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In Order To Socialize Monetary Knowledge |
Poor Man's Gold |
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New 2011 - 07 - 29: [07:15 am] Siemens CEO on CNBC: 'The Global Recovery Is Over' “What we see is the early tail wind of the global recovery is over. We have Europe within the debt crisis and budget discussion in the U.S. and volatile commodity prices and political situations around the world. Although we continue to see a growth story in emerging markets,” Siemens chief executive Peter Löscher told CNBC. Seems like the big corporations of the western world are preparing for the worst.
New 2011 - 07 - 28: [01:15 pm] The bond sell-off continues: Italian, Spanish Bonds Slump on Concern European Aid May Not Be Sufficient
New 2011 - 07 - 25: [04:45 am] Ain't they already in default? Moody's warns Greek default almost certain
New 2011 - 07 - 24: [04:00 pm] It's happening - Americans are massively withdrawing money, also from France: Money market funds cut euro bank exposure US money market funds have sharply cut their exposure to banks in the eurozone over the past few weeks and reduced the availability of credit, even in stronger countries such as France. The money market funds, historically crucial providers of short term financing to European banks, have withdrawn from all but extremely short-term lending as concerns about sovereign debt have mounted. While the agreement of a second bail-out deal for Greece might ease nerves, the funds are also stockpiling cash in case US politicians fail to raise the federal debt ceiling, prompting withdrawals from investors. One French financier said: “Up to mid-June, getting three, six or nine-month money was not that difficult. “But now, getting one-week or one-month money is about all we can manage”. People on both sides of financing French banks say the cost of debt has not changed substantially but rather the availability has diminished and money market funds preferring to lend overnight. Money market lending to Spanish and Italian banks has virtually ceased in the past month as sovereign debt worries have spread to Europe’s larger economies, reported the head of one money market business. At the end of June, banks in the two countries had accounted for 0.8 per cent of the $1,570bn assets in prime money market funds, calculates Fitch, down from 6.1 per cent in late 2009. The 10 largest US prime money market funds reduced their total exposure to European banks by 8.7 per cent on a dollar basis in June, according to the rating agency. It was already reported a couple of weeks ago that this could happen. It seems like the clients of these money market funds got cold feet, so the funds have to get out of those European countries with bad ratings, and out of the banks, too. Even France is concerned. If this turns into a panic, European banks go broke within a few days.
New 2011 - 07 - 23: [02:00 pm] The French gotta be dreaming: Greek deal won't mean austerity for France: finance minister France will not need to introduce austerity measures in response to increased debt exposure from the euro zone's new rescue plan for Greece, its finance minister said on Saturday. Rumors has it in french government circles that France will soon be downgraded by the rating agencies. The true rating, deduced from CDS prices, is actually already 8 levels below AAA: it's a BBB-" Lower Medium Grad ". The country absolutely can't afford another bailout. But this is just another good example to demonstrate what kind of dreamers are in power in Paris. There is no willingness to save at all.
New 2011 - 07 - 21: [12:30 pm] Just a bunch of corny looking weirdos: Leaders Hold Emergency Talks Over Euro Debt Crisis Politicians in Europe are back to doing what they do best, which is pretending to work on a debt solution for Europe. However, that's just what they pretend to do. In reality they are playing their role as the marionettes of the big banks (Deutsche Bank and others).
New 2011 - 07 - 19: [05:00 pm] Telegraph: Portugal's Prime Minister Pedro Passos Coelho discovers 'colossal' budget hole [07:45 am] La grande nation: Core Europe infected by crisis as France CDS surge to record [07:45 am] AEP: Portugal Loses Patience With Europe In Portugal — as well as Greece, Ireland, and perhaps Spain in due course — we are moving closer to the point where national leaders must decide whether to satisfy EU demands, or placate their own citizens, for it is no longer to serve these two masters at the same time? [07:45 am] EL GRECO: 37.095 %
New 2011 - 07 - 18: [03:45 pm] Not only government bonds: The True Elephant In The Room Appears: Trillions In Commercial And Industrial Loans To Europe's Insolvent Countries [03:45 pm] Zerohedge: Europe Scrambles For Swiss Safety As EURCHF Plummets At Open To All Time Lows [05:30 am] Yahoo! News: Greek PM says time for Europe to wake up [05:30 am] Will mean more inflation: ECB to say yes to QE? [05:30 am] Reuters: Trichet: ECB would reject Greek bonds as collateral
New 2011 - 07 - 16: [11:00 am] Telegraph: European stress tests: banks set for 'chaos Monday' after nine fail [11:00 am] Telegraph: Italy money supply plunge flashes red warning signals [11:00 am] Automatic Earth: The Emergence of Europe as a Union
New 2011 - 07 - 15: [10:30 am] Bonds from Bella Italia are rising again, 5,728%: GBTPGR10:IND But also take a look at Greece and Portugal. Their bonds are rising even stronger: http://euro-bonds.appspot.com/eurobonds.jsp [06:30 am] In this case, the wish must have been father to the thought: EU hopes stress tests boost faith in its banks
New 2011 - 07 - 13: [06:15 am] Even the Eurocrats have learned that the European Union has no future: 63% of Eurocrats See EU in a Lasting Crisis [06:15 am] It took them a quite a long time to draw this conclusion: Moody's downgrades Ireland debt to junk status Still way too good. Irish bonds have already been junk one year ago.
New 2011 - 07 - 12: [03:15 pm] This cartoon was sent in by Paolo, from Ferrara, Italy. We have nothing to add, it pretty much says it all.
[11:30 am] George Soros: Greek Default May Be 'Inevitable' "Greece is heading towards disorderly default and/or devaluation ... A Greek default may be inevitable but it need not be disorderly," he wrote in an editorial for the Financial Times. This guy knows what he's talking about when it comes to currencies. He made his fortune with a huge trade/bet against the British pound, almost overnight.
