FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 06, 2011

G20 agree to 'action plan' for global economy CNN International The G20 also pledged to ensure that the IMF has sufficient resources to supporteconomies that get into financial trouble. US officials have repeatedly said that theIMF has sufficient resources to achieve its objectives. But the increasing threat of a ... See all stories on this topic »

Bolstering IMF fund 'good for jobs' ABC Online PENNY WONG, FINANCE MINISTER: Good morning, Barrie, good to be with you. BARRIE CASSIDY: If I could take you to Europe to begin with, what is the status now of the plan that was drawn up a week ago to deal with the sovereign debt crisis in Greece?... See all stories on this topic »

Insight: Euro has new politburo but no solution yet Reuters Sarkozy himself said that day that France and Germany were at odds over how to leverage the euro zone's financial rescue fund. The French wanted to let the European Financial Stability Facility operate as a bank and borrow money from the ECB. ... See all stories on this topic » Reuters

Money recovered from Tanzania central bank scam goes missing East African However, when contacted, Minister for Finance and Economic Affairs Mustafa Mkullo told The EastAfrican that not all the money recovered from the EPA scam was to be disbursed to TIB. “I was the minister then and now and, I am confident that the ... See all stories on this topic »

We mustn't overlook the role of politics in the eurozone crisis The Guardian The current crisis has its origins in the financial crisis that hit us 3 years ago. In 2008, the focus was on private debt, especially in the bankingsector. Banks literally ran out of cash. Now we are seeing the second wave, where sovereign debt is ... See all stories on this topic » The Guardian

Papandreou's Unity Bid Hits Resistance as Crisis Talks Begin BusinessWeek Euro-area finance ministers meet in Brussels tomorrow as more than one EU government teeters on the brink. Italian Prime Minister Silvio Berlusconi also faces mounting pressure to step down as 10-year borrowing costs for the region's third-biggest... See all stories on this topic »

City of London: The History, By David Kynaston The Independent All these are sentiments about the City of London and its financial markets which are on the button today. But the first was William Lidderdale, worrying in 1889 about the risks the City was running, just a year before the Baring crisis that he failed ... See all stories on this topic »

Ed Miliband: business, finance and politics are out of touch with people The Guardian Banks not heeding the lessons of the financial crisis: still dishing out big bonuses and still not lending to the entrepreneurs our economy needs. You do not have to be in a tent to feel angry. People feel let down by aspects of business, finance and ... See all stories on this topic » The Guardian

Canada's Flaherty says G20 likely to meet before February Reuters G20 leaders failed at a summit in Cannes this week to secure new moneyfrom potential investors such as China and Brazil for efforts to overcome the euro zone debt crisis, which continues to unnerve financial markets as political turmoil in Greece has ... See all stories on this topic » Reuters

IMF to reinstate Nepal office Republica Under Surveillance, IMF monitors economic and financial developments, and provides policy advice, especially to prevent economic crisis. It also provides credit facility to countries to overcome difficulties related to balance of payments and implement ... See all stories on this topic »

Eurozone crisis: how grim would bankruptcy be for Greece? The Guardian Financial markets have already priced Greek government debt as worth less than 50c for each euro. But it's not the same for companies and individuals. If a Greek shipping company's debts are denominated in euros, the debts don't disappear, ... See all stories on this topic »

Key lesson from Iceland crisis is 'let banks fail' AFP After three years of harsh austerity measures, the country's economy is now showing signs of health despite the current global financial andeconomic crisis that has Greece verging on default and other eurozone states under pressure. ... See all stories on this topic » AFP

Rate cut fails to lift spending: Westpac ABC Online GAIL KELLY: I think what it means is in this new environment banking has to be run differently. We're in an environment where capital is gonna be a lot higher. You know, before the Global Financial Crisis, our capital was around 7 per cent tier one ... See all stories on this topic »

Bank Transfer Day a boon to credit unions, small banks | Philadelphia Inquirer ... Philadelphia Inquirer Leon Moyer, Univest's chief executive officer, said the bank saw the grassroots campaign as a chance to build on what it has been doing successfully since thefinancial crisis: Promote local banking. "We just feel like community banks are painted with ... See all stories on this topic »

Is Europe's Troubled Marriage Doomed? Newsweek Imagine then Wall Street's biggest banks, still struggling from the 2008financial crisis, sitting on trillions of dollars' worth of toxic state bonds. Fearing that a messy Louisiana default could be the domino that knocks down Texas and Florida, ... See all stories on this topic » Newsweek

