A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Bailout ’
Bundesbank Suggests Greek Exit From Euro Would Be Manageable – San Francisco Chronicle
Deutsche WelleBundesbank Suggests Greek Exit From Euro Would Be ManageableSan Francisco Chronicle(Updates with Bundesbank comments from second paragraph.) May 23 (Bloomberg) -- Germany's Bundesbank said the consequences of Greece reneging on the te...
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Greek banks to get $23 billion from bailout fund – Economic Times
Greek banks to get $23 billion from bailout fundEconomic TimesATHENS: Greece's four biggest commercial banks will receive an (euro) 18 billion ($23 billion) cash infusion from the European bailout fund. The recapitalization comes amid political unc...
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Greek euro zone exit unlikely, say money market traders – Reuters
Telegraph.co.ukGreek euro zone exit unlikely, say money market tradersReuters| BANGALORE (Reuters) - A slim majority of euro zone money market traders surveyed regularly by Reuters reckon Greece will still be in the euro zone at the end of 2013, a poll...
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EURO GOVT-Greek contagion fear pins German yields to new low – Reuters
Moneycontrol.comEURO GOVT-Greek contagion fear pins German yields to new lowReuters* Poll shows Greece electing pro-bailout government * But concerns that Athens may leave the euro remain * Bunds hit new highs; Spanish, Italian curves flatten By Marius...
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EURO GOVT-Greek contagion fear puts German yields at new low – Reuters
Moneycontrol.comEURO GOVT-Greek contagion fear puts German yields at new lowReuters* Poll shows Greece electing pro-bailout government * But concerns that Athens may leave the euro remain * Bunds hit new highs; Spanish, Italian curves flatten By Marius...
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Greek exit could cost euro zone 100s of billions| Reuters
(Reuters) – A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill… …With most of Greek’s private creditors having taken heavy writedowns as part of the...
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Greek euro exit looms closer as banks crumble – Evans-Pritchard- Telegraph
Economists warned that the Greek financial system could crumble within weeks or days unless the European Central Bank steps up support. President Karolos Papoulias told party leaders that banks had lost €700m in withdrawals on Monday alone as citizens rush to pre-empt capital controls and a much-feared return to the Drachma. He cited central...
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The Truth About JP Morgan’s $2 Billion Loss – Washington’s Blog
Reposted from The Truth About JP Morgan’s $2 Billion Loss – Washington’s Blog, with our thanks. On-site permission posted. Must-Read Background Before we can understand what’s really going on with JP Morgan’s loss (which will probably end up being a lot more than $2 billion), we need a little background. JP Morgan: Is the world’s largest publicly-traded...
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Greek president calls for technocrat government (via AFP) Full Story
Greek president calls for technocrat government (via AFP) Greece’s president called Monday for talks on a technocrat government, seeking to resolve the crisis over a tough EU-IMF debt bailout which risks forcing the country into new elections and out of the eurozone. Socialist Pasok party chief Evangelos Venizelos said after meeting President Carolos Papoulias…
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Rescap, US-owned Ally’s mortgage unit files bankruptcy (via AFP) – Full Story
US-owned Ally’s mortgage unit files bankruptcy (via AFP) Troubled US Treasury-owned lender Ally Financial said Monday its was placing its mortgage unit into bankruptcy protection as the government seeks to reduce loss risks from a major $17 billion crisis-era bailout. Ally said the unit, Resolution Capital, burdened with toxic loans from the subprime crisis…
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German Press Review of Greek Election and Political Chaos – SPIEGEL ONLINE
Greece’s election has brought a political sea change to the country, after bitter voters hammered established parties for supporting austerity measures in exchange for international bailouts. As Athens veers towards political chaos, German editorialists predict hard times ahead. Greece appears to be sinking ever further into a political quagmire after a first push to form...
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Ally Looks to Find Footing With ResCap Bankruptcy – Fox Business
INAUTONEWSAlly Looks to Find Footing With ResCap BankruptcyFox BusinessAlly Financial Inc's mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help it get on a path to repaying $12 bi...
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Eurozone: If Greece goes … – Financial Times
Financial TimesEurozone: If Greece goes ...Financial TimesBy Chris Giles, Peter Spiegel and Kerin Hope The idea of a Greek exit from the eurozone is no longer fanciful. After 70 per cent of voters in elections on May 6 supported parties that rejected t...
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Markets worried about Greece, not France: Analysts – Economic Times
The GuardianMarkets worried about Greece, not France: AnalystsEconomic TimesPARIS: Financial markets are worried about the outcome of the Greek election, which could jeapordise its international bailout, but are not too concerned about the prospect of ...