New 2011 - 07 - 11: [11:45 am] Spain is the next domino: Spanish Govt Generic Bonds 2 Yr Note +10.8% So Spain is directly going to hell with Italy. Good bye Euro! [11:30 am] Italian bonds are now on their way up, as well: 5.408 % EUR Italy Govt Bonds 10 Year Investors started their escape from Italian bonds, which rings in the next round in the final death struggle of the euro. [11:30 am] You really gotta be a sheep when you're selling your italian bonds and change to bunds: Italian bonds slide, Bunds rally ahead of EU meeting [11:30 am] And they are seeking refuge in swiss bonds, too: -12.434% Switzerland Govt Bonds 2 Year Note Generic Bid Yield [11:30 am] El Greco with a new All Time High today: VALUE: 31.466 %
New 2011 - 07 - 08: [08:30 am] The Portuguese are fighting back, after being downgraded: Hackers Downgrade Moody's Website to ' Z--'
New 2011 - 07 - 06: [10:00 am] UK: Credit Card Borrowing Up As Struggling Nation Relies On Plastic It's not just the US wealth that is based on debt. [09:45 am] "stress test support"..what a silly word creation: Moody's says 26 banks may need stress test support LONDON (Reuters) - Nearly a third of European Union banks being tested for their resilience in bad markets may need some outside support, credit rating agency Moody's said on Wednesday. The debt-equity ratio of these banks is simply too high, they are still leveraged to the maximum extent, even though the European countries pretended to have implemented some drastic measures for the banks after the financial crisis in 2008. That was nothing but smoke and mirrors.
New 2011 - 07 - 05: [03:15 pm] Will be the next country to need a big big rescue parachute: Portugal Ratings Cut to Junk by Moody’s Portugal’s long-term government bond ratings were cut to Ba2, or junk, from Baa1 by Moody’s Investors Service. The outlook is negative. Everyone in Europe who can't interpret the news (which are literally available everywhere) in a way that finally results in the purchase of physical precious metals must be considered as suicidal. [05:00 am] Really everyone? Enough of this Greek farce: everyone knows default is coming There may be some politicians who still think that Greece can be saved. But that is only those politcians who don't know anything about economics.
New 2011 - 07 - 01: [04:45 am] Most Greeks know that this is a bad lie: Hurrah, We´re Saved - Again! In fact they haven't really been saved. The only thing that happened is that the final collapse of their country has been pushed into the future. They gained a couple more months, or a year, maxium. The awakening will be harrowing.
New 2011 - 06 - 30: [07:45 am] GoldMoney: Eurozone black swan hunting [07:45 am] Let's see: Euro debt contagion positive for gold and gold stocks - Groh [07:45 am] Telegraph: Greece is Europe's rotten apple - and it only takes one to spoil the barrel
New 2011 - 06 - 29: [05:45 pm] We'll see if a democracy can survive such draconic austerity measures: Postcard From Greece: This Should Not Be About Austerity, It's About The Future Of Democracy [10:00 am] The demonstrations in Greece: Live Video From Athens' Syntagma Square [05:00 am] Telegraph: Athens demonstrators gather ahead of austerity bill vote Greece's parliament is poised to vote on a deeply unpopular austerity bill later today as demonstrators gathered to continue their protests after a night of violent clashes with police. [05:00 am] “We Will Not Be Sold To Foreign Powers”: Greek Army Threatens Military Coup Sparking Fears of Military Uprisings And Civil Wars Breaking Out Across All Of Europe
New 2011 - 06 - 28: [02:45 pm] Video: Athens riots video: new round of clashes, stones & tear gas in Greece [02:45 pm] Yahoo! News: Exclusive: Up to 15 EU banks to fail stress test [05:00 am] The same will happen to many other European countries within the next 2 years: Greece faces general strike, more cuts planned ATHENS, Greece (AP) -- Workers across Greece walked off the job Tuesday at the start of a 48-hour general strike as lawmakers debate a new round of austerity reforms, which must be passed if the country is to get crucial bailout funds.
New 2011 - 06 - 27: [01:45 pm] Forexcrunch: TransferUnion Getting Closer With Guaranteed Greek Bonds Will Greece issue AAA bonds? This is a possibility discussed now. Greek bonds may carry a European Investment Bank guarantee, possibly giving it the perfect rating. With rich countries directly guaranteeing Greek bonds, there is no other way to look at it but as a TransferUnion that Germans are wary of. This is absolutely crazy - this would mean a permanent-subsidization of the Greeks. [01:45 pm] This applies to all PIIGS: Private sector debt default inevitable, say analysts [09:00 am] German and French banks want to extend the maturity of the Greek debt: Greece’s Biggest Creditors Ready For Restructuring A lot of political pressure must have been put on them.
