Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Mar 11, 2012

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Mar 11, 2012

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Mar 11, 2012


As IMF stumps for funds, a Republican backlash brews over Europe
Washington Post
In the wake of the 2008 financial crisis, the Obama administration helped negotiate a plan to give emerging economic powers increased say at the International Monetary Fund, while also having them contribute more to an enlarged pot of money for the ...
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How the IMF reasserted its power in Greece's debt crisis
Washington Post
Other figures showed that the government was financing its daily operations with debt, like a family paying for food with a home-equity loan. And Greece was making only halting progress in fulfilling its pledges to reduce public payrolls, ...
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Eurozone crisis: live blog
Financial Times (blog)
“Greece remains plagued with an unsustainable debt stock, formidable economicchallenges and a population greatly fatigued by the austerity that has been imposed as a condition precedent to further bail-out money.” “The PSI [private sector involvement]...
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Sarkozy says Greece crisis is resolved; but are markets convinced?
Firstpost
That year the Greek economy shrank 6.4 percent. Nevertheless, GreekFinance Minister Evangelos Venizelos hailed the bond swap, which the European Union and IMF had demanded in return for the new bailout, as marking a long-awaited success for all Greeks ...
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Firstpost
Debt crisis and Greek bond swap: as it happened - March 9, 2012
Telegraph.co.uk
Until then, visit our finance page for the latest business and economicnews. Today I have consulted with the IMF's Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a €28 billion (about US$36.7 billion) ...
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Telegraph.co.uk
Debt crisis and Greek default deadline: live
Telegraph.co.uk
18.16 The financial crisis is over... according to French President Nicolas Sarkozy: The economic crisis is still with us, but I think we can say that we have surmounted the financial crisis. The euro is still here. Who would have bet on that four ...
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Telegraph.co.uk
Greece averts immediate default, markets skeptical
MSN Money
"Today the problem is solved," he said in the southern French city of Nice. "A page in the financial crisis is turning." Euro zone finance ministers held a teleconference call and were expected to declare Athens had met the tough terms of the bailout, ...
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IMF eyes $37 billion contribution to Greek bailout
Atlanta Journal Constitution
(AP Photo/Thanassis Stavrakis) People wait to receive money from an ATM at an Alpha Bank branch in Athens, on Thursday, March 8, 2012. Greece's race to slice euro107 billion ($140 billion) off its national debt entered the final stretch Thursday, ...
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Atlanta Journal Constitution
AFP: IMF to propose 28 bn euro loan for Greece
Focus News
"Today I have consulted with the IMF's Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a 28 billion euro arrangement under the Fund's Extended Fund Facility (EFF) to support Greece's ambitious economic ...
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Eurozone crisis: live blog
Financial Times (blog)
15.38: The IMF board discussion on Greece's new bailout package has been “tentatively” set for March 15, says Reuters, citing an IMF spokesman. The meeting would depend on completion of the prior actions by the Greek government, “Europeanfinancing ...
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Hungarian Government Committed To IMF-EU Agreement And Ready To Start Negotiations
XpatLoop.com
"Minister without Portfolio for Liaising with Certain International Financial Organisations Tamás Fellegi's keynote speech opened the conference entitled “Forint, crisis, state debt” organised on macro-economic issues on 8 March 2012 in Budapest by ...
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Debt crisis and Greek bond swap: live
Telegraph.co.uk
I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found. Today the problem is solved. A page in the financial crisis is turning ...
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Telegraph.co.uk
'Euro crisis not going to cause huge damage'
The News International
WASHINGTON: US Treasury Secretary Timothy Geithner said on Thursday that thanks to measures taken by Europe to tamp down the debt crisis, the continent no longer posed major risks to the global economy. “People here in the United States and around the ...
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GREECE: HISTORIC DEAL
CNNMoney
Greek Finance Minister Evangelos Venizelos welcomed the agreement, saying the restructuring will help Greece get out of debt and revive its ailing economy. "We can say now that instead of what usually occurred, we are today reducing the debt," ...
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Greece secures high participation in critical bond swap, staves off default
The Republic
The bond swap was a radical attempt to pull Greece out of its debt spiral and put its shrinking economy back on the path to recovery. The deal is also a key condition for Greece to receive a €130 billion ($172 billion) package of rescue loans from ...
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Ex-Greek economic adviser: 'System is corrupt'
Scranton Times-Tribune
BY JAMES HAGGERTY (STAFF WRITER) A former top economic adviser to Greece's prime minister blames the country's failure to reform for afinancial crisis threatening the future of the European Union. "The politicians were responsible," Herakles ...
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Scranton Times-Tribune
Lagarde wants €28B IMF share for Greece
CBC.ca
The swap was a key condition for Greece to receive a €130 billion ($169 billion Cdn) package of rescue loans from other eurozone countries and the International Monetary Fund. Eurozone finance ministers said after a conference call on Friday that ...
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CBC.ca
Greece secures biggest debt deal in history, staving off bankruptcy, economic ...
Global Edmonton
Greece would have risked defaulting on its debts in two weeks without the agreement, sparking turmoil in the financial markets and sending shock waves through the other 16 countries that use the euro. Prime Minister Lucas Papademos called the deal ...
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Greece secures biggest debt writedown in history
Arab News
The bond swap is a radical attempt to pull Greece out of its debt spiral and put its shrinking economy back on the path to recovery. The hope is that by slashing debt, the country can gradually return to growth and eventually repay the remaining money ...
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Arab News
The Crisis is Dangerously Smoldering in the Eurozone Periphery
Cause and Effect in European Politics and Economy
