Greek Prime Minister, George Papandreou announced that he would be holding a referendum on the bail-out package - a surprise to his own party, his people, and to all of Europe. Rumours and questions as to why Papandreou made the surprise move are rife, but the minister is keeping his counsel for now. With concern that the referendum would be unlikely to take place before January, creating months of uncertainty for the markets, the mood in Athens is one of cynicism and despair. Al Jazeera's Barnaby Phillips reports from Athens.
| Default fears return CNN The bankruptcy of MF Global (MF), largely due to exposure to bad sovereign debt in Europe, has investors wondering who else could get hurt by the PIIGS of Portugal, Italy, Ireland, Greece and Spain. The euro, which had recently regained some strength ... | ||
| Wash. fears broad impact of possible arena default The Seattle Times Washington finance leaders are scrambling to establish a $42 million bailout package to help a Wenatchee-area agency avoid default on the city's arena, fearing that a failure to pay the dues could have a radiating impact on the rest of the state. ... | ||
| Cashin: CDS Market Is Broken Thermometer Wall Street Journal (blog) By Mark Gongloff AP If there's one thing a financial crisis is good for, it's giving lessons in unintended consequences. Take last week's Plan to Have a Plan to Save the World, which (theoretically, anyway) managed to haircut Greek debt by 50% without ... | ||
| Sony Default Swaps Reach 4-Month High to Samsung: Japan Credit BusinessWeek The difference for five-year credit-default swaps widened to 22.5 basis points on Oct. 25, the most since June 27, according to CMA prices. While contracts for Sony, the maker of Walkman music players and Vaio personal computers, declined 25 basis ... | ||
| Oil Declines a Third Day as Greek Referendum Raises Default Risk BusinessWeek Papandreou's referendum risks pushing Greece into default if voters reject the plan. An opinion poll published Oct. 29 showed most Greeks believe the accord on a new bailout package and a debt writedown is negative. A rejection of the aid plan “would ... | ||
| Corzine Key Man Bonds Default Before Coupon: Corporate Finance San Francisco Chronicle MF Global is the first company in more than three years to default on its bonds while rated investment grade by Standard & Poor's. The last was Washington Mutual Bank in September 2008. The broker also joined the thin ranks of companies to default on ... | ||
| Heating Oil Slips on Greek Debt Default Concern, Surging Dollar Bloomberg By Barbara Powell - Tue Nov 01 19:57:26 GMT 2011 Heating oil slipped as concern increased that Greece will default on its debt, sending the region into recession. Futures sank as Greek Prime Minister George Papandreou called for a referendum on a new ... | ||
| Compton financial crisis worsens, more cuts loom San Jose Mercury News Compton's financial crisis is worsening despite layoffs and service cuts, with the Los Angeles suburb even falling behind on paying for police, it was reported Tuesday. The city of 96000 people amassed $369000 in late fees over the past year because it ... | ||
| China to discuss financial crisis with Russia, Central Asian nations Washington Post BEIJING — Premier Wen Jiabao will discuss the global economic crisis and his vision for the Shanghai Cooperation Organization when he meets next week with his counterparts from the regional grouping, seen by Beijing as a vehicle for extending Chinese ... | ||
| Levkovich Says U.S. Banks Falling on `Contagion Effect' Washington Post Nov. 1 (Bloomberg) -- Tobias Levkovich, chief US equity strategist for Citigroup Inc., talks about the impact of the European debt crisis on US financial markets and stocks. He speaks with Deirdre Bolton on Bloomberg Television's "Money Moves. ... | ||
| Rand Slumps Most in 5 Weeks as Greece Rekindles Default Concerns BusinessWeek Greek Prime Minister George Papandreou's decision to put economic reforms tied to the EU bailout to a referendum rekindled concern the nation may default on its sovereign debt. China's Purchasing Managers' Index fell in October to the lowest level ... | ||
| Fortress Favors Hu Over Sarkozy in Default Swaps: China Credit San Francisco Chronicle 2 (Bloomberg) -- French President Nicolas Sarkozy's decision to turn to China last week to help bolster European finances comes as traders of credit-default swaps step up bets that the Asian nation has less risky debt than his country. ... | ||
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| Heating Oil Slips on Greek Debt Default Concern, Surging Dollar BusinessWeek 1 (Bloomberg) -- Heating oil slipped as concern increased that Greece will default on its debt, sending the region into recession. Futures sank as Greek Prime Minister George Papandreou called for a referendum on a new bailout package, threatening the ... | ||
| City-funded union pension in default WPRI-TV 12 By Ted Nesi, WPRI.com Reporter By Tim White, Target 12 Investigator PROVIDENCE, RI (WPRI) - A union-administered pension plan funded by taxpayers is in default, forcing the federal government to step in and deal with it, a town official said Tuesday. ... | ||
| Gold Price Tumbles Through $1700 on Fears of Greek Default International Business Times Stock markets in Europe plunged on concerns over an imminent Greek default and what the potential consequences of a disorderly default might mean. S&P stock futures fell 37.00 to 1212.30 while crude oil fell 3.8% to $89.61 per barrel. ... | ||