New 2011 - 06 - 26: [04:45 am] Unimaginable waste and corruption in the Greek apparatus of state: The Big Fat Greek Gravy Train: A special investigation into the EU-funded culture of greed, tax evasion and scandalous waste
New 2011 - 06 - 25: [01:30 pm] Greek "taxation system": Quelle Surprise! Greece is REALLY REALLY Bad at Collecting Taxes! [01:30 pm] Zerohedge: The Papas And The Papas: Greece's First Family [08:00 am] While EU leaders look forward to a multitude of emergency meetings until July 20, when Greece has to pay back a government bond with a volume of 6.6 billion, the fate of Greece's bailout may ultimately lie in the hands of the Green party in the dwarf nation Austria: Austria's Green Party In Position to Kill the Greek Bailout Package
New 2011 - 06 - 24: [03:15 pm] Trichet warns of bank crisis: Trichet Admits the Obvious "Risk Signals Are Flashing Red"; Ireland Snubs ECB With Renewed Threat to Bank Bondholders [03:15 pm] Is Portugal next for a bailout? Already 14,4% [03:15 pm] Keep Talking Greece: Greece: Plumber Triggered the Crisis, Electrician to Ruin the Euro Zone [03:15 pm] Is it really enough? The PIIGS' $616 Billion Time Bomb [10:15 am] Telegraph: Eurozone debt crisis poses biggest threat to UK stability [10:15 am] Chart of the day: European bank exposure to Greece
New 2011 - 06 - 23: [05:15 pm] Zerohedge: Number Of European Banks Resorting To 1 Week ECB Liquidity Jumps To Two And A Half Year High [05:15 pm] Demonstration supporting? Police Officers to Join “Indignant” Greeks in front of the Parliament Police officers wearing their uniform have launched a protest against the austerity measures on Thursday afternoon in downtown Athens. Also members of the Fire Brigades and the Coastal Guards gathered at Kolokotroni Square and are now due to start marching towards Syntagma Square to join forces with the “Indignant” Greeks. Today’s unique protesters oppose austerity measures in the police departments of the country, wage cuts and freezing of personnel hiring. [05:15 pm] Video - Impressions from Spain: The Revolution Has Begun In Europe (Must Watch!) [05:15 pm] Video: Still Report #18: Iceland Ireland [09:00 am] CNBC: Jim Rickards on Greece [09:00 am] Its the $616 billion question: Does the euro crisis have a hidden A.I.G.? Derivatives cloud the possible fallout from a Greek default
New 2011 - 06 - 22: [12:00 pm] Telegraph: Pimco warns Greece will default [04:00 am] European leaders have been urged to scrap plans for a second Greek bail-out as the Athens government wins a critical vote of confidence in parliament: EU urged to block Greece bail-out
New 2011 - 06 - 21: [02:30 pm] "A Greek default would be a catastrophe and a humiliation for the European Union": A Hitchhiker's Guide To The Greek Crisis, On This, The Day Of The Vote Of (No) Confidence [02:30 pm] Yahoo! News: Greece faces vote crucial to avoid default [02:30 pm] David Cameron has promised to fight "very hard" in Brussels to ensure the British taxpayer does not shoulder any of the cost of a European bailout of Greece: David Cameron: We won't bail out Greece [02:30 pm] Problems in UK? Biggest strike for 100 years – union chief The leader of the largest public sector union promises to mount the most sustained campaign of industrial action the country has seen since the general strike of 1926, vowing not to back down until the government has dropped its controversial pension changes. [03:00 am] Only 41% has been lent out? 41% Of Belgian Central Bank Gold Has Been Lent Out
New 2011 - 06 - 20: [02:45 pm] Reuters: Pension funds, banks face risk in new Greek rescue "Pension funds must act in the interests of their beneficiaries," said Nout Wellink, a member of the ECB's governing council, in an interview with Dutch newspaper NRC Handelsblad. You can't trust blindly your pension predictions anymore. It's very important to increase your financial intelligence to manage your finances well. [02:45 pm] Reuters: Europe gives Greece ultimatum: austerity for loans Euro zone finance ministers gave Greece two weeks from Monday to approve further spending cuts and tax rises in exchange for another 12 billion euros in emergency loans, piling pressure on Athens to get its ragged finances in order. [02:45 pm] Bloomberg: Greek default would spell 'havoc' for European banks year after bailout [02:45 pm] Telegraph: Battle lines drawn for a eurozone debt war [07:00 am] Is a military coup coming in Greece? Playing with fire: IMF chief warns failure to get grip on Greek crisis threatens global economy
New 2011 - 06 - 18: [03:30 pm] The euro ministers of finance starting to cackle again tomorrow: EU to Discuss Greek Plan That Skirts Default Risk Do you you think that they'll find a solution? Their point of views are too different and everybody is afraid of the reactions in one's own country.
New 2011 - 06 - 17: [05:45 am] Like a house of cards: Greek default could trigger chain reaction FRANKFURT, Germany (AP) -- Greece's economy is small but the shock waves from a default on its debt could be amplified by links in the global financial system to hurt stocks, banks and entire economies far from the epicenter in Athens. The main problem is not the size of the greek economy, which is relatively small. All European countries together could easily absorb the collapse of the greek economy. The problem is much more rooted in the international financial markets. If private banks start to get rid of Greek bonds in a major way, this would be a sign of real mistrust in all the European states that have significant budget deficits and debt problems. That's why a chain reaction is likely to happen, with Spain being the next candidate for a major bond sell-off. The problem is that Spain will be way too big to be bailed out. Europe is definitely running out of time, so we better be prepared when it happens.
New 2011 - 06 - 16: [01:15 pm] Bloomberg: Europe’s ‘Lehman Moment’ Looms as Greek Debt Unravels Markets: Euro Credit [10:15 am] A proposition on how to deal with the Greeks: Europe Needs One Horrible Example [10:15 am] El Greco continues its rough ride up to 29,1%: GGGB2YR:IND
New 2011 - 06 - 15: [11:15 am] EL GRECO rising to 28%: Two Year Government Bond Acting as Benchmark Greece This can really be considered as 'default-territory'. The central banks probably can't keep up buying the TRASHurys. The market is now trying to get rid of the greek junk. Furthemore those in charge don't seem to find a proper solution for this whole mess. Finito. [07:30 am] No more lying around in the sun for the Greeks: Greeks Rage Against Austerity While EU Argues European countries, Germany in particular, mobilize a couple hundred billion euros to help them out of their mess and all they do is continue demonstrating, instead of going back to work to repay their huge debt at some point in the future. They aren't willing to contribute their part to reach a solution. They don't want to save, they don't want to work longer (the average greek retirement age is somewhere around 50 years). So where is this supposed to end up?
