Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 17, 2011

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Oct 17, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 17, 2011

Euro zone eyes yet another "comprehensive strategy"
Reuters
The world's treasuries and central banks are so alarmed at the risk of a financialmeltdown that they may be ready to pile in to support even a shaky European plan. European policymakers still reject the nuclear option of a mandatory restructuring of ...
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Don't Panic About Giving More Money To The IMF
Sky News (blog)
In a sense, then, it was a little surprising that one of the focal points of the weekend's G20 financeministers' summit in Paris was the question of pumping more money into the IMF's coffers to give it firepower for the next stage of the crisis. ...
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UK economy brought to grinding halt by euro crisis
Telegraph.co.uk
Cutting stamp duty, particularly for first time buyers would, in our view, be money well spent.” Finance ministers from across the G20 spent the weekend in Paris discussing the eurozone crisis. European leaders will meet on Sunday for a summit which is ...
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Telegraph.co.uk
Chopra warns on high unemployment
Irish Times
It would also involve mechanisms to ensure that senior bank creditors take losses in the event of an institution failing. The third pillar of the IMF's proposed financialsystem reforms in the euro zone is a single, pan-European bank regulator. ...
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Irish Times
Funds Flow Out of Euro as Central Bankers Prefer Yen, Pound
BusinessWeek
The EFSF has gained the power to buy sovereign bonds, offer credit lines to governments and grant aid for bank recapitalizations. The fund's role had been to sell bonds to finance rescue loans. Europe's revamped strategy won the backing of global ...
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Bankers Balk at EU Push for Bigger Greek Losses, Higher Capital
BusinessWeek
Deutsche Bank, which navigated the financial crisis in 2008 without a government capital injection, will “do everything” not to take money from the state as part of assistance efforts for Europeanbanks, Ackermann said in a speech last week, ...
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Insight: Running Chinese finance, a different kind of banker
Reuters
This comes after banks went on a lending spree during the global financial crisis in 2008 and 2009, spurred on by Beijing's 4 trillion yuan ($627 billion) call to boost theeconomy. Much of that money went to the railway ministry, local governments ...
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Reuters
The Echo Of Eternity - Decisions Made Involving The European Debt Crisis With ...
Forbes
In 2008, the United States made popular the concept of the Central Bank bailing out failing financialinstitutions with tax payer dollars and using printed money to attempt to stimulate the economywith the excuse that “if they don't, things will get ...
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Crisis in Europe could cause recession in Canada: Flaherty
Vancouver Sun
Flaherty also said Canada was firmly against Europe receiving any financial aid from the International Monetary Fund. IMF funds should be sent to the poorest nations of the world that don't have the same resources as Europe to deal with the economic ...
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Eurozone economy: what UK and US want from EU
BBC News
By that, I take him to mean that the wholesale money markets would dry up,financial institutions would stop lending to each other (because they doubted their solvency) and a liquidity crisis would produce the mother of all banking crisis, ...
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BBC News
Swan berates EU over slow progress
The Australian
However, the difficulty in forging consensus over steps to contain the financial crisis was also evident among non-European members of the G20 over calls to boost the IMF's resources to deal with financial crises. France and developing countries such ...
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BUDGET 2012: War On Many Fronts For Olonjo-Iweala
Vanguard
Her colleagues at the bank and the IMF had been Ministers of Finance or Economic Advisers and consultants for several countries in Europe and America, as well as Nigeria, for more than fifty years. Unfortunately, for the USA and Europe, those advisers ...
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G-20 to consider list of 50 banks important to global economy
Economic Times
PARIS: Group of 20 governments are considering naming as many as 50 banks as systemically important to the global economy and in need of extra capital, two officials from G-20 nations said. The list, drawn up by Financial Stability Board Chairman Mario ...
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Banking on more world market uncertainty
New Zealand Herald
IMF head Christine Lagarde, centre, talks to India's Finance Minister Pranab Mukherjee, right, next to Reserve Bank of India (RBI) deputy Governor Subir Gokarn during the G20 finance meeting in Paris on the weekend. Photo / AP Anyone hoping for a ...
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New Zealand Herald
UK economy likely to stall next year in wake of eurozone crisis
The Guardian
"A Lehmans-style financial crisis in the eurozone now looks highly likely," the CEBR economists argue. "This crisis threatens to severely curb the potential for export demand and business investment to drive the UK economy in the short term – something ...
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The Guardian
Unravelling an economy with an interlinked crisis
Telegraph.co.uk
It could be seen as bad luck to have two financial crises at the same time. But we got here less by luck than judgment. Photo: Getty Images By Roger Bootle For governments feel obliged to support an ailing banking system and the economicdownturn which ...
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Telegraph.co.uk
Europe is on a Dangerous and Undemocratic Path
International Affairs Review
Just as financial engineers created complex financial instruments to disguise dodgy assets in the lead up to the financial crisis, Europe is now creating complex technocratic instruments to cover up its own ugly truth: in order to survive, the European ...
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International Affairs Review
Key blames Wall St, Minto blames Key
TVNZ
Prime Minister John Key says he has some sympathy for anti-Wall Street protesters because much of the blame for the global financial crisis can be laid on Wall Street. However veteran activist and Mana Party Economic Justice spokesperson John Minto ...
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Default Swaps Plunge From Record Amid Haven Demand: Japan Credit
BusinessWeek
Government bonds maturing in more than a year have returned 1.6 percent this year, outperforming only Belgium, Greece, Portugal, Italy and a gauge of euro-block bonds according to indexes compiled by Bloomberg and the European Federation of Financial ...
