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

Monday, March 5, 2012

Greek default - voluntary debt deal looks set to fail

Greek default looms as voluntary debt deal looks set to fail - Telegraph: "European leaders are braced for the eurozone’s first ever sovereign default this week as Greece’s efforts to secure a €206bn (£172bn) “voluntary” bond swap looks increasingly unlikely.Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount. Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.While the markets have been ready for a Greek default for months, the move could leave Greece and its banks barred from funding from the European Central Bank (ECB). On Monday, Standard & Poor’s declared Greece to be in a state of “selective default” which led to the ECB announcing it would no longer accept Greek government bonds as security for new loans . . . "

EU's Van Rompuy warns over complacency in euro debt crisis
Reuters
| AMSTERDAM (Reuters) - European Council President Herman Van Rompuy warned against complacency in handling the euro zone debt crisis and stressed the need for meeting budget rules and reducing deficits. "The crisis is not yet fully over.

Eurozone crisis: solvency or liquidity?
Korea Times
By Patrick Artus The eurozone countries facing problems with their public finances, ie Spain, Italy, Portugal and Greece ― the case of Ireland is different since the Irish crisis is a banking crisis and not a fundamental economic crisis ― can be ...

Korea Times

IIF: Greek Loan, Debt Plan Key To Solving Euro-Zone Crisis
Wall Street Journal
The statement by the Institute for International Finance, a Washington-based lobby of the world's leading banks which negotiated the debt restructruing deal with the Greek government, comes three days after euro-zone finance ministers approved the new ...

Iceland's ex-PM prepares to face trial for his role in financial crisis
Washington Post
LONDON — Iceland's former prime minister faces trial Monday as the first world leader criminally charged over the 2008 financial crisis that left the world teetering on the edge of financial disarray. Geir Haarde became a symbol of the get-rich bubble ...

Eurozone crisis: exit exists?
The Voice of Russia
So, I totally understand the Greek people but not saying to the – you should go out but you should continue your fight because you are right, it's the wrong policy but it is going to be even worse if you are going out of the Eurozone.

The Voice of Russia

Euro crisis pushes Morocco to look for new markets
magharebia.com
By Siham Ali for Magharebia in Rabat – 04/03/12 [AFP/Abdelhak Senna] Minister for Moroccans Living Abroad (MRE) Abdellatif Maazouz says that the EU financial crisisbrings both dangers and opportunities for Morocco. Morocco just concluded a flurry of...

magharebia.com

Greece's financial crisis is no small potatoes
Philadelphia Inquirer
Greece's severe financial crisis, now entering its third year, has seen pensions and salaries repeatedly slashed and led to skyrocketing unemployment with more than one million jobless. Incomes have been further hit by steep tax increases imposed by a ...

Central Bank Expected to Hold Euro Zone Interest Rates
Jakarta Globe
No changes in euro zone interest rates are expected this week as the European Central Bank assesses the impact of recent moves to flood the banks with cash to avert a credit crunch, analysts say. At the same time, ECB chief Mario Draghi could be ...

The genie is out of the bottle: the eurozone without Greece by Mustafa Kutlay
Today's Zaman
Speeches given by competent German authorities have begun to provide revealing signs regarding the option of a “eurozone without Greece.” Speeches given by competent German authorities, particularly last week, have begun to provide revealing signs ...

Today's Zaman

Financial crisis may force closing of schools, job cuts in Webster Parish
The Republic
AP MINDEN, La. — The deficit for the Webster Parish school system has deepened by $1 million, and staff cuts and school closings may have to be ordered. The Minden Press-Herald reports (http://bit.ly/zgZiOt ) that Superintendent Steve Dozier told the ...

Is faulty economics at the root of the global financial crisis?
Left Eye On Books
Keen is a Professor of Economics and Finance at the University of Western Sydney, and credited with predicting the 2008 financial crisis in December 2005. He argues that many economists failed to forecast the coming crash not only because of their ...

Left Eye On Books

Are The Markets And Politicians Underestimating The Impact Of A Disorderly ...
Forex Pros
For the first time since the beginning of the eurozone debt crisis, there is growing belief among a number of politicians and analysts that Europe would be able to weather the impact of a disorderly Greek default and exit from the eurozone, or, ...

Forex Pros

Germany has run out of patience
The Guardian (blog)
Second, there is a better firewall to protect the eurozone from further shocks. The firewall is the €440bn European financial stability facility and the prospect of accelerated payments by member states into its successor the ESM, which is enough to ...

The Guardian (blog)

Wilders wants referendum on leaving eurozone
Gulf Times
Dutch politician Geert Wilders, who opposes eurozone bailouts and is a key ally for the Dutch minority government, wants a referendum to let citizens choose to return to the guilder or stay with the euro currency. Wilders, who has seen his popularity ...

Sterling gains as euro slides on eurozone recession fears
Fresh Business Thinking
“The rally in the Euro was always unlikely to last as the attention turns to the broader fundamental picture in the Euro zone which has deteriorated dramatically as a result of the sovereign debt crisis. The sell off in the Pound also looked ...

