Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 15, 2011

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Nov 15, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 15, 2011


IMF approves new credit program for Afghanistan
San Francisco Chronicle
The Afghan Finance Ministry said the IMF had approved a three-year $129 million loan that will allow the government to undertake critical reforms in the banking andfinancial sector, further fiscal reforms in the customs and revenue departments and ...
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IMF approves new credit program for Afghanistan
Atlanta Journal Constitution
The Afghan Finance Ministry said the IMF had approved a three-year $129 million loan that will allow the government to undertake critical reforms in the banking andfinancial sector, further fiscal reforms in the customs and revenue departments and ...
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European Central Bank lowered bond purchases to $6.2 bln last week despite ...
Washington Post
Some economists have advocated creating new money to buy large amounts of bonds as a way to reassure investors that Italy can repay its debts. Theoretically, the bank'sability to print money gives it unlimited financial firepower. ...
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Money has been privatised by stealth
The Guardian (blog)
In industry jargon, these companies are called "monetary and financialinstitutions", but you probably know them by their street name: "banks". The money that they create, effectively out of nothing, isn't the papermoney that bears the logo of the ...
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The Guardian (blog)
As Italy edged toward crisis, ECB stepped back
Washington Post
As Italy's borrowing costs spiked and its government neared collapse last week, the European Central Bank reacted in an unusual way for an organization serving as the euro region's chief financial fire brigade. It slowed its purchases of government ...
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STRATFOR: Europe's crisis, beyond finance
Kyiv Post
The common perception in the financial press is that Greece irresponsibly borrowedmoney to support extravagant social programs and then could not pay off the loans. But there also is validity to the Greek point of view. ...
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Fed Employees Serve Treasury in Assignments Deepening Crisis-Forged Ties
Bloomberg
In addition to the Treasury, the destination for the majority of assignments, some staffers did stints in offices including the White House Council of Economic Advisers, Export-Import Bank and Financial Crisis Inquiry Commission. ...
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Bloomberg
Greek lessons in the financial crisis
Financial Times
The debate began with a question on Italy: “It is the world's seventh largest economy. As president, what will you do to make sure their problems do not take down the USfinancial system?” Herman Cain, former head of Godfather's Pizza, answered first. ...
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Analysis - Puzzle over euro's "mysterious" stability
Reuters UK
Government bond and bank equity prices have plummeted. Euro financial funding systems are creaking, European business confidence has evaporated and regionaleconomies are heading for their second major recession in three years. ...
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The UK: a port in a storm for the wealthy?
Telegraph.co.uk
The global economy seems to be going to hell in a hand cart, as we lurch from one financial crisis to the other. Unsurprisingly, high net worth individuals are asking where they should put their money in such unstable times By Alex Ruffel and Nick ...
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Telegraph.co.uk
How we got into this financial mess: A story on steroids
Firstpost (blog)
... it comes to their domestic economy though. There are interesting snippets on Ireland as well. Sample this: the erstwhile Prime Minister, seeking to explain the financial crisis of 2008, actually said “Lehman's was a world investment bank (sic). ...
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Firstpost (blog)
Guest post: Egypt needs to bite the IMF bullet
Financial Times (blog)
Without bold policy implementation to correct the country's economiccourse and begin creating jobs at a meaningful rate, Egypt will face long-term unrest and instability. The IMF's visit to Cairo, as well as an announcement from Egyptian Finance ...
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Financial Times (blog)
Eurozone can rescue itself, Osborne says
Telegraph.co.uk
By Philip Aldrick, Economics Editor In a letter to the Bank of England Governor about soaring inflation, he said: “The threat to the UK economyfrom the crisis in the eurozone is very serious. The eurozone has thefinancial capacity to restore ...
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Telegraph.co.uk
DIARY-Federal Reserve Events
Reuters
RSVP: Kristin Marshall, kmarshall@albany.edu SANTIAGO, Chile - Federal ReserveBank of San Francisco President John Williams participates in ""Recovering fromCrises: The Role of Financial Markets" presentation and discussion before the CentralBank of ...
