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

Saturday, November 26, 2011

EU's Rehn says strong firewalls needed to stop contagion

EU's Rehn says strong firewalls needed to stop contagion
Reuters
"This contagion effect has been touching the proximity of the core and even touching the core itself," he told a news conference after meeting Italian Prime Minister Mario Monti. "It shows that this is an increasingly systemic phenomenon, ...

Hungary's Credit Default Risk Jumps to Record as Forint Sinks on Junk Cut
Bloomberg
By Andras Gergely - Fri Nov 25 17:20:28 GMT 2011 The cost of insuring Hungarian debt againstdefault climbed to a record, bond yields rose to a two- year high and the forint tumbled after Moody's Investors Service cut the country's rating to junk. ...
Canada Fin Min Urges Aggressive Action To Prevent Contagion
Wall Street Journal
By Caroline Van Hasselt Of DOW JONES NEWSWIRES TORONTO (Dow Jones)--European leaders must take aggressive and swift decisive action to deal with euro-zone sovereign-debt crisis to stem a broader global contagion, Canadian Finance Minister Jim Flaherty ...
Fear of new financial crisis grows as European contagion spreads
The Australian
The fear is that any sovereign default could create a domino effect across Europe with the vulnerable economies forcing banks to write off trillions of dollars of nation-state bonds, worth a fraction of their face value thanks to a systemic failure of ...
Hungary Default Risk Jumps to Record as Forint Sinks on Junk Cut
BusinessWeek
25 (Bloomberg) -- The cost of insuring Hungarian debt against default climbed to a record, bond yields rose to a two- year high and the forint tumbled after Moody's Investors Service cut the country's rating to junk. The credit-default swaps used to ...
S&P Cuts Eksportfinans, Investigates EMTN Default Trigger
BusinessWeek
25 (Bloomberg) -- Standard & Poor's Ratings Services slashed Eksportfinans ASA to the third-lowest investment grade and is considering further cuts as it investigates whether a winding down and withdrawal of government support constitutes a default ...
Financial crisis: a positive voice in the gloom
The Guardian (blog)
The last month has felt, financially speaking, like an episode from Dad's Army, with Private Frazer marching around saying "We're all doomed." So it's refreshing to speak to a fund manager who marches to a very different tune. ...
Battle lines drawn over euro's future as contagion spreads
Vancouver Sun
... that the contagion may have reached into Germany, whose stalwart export-led economy has until now provided the gold standard that offered an escape route for the debt-ridden economies of the PIIGS (Portugal, Ireland, Greece, Spain and now Italy). ...
Turkey Default Swaps Rise to Highest Since 2009 on Europe Crisis
BusinessWeek
25 (Bloomberg) -- The cost of protection against a Turkish default traded at the highest level since April 2009 on concern Europe's debt crisis is deepening. Five-year Turkish credit-default swaps jumped 15 basis points to 333 basis points, ...
Europe's Crisis Creating Global 'Contagion,' Flaherty Says
BusinessWeek
25 (Bloomberg) -- Canadian Finance Minister Jim Flaherty says Europe's debt crisis is creating “contagion” outside the region and policy makers must act while the situation can still be “stabilized.” “Again today, we are staring a crisis in the face,” ...
Darling warns over financial crisis
The Press Association
Former chancellor Alistair Darling has warned that no leader in Europe is taking control of the financial crisis. Mr Darling took a swipe at the way decisions are being made across the European Union (EU) as countries try to save the euro and national ...
Global Sovereign Credit Default Swap Prices
Seeking Alpha
Below we highlight the current 5-year CDS (credit default swap) prices for the sovereign debt of 44 countries. The list is sorted by the least to most risky countries, and we also include the year-to-date change for each country. ...
S&P Cuts Eksportfinans, Investigates EMTN Default Trigger
Bloomberg
“We will investigate whether this action may have triggered an event of default as defined by the terms and conditions of Eksportfinans' EMTN program, and will then assess whether we consider this a default under our rating criteria. ...
Seat faces race against time to avoid default
Reuters
By Natalie Harrison LONDON, Nov 25 (IFR) - Directory firm Seat Pagine Gialle is urging stakeholders to agree on a consensual restructuring of the company's EUR2.7bn debt pile by Monday in order to avoid a potential default on the company's debt next ...
Occupy Brain-Dead College Kids
Investor's Business Daily
Among their brilliant ideas is a campaign to encourage pampered students to default on college loans. Yeah, that'll win over Middle America. The left-wing Huffington Post quoted New York University professor Andrew Ross as telling the Occupy crowd in ...
Financial crisis for tour operator Thomas Cook
Travel-News.co.uk
By Travel News · November 25, 2011 · British tour operator Thomas Cook is struggling for survival after the number of bookings had fallen and fears the company are having difficultly repaying bank loans of £1billion. ...
