Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 26, 2011

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Sep 26, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 26, 2011

Under fire, Europe works to bolster debt crisis fund
Reuters
Greece, the country at the epicenter of the crisis, is trying to secure its latest wad of cash from international lenders including the IMF next month to avoid a default.Finance Minister Evangelos Venizelos, speaking to bankers in Washington, ...
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Debt crisis: live
Telegraph.co.uk
It's a financial solution to a financial crisis – and that's what Greece will do. Because, as Kweku Adoboli discovered, miracles are hard to find. 07.16 With details sketchy, the eurozone faces a challenging week with European and IMF experts due to...
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Telegraph.co.uk
Analysis: Time running out for EU to halt debt crisis
Reuters
Hale made his prognosis after listening to German Finance Minister Wolfgang Schaeuble tell a meeting of international bankers the way to restore market confidence and prevent the debt crisisfrom worsening was simply for indebted countries and banks to ...
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Dark humour and hard talk at IMF meetings
Financial Times
By Chris Giles in Washington Alarm over events in the eurozone, the wider globaleconomy and financial markets dominated the annual gathering of policymakers and financiers in Washington at the weekend. It brought out dark humour among some senior ...
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Financial Times
Carney confident Canada can survive economic crisis
CTV.ca
He said there was a far greater probability that credit had slowed not because bankswere reluctant to lend, but because would-be borrowers can't afford more debt. He added that in Canada, which did not experience a home-grown financial crisis, ...
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CTV.ca
'We will respond just like during the last crisis'
RT
The financial sector needs more transparency and stability, as well as more monitoring of private deposits. Such reforms need to be carried out. Pension reform, as I mentioned, is a priority. In some cases we spend too much public money without proper ...
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Alistair Darling's memoir
The Economist (blog)
Instead he was assured his place in financial and economic history after having grappled with thebanking crisis, recession—and with his next-door neighbour in Downing Street. Inevitably, Mr Darling's version of those rows has been seized upon for its ...
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Europe warned over its debt crisis
China Daily
World financial markets have been wracked by fears the Greek debt crisis could overwhelm other eurozone countries and their banks. "A key element of cooperation is for each country to take matters in their own hands, take well-targeted measures and put ...
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Eurozone crisis: there are no miracles in Greek tragedies
Telegraph.co.uk
It can inflate away its debt, but the European Central Bank, the guardian of the euro's integrity, will not permit Greece to do so. Finally it can bilk its creditors and start again. It's a financial solution to a financial crisis – and that's what ...
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Telegraph.co.uk
It's time to put money into the equation, says professor
Sydney Morning Herald
"[About] 99 per cent of economic models assume money doesn't exist. They assume you live in a barter system … That's why they didn't see the financial crisis coming," he said. "I've worked to find if I can build a truly monetary model of capitalism … ...
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Russia's finance minister to quit over Medvedev
CBS News
In doing so, he had faced strong opposition from other government ministers who wanted the moneyfor expenditures, but when the financial crisis hit and oil prices fell, those savings proved crucial in reducing the blow. Medvedev's spokeswoman, Natalya ...
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The US Needs a Meaningful Mortgage Settlement: Simon Johnson
BusinessWeek
Three years into the financial crisis, the US economy is still held back by weak consumer confidence. Meanwhile, the global financial system continues to face instability, most notably because of the persistent sovereign-debt crisis in Europe. ...
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Big help available for small business
EastDay.com
"We don't see a recovery though it's said the global financial crisis is waning," said Guo, who has been in construction for two decades. "As for financing, I am forced to turn to friends or relatives because it's too difficult to get bank loans. ...
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UK Stocks-Factors to watch on Monday Sept 26
Reuters
LONDON, Sept 26 (Reuters) - Britain's FTSE 100 index is seen opening down 7-22 points, or as much as 0.4 percent on Monday, according to financial bookmakers, reversing Friday's late rally in tandem with falls by Asian equities, with commodity issues ...
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Flight to safety, $ rally remain the key trends
Daily News & Analysis
The euro, pound and riskier currencies rallied modestly on Friday after G20 finance chiefs issued a communiqué pledging action to tackle the global economic crisis. However, the prevailing sentiment of risk aversion remained. ...
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Crisis hits Europe's financial centres
Financial Times
Mark Yeandle, the Z/Yen associate director who runs the survey, agreed: “Financial professionals feel that having a poor economy and threats hanging over them is not a good sign.” Northern European cities with strong banks including Stockholm, ...
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African Development Bank Commits US$7.5 Million to Support IMF Capacity ...
India Infoline.com
Demand for IMF technical assistance has risen in light of the global economic and financial crisis, but also because countries are seeking to strengthen their institutions. At the same time, the Fund is moving forward with a broad range of measures to ...
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Japanese Stocks Drop to Two-Year Low as Europe Delays Greece Aid
BusinessWeek
“There's concern that Europe's debt crisis will spread to the financial system and we'll see LehmanCrisis Part II,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo. “Stocks are falling as concern builds that the global economy is ...
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Bets on Bernanke Return 28% for Treasuries as Twist Divides
BusinessWeek
Treasuries due in 10 or more years have returned 28 percent in 2011, exceeding the 24.4 percent gain in all of 2008 during worst financial crisis since the Great Depression, according to Bank of America Merrill Lynch indexes. ...
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Pivot Point: Investors Lose Faith in Stocks
Wall Street Journal
