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

UK Sells Northern Rock, Symbol Of Financial Crisis Wall Street Journal (India) UK Financial Investments Ltd., the government body that managed the holding, said it could receive as much as GBP1 billion over time through a further GBP150 million in Northern Rock bonds it will hold, and a promise of additional money if the bank is ... See all stories on this topic »

Debt crisis: as it happened - November 16, 2011 Telegraph.co.uk Portugal has said the EU and IMF approve debt, economic reform progress. 14.54 Moving slightly north to Holland. Dutch finance minister Jan Kees de Jager has announced that Holland is prepared for a eurozone break-up. Another sign of contagion? ... See all stories on this topic » Telegraph.co.uk

Syria's crisis-hit economy under further pressure Reuters Washington has made clear it does not want to see banks in neighboring countries doing business with Syria. A US Treasury official told Lebanon last week it should "ensure a transparent and well-regulated financial sector... (and) protect the Lebanese... See all stories on this topic »

France gets sucked into the debt crisis. Here's why. GlobalPost We trust that the ECB will take the necessary measures to ensure financial stability in Europe." France would like the European Financial Stability Facility to be given the status of a bank. Then the ECB could lend it money and that money could be used ... See all stories on this topic »

Merkel Rejects ECB as Crisis Backstop in Clash With France BusinessWeek French Finance Minister Francois Baroin renewed a clash with Germany over using the ECB as a backstop, saying in a speech in Paris late yesterday that central banksupport for Europe's rescue fund is the best way to counter the crisis. ... See all stories on this topic »

Swaziland's super-rich king fails to find money for Aids orphans The Guardian The government has blamed its financial problems on the global crisisand a sharp decline in income from the Southern African Customs Union (Sacu), following a new tariff deal. But civil society activists claim extravagant spending by King Mswati III ... See all stories on this topic » The Guardian

The euro crisis The Economist Gerhard Schick, in charge of financial policy for the Greens, argued that giving the EFSF a banking licence would be far better than giving it leverage. He also praised a recent proposal by Germany's five-person Council of Economic Experts to set up a ... See all stories on this topic »

Hungary & the IMF: markets 1 Orban 0 Financial Times (blog) From the investors' viewpoint, an IMF deal is the best way for Hungary out of a financial spiral triggered by the crisis in the eurozone, combined with weaknesses in a fragile domestic economy that emerged from its last fully-fledged €20bn IMF-led ... See all stories on this topic » Financial Times (blog)

Debt fears stalk India's banks Financial Times If you believe the other bank will stop lending, you will stop lending. If the other bankbelieves the same of you, it will stop lending,” he says. “There's a financial build up of knowledge that can suddenly collapse and trigger a financial crisis. ... See all stories on this topic »

Europe fears contagion in debt market turmoil The Associated Press Europe's slow and indecisive actions to fight the debt crisis have allowed uncertainty to fester in financial markets. That has darkened the economic outlook at a time when governments badly need growth to lower their debts. Spain's unemployment rate ... See all stories on this topic »

European Banks in Crisis: Smart Money Running For The Door as Investors Hang ... International Business Times Just as the money market funds have been cutting their exposure to European financial institutions, investors in longer-term debt were scrambling for cover, negotiating a flurry of insurance agreements to protect themselves in case the banks defaulted ... See all stories on this topic » International Business Times

US Banks Could Benefit From Europe's Crisis: Bove CNBC.com Banks were higher in Thursday trading. The principal worry is that while the eurozone bailout mechanism — the European Financial Stability Fund [cnbc explains] — might be able to cover the debts of a tiny country like Greece, it would be well short ... See all stories on this topic »

Fed's Lacker worried about money market funds Reuters If there were a fresh European debt crisis the Fed would be prepared for more coordinated activity with the ECB, Rosengren said. "I'm not predicting a crisis," he added. He did say the US economy remains at risk from financial shocks at home and abroad ... See all stories on this topic »

Guest View: No money, no bank, no hope SouthCoastToday.com Corinn Williams is the executive director of the Community Economic Development Center of Southeastern Massachusetts. A free financial health fair to provide the local community with access to information on local low-cost banking options and credit ... See all stories on this topic »

Real World Economics / 'Monetary multiplier' underlies the ripple effect ... Pioneer Press The whole credit system thus depends on people trusting and believing that their moneyis safe in the banking system. Moreover, remember that banks and institutions like mutual funds are financial intermediaries. That is, they accept deposits from ... See all stories on this topic »