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Debate heats up on how to fix Europe
Ninemsn
Check out ninemsn Finance's Tax Time for tips and advice on how to make your 2011/12 tax return work for you. When Dexia collapsed earlier this week, many noted that the Franco-Belgian bank was among those that passed Europe's stress tests this summer ...
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The global economy is broken. Here's how to fix it
The Guardian
Massive injections of public money three years ago saved the system without fixing it. A financial crisis was transformed, through bailouts, into a crisis of sovereign debt. That sovereign debt crisis is now leaking back into the financial system. ...
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The Guardian
Fiscal crisis: SD must take decisive action in next few weeks
The Swazi Observer
“Decisive action is needed to cut government spending - including the wage bill - to finance priority spending for the poor, for education and health services.” Asked how much longer Swaziland can survive seeing as no money was currently forthcoming ...
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FTSE LIVE: Shares rise after G20 talks tough on eurozone crisis
This is Money
By This Is Money Reporters The FTSE 100 is seen continuing its ascent after the G20 summit triggered expectations that the EU will take firm steps to tackle the region's debt problems this week. In unusually direct language, finance ministers and ...
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This is Money
China's Stocks Rise, Extending Rally; Consumer Shares Advance
BusinessWeek
“If we include the growth in financial management products, inter-bank deposits, non-financialcompanies' reserve deposits, and forex deposits in the calculation of monetary aggregate, moneysupply growth has indeed been well over 20 percent in recent ...
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No longer immune, China has a hand in global credit crisis
The National
As the IMF recently reported, "over the past year, flows into emerging market corporate external debt have surpassed flows into US high-yield debt". In fact, a substantial share of that money comes from the US financial market. ...
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Banks may ditch financial charter
Fin24
This means that in the event that a bank needs to be recapitalised, as happened to some American and European banks during the financial crisis, a shareholder of reference has to contribute according to their shareholding. Thus if, say, Standard Bank ...
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ECB Won't Tolerate Lehman Rerun, Bank of Finland Deputy Says
BusinessWeek
Financial institutions lost or wrote off close to $1 trillion. The credit event set the global economylurching into a crisis from which it has yet to emerge. Three years on, the ECB's measures “create confidence in the market that the situation won't ...
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Central Banks Sell Most US Bonds Since 2007 as Funds Buy
BusinessWeek
3 as a deadline for a plan to resolve the crisis. Slovakia, on Oct. 13, became the last of the 17 euro countries to ratify the 440-billion euro ($609.5 billion) European Financial Stability Facility. European officials on Oct. 14 outlined the ...
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Emerging-Market Stocks Post Weekly Advance on G-20, US Sales
BusinessWeek
Oct. 14 (Bloomberg) -- Emerging-market stocks rose, with the benchmark posting its biggest weekly gain in more than two years, as Group of 20 finance ministers met to discuss Europe's debt crisisand growth in US retail sales exceeded forecasts. ...
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What is money?
Aljazeera.net
No one is claiming that finance and economics aren't complicated. But this shouldn't blind us to the fact that they both rest on a cardinal simplicity - the money-creating power of banking institutions. Those who profit from this underlying simplicity ...
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Aljazeera.net
Wall Street sees no exit from financial woes
Independent Online
Not everyone is worried about the banks. “I wouldn't shed too many tears for Wall Street,” Neil Barofsky, 41, the former special inspector general for the Troubled Asset Relief Program who is now teaching a class on the financial crisis at New York ...
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Volcker Rule Divides Regulators
New York Times (blog)
The Volcker Rule bickering reflects broader tensions among financial regulators, who have amassed broad and sometimes overlapping powers in the aftermath of the financial crisis. The Dodd-Frank Act of 2010, the sprawling overhaul that spawned the ...
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China Growth May Top 9% as Global Slump Poses 'Biggest Risk'
BusinessWeek
The approach includes writing down Greek bonds by as much as 50 percent, establishing a backstop for banks and multiplying the strength of the newly enhanced European Financial Stability Facility, people familiar with the matter said Oct. 14. ...
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MF Global Told to Boost Capital
Wall Street Journal
Since taking the helm in March 2010, Mr. Corzine has pushed the firm to become a full-service investment bank, akin to Goldman, taking on the risky business of trading while advising companies on deals and managing clients' money. The Financial ...
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Wall Street Journal
US student debt impact likened to subprime crisis
Financial Times
Alberto Gutierrez, a 38-year-old doctoral student at the University of California, Los Angeles, has had to borrow more money and take on a part-time job to cover his expenses, including a $3000 monthly mortgage payment. He receives some financial aid, ...
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Mortgage Rates for 30-Year US Loans Increase From Record Low
BusinessWeek
The average 15-year rate rose to 3.37 percent from 3.26 percent last week, according to the McLean, Virginia-based mortgage-finance company. Ten-year Treasury yields, a benchmark for mortgages, rose to a six-week high yesterday after European ...
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China's Economy: The Correction History Will Remember
Forbes
So far, the official numbers point to a “soft landing” for the Chinese economy, which means growth around 8% and inflation about 5%. “China will not experience anything like the Asian financial crisisof 1997,” wrote Yiping Huang in the Wall Street ...
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IMF Survey: G-20 Reaffirms Commitment to Resolve Crisis
Finance ministers and central bank governors of the Group of Twenty (G-20) industrialized and ...IMFSurvey Magazine: In the News ... People walk near the French Ministry of Economy, Finance, and Industry in Bercy, France. ... taking concrete steps to build a more stable and resilient international monetary system both to ...
www.imf.org/external/pubs/ft/survey/so/.../NEW101511A.htm

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