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

Wednesday, November 23, 2011

UK at greatest risk of financial crisis since Lehman Brothers collapse

UK at greatest risk of financial crisis since Lehman Brothers collapse
Telegraph.co.uk
Britain is more at risk of a major financial crisis than it was in the months before the collapse of Lehman Brothers, the country's banks, insurers and hedge funds believe. Lehman was once America's fourth-biggest investment bank with $639bn of assets. ...
IMF seeks to reduce contagion risk
FXstreet.com
The European debt crisis and contagion fears pushed the IMF to adopt more measures. According to Megan Greene, economist from Economistmeg.com with the new facilities, Italy would get around €90B and Spain €45B. Greene pointed out that the amount is ...
EU countries' bond yields soar on fears of debt crisis contagion
FXstreet.com
It seems that the debt contagion has also spread to Belgium where the yield on 10-year government bonds hit 5% on Tuesday. Kathy Lien, Director of Currency Research for GFT points to the adverse effect of the EU countries' risk premiums increases on ...
The Financial Crisis and an Interimly Limited Nationalism
The Market Oracle
Mark Blair writes: Again, readers, I'm writing about a Big Picture Issue; but again, there is immediate sub-issue relevance. Again, I beg your pardon for my ignorance of your field. There's an old Arab proverb that goes: 'My brother and me against my ...
De Mello Says Asia Facing `Contagion Risk' From Europe
Washington Post
Nov. 22 (Bloomberg) -- Rajeev De Mello, head of Asian fixed income in Singapore at Schroder Investment, talks about the implications of Europe's sovereign debt crisis on Asia's economies and financial markets. De Mello also discusses the failure of a ...
NE states default on spending
Times of India
GUWAHATI: The seven north-eastern states and Sikkim, which get grants-in-aid from the Centre under non-lapsable central pool of resources (NLCPR) scheme, have failed to submit utilization certificates (UC) worth crore of rupees. ...
DJ Australia's RBA: Credit Facility Designed To Limit Contagion
Middle East North Africa Financial Network
SYDNEY, Nov 22, 2011 (Dow Jones Commodities News Select via Comtex) -- A credit facility designed by Australia's central bank and prudential regulator to meet new global banking rules was designed in part to limit the risk of contagion within the ...
How Italy's Democracy Leads to Financial Crisis
Foreign Affairs
The replacement of former Italian Prime Minister Silvio Berlusconi with Mario Monti, a former European commissioner, last week marks a new stage in the European financial crisis. Along with bond values, the crisis now seems to be wiping out ...
Peru Dollar Bond Yields Rise on US Deficit, European Contagion
BusinessWeek
“Increased contagion in Europe is the most significant issue, but the uncertainty surrounding the US spending cuts is an additional factor curbing demand for risk,” said Estefany Castillo, an analyst at Scotiabank Peru in Lima. ...
US Credit Default Fears? Think Health Instead
CNBC.com (blog)
We're not addressing that problem effectively as a nation." Many say that our current financial crisis problems are the result ignoring looming dangers years ago. Are we repeating the error with life and death? Watch the full discussion in the video.
US budget impasse, European debt contagion spark sell-off on world stock markets
World Socialist Web Site
... the drive by the banks, hedge funds and international speculators to force through the destruction of all of the social gains of the working class over the past century and impose the full burden of the financial crisis on the working population. ...
Bankers take hit from financial crisis - no longer the best-paid profession
RT
Bankers might have been blamed for all the world's woes in the past four years. But at least they were well-paid for their troubles, right? Well, not any more, or at least, not as well paid. Latest government data shows that for the first time in years ...
Financial crisis 'no excuse to hurt world's poor'
New Europe
EU-ACP Parliamentary Assembly Co-President Louis Michel said that Europe's financial crisis should not be used as an excuse to cut development aid at the opening ceremony in Lomé, Togo. "We have to make sure that developing countries are not made ...
Report: Asia Growth to Slow, but Largely Cushioned From Global Financial Crisis
Voice of America (blog)
The World Bank says economic growth is still strong in East Asia, but will continue to be affected by weakening external demand. In a bi-annual report released Tuesday, the World Bank says growth in East Asia's developing economies will slow to 7.8 ...
The Greece basis trade: What could go wrong?
Reuters Blogs (blog)
Why did Gretchen Morgenson write that column on Sunday about Greek credit default swaps? The answer is that the irresistible lure of writing about CDS lured her into the very murky waters of the Greek basis trade — the trade where you own Greek bonds ...
In Pictures: Banks vs. Credit Unions in the Financial Crisis
Motley Fool
Credit union skeptics are quick to point out the fact that credit unions hardly went unscathed during the 2008 financial crisis, yet CU advocates argue that their institutions fared better than commercial banks. Are their claims backed up by the ...
Greece Just 20 Days Away from Default (NYSEARCA:EWG ...
By info@wallstcheatsheet.com (Damien Hoffman)
If Greece's political parties do not submit their written commitment to austerity measures to euro-zone finance ministers by November 29, the country won't receive a critical aid payment and will run out of money in about 20 days.
Wall St. Cheat Sheet
Contagion
By directorblue
Contagion. Today's 10-year yields for the sovereign debt of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) confirm that Europe's debt crisis has spiraled out of control. The can-kicking appears to have come to an end: The time has come to confront an ugly truth: The possibility that the Eurozone will break up, or rather fall ... Conversely non-Eurozone Eastern Europe would do well in an orderly breakup and survive hyperinflation, but it would be battered by a tight-money default. ...
Doug Ross @ Journal
Thomas Cook shares slump after default warning | Firstpost
Beleaguered tour operator Thomas Cook Group plc said it had instigated fresh talks with its banks after a further deterioration in its trading performance and cash position left it in danger of defaulting on the terms of its borrowing.
Firstpost
Climateer Investing: Contagion: "Hungary turns to IMF as stress ...
By climateer
The Swedes have a $75 Billion exposure to the Baltic economies that could make Iceland look like a warm-up act, especially if the contagion heads south and the eastern Europe exposure of Austria starts getting spanked. I keep an eye on things (so you don't have to). ... Before the financial crisis, foreign banks had demonstrated their willingness and ability to support their subsidiaries, according to Fitch associate director Michele Napolitano. But those days are now long gone. ...
Climateer Investing
MF Global default hurting U.S. ag industry | PeterLBrandt
By PeterLBrandt
CHICAGO/WASHINGTON (Reuters) – When the CME Group pledged $300 million of its own money to help former MF Global customers get their cash back faster, the exchange was likely thinking of customers like Kansas cattle rancher Tim ...
PeterLBrandt
U.S. Bank Default Swaps Increase on Italian Contagion Concern ...
Credit-default swaps on the biggest U.S. banks climbed as yields for Italy, the ... to euro era records and stoked concern that Europe's fiscal crisis is accelerating.
www.businessweek.com/.../u-s-bank-default-swaps-increase-o...
Eurozone crisis: New Italian government announced - Wednesday ...
The word of the day is "contagion" - with the debt crisis spreading from the ... about to elect a government with a clear mandate to address the financial crisis). ..... He's worried about all the credit default swaps sitting on the books of the US .... ways to benefit out of the situation, even if it means bungs for PIIGS now and again ...
www.guardian.co.uk/.../eurozone-crisis-contagion-mario-mont...