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1997 Korea vs. 2011 eurozone
Korea Times
In 1997, the currency crisis in the Southeast Asian countries was aggravated by a region-wide contagion of fears made by American and Japanese banks' refusal to roll over their short-term loans to Koreanfinancial institutions. ...
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Korea Times
Pontifical economics veers off course
National Post
That's the implication, at any rate, of a document recently issued by the Pontifical Council for Justice and Peace calling for the establishment of a global financialauthority, a world central bank to oversee the flow of money and credit. ...
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Vulture Funds Gorge on Stricken Economies
CounterPunch
The country is 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 creditors ...
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Tuesday Papers: Merkel urges stronger union to back euro
Citywire.co.uk
Financial Times: The Asian Development Bank has called for India and China to be ready to help rescue the eurozone from its sovereign debt crisis to avoid a long-term downturn that will stunt the growth of Asian economies. Financial Times: Ireland's ...
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Big Finance Moves In
CounterPunch
Then, German Chancellor Heinrich Brüning, a centrist politician, sought to impose the impact of the international financial and economic crisis on the population with drastic austerity measures. He ruled through emergency measures, relied on the powers ...
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Wenzhou: Financing in the Shadows
Wall Street Journal (blog)
Analysts worry China's recent explosion in informal credit – money lent privately, not through banks – raises potential threats to the country's overall financial system. Nowhere is China's informal financial sector more established than in Wenzhou, ...
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The Coming Global Systemic Collapse and its Implications​
The Market Oracle
The only thing that have maintained investor confidence is that there is always the Central Bank to bailout and intervene in the financial system. However due to the bailouts by Central Banks the actual problem of the Debt crisis is never solved. ...
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Europe: New leaders, same debt crisis
CNN
But the underlying economic and financial problems remain fundamentally unchanged. In addition, the plan to build a financial firewall around vulnerable euro area nations appears to have stalled, with few indications that non-European investors are ...
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Banks to speed up their overseas expansion
China Daily
The move in that direction comes following the recent world financial crises and in the midst of turmoil in the eurozone, when many large Western banks are having difficulties ensuring they have adequate stores of capital. ...
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China Daily
Financial Secrecy: We Really Are In It Together - OpEd
Eurasia Review
First, the liberalisation allows domestic banks and companies to borrow and to sell equity more freely. As foreign capital flows in, this greater access to finance triggers an economic boom. The second systematic feature is that these financial flows ...
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Markets Live: Shares retreat on Europe woes
Sydney Morning Herald
But China can contain these dangers by freeing up financial markets to give investors, commercial banks and the central bank greater autonomy from government control, the fund said in its first-ever review of the Chinese financial system. ...
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What is the position of New Zealand's big banks?
Scoop.co.nz
How safe is your money and the finances of the Government in these circumstances and what are the options open to the New Zealand Government and Reserve Bank to address these issues. In 2008, at the depth of the aptly named Global Financial Crisis, ...
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Thought of Kingfisher bailout irks activists, bankers
Moneylife Personal Finance site and magazine
Former power and finance secretary EAS Sarma has written to prime minister Manmohan Singh asking him not use taxpayers' money to bailout Kingfisher Airlines. He says, “The financial crisis that the airline is facing is evidently a crisis that is ...
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Bank of America Corp share price down following report it is to offload most ...
Director of Finance online
China's financial system is at risk from bad loans, booming private lending and sharp falls in property prices, the International Monetary Fund (IMF) has warned, as it called for sweeping reforms. In its first formal evaluation of China's financial ...
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Raising exchange rate seen as risky strategy
swissinfo.ch
But some observers fear that raising the exchange rate ceiling could chain the central bank to potentially damaging consequences. The euro has been in free fall against the franc since the financial crisis three years ago. Fears that the debt problems ...
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swissinfo.ch
The Euro Zone Crisis and the US: A Primer
New York Times (blog)
This is the biggest worry, since global financial markets are deeply interconnected. Europeans owe lots of money to one another — and to other countries — as you can see in this debt graphic. For example, American banks own a lot of French debt, ...
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New York Times (blog)
What's Important in the Financial World (11/15/2011) Buffett Holdings, Un ...
