting PIIGS - OR - Can You Fool ...
By Reggie Middleton
its total exposure. Contagion is the name of the game in Europe, and that's why BNP Paribas has been trying to cut its exposure and beef up its core tier 1 capital ratio. BNP lowered its exposure to bailed out peripherals (Greece, Ireland, and. Portgual) by 37.9% through the third quarter to € 3.3 billion. Still, BNP holds those € 3.3 billion in debt from ... A default by Greece would spark a domino effect, as BNP Paribas would have to go from writing down 60% of their peripheral exposure ...
Dutch inquiry into financial crisis | Radio Netherlands Worldwide
By John Tyler
The first part, looking into the causes of the credit crisis, was completed last year. The committee was roundly criticised then for not being forceful enough, partly due to the lack of economic expertise among the committee members, and partly ...
What Caused the Financial Crisis?
By James Joyner
Barry Ritholtz lists a dozen causes of the financial crisis. ... national lenders sold increasingly risky loan products in those states. Shortly after, their default and foreclosure rates skyrocketed. [odd admixture of bullets and numbering in original] ...
Outside the Beltway
Risk Of European Contagion Exaggerated? | Stock Market Newsletters
By admin
You probably remember seeing more than a few articles about Europe`s PIIGS over the past couple of years. Until recently, it looked like Europe was having success in containing the crisis. Two of thePIIGS, Portugal and Ireland, received ...
Stock Market Newsletters
HK Dollar Slips As Contagion Fears Resurface, Stocks Decline ...
HK Dollar Slips As Contagion Fears Resurface, Stocks Decline. Share. From: China insights - Chinese Stock Market Information. 9:06am - November 7, 2011. Latest Change USD/HKD Spot 7.7719 +0.0050 1-year USD/HKD Forward* -210 ...
eWallstreeter
XE.com - Seat PG heading for default on 2014 bond
Debt-choked Italian directory company Seat Pagine Gialle will be in default on a 2014 bond by the end of Monday based on its decision last month to delay a coupon payment as it struggles to reach a debt restructuring deal.
XE Forex News
Crystal Ball Gazing: Corporate Default Concerns Rise
By David Griffiths
We previously reported your predictions on U.S. default rates as the 2014 refinancing wall approaches, and promised to keep our ears to the ground to report any changes in market temperature. A Weil blogger always keeps his promises. ...
Weil Bankruptcy Blog

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