Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 11, 2011

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Nov 11, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 11, 2011

IMF May Need More Cash for Europe Crisis, Canada's Flaherty Says
BusinessWeek
Finance ministers from the Asia-Pacific Economic Cooperation forum today discussed what role the IMF should play in the eurozone debt crisis, Flaherty told Bloomberg News in an interview at the conference in Honolulu. “We're in favor of more funding, ...
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US Fed's No. 2 urges Europe to act on crisis
Reuters
Tests of the capacity of banks to withstand crises have become a routine part of US regulatory scrutiny, which was strengthened in the wake of the 2007-2009 financial crisis. Political and economic turmoil in Italy, the euro zone's third-biggest ...
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New recession threatens the globe as debt crisis grows
Telegraph.co.uk
Christine Lagarde, the IMF's chief, warned in Asia that "there are dark clouds gathering in the global economy. Countries need to prepare for any storm that might reach their shores". She said "adverse feedback loops" are at work as financial stress ...
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Telegraph.co.uk
IMF chief Christine Lagarde visits Japan to meet finance minister amid EU debt ...
Telegraph.co.uk
Christine Lagarde, the head of the International Monetary Fund, has arrived in Tokyo, where she will meet Japan's finance minister and the centralbank chief for talks likely to be dominated by Europe's debt crisis. IMFchief Ms Lagarde, on a trip that ...
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Telegraph.co.uk
Putin doubts EFSF and IMF can overcome euro crisis
Reuters
By Gleb Bryanski POZDNYAKOVO, Russia, Nov 11 (Reuters) - Russian Prime Minister Vladimir Putin expressed doubt on Friday that the European Financial Stability Facility and the IMF have enough resources to overcome the euro zone crisis and said the ...
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Political deadlock derails China's EU aid offer
Telegraph.co.uk
The IMF route would have been the simplest diplomatically, especially after European Union leaders last month laid out a plan to leverage up the resources of its crisis-fighting fund through an IMF-backed investment vehicle. But the sources in Beijing ...
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Telegraph.co.uk
Why won't the European Central Bank save Europe?
CNN
How has that role changed during the crisis? While the ECB's power was initially limited to controlling interest rates, as the global financial crisis deepened European leaders authorized the bank to begin buying government debt in order to stabilize ...
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Eurozone crisis will hit UK hard, warns Cameron
The Guardian
He said the Treasury could be forced to take fresh emergency measures to prop up the financial system if the crisis worsens. "It's very likely that there will need to be more support for banks." eurozone - crisis - impact - uk.
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The Guardian
Kingfisher crisis: Pranab may ask banks to help
IBNLive.com
New Delhi: Union Finance Minister Pranab Mukherjee is likely to speak tobanks to bail out Kingfisher from a financial crisis. This observation was made on Friday by Union Civil Aviation Minister Vayalar Ravi, as the airline's ground staff in Mumbai ...
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IBNLive.com
ECB as Lender of Last Resort Would End Crisis for Silva
BusinessWeek
11 (Bloomberg) -- The European Central Bank can stop the spread of the continent'sfinancial crisis with “foreseeable, unlimited” purchases of Italian and other government bonds, Portuguese President Anibal Cavaco Silva said. “The European Central Bank ...
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World Economy is Paying 'Very High Price' for Europe's Failure, Swan Says
Bloomberg
Christine Lagarde, managing director of the International Monetary Fund (IMF), said the world economy is in a “dangerous phase.” Photographer: Adam Dean/Bloomberg Finance chiefs from Asia-Pacific nations said European policy makers must step up efforts ...
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Bloomberg
Lost decade
Philippine Star
The financial crisis in the Eurozone could paralyze the global banking system in a manner that makes the 2008 meltdown look like a minor discomfort. The Europeaneconomies, a major market for the rest of the world, will cease growing. ...
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Colombia cenbank revises GDP, frets over global crisis
Reuters
The central bank maintained its benchmark lending rate at 4.5 percent last month citing concerns over turbulence in world financial markets and its possible impact on Latin America's fifth-largest economy. "A good part (of economic growth this year) is ...
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Bundesbank Says Debt Crisis Likely to Hurt German Bank Earnings
BusinessWeek
10 (Bloomberg) -- The Bundesbank said Europe's debt crisis and slower economicgrowth are likely to hurt German banks' earnings. German lenders may have to make further writedowns on Greek debt, the Frankfurt-based central bank said in its Financial...
