Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Jul 31, 2012

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Jul 31, 2012

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Jul 31, 2012

IMF: Economic, Financial Stability Is Key for Hungary
Wall Street Journal
Hungary, which has often been criticized for its unpredictable and ad hoc economic policies, which have contributed to its credit rating downgrade to junk status by all major rating agencies, is seekingfinancial support from the IMF and European Union to the tune of 15 billion euros ($18 billion) as a protection against the negative effects of the euro-zone's ... Hungary levied "crisis" taxes on companies, many of which were major foreign ones, operating in the banking, retail, telecommunication and power sectors.
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Spanish unemployment hits record high 24.6 percent
Huffington Post
A sovereign bailout for Spain, which has a (EURO)1 trillion economy, would be far larger. The IMF, which ... "The problems that Spain faces in the financial markets go beyond the country's borders, and speak to the design flaws in the eurozone," said James Daniel, IMF mission chief for Spain. ...Those borrowing rates fell back down on Thursday and Friday, however, after European CentralBank chairman Mario Draghi told business leaders in London that the bank would do whatever was necessary to save the euro.
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European economic downturn gathers pace
Las Vegas Sun
Conditions remained tense in Spain, where the government's borrowing rates hovered at unsustainable levels, threatening to force it to seek outside help to finance its debt. Wednesday's news showed that the economic crisis is gathering pace and spreading _ not only among the weak eurozone states like Spain, but also in bigger economies like Germany and outside the currency zone, in the U.K.. Financial markets ... The IMF cut its forecast for U.K. growth this year to 0.2 percent from 0.8 percent. After today's data ...
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MIDEAST MONEY-Egypt relies on c.bank to finance growing deficit
Reuters
The military-backed government in June 2011 rejected a loan that the IMF had offered to help it over the crisis and instead turned to the local market to finance its deficit, now running at 8.2 percent of GDP. This has pushed the lending ability of local banks to ...
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Spain: The Next Wave Of The Financial Crisis Arrives
International Business Times
The euro zone is grappling with another dangerous phase of the financial crisis. ...With the government of Spain reporting that the economy is expected to continue contracting into next year, it is extremely likely that Spain will require additional funds in the coming weeks and months and it is also clear that budget cuts alone will not bring the ... 22, 2009, "BBVA has pursued an expansion strategy in North and South America and avoided the worst of the financial crisis by sticking to traditional bankingbusinesses.
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International Business Times
IMF Urges Hungary to Overhaul Economy After 'Constructive' Talks
Bloomberg
IMF and EU officials are focusing on untangling policies that contributed to an economic contraction in the first quarter. That includes special levies on banks that made the financial industry unprofitable in 2011 for the first time in 13 years and hampered their ...
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ECB slams Hungary's financial tax, IMF talks seen tricky
Business Recorder (blog)
The ECB said the tax could disrupt monetary policy transmission and could be seen as a way to finance the public sector from central bank money, thus violating European Union rules. "This confirms that this transaction tax issue could become a sticking point...
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Business Recorder (blog)
Ticking off by Troika heightens fears of Greek exit from euro
The Guardian
Financial market fears over a possible Greek exit from the single currency were fanned on Tuesday by a gloomy assessment of the country's economic plight from international debt inspectors and evidence of a growing rift between Athens and Berlin.... Former Bank of Spain governor Miguel Angel Fernández Ordóñez – pushed out of his job by the government last month - placed part of the blame on finance minister Luis de Guindos, saying he made the crisis at bailed-out Bankia crisis worse by forcing the dismissal ...
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The Guardian
IMF Accord With Jordan Gives Nation Access to $2 Billion
Bloomberg
Economic growth may decline to 2.1 percent this year, the slowest since the height of the globalcrisis in 2009, according to HSBC Holdings Plc. Still, Jordan's central bank has raised interest rates twice this year to shore up savings in dinar. The flow of Syrian ...
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Greek prime minister pledges growth by 2014 as economy set to shrink over 7 ...
Washington Post
Fears over Spain's financial crisis flare up: Spain's financial crisis deepens as the country's 10-year bond yield soars to a euro-era high, and as the Bank of Spain announced that the economyshrank by 0.4 percent in the second quarter of 2012. ... On Wednesday, chief inspectors from the EU, the IMF and the European Central Bank — collectively known as the troika — are due in Athens for weeks of talks ahead of their next report on Greece's austerity program, on which continued payment of the loans hinges.
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IMF Predicts Euro Crisis Resolution Will Be Prolonged
Bloomberg
The Washington-based IMF's assessment came today in a pilot report intended to make external monitoring more effective. The IMF announced changes to its surveillance of members' economiesto better account for the effects of their domestic and financial policies on other countries. ... across countries.” It also said bank flows are being displaced from the U.K. and euro area to the rest of the world. This bank capital flow “creates the potential for future instability if euro area banks repatriate funds” as they did in 2011.
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Greece faces huge hurdles in road to reform
KHON2
ATHENS, Greece (AP) — Inspectors overseeing Greece's faltering financial recovery have returned to Athens to push the country back on the road to painful reform. But as Greece'seconomic problems pile higher, the task appears insurmountable. Months of ...
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IMF: Worsening eurozone crisis a 'key risk' to China
BBC News
The fund said internal issues are also a threat to China's economic growth, including the country's property sector. Chinese banks lent out record sums of money in the past few years in a bid to sustain growth amid the global financial crisis. That resulted in a ...
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BBC News
Incentivizing Economic Growth
OpEdNews