New 2011 - 06 - 14: [10:30 am] The Greek politicians must be incredibly afraid of their own people: The Greek Government has hired Foreign Workers to Clean out the Underground Tunnel Leading from the Parliament to the Sea Port of Piraeus in Preparation for an Evacuation of all MPs
New 2011 - 06 - 13: [03:00 pm] The PIIGS crisis continues: Greek, Portuguese and Irish CDS All At Record Wides [07:15 am] Italy is the next death-row inmate: Why a Downgrade of Italian Sovereign Debt Is Increasingly Likely
New 2011 - 06 - 11: [03:15 pm] It might be a little too big for a bailout: ‘The UK Will Need a Bailout Soon’: Jim Rogers [05:00 am] They are warning of bloody revolutions: There Will Be Blood in Europe (Courtesy of the ECB)
New 2011 - 06 - 10: [05:00 pm] Who actually owns the Greek debt? If Greece Defaults on their Debt, These Countries are Screwed
New 2011 - 06 - 08: [01:15 pm] -11%: Greek industrial output falls again
New 2011 - 06 - 07: [01:30 pm] Not only the British banks are hiding their junk: IMF warns on UK banks masking bad debts [04:45 am] It all could happen within 24 hours from the breakdown of a major bank: A First In History: The Coming Simultaneous European Banking Collapse When it goes down, all banks and countries go bankrupt within a single day and all savers get sheared. Unfortunately we don't know when that day is.
New 2011 - 06 - 06: [06:30 am] The first Spanish province to file for bankruptcy: No Money to Pay 70,000 Employees In Castilla-La Mancha Region of Spain: Situation a "Total Failure"
New 2011 - 06 - 05: [05:00 am] Opposition accuses govt of accepting new "occupation": Greek minister warns bailout doubters of dire risks
New 2011 - 06 - 04: [12:45 pm] Telegraph: Will Germany and France stave off a Greek default? read!
New 2011 - 06 - 02: [01:15 pm] The Greeks are definitely good at demonstrating against whatever, but that's pretty much the only thing they are good at: Greek unions call general strike against new austerity steps The main labour organisations, private-sector GSEE and public-sector Adedy, will jointly mobilise against the cuts and a massive "sell-out" of state assets in a privatisation drive designed to reduce Greece's monstrous debt.
New 2011 - 05 - 31: [12:00 pm] Support measures all over the place: Small Spanish Banks Lean on ECB Once Again Even a blind and deaf person should finally be able to interpret the signs the right way (both in Europe and in America), but somehow almost everybody out on the street thinks that things stay the way they are, forever. Why is that? Either it's pure stupidity or the naive belief that there will always be someone to care for you financially, the government, your current employer, whoever... But hey, everything is fine as long as the app stores are open, right? [05:15 am] Ambitious goals: Germany decides to abandon nuclear power by 2022 [05:00 am] CIA warning: Report: Military coup possible in Greece
New 2011 - 05 - 30: [03:00 pm] Corruption even amongst the top-politicians: Accusations of Treason in the Greek Parliament
New 2011 - 05 - 29: [02:45 pm] 'Main street Greeks' are now doing their own little bankrun: Greeks in Panic Withdrew 1,5 billion euro May 26-27 Mostly pensioners and small savers rushed to the banks and withdrew amounts of 2,000-3,000 euro, some even 10,000-15,000 – out of fear the country might go bankrupt, or the deposits would be frozen temporarily, or even savings would be lost. With almost all the money now being completely withdrawn from the banks, only the most stupid sheep still keep their money in the Greek banks.
New 2011 - 05 - 26: [07:00 am] Telegraph: It's ever more obvious, Greece must leave the euro [07:00 am] Thousands of paratroopers who have just returned from Afghanistan face a pay cut of as much as 10 per cent as the Ministry of Defence attempts to save more money: Paratroopers hit by pay cut on return from Afghanistan
New 2011 - 05 - 25: [06:15 am] The Greeks already are in the middle of the 'endgame': 7 Signs that Endgame Nears in Greece
New 2011 - 05 - 24: [02:15 pm] Spanish default - soon: Global stock markets fall as Spain default fears grow
New 2011 - 05 - 23: [02:00 pm] System crash? What happens when Greece defaults, Here Is What Happens After Greece Defaults
They are probably able to prevent a system crash due to a Greece default by instrumentalizing the central banks. But what's gonna happen when the markets start to doubt the measures that have been taken or when other states go bankrupt? [01:45 pm] El Greco continues its furious ride; above 26% today: GREEK GOVT BOND HELLENIC REP2Y
New 2011 - 05 - 20: [11:45 am] These Greeks have a strange kind of humor: Greece insists it will repay debt as markets shake At least we had a good laugh. [06:30 am] Who is the most involved in the PIIGS debts? The Euro (Still) has a Greek Problem 1. Germany, 2. France, 3. United Kingdom, 4. United States
New 2011 - 05 - 19: [03:45 pm] Very rough times ahead for Greece and the European Union in general: Greek union leader warns of 'employment crash' [01:00 pm] Spain is no longer capable of paying its staff: Spanish Hidden Debt II That's what it really looks like in Spain.