Contagion concerns picking up momentum
FXstreet.com
The current market tension were seen as a risk for Italy's debt sustainability - EU Commissioner Rehn commented that it appeared that contagion was spreading to the core nations with Italy among the vulnerable countries. Italy needed to cut its debt ...
EU Leaders Head To Washington As Contagion From EU Crisis Lurks
Wall Street Journal
BRUSSELS (Dow Jones)--European Union leaders head to Washington next week amid efforts in Brussels to push forward unprecedented economic reforms in the 17-nation euro area. President Barack Obama is expected to press European Council President Herman ...
Eurozone looks to International Monetary Fund as contagion spreads
The Guardian
Rehn admitted in Rome that contagion had now spread to the core of the zone. He was speaking after talks with Mario Monti, Italy's new technocratic prime minister, who has yet to convince markets he can deliver on his promises of structural reforms and ...
Emerging-Market Stocks Decline to Seven-Week Low on Europe, China Concerns
Bloomberg
By Ksenia Galouchko and Stephen Gunnion - Fri Nov 25 18:51:05 GMT 2011 Defaultswaps for European sovereign bonds also hit a record as European Union Economic and Monetary Affairs Commissioner Olli Rehn said it looks like contagion is spreading to core ...
Opposing view: Fannie, Freddie caused the financial crisis
USA Today
By Peter J. Wallison Efforts to blame the banks for the financial crisis are failing because they are not supported by data. The key fact is that, by 2008, before the crisis, half of the 54 million mortgages in the US financial system were subprime and ...
VCs discuss financial crisis with Hafeez
PakistanToday.com.pk
ISLAMABAD - Vice chancellors of 10 public sector universities met Federal Finance Minister Dr Abdul Hafeez Sheikh here on Friday to discuss payment of additional grant to the varsities. It is worth mentioning that the government announced 50 per cent ...
Foreign News: Eurobonds and Contagion to Poland and Slovenia
EconoMonitor (blog)
atAccording to Austrian newspaper Kurier, Slovenia is the next place to watch for serious contagion with interest rates having risen above 7% for two weeks straight due to a doubling of government debt since the credit crisis began. ...
Why Shorting Euros Is A Bad Way To Play The Credit Crisis
Business Insider
For a year, leading into the credit crisis, even as it became more and more obvious that markets & the economy were quickly converging on an acute credit-crisis & financial system failure, the dollar actually declined until forecast turned into reality ...
Pension Pulse: Canada Facing EZ Contagion?
By Leo Kolivakis
Flaherty is right to worry about Europe's debt crisis creating contagion as he saw the ravages that the 2008 credit crisis caused in the Canadian economy, especially in the auto sector. Publicly he is touting Canada's fiscal balance but privately ...
Pension Pulse
EU's Rehn: Looks like contagion has spread to core countries ...
One Response to “EU's Rehn: Looks like contagion has spread to core countries”. Swisstrader on November 25th, 2011 11:04 GMT …. I'm just waiting for the first German politician to say “Germany is not France” ;). Your name (required) ...
ForexLive
Monti Says Merkel, Sarkozy Agree Italy Default Would Lead to End ...
By wmw_admin
The Italian recovery is coming to a standstill and a contraction of 0.2 percent in the Italian economy has been predicted for the fourth quarter.
The Truthseeker
European debt crisis is creating 'contagion,' says Canadian Finance ...
European debt crisis is creating 'contagion,' says Canadian Finance Minister Flaherty - Bloomberg.
Breaking news
Pearl Harbor Caused the Financial Crisis of 2008 Altucher ...
By James Altucher
And then another flurry of articles (and that's what they are – a flurry - the first taste of snow in a new season of blame, anger,finger-pointing, she said-he said, we're broke, they're rich, world is over,contagion, storms that are hitting both coasts ...
Altucher Confidential
Are you concerned about the European financial crisis? | interest.co.nz
By Bernard Hickey
Are you concerned about the European financial crisis? Choices. Yes. Very. The potential for an implosion in Europe's banking system should scare anyone. Not to mention a European depression. Quite a bit. Europe is important but it's not ...
interest.co.nz
Climateer Investing: Contagion: "Interventions and bank queues in ...
By climateer
Contagion: "Interventions and bank queues in Eastern Europe". This is a couple days late but I wanted to have it on the blog as a personal bookmark. I keep thinking about something that one of America's best autodidactic historians said in ...
Climateer Investing
Economist: Without big reforms, Detroit will default in 4 months, file ...
It's a race against the clock in Detroit.The home to America's Big Three automakers has until spring to straighten out its budget problems or the city could face ...
articles.cnn.com/.../us_michigan-detroit-budget-problems_1_...

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