The crisis in the periphery of the eurozone, although not raging as until recently, is dangerously smoldering. Events in the countries, pressed by debts and deficits and stifled by lack of economic growth, show that they are not out of the woods yet ...
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Cause and Effect in European Politics and Economy
Greece secures biggest debt deal in history
Atlanta Journal Constitution
By GABRIELE STEINHAUSER AP ATHENS, Greece — Greece's private creditors agreed Friday to take cents on the euro in the biggest debt writedown in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being ...
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Atlanta Journal Constitution
Tracing Europe's Long Road to Economic Catastrophe
New Republic
Or consider the billions that course around the American economy with each financial crisis—from the 12 figure sums channeled to Texas alone during the Savings and Loan debacle of the mid-1980s,to the bailouts of Detroit and the financial industries ...
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New Republic
Greece dodges the first default bullet
The Guardian
After months of wrangling, Athens said it could meet a deadline to roll over €14bn (£11.7bn) of private sector loans due to be refinanced next week. A visibly relieved finance minister, Evangelos Venizelos, said 85.8% of bondholders had agreed to take ...
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The Guardian
People always look for the most stable kind of money - usually gold or silver
Mineweb
However, this trend quickly reversed when US Fed Chairman, Ben Bernanke gave his testimony to the House Financial Services Committee to Congress, last Wednesday. For several weeks, the Greek debt crisis was the main focus of global markets, ...
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Greece needs more aid
Malaysia Star
Progress towards wrapping up the bailout came amid signs the crisis was easing. The European Central Bank (ECB) had since pumped 1 trillion euro into the financialsystem, pushing the risk premium between Italian and German bonds to the lowest in six...
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Next Time, Greece May Need New Tactics
New York Times
And, because the IMF will probably be reluctant to put in new bailoutmoney in the coming years, the burden will increasingly fall to Europe, led by Germany, to finance Greece. That will very likely happen directly, through country-to-country loans, ...
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New York Times
Eurozone releases funds for Greek debt relief
Atlanta Journal Constitution
By NICHOLAS PAPHITIS AP BRUSSELS — The finance ministers of the eurozone say Greece can receive a first batch of bailout money of up to €35.5 billion ($46.9 billion) to fund a massive debt relief deal with private investors. A pedestrian looks a sign ...
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Atlanta Journal Constitution
Merkel says Brazil promises to help refinance IMF
Reuters
The two leaders also said at a trade fair in Hanover they had discussed Rousseff's concerns that a flood of cheap money from industrial nations, including liquidity operations by the European Central Bank, hurt countries like Brazil by leading to an ...
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Greek Debt Swap: A Significant Step Forward, But Far From the End of the Crisis
Action Forex
They also noted that the necessary conditions are in place to launch the national procedures required for the final approval of the euro area's contribution to thefinancing of the second Greek bailout. At the same time, they called on the IMF to make...
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Greeks still make history
euronews
German and French big banks agreed to accept being paid back just a quarter of the amount Greece originally signed up to pay them for themoney it borrowed. That is the private sector's concession. That is what countries needed to go with the loan of ...
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euronews
Greece optimistic about strong participation in bond swap
The Australian
The bond swap is an integral part of a second, €130bn bailout loan for Greece that will keep it from becoming the first eurozone member to default when a €14.5bn bond redemption comes up on March 20. "All involved in this issue - Athens, ...
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IMF chief sees $37 billion contribution to Greek bailout, board to decide next ...
Newser
(Associated Press) Greece's Finance Minister Evangelos Venizelos arrives for a news conference in Athens, Friday, March 9, 2012. Greece has cleared a major hurdle in its race to avoid imminent bankruptcy after persuading.
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Should Iceland's Next Currency Be the Canadian Loonie or Gold?
Money Morning
After all, we live in a world that is literally littered with fiat money. In this world the US dollar has been at the top of the heap. That the loonie may be Iceland's top choice is just stunning. But the fallout from the 2008 financial crisis has ...
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IMF rebuffs Belarus loan request
MSN Philippines News
The International Monetary Fund said Monday that Belarus's leaders needed to commit more strongly to economic reforms before it lends the country money. The IMFcredited the government and central bank with bringing down inflation, cutting its foreign...
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Greece 7bn euros short on debt after bond swap
Jakarta Globe
And France's Finance Minister Francois Baroin hailed the "good news" for Greece. IMF head Christine Lagarde said that the "real risk of a crisis, of an acute crisis, has been, for the moment, removed." The success of the debt swap is a vital step for ...
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Jakarta Globe
Eurozone Crisis: Can Africa Avoid Catching the Cold?
Think Africa Press
As the European financial and economic crisis continues to dominate global news headlines, questions about how this will affect other regions of the world remain unanswered. From the Irish bailout to the Greek troika, the world has watched as the ...
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Greece secures high participation in bond swap
CBS News
Q&A: The Greek financial crisis "After a very long time this is a very good day. The country has already rid itself of euro 105 billion ($139 billion) of debt, or 50 percent of GDP." The deal will see private bond holders accepting a face-value loss of ...
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FAAC Inflow Reduces Cost of Funds
AllAfrica.com
By Obinna Chima, 5 March 2012 Cost of lending among deposit money banks reduced to an average of 15.61 per cent on Friday, as against the 16.75 per cent it attained the preceding Friday due to inflow of funds to the three tiers of government and ...
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IMF Survey: Debt Can Reshape Current Economic, Political Order ...
If there is a single word that has defined the economic crisis in Europe and the ... In his latest book, Paper Promises: Debt, Money, and the New World Order, ... a huge surge in importance in the finance sector, and an unprecedented rise in ... else to invest in, and bonds linked to mortgage loans became that attractive factor .
www.imf.org/external/pubs/ft/survey/so/.../INT030812A.htm

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