New 2011 - 05 - 18: [07:15 am] My friend Bran emails from Spain...: Protests mount in Spain [07:15 am] 'A lower rate for bailed out countries is good for Europe': Noonan warns of risk to euro from harsh bailout rates [07:15 am] Reuters: EU breaks taboo, talks of Greek debt restructuring
New 2011 - 05 - 17: [07:30 am] Doesn't make a difference: Eurozone endorses Draghi to become next ECB head [06:00 am] Cyprus is about to go broke as well: 6 Worrying Signs About the Debt Crisis
New 2011 - 05 - 15: [07:45 am] The exodus from the cities has begun: Greek crisis forces thousands of Athenians into rural migration Debt, unemployment and poverty is causing mass unrest and thousands to seek a cheaper lifestyle outside the capital They have to leave the cities because of the high costs and an exploding criminality. [07:45 am] Reuters: EU,IMF pushing Greece to fully privatise utilities - reports
New 2011 - 05 - 14: [12:15 pm] Telegraph: Greek debt restructuring would do 'massive harm' to eurozone, Jurgen Stark says [07:00 am] How to hide debt problems? Just ask "god": Greece had 13 off-market deals with Goldman to hide debts [07:00 am] Zerohedge: ECB Pushes The M.A.D. Button, Asks Court To Bar Greek Swap Disclosure, Threatens With Market Disruptions
New 2011 - 05 - 12: [08:30 am] El Greco continues its rough ride: 25%: http://pigbonds.info/
New 2011 - 05 - 10: [09:00 am] UK: House prices fall at fastest rate in 18 months
New 2011 - 05 - 09: [10:15 am] "B" is still too good: Greece Downgraded From BB- To B As S&P Believes More Than 50% Principal Debt Reduction Would Be Required The best rating Greece deserves would be a "C", but actually D=Default. The bond market will certainly react on this news. [07:30 am] The Irish want some 'relief' too: Contagion is Here: Ireland Moving Towards Bailing Out Of Bailout
First it was Portugal to get a milder austerity program and now Greece dares to ask for relief as well. Ireland is no longer willing to take responsibility for the debts of the Irish banks, it rather intends to transfer them to the ECB. The whole euro-rescue-program is about to collapse politically. Either it's gonna be an open and steady subsidy without any contribution of the broke states, which is unacceptable for the voters of the paying countries. Or some country quits the euro, either one of the paying countries or one of the broke countries. [07:30 am] Here's what the Irish newspapers write: Ireland's future depends on breaking free from bailout
New 2011 - 05 - 06: [01:30 pm] Zerohedge: Breaking: Greece Threatens To Leave Eurozone, Reintroduce Own Currency
New 2011 - 05 - 04: [05:00 am] The deal makes the debt-laden country the third eurozone member to do so after Greece and Ireland: Portugal reaches bail-out agreement
New 2011 - 05 - 03: [06:45 am] UK-depression: Why our purchasing power is set to suffer the biggest squeeze since 1870
New 2011 - 04 - 28: [08:45 am] It's time for them to leave: Greece Leaves the Euro-Zone? This Could Solve So Many Problems
New 2011 - 04 - 26: [02:15 pm] Bloomberg: Greece Can’t Avoid Debt Restructuring, Germany’s Feld Says Already 24%: GREEK GOVT BOND HELLENIC REP2Y [07:15 am] Already? Merkel Preparing for Greek Default
New 2011 - 04 - 25: [02:15 am] The ECB/IMF fire fighters have to go to Athens: Eurocrats' Immovable Rigor Over Debt Restructuring They are trying to stop Greece from restructuring their debt because this would be a potential threat to the euro.
New 2011 - 04 - 22: [02:30 pm] Zerohedge: Greece "Velvet Restructuring" Imminent, Blames Upcoming Second Bankruptcy On Citigroup Trader [05:00 am] Video: Max Keiser finds out what went wrong with Ireland, Max Keiser’s sober look at Ireland’s collapse We were shocked to learn that, unlike here in the United States, default on mortgages is a crime in Ireland, which has resulted in the incarceration of hundreds of hapless Irish ex-homeowners no longer to pay their monthly tabs even though the houses have reverted to the lienholders. Mortgage sheep who refuse to make any further payments are incarcerated, even though their house has already been taken away, but the bankster who approved mortgages for people who shouldn't actually have gotten any mortgages, are still free.
New 2011 - 04 - 21: [02:15 pm] Businessweek: Greek and Portugal Yields, CDS at Records on Default Concern [02:15 pm] 2-year-greek-bonds already at 23% The game is finally over for Greece. They are flat broke.
New 2011 - 04 - 20: [01:00 pm] Over the weekend? Greek Default to Start Huge Credit Crunch? There’s a rumor in the market about Greece “restructuring” its debt over the weekend. The Euro currently shrugs it off. But an unprecedented default in one of the Euro-zone countries is could have huge implications. Will this start a bigger snow ball than the Greek bailout? The whole European banking system is endangered and the people could take to the streets. Nobody really knows how the markets will react on this event. But people will certainly feel like they got fooled in a way. Thus, we recommend to get some more of the golden and silvern life boats before the weekend. [04:00 am] Greece is bankrupt: Greece forced to pay sky-high rates to borrow
New 2011 - 04 - 18: [03:15 pm] Things look black: GGGB2YR, GGGB5YR, GGGB10YR
New 2011 - 04 - 15: [03:00 pm] Bloomberg: Greece Plans $110 Billion in Austerity Measures, Asset Sales to Cut Debt
[04:00 am] The news that Portugal has requested a bailout from the EU is hardly surprising: PIIGS ahoy! New 2011 - 04 - 14: [04:15 pm] The ECB's key interest rate is now 1.25%, up from 1% previously: ECB raises rates to combat inflation [08:15 am] Greek Bond yields keep rising: GREEK GOVT BOND HELLENIC REP2Y
New 2011 - 04 - 13: [10:15 am] Video: Goldman Sachs' Erik Nielsen Discusses Europe Debt Crisis
New 2011 - 04 - 11: [07:30 am] They don't care about this 'instruction': UK banks told to boost capital, shield taxpayers
New 2011 - 04 - 10: [05:15 pm] The name of the website pretty much says it all: http://pigbonds.info/
New 2011 - 04 - 06: [01:00 pm] Portugal's benchmark 10-year bond yield hit a euro lifetime high of over 9 percent on Tuesday: Portugal sees "irreparable damage" in debt cost
New 2011 - 04 - 05: [04:30 pm] The PIIGS are drowning: Moody's cuts Portugal, says bailout needed urgently
New 2011 - 04 - 04: [04:30 am] Mineweb: Pressure rises on Europe's nuclear reactors
New 2011 - 04 - 03: [05:45 am] Guardian: Spain's unemployed: one in five under 30 still looking for that first job
New 2011 - 03 - 31: [01:45 pm] Europe has got to get ready for the grand finale: PORTUGUESE GOVT BONDS 2Y Portguese bonds are up 9% today at a value of 8.77%. We guess the European leaders must get back together for another summit very soon. [11:30 am] The Daily Bell: Portugal advised to beg [11:30 am] Bloomberg: European inflation accelerates to fastest since October '08 [11:15 am] Ireland to need another $25-$30 billion: Irish prepare to learn full cost of banking crisis It's burning everywhere in Europe. Portugal is next: Portugal Yield Curve, Meet Kansas And the rest isn't doing good either: Broker Talk: "Very Large Selling In All European Bonds: Spain, Italy, France" Got physical gold and silver?