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Right to Rent: The Foreclosure Crisis Solution Banks Love to Hate
Huffington Post
Though Baker's idea has been endorsed by a political hodgepodge, including Andrew Samwick, former chief economist on George W. Bush's Council of Economic Advisors; Simon Johnson, former chief economist of the IMF and Senators Dick Durbin (D-Ill.) and...
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ECB as Lender of Last Resort Would End Crisis for Silva
San Francisco Chronicle
11 (Bloomberg) -- The European Central Bank can stop the spread of the continent'sfinancial crisis with "foreseeable, unlimited" purchases of Italian and other government bonds, Portuguese President Anibal Cavaco Silva said. "The European Central Bank ...
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Markets rise but contagion fears spread to Spain
Telegraph.co.uk
Speculation is growing that much of the land held on the books of Spanishbanks will have to be marked down significantly before year-end. Fears over Spain's future came as the IMF issued a report – prepared for last week's G20 summit but only released ...
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Telegraph.co.uk
IMF Executive Board Concludes 2011 Article IV Consultation with Côte d'Ivoire
StarAfrica.com
The post-election crisis (December 2010-April 2011) had severe economicconsequences. Real GDP is projected to decline by 5.8 percent in 2011; inflation spiked to 9 percent in April. Most banks were closed for 2-3 months and their financialsituation, ...
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Monetary Policy in an Era of Crises
Federal Reserve Bank of San Francisco
Second, recent reforms do not fully address a basic fact bared during the financial crisis: the funding system rooted in the capital markets is inherently at risk for runs, contagions, and panics. Investment banks and participants in money, repo, ...
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Europe Blasted by Asia-Pacific Nations Seeing Growth Weaken
BusinessWeek
Finance officials at APEC, concerned by the impact of the crisis on exports, focused on how they could protect their economies rather than ways to assist the debt-stricken euro zone. The world is paying “a very high price” for Europe's failures and its ...
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Investors See Less Need for 'TARP Moment' in Europe
CNBC.com
The poll of credit investors had found in October that 99 percent were looking for a “TARP moment,” in Europe — a reference to the Troubled Asset Relief Program instituted in the US in 2008 to recapitalize banks after the financial crisis. ...
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Path out of euro zone crisis spells prolonged economic pain
Reuters
By Alan Wheatley, Global Economics Correspondent LONDON (Reuters) - Even if the euro zone manages to relieve the immediate financial pressures threatening it, weaker members in particular look set to keep paying a heavy economic price to tackle the ...
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The Upside of Financial Crises
Huffington Post
In the middle of a financial crisis, things look pretty alarming. Earlier this week, Dan Drezner referred to "the collapse of the euro and maybe the entire global economicsystem." But the pain and fear are what catalyzes change. ...
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Papademos Keeps Venizelos at Finance in New Greek Government
BusinessWeek
See EXT4 for debt crisis news.) Nov. 11 (Bloomberg) -- Greek Finance Minister Evangelos Venizelos will remain in his post in a new coalition government headed by Lucas Papademos that's charged with the immediate task of securing funds to avert an...
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Prof Boyan Durankev: The crisis in USA and EU is systemic, it could not be ...
Focus News
After all the likes of Russia, Belarus, and Turkey are also European countries and they expose a much larger economic growth that the EU. Therefore the crisis is local, to some extent. And it is a systematic one. It started out as a financial crisis in ...
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Yemen's economy report for 2011
Bikya Masr
Economic experts noted that the current crisis in Yemen had greatly impacted the Yemeni economy, especially its banking organizations which provide loans and credit to companies and individual borrowers in order to meet their financial needs. ...
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Bikya Masr
French banks have more to do to reassure markets
Reuters
This is likely to hurt the global economy as banks move from cutting their US dollar lending -- such as aircraft, shipping and real-estate funding -- to hacking into euro-denominated assets, even if there is room to focus on trading portfolios. ...
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Canadian Stocks Rise as Europeans Take Steps to Address Crisis
Bloomberg
9, as financial and energy stocks fell amid concern the spread of Europe's debt crisisto Italy may weaken the global economy. The two industries make up 54 percent of Canadian stocks by market value, according to Bloomberg data. ...
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Cyprus economy prospects for 2012 not favourable, Finance Minister says
Famagusta Gazette
Kazamias said that the adverse effects of the global economic and financial crisis led to the reversal of Cyprus' budget balance, which have moved from surplus in 2008 to deficit in 2009, mainly due to the massive shortfall in government revenues, ...
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Famagusta Gazette
JPMorgan Grabs Europe Loan Share as French Waver: Credit Markets
BusinessWeek
7, the busiest day since May 27, after European Central Bank executive board member Juergen Stark predicted the region's debt crisis will be under control within two years. The US economy will grow by 2.2 percent next year, according to the median ...