With the Dow at that point up more than 10% for the year despite Japan's devastating earthquake and lofty oil prices, many investors took it as a sign the economy had entered "escape velocity" from the drag of the financial crisis. ...
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Wall Street Journal
SMEs brace for double whammy as credit crunch returns
EurActiv
The Bank of China's decision to halt on foreign exchange swaps with several European banks, as well as the ECB's money market operations, were the latest signs that debt and economic woes are spreading to the financial sector. ...
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Gambling on our financial future
The Guardian
Isn't this a better option that giving our banks another £250bn through quantitative easing? • Becauseeconomic crisis management has substituted technocratic policy fiddling for bold political vision (As Beveridge said: in a crisis, be revolutionary, ...
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Euro Zone Death Trip
New York Times
But the European Central Bank has a deflationary bias — it made a terrible mistake by raising interest rates in 2008 just as the financial crisis was gathering strength, and showed that it has learned nothing by repeating that mistake this year. ...
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New York Times
Euro Weakens On Worries About Sovereign Debt Crisis
RTT News
At the meeting in Washington, IMF has warned that if the debt crisis spreads to other Eurozone countries, it may not have enough money to bail out larger eurozone countries. US Treasury Secretary Timothy F. Geithner warned at the meeting that the ...
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French banks under the spotlight
The National
One presenter on the French station France Info began a midday bulletin with the sombre warning that the main story was not so much about a financial crisis asfinancial crises. There was the continuing saga of the Greek debt mountain - that following ...
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The National
Tax wars: A fight worth billions
Financial Times
Other financial firms participated in structured finance deals. Barclays is presented in court files as the pivotal marketer of Stars to the US banks. Court documents show Barclays at times worked with the global auditing firm, KPMG. In one case KPMG, ...
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Central Bankers the Only Defense Against Apocalypse: Economist
CNBC.com
“We have moved forward over the weekend with talk of leveraging the European Financial Stability Fund and more from the ECB,” said Holger Schmieding, the Chief Economist at Berenberg Bank in an interview with CNBC on Monday. ...
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Bahrain Hires Citi, BNP, Standard Chartered for $1 Billion Sukuk
BusinessWeek
The island-kingdom, home to the US fifth fleet, will use the money to finance a budget deficit of about 5 percent of gross domestic product, Central Bank Governor Rasheed al-Maraj said in an interview yesterday in Washington. Maraj said he will seek to ...
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Wayne Swan hopes for the best, fears worst, as world faces its debts
The Australian
That response seems likely to include a much greater willingness to pay up to establish a financialfirewall around Greece and some of the more precarious countries in the eurozone as well as recapitalising the banks. This seems to include the idea of ...
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America and Europe: Saving the Rich and Losing the Economy
Center for Research on Globalization
In the US and UK the two countries' central banks can print money with which to purchase US and UK debt. This is not possible for member countries in the EU. Whenfinancial crisis from excessive debt hit the PIIGS (Portugal, Ireland, Italy, Greece, ...
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Center for Research on Globalization
Falling rupee adds fuel to India's crisis
Deccan Herald
As large banks, investors and financial institutions started selling euro and bought dollar, the latter appreciated against all major currencies including rupee. From the start of this financial year, the Indian Rupee has depreciated by 6.86 per cent ...
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Deccan Herald
Review: Ron Suskind's <i>Confidence Men</i>
Huffington Post (blog)
And there is a perspective from which Obama administration economic policy has been a considerable success. The banking system collapse was averted. The spike of the unemployment rate to 15% or higher was averted. Obama passed a pretty good financial ...
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Top Investors Back British Manufacturing as Banks Pay the Price of the Credit ...
Sacramento Bee
Cautious backing for the banking industry - following the credit crunch top fund managers are backing 'safer' banks such as Barclays and HSBC, which emerged relatively unscathed from thebanking crisis, as well as International Personal Finance, ...
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Merkel braces for Bundestag Europe tests
Financial Times
Party managers in her Christian Democratic Union say the vote will be a clear signal to the financial markets that Germany is ready to put its money where its mouth is and take the lead in resolving the eurozone crisis. The vote commits Germany to ...
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Financial Times
Sharemarket recovers from two-year low, Opposition calls for rate cut: Midday ...
SmartCompany.com.au
The European Union vowed to "do whatever is necessary to resolve the euro-area sovereign debtcrisis and ensure the financial stability of the euro-area as a whole and its member states". TheIMF's policy board also pledged to “restore confidence and ...
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Current situation is more serious than 2008 crisis: Adrian Mowat, JP Morgan
Economic Times
That is a significant story, a story of counterparty risk in the broader economy rather than justfinancial economy and then finally we have a story of inflation, too much growth in the emerging world. We have stubbornly high inflation in India. ...
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International Forecaster September 2011 (#7) - Gold, Silver, Economy + More
Gold Seek
In plain English the banks are broke. As we reported earlier regarding the secret EU report leaded by German finance minister Schäuble, the ECB says the bailout fund needs at least $1 trillion due to the deepening Greek crisis. ...
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IMF Promotes Coordinated Action to Prevent Global Financial Crisis ...
Inside VOA | Contact VOA News ... He warned the IMF may not have enough money to deal with an increasing demand for aid. ... On Friday, Lagarde said the global economy is in the grip of a "crisisof confidence" and urged ... The comments come as finance ministers and central bankers from around the world gather in ...
www.voanews.com/.../IMF-Promotes-Coordinated-Action-to-P...

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