Euro's strength looks uncertain amid debt crisis The National And if the stronger northern euro-zone countries are unwilling to digest this transfer - and political resistance runs high - the ECB may be forced to recapitalise itself through money creation. Either way, the threat of a profound financial crisis is ... See all stories on this topic » The National

Ruling costs Principal $21 million DesMoinesRegister.com The Labor Department has been investigating allegations related to Principal's handling of its so-called "property account" during the financial crisis of 2008. That crisis led to a modern-day run on the account, and Principal was faced with more ... See all stories on this topic »

Ind. Occupy protesters urge people to move money from big banks to local banks ... The Republic But the 53-year-old teacher said she sympathizes with the protesters' concerns about the federal bank bailout, even though she feels the government had to take steps to prevent a financial collapse. "The government needed to do something — it was just ... See all stories on this topic »

Chancellor George Osborne squares up in a battle for Britain and will not... This is Money Meanwhile, the Bank of England could this week signal that it is prepared to turn on the printing presses once more if the economic scene continues to darken. Just one month after it stunned financial markets with a £75 billion boost to its ... See all stories on this topic » This is Money

We are doomed unless we stand up for ourselves Irish Independent The financial crisis revealed the losses at Anglo and confirmed it was insolvent. Investors take risks. In this case it didn't pay off, until the Government intervened. The EU may have provided "cheap" money to pay back the debts, but we still cannot ... See all stories on this topic »

Sadly, a Robin Hood tax won't help the poor Telegraph.co.uk By Kamal Ahmed Here is a way of getting some money back from those who caused the financial crisis and have too quickly returned to “business as usual”. That money could then be directly used to alleviate the plight of those suffering from the threat ... See all stories on this topic » Telegraph.co.uk

What a fudge! Malta Independent Online Banks should not be allowed time to shrink themselves down to the available capital as this works against economic growth so necessary for a truly lasting solution to thecrisis. The pity in all this is that the Germans are putting our money at risk by ... See all stories on this topic »

Too Many Eurozone Summits Gold Seek To tackle the financial and economic crisis that spread across the globe in 2008, the G20 members were called upon to further strengthen international cooperation. Accordingly, the G20 Summits have been held in Washington in 2008, in London and ... See all stories on this topic »

What The US Got From A Euro-Focused Summit NPR HORSLEY: Europe's been under pressure to erect a financial firewall to prevent the debt crisis in Greece from spreading to bigger economies like Italy and Spain. Mr. Obama says this week's political turmoil in Greece merely underscores the importance... See all stories on this topic »

RBA Inflation Forecast Seen too High by Bonds: Australia Credit Bloomberg 1 after his first rate cut in 2 1/2 years that Europe's debt crisis is spilling into Asia. “The RBA is cutting because of the risks of what might happen, not because of what it thinks will happen,” said Sean Keane, an analyst in Auckland at financial ... See all stories on this topic »

Apathy and negativity dominate UAE stocks gulfnews.com "Oil revenues are robust and spending programmes are on track, so it is just a matter of time until stock markets start reflecting this economicrecovery," he said. Investors at the Dubai Financial Market. See all stories on this topic » gulfnews.com

Community banks benefit from mortgage shakeout Hartford Business A market once dominated by lightly regulated independent mortgage companies has gone back to relying on traditional lenders like community banks. The 2008 financial crisis created shockwaves within the mortgage industry in Connecticut and around the... See all stories on this topic »

Occupy Wall Street: Reining in the rich Montreal Gazette “We want our bailout money back.” “Banks, go directly to jail, do not pass go, do not collect $200 billion.” The eight-week-old Occupy Wall St. movement has highlighted mounting anger at a financial system that allowed out-of-control bankers to plunge ... See all stories on this topic »

The only power world leaders have is to frustrate each other The Guardian There was President Sarkozy rattling a tin at the Chinese, Indian and Brazilian delegations, begging them to provide some cash for the European Financial Stability Facility, the crisis-fighting fund. A symbolic visual image was supplied: the French ... See all stories on this topic »

Sovereign or Orphan: Europa and Zeus Nation on Sunday Fiscal policy, on the other hand, is made by a government through its ministry offinance or treasury, and it has to do with how it collects money and spends it. Now, as I said, these are two different functions, and should be independent of each other ... See all stories on this topic »