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Reforms pledged by APEC ministers
BusinessWorld Online Edition
The APEC Finance Ministerial Meeting concluded on Thursday in Honolulu, Hawaii, with officials committing to implement regulations on financial derivatives and the bankingindustry, two factors behind the 2008 global financial crisis. ...
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Iceland's New Bank Disaster « naked capitalism
By Yves Smith
The country is now suffering a second round of economic and financial distress stemming from the collapse of its banking system in October 2008. That crisis caused a huge loss of savings not only for domestic citizens but also for international ...
naked capitalism
Why Is There a Euro Crisis? - Philipp Bagus - Mises Daily
In 2008, the crisis of the real economy triggered a banking or financial crisis. Artificially low interest rates had facilitated excessive debt accumulation to finance bubble activities. When the malinvestments became apparent, the market value of ...
Daily articles from The Mises...
Central Banks, Financial Regulators, and ... - iMFdirect - The IMF Blog
It goes to the core of central banks' mandates, and their role in achieving macroeconomic and financial stability. The financial crisis triggered a fundamental ...
blog-imfdirect.imf.org/.../2011-imf-annual-research-conferenc...
Brazil willing to help IMF to tackle European financial crisis
Since the global financial crisis began in 2008, Mantega and other leaders from developing nations have fought for reforms in the IMF, World Bank and other ...
www.washingtonpost.com/.../gIQAJJyJ1M_story.html
Global Financial Crisis: Experts question relevance of IMF, World Bank
Global Financial Crisis: Experts question relevance of IMF, World Bank. Tuesday ...Cesar Purisma, said with a weak global economic outlook, the role of the two ...
nationalaccordnewspaper.com/index.php?...
Calls grow for G20 to boost IMF | Emerging Markets
There is mounting speculation that G20 leaders will agree to double the IMF's resources to combat a burgeoning economic and financial crisis. Speculation was ...
www.emergingmarkets.org/.../Calls-grow-for-G20-to-boost-I...
Joseph Stiglitz on Iceland's Crisis and Recovery | Credit Writedowns
Here is an IMF video on Iceland's program featuring Joseph Stiglitz, who has ... As the first country to experience the full force of the global economic crisis, Iceland ...Compare this to all the gyrations and contortions, that the banks and the FED ...
www.creditwritedowns.com/.../joseph-stiglitz-on-icelands-crisi...
allAfrica.com: Sudan: IMF- World Bank Annual Meetings 2011
I attended the annual meetings with nine other IMF academic fellows for 2011. ...financial crisis and that they have a vital role to play in the global economic ...
allafrica.com/stories/201111040165.html
European Banks Recapitalisation: G20, IMF, CDS writing and the ...
European Banks Recapitalisation: G20, IMF, CDS writing and the Debt crisis ... have limited shorting of banks and financial stocks and European banks are still in ... and issue Eurobonds to subsidise the failing economies..independent fiscal ...
advantages.us/.../european-banks-recapitalisation-g20-imf-cds-...
IMF chief Christine Lagarde visits Japan to meet finance minister ...
Christine Lagarde, the head of the International Monetary Fund, has arrived in ... and the central bank chief for talks likely to be dominated by Europe's debt crisis. ... a former French finance minister, has warned that Asian economies were not ...
www.telegraph.co.uk/.../IMF-chief-Christine-Lagarde-visits-Ja...
financial policy
ILO Home > ILO and the global jobs crisis · FrançaisEspañol ...
www.ilo.org/pls/apex/f?p=109:4:2533495638565187...
IMF chief warns world economy risks 'downward spiral'
Beijing (AFP) Nov 9, 2011 - International Monetary Fund chief Christine Lagarde ...global financial crisis when governments were forced to bail out the banks, ...
www.terradaily.com/.../IMF_chief_warns_world_economy_ris...
Argentina crisis lessons for Europe: CEPR paper - Central Banking
Centre for Economic Policy Research study says beleaguered eurozone countries can learn from Argentina's financial crisis. Author: Central Banking ... IMF uneasy on nagging weakness of eurozone's banks · Financial Stability | 25 Jan 2011 ...
www.centralbanking.com/.../argentina-crisis-lessons-europe-ce...
IMF chief warns world economy risks 'downward spiral' | The Raw ...
Walsh yells at constituents: Don't blame the banks! ... plunging into a “downward spiral” of financial instability and urged Asian economies to be on their guard. ... a two-day visit to China likely to focus on the deepening debt crisis in Europe. ...
www.rawstory.com/.../imf-chief-warns-world-economy-risks-...

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