FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 12, 2011

Euro crisis divides European Central Bank World Socialist Web Site Stark's resignation undermined "the confidence of some investors in the ability of the ECB to resolve the financial crisis and reverse the economic downturn," one broker told the press. Stark is one of the ECB's so-called hawks, favouring a strict ... See all stories on this topic »

Woes at French Banks Signal a Broader Crisis Wall Street Journal Since the introduction of the euro in 1999, Europe's national borders have essentially disappeared for the region's banks. That deep integration, once seen as a major benefit for the region's financial system, has become a detriment. ... See all stories on this topic » Wall Street Journal

World Bank report warns Palestinians headed for 'acute fiscal crisis' Ha'aretz A World Bank report, to be released on Monday, warned that the Palestinian Authority is headed for "acute fiscal crisis" due to lower economic growth and a drop in aidmoney, according to a Financial Times report. The report lauded the Palestinian ... See all stories on this topic » Ha'aretz

Osborne sees no barrier to more QE Financial Times Economists have increasingly fallen in behind Mr Posen in recent weeks, urging theBank to restart QE in the wake of weakening economic data, financial market turbulence and the eurozone sovereign debt crisis. Any move to a second round of QE would ... See all stories on this topic » Financial Times

An Impeccable Disaster New York Times Spain in particular had a budget surplus and low debt before the 2008 financial crisis; its fiscal record, one might say, was impeccable. And while it was hit hard by the collapse of its housing boom, it's still a relatively low-debt country, ... See all stories on this topic » New York Times

Dimon sizes up post-crisis banking Financial Times One litigation issue that participants say should be settled is the foreclosure mess, where banksimproperly processed the mechanism for repossessing homes of people not making their payments. State attorneys-general want a big financial settlement, ... See all stories on this topic »

Financial crisis: World economy is bad, but it might be David Cameron's finest ... Daily Mail He believes, rightly, that it gives the Bank of England maximum room for manoeuvre. This is room that the Bank will soon use to pump more cash into the economy, via quantitative easing (printing money), if the economic outlook does not improve. ... See all stories on this topic » Daily Mail

Crisis in markets may block OCR rise New Zealand Herald Photo / Mark Mitchell The menacing state of global financial markets is expected to stay ReserveBank governor Alan Bollard's hand when he reviews the official cash rate on Thursday. In a Reuters' survey of 18 economic forecasters the consensus was ... See all stories on this topic »

Housing Bears Say Australia Set to Crash as Shortage a Myth BusinessWeek Australia maintained its homeownership rate of the last four decades of about 70 percent throughout the global financial crisis, government statistics show. Recent Australian indicators have pointed to a slowdown in 2011, with the unemployment rate ... See all stories on this topic »

Banks face biggest shake-up for decades BBC News The improved stability that structural reform would bring to the UK economy would be positive for investment both in financial services and the wider economy." That said the Commission recognises the risk that banks may chose to try to dodge the ... See all stories on this topic » BBC News

Euro Crisis: Is Germany Preparing for a Greek Default? Forex News Now Following the resignation of the European Central Bank's chief economist on Friday, tension is growing within the financial markets. Rumors of a Greek default are gaining ground with every day that passes. According to Der Spiegel, German Finance ... See all stories on this topic »

Europe May Need to Bail Out, Nationalize Some Banks, Westpac's Jones Says Bloomberg Group of Seven finance chiefs and central bankers vowed in recent days to support banks and buoy slowing economic growth. “We will take all necessary actions to ensure the resilience of bankingsystems and financial markets,” they said in a statement ... See all stories on this topic »

China: Monetary Statistics For August 2011 Business Insider The surprise on downside here is that money supply growth continues to fall, and it is now well below the average growth even before the uber-expansion of money and credit after the financial crisis. Of course, this is still a pretty rapid expansion on ... See all stories on this topic »