UniCredit Trades as Junk With $51 Billion Due: Corporate Finance San Francisco Chronicle "It's an Italian bank and given what's going on in Italy, there would be a tendency to downgrade," said Otto Dichtl, a London-based credit analyst for financial companies at Knight Capital Europe Ltd. The record loss prompted Moody's to put UniCredit's ... See all stories on this topic »

Middle-market banking The Economist CONSIDER the priorities of the leaders of big American financial institutions in the aftermath of the financial crisis. They must cope with a deluge of murky new rules, respond to reams of litigation, reorganise mind-boggling capital structures, ... See all stories on this topic »

Can Ireland beat Chile (on bank bailout costs)? Irish Times (blog) Ahearne, who is back teaching and researching at NUI Galway after his stint in the “war-room” in the Department of Finance, listed the costs of the worst banking crises as a proportion of GDP and compared the gross costs (what Ireland and other ... See all stories on this topic » Irish Times (blog)

China Said to Warn Banks on Property, Local Government Loans San Francisco Chronicle Premier Wen had ordered the first audit of local-government borrowing in March, amid concern spending designed to support the economy following the 2008 global financial crisis would leave a legacy of bad debt. The regulator warned last week that some ... See all stories on this topic »

What Is Naked Capitalism? Right Side News ECONNED shows how the financial crisis is ultimately rooted in dubious economictheory. Its wide-ranging historical treatment starts with changes in methodology in theeconomics profession in the decade after World War II, leading to the rise of ... See all stories on this topic »

RBC's Nixon cites lack of loan demand for economic malaise Globe and Mail Mr. Nixon contends the financial crisis was primarily caused by poor US housing policy that encouraged households to take on too much debt andbanks that were allowed to let their lending grow out of proportion to the amount of assets they had in ... See all stories on this topic » Globe and Mail

Europe fears contagion in debt market turmoil Seattle Post Intelligencer Europe's slow and indecisive actions to fight the debt crisis have allowed uncertainty to fester in financial markets. That has darkened the economic outlook at a time when governments badly need growth to lower their debts. Spain's unemployment rate ... See all stories on this topic »

World stocks mostly lower on fears Europe's debt crisis is worsening and spreading Washington Post “The eurozone crisis is already undermining global business confidence, reducing risk appetite in financial markets and strengthening the US dollar, all important negatives for commodity prices,” analysts from Capital Economics said in a report. ... See all stories on this topic »

Analysis: Populists exploit euro zone crisis to gain influence Reuters "The return to the guilder is nonsense, it's a nonsense discussion," said Sylvester Eijffinger, professor of financial economics at Tilburg University. However, he added: "It's very dangerous for the survival of the cabinet." The government relies on ... See all stories on this topic »

US back on track, more to be done The Australian The object lesson of the global financial crisis was that the government could not allow big financial institutions to fail. If banks had an implicit government guarantee, they could not be allowed to establish high-risk and high-return proprietary ... See all stories on this topic »

Widening split in Europe on the virtue of austerity Business Standard It called on the central bank to help calm the crisis by buying the bonds of Italy, Greece and other governments whose borrowing costs are surging. “The ECB's role is to ensure the stability of the euro, but also the financial stability of Europe,” ... See all stories on this topic »

Italian students take on riot police in protest against budget cuts and ... Daily Mail His administration is tasked with restoring confidence in the country'sfinancial future and avoiding a worsening in the eurozone's debt crisis. But his choice of unelected experts to lead the government and the prospect of tough reforms have fuelled ... See all stories on this topic » Daily Mail

Financial meltdown and the euro The Guardian The linkages between stagnant real wages, growing indebtedness, the shift in income share from wages to profits, deregulation, short-termism, an overweening financialsector and the growth of systemic risk have led to no re-evaluation of economic ... See all stories on this topic »

Lithuania insists banks safe after Snoras takeover Reuters It is the first major Baltic bank crisis since Latvia had to rescue a top bank in 2008, forcing it to seek a 7.5 billion euro bailout from the International Monetary Fund and the European Union. Lithuania has so far said it does not need financial ... See all stories on this topic »

Rosengren defends Fed's actions The Boston Globe Rosengren said the Federal Reserve could have done a better job of explaining the complicated measures it took to stabilize the economy during and after the 2008financial meltdown. The central bank made special loans, cut key interest rates, ... See all stories on this topic »