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The Fate of the Eurozone Hangs on Sunday’s French Elections
It now looks as though Nicolas Sarkozy's days are numbered. In the balance lies the fate of the Eurozone itself.
It appears Socialist Francois Hollande will win the French election runoff on Sunday and that June's legislative elections will give the Socialists a powerful position in...
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Spain Auctions $3.3BN in Mid-Term Debt – ABC News
Globe and MailSpain Auctions $3.3BN in Mid-Term DebtABC NewsSpain managed to beat its targets for an auction of medium-term debt, but at sharply higher interest rates, in its first bond sale since its credit rating was downgraded over fears that it may...
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On the Social Security 2012 Report to Congress
The Social Security Trust Fund (SSTF) 2012 report to Congress is now out (link). It’s 242 pages and contains a great deal of information. I have reviewed a number of sections in the report that I consider to be key measures of SS’s health. Not one ...
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On the Swiss, the IMF and the G-20
There will be some drama, and few splashy headlines out of the G-20 meeting in D.C. this weekend. Europe is cracking up (again), and the IMF and big guns of the G-20 will spout about “expanded firewalls” and “global co-ordination” in the final ...
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The Professor Who Did NOT Save the World
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and "The Coming Collapse of the Municipal Bond Market" (Aucontrarian.com, 2009)...
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More Signs Inflation is Picking Up
The consumer confidence index showed expectations for high inflation in the next six months has reached its highest level in six months. The MIT survey has been updated and shows inflation tilting back up. I really wonder about prices and quality of...
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The One Chart That Says It All
Depending on debt to fuel nominal growth leads to an economic death spiral.
Sometimes one chart says it all. Here is a chart of the S&P 500 (a broadly based measure of the U.S. stock market) in a ratio with total consumer credit, courtesy...
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Here is What’s Wrong With Bank of America (NYSE: BAC)
If you have a mortgage with Bank of America (NYSE: BAC) and want to refinance, don't bother.
You are not worth the bank's time. Or at least I wasn't.
That's what I learned first-hand last week when I called...
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Animal Farm
It is tiresome I know, but the search for suckers continues. The IMF is demanding more money from Germany for a global firewall, and Germany is demanding more money from everyone else. Keep in mind that Germany’s GDP is $3.2 trillion (one fourth of the US) , and they are going to be sent much...
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Greek Politics Turning Against Debt Slavery
Paul Mason of BBC has done yeoman work about what’s going on within Greece. In particular he offers commentary on the political response in Greece. No wonder the EU wants to “postpone” elections. Polls indicate that far left parties are going to be swept in. It is hard to imagine that this won’t just intensify. These...
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The John Brown Moment
When Gaia gets pissed off enough at the antics of humanity, she sends in her hit-man, Reality, to settle accounts. Reality is blessed with a cloak of invisibility. The human race is so busy concocting stories about what it is doing, that Reality steals onto the scene unnoticed - until bodies start...
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The First Dominoes: Greece, Reality, and Cascading Default
I asked frequent contributor Zeus Yiamouyiannis to comment on the coming Greek default. Here is his insightful response.
Greece is the epicenter of a drama that threatens to unwind with all the intrigue and subterfuge of ancient Greek myths and ...
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Treasury Market Panic Reversal Due To Little Known Forces Called Supply and Demand
The Treasury market panic saw a bit of a reversal this week, partly due to an unexpected, large increase in supply because of a sharp drop in Federal tax revenues over the past couple of weeks, and partly due to the market misunderstanding of Thursday morning’s news. The “better than expected” weekly unemployment claims...
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Hedge Funds the Winners if Greek Bailout Arrives
January 10, 2012
Hedge Funds the Winners if Greek Bailout Arrives
By LANDON THOMAS Jr.
LONDON — Could Greece’s next rescue payout go straight into the pockets of London hedge funds?
That, more or less, is the bet that a growing number of inves...
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The Next Head of the SNB – Thomas J. Jordan
Mr. Jordan is my guess as the next head of the Swiss National Bank. He’s been at the SNB since 1997. He moved up from the economics department and is now the Vice Chairman.
Mr. J is well qualified. This link to his CV shows that he is an academic at...
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As If Nothing Matters
The world gave the appearance of doing nothing and going nowhere over the past month - apart from the sensational liaison of Kim Kardashian and Kanye West, which, some believe, augurs a dazzling speed-up of the much prayed-for economic recovery, return to full employment, $2.50 gasoline by summer, and the selection of...
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