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

Saturday, November 12, 2011

Greece turns to Iranian oil as default fears deter all others

Exclusive: Greece turns to Iranian oil as default fears deter
Reuters
By Dmitry Zhdannikov and Ikuko Kurahone LONDON (Reuters) - Greece is relying on Iran for most of its oil as traders pull the plug on supplies and banks refuse to provide financing for fear that Athens will default on its debt. ...
Fears Euro Contagion Could Spread To France
Sky News
Earlier in the week its borrowing costs reached record highs prompting concerns that it could default on the debt. European stock markets received a boost as Italian policymakers approved the financial reforms, and the country's borrowing costs ...
Hungary's Outlook Cut to Negative by Fitch on Contagion
BusinessWeek
The cost of ensuring against a non-payment on Hungary's 5- year bonds with credit-default swaps fell to 567 basis points from 570 at yesterday's close, which was within 3 basis points of the 2 1/2-year high reached on Oct. 4, according to CMA data. ...
A Big Market, but Not Necessarily Dangerous
New York Times
By FLOYD NORRIS AS worries grew about sovereign credit in Europe this fall, the volume of trading in credit-default swaps on Italy, Spain and France soared. But there appears to have been little actual purchasing of insurance in all that activity. ...
Caging Raging Contagion
Wall Street Journal (blog)
By JASON ZWEIG This week, as the Italian government and Italian bonds collapsed over fears the country can't control its debt, everything else fell, too. Of the 45 national stock markets in the MSCI All Country World Index, 38 went down on Wednesday, ...
Contagion on the continent makes US stocks the bid: Analysts
InvestmentNews
By Jeff Benjamin As the European Union scrambles to manage its spreading credit crisis, certain segments of the US equity markets could start to stand out, according to money managers and market watchers. “The investment opportunity now is clearly ...
Fed's Yellen Says Forceful Action Is Needed to Curb Europe's Fiscal Crisis
Bloomberg
By Scott Lanman and Joshua Zumbrun - Fri Nov 11 21:17:32 GMT 2011 Federal Reserve Vice Chairman Janet Yellen said recent financial market turmoil underscores the need for “forceful action” by European leaders to curb the continent's debt crisis. ...
Markets rise but contagion fears spread to Spain
Telegraph.co.uk
Political progress in Italy and Greece pushed stock markets higher but economists warned of stormy weeks ahead as attention turned to Spain amid fears it could be the next economy to come under the spotlight. Protesters hold signs reading "Neither ...
Government, Corporate Credit-Default Swaps Decline in Europe
BusinessWeek
11 (Bloomberg) -- The cost of insuring against default on European government and corporate debt fell, according to traders of credit-default swaps. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments fell eight basis points to 336 ...
Onitolo Says Run on Greek Banks May Trigger Default
Washington Post
11 (Bloomberg) -- Ade Onitolo, director of political risk forecasting at Exclusive Analysis, discusses the chances of a sovereign default within the euro zone and the consequences of a break-up of the single currency. He talks with Francine Lacqua on ...
Don't worry over largest ever muni bond default
CBS News
Jefferson County Commission president David Carrington signs the Chapter 9 bankruptcy papers in his office on Nov. 9, 2011, at the Jefferson County Courthouse in Birmingham, Ala. (AP Photo/The Birmingham News, Joe Songer) Alabama's most populous county ...
What I Learned About Europe'S Credit Crisis In Germany
istockAnalyst.com (press release)
Europe is at the heart of the current credit crisis. Developments in Italy, Greece, and the rest of thePIIGS countries are driving the action in virtually every market around the world — from stocks to bonds to currencies. So the four-day trip I just ...
Business Daily - Default and discord
BBC News
He says the unthinkable is now thinkable, and there is a risk that Italy might default on its government debt. Plus the Director General of the World Trade Organisation, Pascal Lamy explains why Russia is qualified to join the WTO.
Informative Contagion
ThinkProgress
By Matthew Yglesias on Nov 11, 2011 at 1:25 pm Kash Mansouri writes about the Italian debt crisis as a pure case of contagion—insolvency in Greece made people start to worry about Italy, which is creating a self-fulfilling downward spiral. ...
Cemex's 800 Basis-Point Drop Signals No Default: Mexico Credit
San Francisco Chronicle
11 (Bloomberg) -- Cemex SAB is posting the biggest rally in the Mexican bond market as investors from Stone Harbor Investment Partners LLC to Union Bancaire Privee bet the cement maker will reach an agreement with banks to avoid a default. ...
Spanish conservatives head for power by default
The Guardian
None of this is likely to change the predicted outcome of a big win for the conservatives, although to call it a landslide suggests that something dramatic is going on, whereas the People's party is going to win mainly by default. ...
BlackRock: Remember, Muni Bond Default Is Rare
Barron's (blog)
By Dimitra DeFotis Despite the big bankruptcy declaration in Jefferson County, Ala. this week, the municipal marketplace remains a vast universe in which government-obligation bond default is still very rare, say BlackRock's top municipal bond analysts ...
P&C Investment Income Woes Predate Financial Crisis
Insurance Networking News
The investment income woes of property/casualty insurers did not begin with the 2008 financial crisis, new analysis from Fitch Ratings reveals. Noting that the market values of fixed incomes and equities recovered quickly in the wake of the crisis, ...
Occupy Wall Street: Contagion Edition
CNBC.com
The chorus began quietly at a recent strategy session inside Zuccotti Park, with a single cough from a security team member, a muffled hack between puffs on his cigarette. Then a colleague followed. Then another. Soon the discussion had devolved into a ...
CME struggles with MF Global default
Asset Servicing Times