Recession made us thinner! Obesity has fallen since financial crisis
This is Money
A study has found that the number of people who have become dangerously overweight halved in the three years after the financial crisis of 2007. The results have baffled researchers because they had expected waistlines to expand as the economic ...

This is Money

Equities in Dubai can't escape global sentiment
AME Info
Last year equities markets in the Middle East couldn't escape the negative sentiment stemming from the Europe and fears of a global recession; however renewed optimism surrounding the US economy and the ability of the Eurozone to solve its debt crisis ...

AME Info

Juncker to Quit Chairing Eurozone Due to Time Constraints
Novinite.com
Luxembourg PM Jean-Claude Juncker, who has for long presided eurozone meetings, is highly likely to withdraw in June. During the European Council over the week, Juncker has stated that in June he will hand over the position to someone else, ...

Novinite.com

recovery won't slide away on Greece, but it could slip up over oil
The Guardian
Just when policymakers and businesses were daring to believe that growth was returning, after the eurozone crisis hammered confidence at the end of 2011, they've got a different and more viscous enemy to worry about. As Stephen King, chief economist at ...

The Guardian

China ready to join hands with Int'l community to offset financial crisis ...
Associated Press of Pakistan
BEIJING, Mar 4 (APP): China is ready to work with the international community to offset the fallout of the crisis for the common benefits of people in China and around the world. China's reform and opening up are always seen as a strong driving force ...

£30k poll: Council doing 'good job' given financial crisis
Bucks Free Press
A POLL costing taxpayers £30000 has found overall satisfaction with Buckinghamshire County Council has dropped since 2009. Yet, two out of every three residents think BCC is doing a good job given the tough financial climate.

IIF Moves To Offset Concerns Greek Swap Will Fall Short
Wall Street Journal
Euro-zone governments have long feared that a Greek default could create contagion effects throughout the European banking system, similar to those caused by the 2008 global financial crisis. For that reason, officials have taken pains to come up with ...

Germany:No Pressure On Troika To Cut 3rd Greek Bailout From Report
Wall Street Journal
The euro zone has just approved a second, EUR130 billion bailout package for Greece, which depends on a debt restructuring with private sectors investors worth EUR107 billion. The offer for this debt restructuring expires Thursday.

Challenges facing EAC Treaty may choke plans for monetary union
The Standard
By Luke Anami Challenges facing the Eurozone should be a case study for the region as it plans to form the East African Community monetary union (EAMU). The region is already struggling to implement the Customs Union and the Common Market, ...

China's stake in the euro crisis | East Asia Forum
By Jonas Parello-Plesner
Author: Jonas Parello-Plesner, ECFR Chinese leaders had a packed Valentine's Day this year. Xi Jinping, the new leader-in-waiting, toured the US in an.
East Asia Forum

The eurozone: why is there a March meltdown mindset? | The Slog
By John Ward
The eurozone: why is there a March meltdown mindset? British banks that we're told are just fine just borrowed £22bn at a loss from the ECB. Hmm. Think 'meltdown'. Greece's long-term foreign currency debt was downgraded to C from Ca ...
The Slog

Thinking About Easy Secrets For Financial Crisis | Meta Read
By scott
Thinking About Easy Secrets For Financial Crisis. March 4, 2012 scott Uncategorized. Are you tired of living paycheck to paycheck? Would you like to learn how to control your finances instead of letting them control you? It is possible to get on ...
Meta Read

Straightforward Solutions In Financial Crisis – Some Insights ...
By travis
Straightforward Solutions In Financial Crisis – Some Insights. With the economy being in as much turmoil as it is, it is important to have a good hand on your personal finances. It is important to be organized and to closely watch your ...
Dominic Bracco

RALPHONOMICS: The Eurozone's balmy 0.5% deficit limit.
By Ralph Musgrave
The Eurozone's balmy 0.5% deficit limit. The EZ wants structural deficits to be no more than 0.5%, with a maximum total deficit for any country of 3%. (A “structural deficit” is the deficit that exists when an economy is at capacity.) There is a ...
RALPHONOMICS

Eurozone delays semi of Greece's funds
By admin
Columns of the Parthenon temple are seen behind an EU flag clothed in Athens on November 4, 2011. STORY HIGHLIGHTSFinance ministers requested detailed.
Euclid-lis blog

Greece looks set to default after all on Thursday « ArabianMoney
By Peter Cooper
It matters not a jot that eurozone leaders have just signed off a Greek rescue deal. That is entirely dependent on bankers first agreeing to their so-called haircut which by being 'voluntary' would then not trigger a formal default. If they do not ...
ArabianMoney

Spanish News Sends Euro Lower in Forex Trading | Oakshire ...
By GFT Forex
With some believing that Spain could be the next Greece, there are concerns about the stability of the eurozone. The Greek situation took so long to resolve — and Greece still isn't out of the woods yet. Another prolonged crisis situation ...
Oakshire Financial

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