New 2011 - 03 - 30: [04:45 am] Bloomberg: Portugal 10 Year (GSPT10YR:IND)
New 2011 - 03 - 29: [09:45 am] Zerohedge: S&P Downgrades Portugal Again To BBB-/A-3, Outlook Negative, Still Somehow Investment Grade [09:45 am] Time is running out for Portugal: Portugal bailout pressures grow The debt-laden nation, which investors believe is merely delaying the inevitable rescue, saw investors' flight from its debt push the yield, or return, on its benchmark 10-year bond to 8.17pc, setting a new high after Friday's climb to 8pc. Europe is again getting closer to the edge. Just a question of time till they have to file for bankruptcy.
New 2011 - 03 - 27: [06:45 am] Telegraph: TUC protest march: anarchists on the rampage in London [06:45 am] Out in Force: 300,000 to march in London anti-cuts protest
New 2011 - 03 - 25: [06:30 am] Now at over 8%: Ireland 10-year bond spread hits record [06:30 am] Bloomberg: Portugal said to need as much as $99 billion in bailout
New 2011 - 03 - 24: [06:15 am] UK on the way to Hyperinflation: Inflation could hit 5pc within months, says Bank of England Got physical Gold and Silver? [06:15 am] Los Angeles Times: Portugal can't reach austerity-budget deal, may need EU bailout [06:15 am] Ireland 10-Year Yield 10.05%: Ireland 10-year bond spread hits record
New 2011 - 03 - 16: [04:00 am] People are no longer believing the lies of the politicians: Europeans are liberal, anxious and don't trust politicians, poll reveals
New 2011 - 03 - 14: [06:15 am] AEP: Banks have £1.6 trillion exposure to ailing quartet of Greece, Ireland, Portugal and Spain
If there is still someone who thinks that the PIIGS can pay back these sums: nothing will ever be repaid, everything will have to be written off - that's the savers' money in the creditor states. However, they don't want to tell the savers this truth today.
New 2011 - 03 - 13: [08:00 am] The Irish still think that they got something to say: Our leaders must now take a harder line with Merkel and Sarkozy than before Increasing our corporate tax rate would be economic suicide -- and it is the Government's job to prevent it, writes Michael McDowell Ireland is a beggar and has nothing to say in reality. If Sarkozy and Merkel suddenly say that they're not continuing to help them, Ireland immediately goes bankrupt. And all this only because of the corporate tax, which is very small in Ireland.
New 2011 - 03 - 12: [07:15 am] Bloomberg: Portugal Fails to Ease Bailout Concern With Additional Spending-Cut Drive
New 2011 - 03 - 11: [11:15 am] Reuters: Eurogroup's Juncker: no doubt about Greek solvency [11:15 am] At a minimum, Greece and Ireland are going to default: Bond Market Anticipates Greek Default; New Highs in Greek, Irish, Portuguese Bond Yields; Spain Downgraded on $21 Billion Bank Capitalization Concern
New 2011 - 03 - 10: [12:30 pm] The Bank of England kept its main interest rate and bond purchasing program unchanged Thursday, signaling that concerns about a weakening economy outweighed worries about rising inflation: Bank of England Holds Interest Rates Steady [12:30 pm] Greek crisis: Moody's further downgrades six Greek banks, after credit rating of Greece [12:30 pm] Yahoo: Moody's cuts Spain rating, cites higher bank costs [09:30 am] +33%: PORTUGUESE GOVT BONDS 2Y Europe's debt crisis comes back to life.
New 2011 - 03 - 09: [05:45 am] UK: Hundreds of council tax protesters storm courtroom in attempt to make citizens' arrest of judge
New 2011 - 03 - 07: [12:00 pm] Approaching junk status, congrats: Greek debt rating cut three steps to B1 [12:00 pm] Portugal is just about to drown: Portugal 10Y Yields Hit Euro Era High,Market Eyes Bailout [06:15 am] UK: Cameron unveils plan to boost growth in Britain LONDON (AP) -- Prime Minister David Cameron pledged Sunday to cut taxes and bureaucratic red tape to encourage business and growth in Britain. We agree on diminishing bureaucracy, but is he really sure that this is the right time to cut taxes, with growing deficits, whereever you are looking...
New 2011 - 03 - 05: [11:45 am] A real danger: Sovereign Debt: a Threat to the Entire Financial System [11:45 am] They want to be surprised: Bank of England chief under fire after warning Britain is at risk of another financial crisis [11:45 am] New York Times: The madness of Jean-Claude Trichet
New 2011 - 03 - 03: [11:45 am] Very courageous: ECB shocks markets, hints at April rate increase LONDON (AP) -- The European Central Bank's chief shocked markets Thursday by saying interest rates could be raised as soon as the next policy meeting in April -- far earlier than expected -- to fight inflation across the 17-nation eurozone. For those of you who are concerned about how this might influence gold and silver, we can easily reply: not at all can a rate hike influence precious metals in a negative way. If rates stay constantly low at current levels (we assume they'll continue to stay that low for at least one year), there's no incentive for investors to get out of gold, considering the fact that gold rose more than 30% in 2010, while bonds for example only paid a profit of around 2%. If interest rates increase, the economy - which in fact isn't in that good shape that TV wants you to think it is - will decline sharply, all 'green shoots' will be wiped out... and confidence in politicians, politics in general and especially the fiat currencies will decrease so brutally that everyone's gonna be looking for a safe haven...which brings us back to gold again. So you see that the central bankers are trapped and gold/silver are in the middle of a classic win-win-situation. Got gold & silver? [08:30 am] Don't you ever dare to trust a banker: Banker In Jail For What Could Be 'Germany's Biggest Case Of Corruption'
New 2011 - 03 - 02: [12:15 pm] The euro-chickens are cackling about Ireland again: German-Irish brinkmanship raises EMU stakes [12:15 pm] It's time for the next bailout: Portugal to Get EU Rescue This Month, Axa Investment Says Will this kill the euro?