The Smart New Solution To State Financial Woes Motley Fool UK After the financial crisis of 2008 and early 2009, many pointed to the municipal bond market as the next potential source of economic catastrophe. Yet as state and local governments take extraordinary measures to try to survive in the face of falling ... See all stories on this topic »

Brace for a Long Recovery From Credit Glut: Simon Johnson Bloomberg Compounding this, directly and indirectly, is the economic disaster in Europe. The over-borrowing there can primarily be attributed to governments -- encouraged by most of the financial sector -- that enacted crazy rules allowing banks to view ... See all stories on this topic »

Macdonald on Monday Gulf Daily News By ARTHUR MACDONALD , Posted on » Monday, September 12, 2011 I am rather impressed with the manner in which Iceland has dealt with the global financial crisis. Back in 2008 Icelandic banksheld assets that were calculated to be worth around just short ... See all stories on this topic »

Greece slaps new tax on property to cut deficit Gulf Times EU and IMF inspectors are due in Athens this week to hear how the government plans to overcome delays and missed fiscal targets before approving an 8bn-euro tranche from its 110bn-euro bailout, key to Greece's survival. Finance Minister Evangelos ... See all stories on this topic » Gulf Times

China's currency is wooing the world: Is it finding favour? Moneyweb.co.za The calls for China to rebalance its internal savings-investment imbalances have echoed loudly in the wake of the Global Financial Crises (GFC). Yet it is as pertinent now as ever before. On the back of the dramatic drop in developed economies' (think ... See all stories on this topic »

Asia: Still Firing International Business Times The symbolism of such a move would be greater than the financial impact. Meanwhile the Bank of Japan sat on its hands this week and did nothing as more data emerged that the economy is still growing from the March disasters. Another reason for doing ... See all stories on this topic »

Roubini: Without stimulus, another Great Depression InvestmentNews By Bloomberg News The slowdown in the world economy has accelerated the timing and likelihood of a new global financial crisis, gloom-and-doom economist Nouriel Roubini said last week. “I thought a few months ago that the perfect storm would be 2013, ... See all stories on this topic »

The future of banking in a quandary TODAYonline And only when the economy's weak demand for credit finally strengthens, testing the banks' capacity to lend with their new capital and liquidity constraints, will the world really know whether the future of banking stacks up. THE FINANCIAL TIMES ... See all stories on this topic »

Crisis ghosts haunt securitisation market Financial News We really want to get back to a situation where real money investors such as pension funds are purchasing asset-backed transactions and holding them to maturity so they provide a real source of funding for financial institutions. ... See all stories on this topic »

Rolex Oysters Navigate Swiss Franc Crisis With Help From Federer, Domingo Bloomberg Yet closely held Rolex doesn't disclose its financial details let alone tell how a GMT-Master -- strapped to the wrist of Che Guevara in 1956 -- sailed into Cuba with Fidel Castro aboard the yacht Granma and was used to time guerilla activities. ... See all stories on this topic »

EU Transactions Tax, India Yuan Loans Decision, SEC Swap Rule: Compliance Bloomberg 15 to consider letting local companies borrow in yuan, according to a finance ministry official with direct knowledge of the matter. Officials from the nation's central bank, the finance ministry and the capital markets regulator, Securities and ... See all stories on this topic »

Conference seasson: where is the economic urgency – or the plan? The Guardian Another financial crisis seems very possible, and it's no longer clear we have avoided a second great depression. We've had our wake-up call, but are we truly awake? We ought to see impassioned, urgent debate in Liverpool, Manchester and Birmingham ... See all stories on this topic » The Guardian

Morning papers: Rise in pension age to take effect earlier FT Adviser George Osborne has opened the door to new forms of quantitative easing by the Bank of England as concerns mount in the Treasury over the state of the economy, reports The Financial Times. Speaking to journalists in Marseilles, the chancellor made it ... See all stories on this topic »

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• Palestinian economy hit by Israel restrictions: World Bank (ctv.ca)