| Strategic default risk growing for negative equity jumbo mortgages Housing Wire Borrowers in negative equity are more likely to walk away or default in order to receive a modification or some other loss mitigation service. Falling home prices from a still flooded foreclosure pipeline are simply pushing more of these borrowers ... | ||
| Global Depression, Sovereign Default and Hyperinflation Are Top “Extreme Risks ... Gold Seek The dollar and gold are seeing safe haven flows due to the risk of contagion developing from the Eurozone debt crisis. Greece's surprise decision to have a referendum on the latest Eurozone 'bailout' has sent markets into panic mode with equities ... | ||
| Ex-Greek Minister Manos Says Vote May Trigger Default, Euro Exit BusinessWeek 1 (Bloomberg) -- Greece's former Finance Minister Stefanos Manos said Prime Minister George Papandreou's decision to call for a referendum on its bailout may push the country to default on its debt and force it to exit the euro. ... | ||
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| Danish bank Danske Bank to lay off 2000 staff pressured by financial crisis ... Washington Post Danske Bank Chairman Peter Straarup said the bank's results “are under pressure because of the financial crisis, new regulation and high funding costs,” and that the cost cuts are needed to improve earnings. Copyright 2011 The Associated Press. ... | ||
| IMF: Azerbaijan's strategic currency reserves are sufficient to overcome ... Trend News Agency Azerbaijan's strategic currency reserves, which are in the possession of the Central Bank and the State Oil Fund of the country, are sufficient to overcome the global financial crisis consequences if they occur, the head of IMF mission in the country, ... | ||
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| 'Repeal' of Glass-Steagall Irrelevant to Financial Crisis | Tom Woods By Tom Woods Although we've heard a great deal about how “deregulation” caused the financial crisis, specific cases of repealed legislation that would have prevented it are few and far between. The one some progressives seem to have settled on is the ... Tom Woods | ||
| Global Depression, Sovereign Default and Hyperinflation Are Top ... Global Depression, Sovereign Default and Hyperinflation Are Top “Extreme Risks” Today :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website. The Market Oracle | ||
| City-funded union pension in default - WPRI.com By By Tim White, Target 12 Investigator PROVIDENCE, R.I. (WPRI) - A union-administered pension plan funded by taxpayers is in default, forcing the federal government to step in and deal with it, a town official said Tuesday. Lincoln Town Administrator Joe Almond told WPRI.com ... News | WPRI TV | ||
| Implications of the Greek referendum: Delay, not Default | Place du ... By fmpdea Contrarily to what Bloomberg seems to imply, it is not a referendum on whether the country should default: “European stock futures fell, indicating the Stoxx Europe 600 Index will extend its biggest drop in four weeks, as the announcement of a ... Place du Luxembourg | ||
| FTT not enough; abolish credit default swaps : Dangerous Intersection By Erich Vieth Therefore, in addition to reenacting the Glass-Steagall Act, Kuttner seeks to abolish credit defaultswaps: The financial transaction tax has become a useful symbol of the need to rein in the banks. Its enactment would mark an important turning ... Dangerous Intersection | ||
| Credit-Default Swap Risk Bomb Is Wired to Explode « SGTreport.com By SJB Credit-Default Swap Risk Bomb Is Wired to Explode. by Mark Buchanan, Bloomberg.com: The European sovereign debt crisis stands as the latest in a long line of similar crises. Argentina in 2001. Russia in 1998. Mexico in 1994. The list goes ... SGTreport.com | ||
| Greek Default Watch: Greece's Rhetorical Referendum By Nikos Tsafos Greece has defaulted, even though the default will be more orderly and might not be called a “default.” So when the PM says that the Greek people have to approve the haircut deal to help the country “stave off default,” his claim is Orwellianly ... Greek Default Watch | ||
| Greek Vote Boosts Risk of Disorderly Default : Fitch — Clearing and ... By RSS Feed Fitch Ratings said on Tuesday that Greek Prime Minister George Papandreou's decision to put the latest European Union bailout deal for the country to a public referendum has increased the risk of a forced and disorderly sovereign default, and even the risk of a Greek exit from the euro. Greek labor... “The announcement of a referendum late Monday underscores the urgency of establishing a credible firewall to prevent contagion from Greece destabilizing the euro zone,” it added. ... Clearing and Settlement — Clearing... | ||
| 'Repeal' of Glass-Steagall Irrelevant to Financial Crisis By Robert Wenzel 'Repeal' of Glass-Steagall Irrelevant to Financial Crisis. Tom Woods has a great piece out on why repeal of the Glass-Stegall Act had nothing to do with the recent financial crisis. Among Tom's key points: The “repeal” involved only one ... EconomicPolicyJournal.com | ||
| Risk Sharing and Financial Contagion in Asia: An Asset Price ... amplified by contagion and spillover effects, has recently gained ground, propelled not least by the global financial crisis. There is a growing discomfort that ... www.imf.org/external/pubs/ft/wp/2011/wp11242.pdf |
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