JGBs hold steady as euro zone crisis deepens Reuters According to market participants, Tuesday's five-year JGB offering drew strong demand from investors such as government affiliated financial institutions and big Japanesebanks, and supply conditions have remained tight. The five-year yield on Thursday ... See all stories on this topic »

Financial fallout for Penn State: $2 billion fundraising drive in danger? Christian Science Monitor But the scandal could slow the flow of money. The university's seven-year capital campaign, designed primarily to fund undergraduate and graduate student scholarships, has hit 72 percent of its $2 billion target, the university reports. Banking the ... See all stories on this topic » Christian Science Monitor

Fitch's US bank worries weigh on Britain's FTSE Reuters "As a consequence, this will be a companion for financial markets for the next couple of months and even years." Andrew Bell at money manager Witan, meanwhile, said: "If the gathering collapse in European bond markets is not arrested, then the economic ... See all stories on this topic »

The world according to Larry Fink CanadianBusiness.com And that gives him a unique insider's take on financial markets. Fink, who earned US$23.6 million last year, grew up middle-class in Los Angeles. After studying politics and business at UCLA, he joined investment bank First Boston and quickly became a ... See all stories on this topic »

Fannie, Freddie Draining US Coffers NuWire Investor Oversight ostensibly comes from the Federal Housing Finance Agency, but regulators are the ones paying out the bonuses while arguing that lawsuits aimed at large banksthat sold the lenders toxic securities should help recoup losses. ... See all stories on this topic »

Should city residents occupy schools to demand educational equity? MLive.com By Dave Murray | The Grand Rapids Press AP Photo/Ben MargotA member of the Occupy movement holds a sign inside a Bank of America branch office after protesters stormed in on Wednesday in the financialdistrict of San Francisco. Police arrested a number ... See all stories on this topic » MLive.com

MF Global shows root causes of financial meltdown aren't fixed The Star-Ledger - NJ.com (blog) One of the hallmarks of the financial crisis was the degree to which firms became so highly leveraged that a run on the bank became almost inevitable. The level that MF Global was permitted to leverage itself should have raised red flags. ... See all stories on this topic » The Star-Ledger - NJ.com (blog)

From Enron to Occupy and back MarketWatch The European crisis, which exploded into the news with Iceland's problems and has steadily marched across the continent, now threatens the great banks of Europe, the region's single currency, and the health of the global financial system. ... See all stories on this topic »

Balancing books on a precipice Sydney Morning Herald Until the global financial crisis, foreign lenders, especially central bankswith large foreign exchange reserves, led by the Chinese, increased their purchases of US government debt. These reserves arose from dollars received from exports and foreign ... See all stories on this topic » Sydney Morning Herald

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 Survey: Afghanistan to Get $133.6 Million IMF Loan Afghanistan has started to take corrective steps in wake of Kabul Bank crisis; IMFprogram provides framework to manage economic impact of troop ... to effectively manage the Kabul Bank crisis and strengthen the financial sector based on .... area of anti-money laundering, and enhancing supervision and enforcement; and ... www.imf.org/external/pubs/ft/survey/so/.../CAR111511A.htm

IMF Warns China's Banks Face Growing Risks - ABC News More Money: Business Traveler · Foreclosure Mess · Ford's Comeback ... TheInternational Monetary Fund warned Tuesday that China's banks face growing risks... to concern about the world's second-largest economy amid Europe's debt crisis. ..."Despite ongoing reform and financial strength, China confronts a steady ... abcnews.go.com/.../imf-warns-chinas-banks-face-growing-risk...

G20 seeks more talks on eurozone crisis - FT.com - Financial Times If the German central bank – which has independent control of the country's foreign exchange reserves – can be reassured, a G20 finance minister's meeting will ... www.ft.com/.../a2e083e0-089b-11e1-9fe8-00144feabdc0.htm...

G20 agree to 'action plan' for global economy - Nov. 4 ... - CNN Money The world's top economic leaders pledged to work together to boost global ... the debt and banking crisis threatening the euro currency and global economy. ... The G20 also pledged to ensure that the IMF has sufficient resources to support economies that get into financial ... Insurance news and resources from BankRate ... money.cnn.com/2011/11/04/news/international/.../index.htm

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

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