New 2011 - 03 - 01: [05:00 pm] Reuters: Debt crisis critical moment for Europe - Portugal Overcoming the sovereign debt crisis once and for all is a critical test for the European Union, Portugal said on Monday, appealing for urgent and effective support to defend it against renewed market attacks. [12:00 pm] Reuters: EU to discuss lower interest rates for Ireland -Rehn [12:00 pm] Is there any possibility? How Ireland Can Leave The Euro: One Expert's View
New 2011 - 02 - 27: [12:15 pm] Greeks refuse to give money to the state: 'I won't pay' movement spreads across Greece
Since the beginning of the crisis taxes and fees were increased so much that the greek people are simply sick of it. The state doesn't have any means to go up against a mass resistance of this kind, which means that the greek state is...done.
New 2011 - 02 - 25: [09:15 am] Daily Bell: Sink- or Swim-Time for the EU
New 2011 - 02 - 21: [04:30 pm] The european money printing machine is doing some extra hours for Portugal: ECB resumed bond buying amid Portugal worries [04:30 pm] Just 'problematic'? Spain’s Cajas Have 100 Billion Euros of ‘Problematic’ Assets The total exposure of Spanish savings banks to real estate and building amounts to 217 billion euros ($297 billion), of which 100 billion euros is classed as “potentially problematic,” the Bank of Spain said today. "Defaulted" would be a better expression. Neither can you call these rotten subprime mortages as 'assets'. Does the Spain crisis now really start to kick off?
New 2011 - 02 - 20: [08:45 am] Irish banks are now printing a hundred billion euros by themselves: Banks using guarantee to access ECB loans [08:45 am] WSJ: Funding Poorer Members Won't Help the Euro Zone
New 2011 - 02 - 17: [01:30 pm] Pretty crazy, those Irish folks: Paddy Meet Ponzi: Irish Banks Lend Billions To Each Other For Use As ECB Collateral
New 2011 - 02 - 15: [04:00 pm] The ECB is on the hook for the 177 billion it lent to the Irish banking system: ECB needs to realise Irish problem is its problem
New 2011 - 02 - 14: [11:00 am] Time to raise interest rates: Fears for UK growth as inflation sabotages austerity
New 2011 - 02 - 12: [06:00 am] The spain crisis is heating up again: Spain orders drastic caja clean-up to win confidence and fight off EMU debt contagion Spain has imposed draconian rules on its saving banks and is preparing for part-nationalisation of the industry to restore confidence and boost the country’s defences against contagion from the debt crisis in Portugal. Apparently the savings banks aren't able to refinance themselves on the market. And the Portugal risk is getting serious as well. However, there is no way for them to get out of this mess, because of too many bad credits for useless real estate, which can't be paid back.
New 2011 - 02 - 11: [06:00 am] Bloomberg: Portugal Leads Rise in European Sovereign Credit-Default Swaps Europe's debt crisis comes back to life.
New 2011 - 02 - 09: [05:15 pm] It will be an ungrateful job: Weber drops out of ECB race
New 2011 - 02 - 08: [12:00 pm] Italy: No surprise regarding his extravagant sex life: Mafia 'holds compromising Silvio Berlusconi photos' Fabrizio Corona, who runs a celebrity photography agency, claimed that members of the Camorra mafia in Naples are trying to sell the alleged images to gossip magazines. Do they also have pics which show Silvio using Viagra before "getting started"?
New 2011 - 02 - 07: [07:45 am] Bloomberg: ECB May Raise Rates If Inflation Not Declining by Year End, Gonzalez Says
New 2011 - 02 - 06: [04:30 pm] A new government won't be able to prevent the countries bankruptcy either: Mass protest in Serbian capital to demand early polls
New 2011 - 02 - 04: [10:45 am] Ireland 2Y +43.667%: http://www.bloomberg.com/apps/quote?ticker=GIGB2YR:IND It seems the Irish crisis flares up again.
New 2011 - 02 - 03: [02:45 pm] That's how it works over in Italy: Berlusconi MP Caught Picking Out Hookers On iPad During No Confidence Vote At least this MP is "straight" and looking out for female prostitutes, instead of looking for a dude selling ...
New 2011 - 02 - 02: [11:30 am] A new government won't be able to improve the situation either: Irish Election May Mean More Pain for Bondholders: Euro Credit
New 2011 - 01 - 29: [12:30 pm] They must save, many suppliers won't be happy about this: Greece won't buy arms this year, save cash [12:30 pm] Because it's time to safe money now: UK consumer confidence suffers 'astonishing collapse'
New 2011 - 01 - 27: [02:30 pm] Jim Willie: China Plays Europe Card
New 2011 - 01 - 26: [09:30 am] UK: Worse than in the 1920s? Bank of England chief Mervyn King: standard of living to plunge at fastest rate since 1920s
New 2011 - 01 - 25: [04:15 pm] They say it was the snow: UK economy shrinks 0.5pc [06:30 am] Telegraph: Spain tempts fate with minimalist bank rescue
New 2011 - 01 - 24: [11:00 am] Credit Suisse: Firm shuts out high frequency traders High-frequency traders were blamed for speeding last year's flash crash. Now Credit Suisse is launching a venue that will keep those traders at bay. Yummy, yummy! The good news for high-frequency traders is that juicy retail sheep again are grazing in the domestic equities market, just waiting for the slaughter. It's always the same procedure, cause sheep don't learn.