Libor is a crucial rate in finance used to set the rates on students' loans, credit cards, and corporate debt. ... Bank commits a crime and gets fined $453 million but gets $85 billion bailout money for afinancial crisis it participated in making. ... Never mind the historical failure of austerity measures promoted by the IMF, which forced belt-tightening structural adjustment programs (SAPs) on floundering African countries; add the glaring failure of austerity in Greece, Spain, and the U.K. Yet, despite this, stubborn, diehard, ...
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Spanish unemployment nears 25%
Yahoo!7 News
Spain's economy is reeling in the aftermath of a decade long real estate boom that crashed with the debt crisis, bringing the Spanish financial sector to the brink of insolvency. Under pressure ... But the IMF, which wrote its report before Draghi's remarks had been made, said that heightened market tension could disrupt Spain's ability to finance itself despite a eurozone bailout worth up to 100 billion euros ($123 billion) agreed for Spanish banks and emergency financial reforms for the 17-nation bloc. "Market tensions ...
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ECB slams Hungary's financial tax, IMF talks seen tricky
Reuters
Tue, Jul 17 2012. IMF cuts global growth forecast as emerging economies slow ... The ECB's criticism came only hours after Hungary's central bank kept interest rates steady, deciding against a rate cut as an escalating euro zone crisis poses risks to the forint, which has been undermined by shaky confidence in the country. Investors ... The ECB said the tax could disrupt monetary policy transmission and could be seen as a way to finance the public sector from central bank money, thus violating European Union rules.
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New Debt Analysis To Show EUR30 Billion Hole In Greek Finances - Sources
Wall Street Journal
LONDON--Greece's chronic recession and the receding hope of an economic recovery in the next two years have blown a hole of at least 30 billion euros ($36.85 billion) in its financial rescue plan, officials familiar with the situation told Dow Jones Newswires. The officials argued that ... IMFofficials have already said that they won't provide any more money to Greece in the current circumstances, and none has shown any willingness for the IMF to forgo its usual preferred status as a creditor. But it is far from clear that ...
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No more concessions for Greece, says German Finance chief ahead of Geithner ...
Telegraph.co.uk
The US finance chief will later meet European Central Bank President Mario Draghi, who last week pledged to do all with the his remit to protect the euro after rising fears that Spain will need a full sovereign bail-out. Both meetings will be closed to the press.
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Telegraph.co.uk
Anonymous Source Indicates that Spanish Officials Discussed the Possibility of a ...
Reason Online (blog)
The Spanish Economy Minister, Luis de Guindos, discussed the possibility of an EU/IMF sovereign bailout with his German counterpart Wolfgang Schaeuble, according to an unnamed source. After the bailout package for ... During a banking crisiseverything officials say is a lie. They will say there is not a crisis ... you guessed it,banks. Who knows what that would do to the global financial system, but you can be sure it would, at a minimum take down some big boys, and the splash damage would be considerable.
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Reason Online (blog)
IMF Paper Warns Against Letting Inflation Target Rise
Wall Street Journal (blog)
By Kristina Peterson. One big debate facing the Federal Reserve is whether the central bank should allow inflation to rise to help bring down unemployment and spur economic growth. ... “Although the concerns about hitting the zero lower bound are legitimate, especially in light of the recent financial crisis, and make raising inflation targets appealing, our findings call for great caution about such an option,” the paper noted. Fed Chairman Ben ... Life, not money, is the measure of real-wealth value. The most important ...
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IMF says China's economy reached 'soft landing'
Huffington Post
It notes that China has reduced some imbalances in the economy, such as its once huge trade surplus, and brought inflation under control. But it pointed to risks from excessive bank lending and urged more effective regulation to ensure financial stability.
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European economic downturn gathers pace
Huffington Post
Wednesday's news showed that the economic crisis is gathering pace and spreading – not only among the weak eurozone states like Spain, but also in bigger economies like Germany and outside the currency zone, in the U.K.. Financial ... However, with concern mounting about Spain's financialtroubles and new questions over Greece's future in the eurozone, Germany could be hit on two fronts: declining demand for its goods from abroad and demands for more money to keep the eurozone afloat. FRANCE ...
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IMF says China's economy has achieved 'soft landing,' but needs reforms for ...
Washington Post
When charity takes on a familiar... The Color of Money | Michelle Singletary · hayley_tsukayama · White House reaffirms support for... Post Tech | Hayley Tsukayama ... But it pointed to risks from excessive bank lending and urged more effective regulation to ensure financial stability. “Overall we are very confident that China is experiencing what we would call a soft landing,” Markus Rodlauer, deputy .... Eurogroup chief sees decisions soon in debt crisis as Merkel, Monti pledge to protect eurozone. Associated Press ...
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Why Doesn't the European Central Bank Do More?
Gather.com
Along with warning of impending deflation, the IMF has repeatedly criticized the ECB for its lack of leadership during the crisis, warning that the measures taken have done little to calm the financialmarkets or restore growth. The question is, can the ECB play the central role that IMF head Christine Lagarde wants? Speaking in Luxembourg in June 2012, Lagarde warned of a worsening crisis and called for more centralized economic control of the 17 euro zone countries, notably through a tighterbanking union.
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Fidelity Joins BlackRock in Weighing Libor Action Against Banks
Bloomberg
Schwab alleged last year that returns on money funds and short-term debt strategies were depressed by the banks' actions, while Baltimore's lawsuit against Barclays and other banks stems from lower returns on interest-rate swaps. Libor-related litigation “has the potential to be the biggest single set of cases coming out of the financial crisis because Libor is built into so many transactions and Libor is so central to so many contracts,” said John Coates, a professor of law andeconomics at Harvard Law School in ...
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