CME has announced that the validation of collateral balances in some 15000 accounts is taking longer than originally anticipated as the CFTC confirms an investigation has been opened. After an auspicious beginning and coordination effort, ...
Insurer loan surges, boosting default rate
The Korea Herald
The default rate on loans extended to corporations rose from 1.77 percent in end-June to 2.19 percent in end-September. Small and medium-sized companies struggled most, with their default rate rising from 2.59 percent to 3.25 percent, ...
Fears of Euro Contagion Might Lead to Grind Up
EconoMonitor (blog)
Fears of a Euro contagion could spell the end for Michael Gayed's Melt Up. Replacing that may be a period best described as a “Grind up.” And I mean the term “Grind up” in both of its connotations. We can, after a brief period of consolidation, ...
HIV Gaining Ground in Greece Amid Financial Crisis
ThirdAge
Though Greece had not detected a single case mother-to-child AIDS transmission, according to the Hellenic Center for Diseases Control and Prevention, a mother and daughter both recently tested positive for HIV, Reuters reports. ...
In Focus: RDR is FSA attempt at 'managed default'
FT Adviser
He likens the move to “a disorderly failure in Cyprus as opposed to a managed default”, saying “you could look at the RDR as a managed default.” Mr Phillips believes the Financial Services Authority was trying to “nudge the industry” in a direction ...
Corning Incorporated 5-year Credit Default Swap rises above Moving Average ...
Laser Focus world
Corning Incorporated 5-year Credit Default Swap (GLW.US) has risen above its trend. The 200-day moving average spread (MAS) was 82.1 basis points. The spread to 200-day MAS ratio is 1.39, a bearish indicator. In the past 200 days this ratio has ...
Dissecting the (ugly) Italian Job
MarketWatch
A disorderly default would trigger huge write-downs for banks, and payouts of all the credit defaultswaps they have written -- and the risk of contagion as all of their investors in the United States and Asia are likewise shot first and asked ...
Euro zone debt contagion fears weigh on indices
istockAnalyst.com (press release)
(Source: Irish Times)Eurostoxx 50: 2254.92 (+5.53) Frankfurt DAX: 5867.81 (+38.27) Paris CAC: 3064.84 (-10.32): EUROPEAN STOCKS dropped yesterday, erasing earlier gains, as a surge in French borrowing costs added to concern the region's debt crisis is ...
The Euro Is Doomed: How the Collapse of Italy and Greece Will Destroy the Currency
Slate Magazine
For the last decade, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) were the eurozone's consumers of first and last resort, spending more than their income and running ever-larger current-account deficits. Meanwhile, the eurozone core (Germany ...
Private Wall Street Companies Caused The Financial Crisis – Not ...
By 4closureFraud
As investigative reporters and Congress' Financial Crisis Inquiry Commission have all shown, it was deregulation mixed with irresponsible and potentially illegal practices by private firms on Wall Street that caused both the bubble and the ...
Foreclosure Fraud - Fighting...
Ragin' Contagion | Jared Bernstein | On the Economy
By Jared Bernstein
Ragin' Contagion. Nov 11, 2011. I'm as worried about Europe as the next guy, but I do find it useful to consider the extent to which our banks are exposed to diseased sovereign debt. Back in September I posted this figure, showing how US ...
Jared Bernstein | On the Economy
News Links: Italy's yields lower but contagion is spreading | Credit ...
By Edward Harrison
Europe needs a proper fiscal center - much as the United States needed in 1787 and got under Alexander Hamilton's policies from 1789. Hamilton remains a controversial figure in US history but when he took over the US was in default and ...
Credit Writedowns
New Dangers Of Credit Default Swaps: CDS Not Working For ...
By MoneyShow.com
Credit default swaps are not working for Greece the way they were intended, and if markets lose faith in these instruments, it could turn into a long-term crisis.
Minyanville.com - All Articles
Rob Arnott - Defaults & Disorderly Contagion Around the World ...
one thing that has the euro banks panicked. If Greece leave the euro, they owe the money back in drachmas, means they can define how much its worth....
GoldSilver.com
Greece turns to Iranian oil as default fears deter trade | Defence ...
By admin
Greece is relying on Iran for most of its oil as traders pull the plug on supplies and banks refuse to provide financing for fear that Athens will default on its debt. Traders said Greece has turned to Iran as the supplier of last resort despite rising ...
Defence news from Greece and Cyprus
What I Learned about Europe's Credit Crisis in Germany — Money ...
By Mike Larson
Europe is at the heart of the current credit crisis. Developments in Italy, Greece, and the rest of thePIIGS countries are driving the action in virtually every market around the world — from stocks to bonds to currencies. So the four-day trip I just ...
Money and Markets
The Financial Crisis Ahead | Lee Markowitz & Daniel Aaronson ...
By Lee Markowitz & Daniel Aaronson
The financial crisis that began in 2007 has moved from the private sector to the public sector. In 2007, investors ignored the warnings from the subprime bond market - today investors are ignoring the warnings from the sovereign bond market.
Recent Commentaries | Safehaven.com

johnmpoole.com: The euro, it turns out, was not a good idea: ". . . as a plot by Italian technocrats to get themselves German central bankers. This was not, it turns out, a good idea."

The AM Roundup: Facebook Settlement, MF Global's Books, More
Wall Street Journal (blog)
“A disaster”: That's how Scott O'Malia, a commissioner at the Commodity Futures Trading Commission, described the condition of MF Global Holdings' books. The records are stymieing regulators in their hunt for about $600 million in customer money that ...

Analysis: European banks' crash diet redraws lending landscape
Reuters
By Steve Slater LONDON (Reuters) - Europe's banks could ditch up to 3 trillion euros of loans to raise capital ratios and meet new rules, blasting a hole in the financial landscape that rivals as diverse as Japanese banks, Islamic financiers and ...

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