Detroit Financial Crisis Solutions Discussed By City Council
Huffington Post
Council will meet again Wednesday morning to hammer out a final proposal to bring to the mayor. For more on the City Council's response to the financial crisis, read our liveblog of the Wednesday meeting's events below and check back for updates.
Thomas Cook shares crash after default warning
Reuters
L) asked lenders to come to its rescue for the second time in five weeks, sending shares in one of the world's oldest travel operators into freefall as it warned of a possible default. Analysts said the move threw into question the future of the ...
Greece Could Default In 20 Days If No Loan - Sources
Wall Street Journal
"Without the loan tranche we will default on the EUR2.8 billion bond payments in December and we won't be able to pay out salaries and pensions. The situation is very serious and this issue has to be settled this week." An EU diplomat said Greek Prime ...
Westpac warns of contagion as fallout from Europe threatens
The Australian
Source: AP EUROPE'S rolling debt crisis is increasing the nation's economic vulnerability, says Westpac chief executive Gail Kelly amid increasing signs that the waves of contagion are starting to hit Australia. Speaking to The Australian as news broke ...
Lest We Forget: Why We Had A Financial Crisis
Forbes
Shortly after, their default and foreclosure rates increased markedly. Compensation schemes encouraged gambling: Wall Street's compensation system was—and still is—based on short-term performance, all upside and no downside. This creates incentives ...
Moody's: 3Q Student Loan Default Index Reaches 4.8%
Wall Street Journal
The default rate is still below the record 7.6% peak in the third quarter of 2009 but remains more than double the average rate seen before the recession, a condition Moody's expects will last through 2012. As with securities tied to home mortgages, ...

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