24/7 Wall St. (blog)
Buffett increased his holdings in Wells Fargo (NYSE: WFC), a sign he is not as concerned about a new banking crisis as many bank analysts are. He moved even further into the financial sector with a new investment in Visa (NYSE: V). ...
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Are Advocates Against Responsible Banking Being Responsible?
Huffington Post
Born in response to the banking crisis, Alarcon's initiative asks questions important to all communities in this country. Do the financial institutions, services and banks that do business in and with a city benefit the economic interests of that city? ...
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Support for Democracy Declines in Eastern Europe
CNBC.com
Support for democracy and free markets has fallen in Central and Eastern Europe as a result of the severe financial crises the new European Union members have experienced, a report by the European Bank for Reconstruction and Development (EBRD) showed ...
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CNBC.com
Some Unconventional Thinking: The Most Imaginative Euro Crisis Solutions Explained
Seeking Alpha
This would give a very positive signal to both Spain and the financial markets. Spain will realize that Europe stands behind it as long as it keeps up its reform efforts and markets will think twice before taking on Spanish bonds again. ...
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Spencer Bachus' real sin isn't insider trading
Salon
As Paulson recounts, “Ben [Bernanke] emphasized how the financial crisis could spill into the real economy. As stocks dropped perhaps a further 20 percent, General Motors would go bankrupt, and unemployment would rise … if we did nothing. ...
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Salon
Buffett buys big, and wise investing tips from four legends
Ninemsn
European crisis? What crisis, writes The Motley Fool. Wherever global markets go, the S&P/ASX 200 tends to follow. Europe continues to dominate the news, and the direction of markets. “There's a lot of risk to the global financial system,” said Hayes...
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Why France Should Be Worried about its Rating
Spiegel Online
France's leading banks invested large sums in Europe's crisis regions. The hair-cut deal already sealed on Greek debt will likely mean that the government has to pump additional capital into the country's financialinstitutions. ...
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Spiegel Online
Forint Falls as Fears on Hungary Mount
Wall Street Journal
Hungary, which had to be bailed out by the International Monetary Fund and the European Union after the global financial crisis hit in 2008, is again struggling to keep its economy stable. The forint hit a record low against the euro, trading at around ...
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Consumer Financial Protection Bureau official responds to critics
GovExec.com
The financial crisis "came close to bringing the collapse of our economic system, and it was not hard to imagine that ATMs would cease to work, checks stop working, credit cards are refused and commerce grinds to a halt," Kennedy said. ...
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German Two-Year Notes Fall After Report Shows Economic Growth Quickened
Bloomberg
Bunds have returned 9.1 percent this year, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. Italian bonds have lost 8.4 percent, and Spanish securities have gained 0.2 percent. ...
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Bloomberg
The Struggle To Win Back Confidence
Corriere della Sera English
So far, none of the big names in financial consultancy have been prepared to speak up in Italy's defence. No strong hands are reaching out for Italian BTPs. Significanteconomic players ready to consolidate their position are thin on the ground. ...
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Greek PM: Staying in eurozone is 'the only choice'
CNN
He cited "a crisis of trust" among the country's European allies about whether Greece has the will and the ability to restore its economy, but said "big progress" has already been made toward restoring fiscal stability, citing the reduction of the ...
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UniCredit loss, raising adds to fears about Italy
The Australian
THE crisis in Italy shifted from politics back to finance yesterday when the country's biggest bank announced a surprise euros 10.6 billion ($14.2bn) loss and said it would have to tap shareholders for the third time in three years. ...
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China must tackle growing financial distortions, says IMF
The 126-page report, part of the IMF's attempts to better foresee financial crises in the wake of the credit crunch, comes amid growing concern over the ...
www.citywire.co.uk/money/china-must.../a541972?ref...
IMF chief calls for 'political clarity' in Greece, Italy
BEIJING: The head of the International Monetary Fund called on Thursday for greater... Lagarde that Europe's worsening economic crisis was leading to financialinstability in ... the European Central Bank and the IMF to address the crisis," China Central ... Polo, Ford Fiesta, Hyundai Verna give petrol cars a run for money ...
economictimes.indiatimes.com/news/.../10680364.cms

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