The Politics of Market Monetarism Forbes Through the history of caitalism, every economic downturn has been preceded a liquidity crisis, “bank runs”, where banks do not have enough cash to cover demands for withdrawals and loan maintenance. A great many banks commonly went bankrupt and... See all stories on this topic »

South America has lessons for Greece on debt TheNewsTribune.com In a story that might provide a lesson for Europe, one country, Uruguay, that was on the edge of financial oblivion organized a fast, orderly and negotiated response that revived the economy and ended a run on banks. Another, Argentina, spiraled into a ... See all stories on this topic »

The Collapse of Our Corrupt, Predatory, Pathological Financial System Is ... Business Insider Thus the collapse of the current financial system of central banks, pathological Wall Street and insolvent banks would be the greatest possible good and the greatest possible positive for the global economy and its participants. See all stories on this topic »

Swan told to give up on surplus The Age Access said it did not expect a disaster in Europe, but if there was one the government should be prepared to spend to stimulate the economy as it did during the global financial crisis. "For all the unpopularity of the stimulus spending, ... See all stories on this topic » The Age

UPI NewsTrack Business UPI.com "At a time when the financial crisis was sweeping the world, our government also organized more than 30 large trade missions to buy from abroad," he said. "As China implements a more proactive strategy to open up its economy, our imports will exceed... See all stories on this topic »

Eurozone worries expected to continue to weigh on global stock markets Winnipeg Free Press Markets finished lower last week at the end of a roller coaster string of sessions after Greek prime minister George Papandreou horrified financial markets and other members of the eurozone with his announcement that a referendum would be held to ... See all stories on this topic »

Relief for the people Sunday Times.lk The portfolio of finance has been considered too important to be left in the hands of anybody but the head of state. Such a policy sends a positive signal that the head of state takes personal responsibility for the health of the economy and takes ... See all stories on this topic »

Weekly Market Recap: Greece Confuses the Cost of Borrowing Money, MF Global ... Wall St. Cheat Sheet Today's Labor Department report suggests that the economy is gaining momentum, and that there is underlying strength in the labor market. However, Europe's debt crisisstill threatens to derail the recovery, riling global financial markets and pushing ... See all stories on this topic »

In Exile on Wall Street Truthdig His attempts resulted in the media mocking him, banks avoiding his calls and his co-workers ostracizing him. In his new book, “Exile on Wall Street,” Mayo gives an account of his experiences and offers suggestions on how to fix a flawed financial ... See all stories on this topic » Truthdig

Richard J. Grant: Feds lead public back toward mortgage trauma The Tennessean It should be no surprise that Freddie Mac is asking taxpayers for an additional $6 billion in bailout money to cover its losses in the July-September quarter. Since the beginning of the 2008 financial crisis, Freddie Mac and its older sister, ... See all stories on this topic »

New age: Bitter-sweet for locals The Citizen Daily With the current unstable economic order the world over since the financial crisis of 2009, worries among many African countries are centred on whether the pooreconomies at home would withstand the consequences of the tumbling giants in Europe. ... See all stories on this topic »

Debt crisis: live - Telegraph Visit the Telegraph Finance page for the latest on the eurozone debt crisis. .... Greek people, There is no problem with your deposits in the banks because of the bailout. ...that the IMF therefore needs more money, and that it is incumbent on Britain to ... given the substantial downside economic and financial risks in Greece. ... www.telegraph.co.uk/finance/.../8846201/Debt-crisis-live.html

Harper says no Canadian money for European bailout - World ... Major StoriesIn The News ... The financial crisis facing Greece and other countries, including Italy, was the key issue at the meeting. ... to pump more money into theInternational Monetary Fund that could, in turn, be used to fund the ... remains critical to restoring confidence and growth in the global economy," Harper added. ... www.cbc.ca/news/world/.../g20-imf-italy-greece-financial.html

European debt crisis: IMF withholding Greek bailout funds ... There's plenty of important economic news due this morning, with the heavy ... The European Financial Stability Fund is also expected to ... www.guardian.co.uk/.../02/greek-pm-referendum-debt-crisis

BBC News - G20 'agrees to boost' International Monetary Fund The Group of 20 leaders agree to increase the International Monetary Fund'sfirepower as ... It means the Fund will be more able to support struggling eurozoneeconomies. ... Rome has been finding it increasingly difficult to borrow money infinancial ... US President Barack Obama warned that the eurozone financial crisis ... www.bbc.co.uk/news/business-15567822

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