New 2011 - 01 - 21: [04:30 am] BBC-Video: Rubbish sold in Greece's hardtimes bazaar
New 2011 - 01 - 20: [12:15 pm] The illusion that Latvias financial and fiscal austerity is a model for other countries to emulate: The Spectre Haunting Europe: Debt Defaults, Austerity, and Death of the Social Europe Model [12:15 pm] Belgium is crashing: BELGIUM GOVT BONDS
New 2011 - 01 - 19: [04:15 am] Bloomberg: Inflation in UK accelerates more than forecast
New 2011 - 01 - 18: [08:30 am] How to "save" Ireland: Fianna Fáiled: Ireland Prints 25% of its GDP in German Euro's
New 2011 - 01 - 17: [10:30 am] Spain is afraid of a failing bond auction: Spain Cancels Market Auction, As It, Portugal And Belgium Go Syndicate, Spook Bond Investors (Again) [05:45 am] Telegraph: EMU policies are pushing Southern Europe into systemic political crisis [05:45 am] Zerohedge: Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB
New 2011 - 01 - 16: [06:15 am] Existential menace to Switzerland as a financial center? Julius Baer Whistleblower To Expose 2,000 High Net Worth Tax Evaders To The World
The first sentence is interesting: the 'price' for the bailout of the UBS by the USA in 2008 was apparentely the disclosure of US tax evaders who held their money at the UBS. Well, that's how it is when you aim at being a primary dealer in the US, by all means.
New 2011 - 01 - 15: [06:30 pm] AEP: Europe fears motives of Chinese super-creditor The EU authorities fear that China's purpose in buying eurozone debt may be double-edged, intended to push up the euro exchange rate against the yuan and gain advantage for exports. That's how it is, the Chinese wanna rescue their exports, cause they fear a revolution, which might break out otherwise.
New 2011 - 01 - 14: [05:45 pm] Zerohedge: 2nd UPDATE: S&P, Moody's Warn On US Credit Rating
New 2011 - 01 - 12: [03:00 pm] The euro chicks should be panicing: Bill Gross Says PIMCO Is Not Buying Portuguese And Other European Debt PIMCO stopped buying European trash. They are waiting for the euro crash. [12:00 pm] AEP: The dam breaks in Portugal
New 2011 - 01 - 11: [02:30 pm] He's doomed to save money: Brown seeks 10% pay reduction for state employees [11:45 am] Financial Post: Central bank throws Portugal a lifeline [11:45 am] HU: Two banks are preparing to cancel a total of 10,000 loan contracts: Banks planning to call in thousands of loans as eviction moratorium ends [04:30 am] Already 10% above german bonds: Greece borrowing rates hit new record
New 2011 - 01 - 10: [03:00 pm] Say "Hi" to the Pigs Bonds [06:30 am] Would be a solution, too: Ireland should leave the EU
New 2011 - 01 - 07: [05:00 pm] Businessinsider: A Historic Moment, As Western Europe Sovereign Debt Now Riskier Than Emerging Markets [02:45 pm] Italy's debt-to-GDP ratio is 118% (2009): Italy The Invisible Elephant [02:45 pm] The Euro crisis: Can China save euro? Answer is no [04:45 am] PIMCO refuses to buy the PIIGS trash: Swiss central bank refuses to touch Irish state bonds
Pimco is a role model for the whole sector, which means that others will follow them - like a herd. Real bad for the PIIGS.
New 2011 - 01 - 06: [11:30 am] Telegraph: UK recovery threatened by weak services sector
New 2011 - 01 - 05: [06:00 am] About the Irish bank run: 2011: Year of the bank run?
This is what the Ireland crisis in november caused. [05:00 am] The capital is already getting out of Hungary: Hungarians reportedly moving savings to Slovak banks Many savers don't trust the Orban Regime and even escape in the risky Euro.
New 2011 - 01 - 04: [05:45 am] Hungary, Poland, and three other nations take over citizens' pension money to make up government budget shortfalls: European nations begin seizing private pensions Confiscation of private pensions by the state already seems to be popular in eastern europe and it's only a matter of time till the same procedure are applied in western europe. Therefore you should get out of any pension and saving plans offered by the state. It's better to save money privately, eg. in gold and silver.
New 2011 - 01 - 03: [01:15 pm] UK: that's what it's like when you try to generate as much consumption as possible (on credit): Lloyds 'bad bank' chief Andy Cumming fears 'ripple' effect in UK economy from slump in spending [01:15 pm] Something conspirative: The Coming German Superpower
Currently the center of the Illuminati is definitly located in the UK/US. But both countries are in decline. In reality it's the country with the strongest economy that takes over the power. For Europe it would be Germany. However, Germany is too small to land a world-dominating role. But the leadership role in Europe is almost a sure thing for Germany. [05:45 am] The real big PIG is getting closer to the slaughterhouse: Italy's debt costs approach red zone [05:45 am] Already this week? European debt markets 'face second credit crisis' [05:45 am] UK: Eaten by inflation: Families £3,000 worse off
New 2010 - 12 - 27: [07:15 am] Wall Street Journal: ECB set to become world's largest junk bond fund
New 2010 - 12 - 26: [08:15 am] AEP: the greek default is coming: Record spike in EMU default risk on Portugal downgrade and Greek restructuring scare
New 2010 - 12 - 23: [06:45 am] Speaks of Europe and European Bonds and European future: Marc Faber - December 18, 2010
New 2010 - 12 - 22: [12:00 pm] All countries will become PIIGS: European Sovereign Debt Crisis Set to Spread … Government Bonds at Risk! [05:30 am] The crisis continues: Citigroup warns of fresh wave of bank failures in Europe
New 2010 - 12 - 21: [08:15 am] It's long-overdue: Moody's Threatens To Downgrade Portugal, Three Weeks After Comparable Action By S&P
New 2010 - 12 - 20: [02:30 pm] Bloomberg: French AAA Grade at Risk as Downgrades Sweep Europe [09:00 am] He's worried with good reason: IMF chief worried about Europe domino effect
New 2010 - 12 - 18: [10:30 am] Telegraph: EU shocked by Irish debt downgrade
New 2010 - 12 - 17: [09:15 am] Long overdue: Moody's Downgrades Ireland From Aa2 to Baa1 - 5 Notch Downgrade, But Still Investment Grade [09:15 am] Telegraph: Banks face an extra £80bn of bad debts
New 2010 - 12 - 16: [01:00 pm] Bloomberg: Debt Contagion Threat Splits EU Leaders Seeking Rules to Stem Euro Crisis [01:00 pm] Nigel Farage: Seasons greetings from the EU
New 2010 - 12 - 15: [02:30 pm] Video: Cocktail Bombs used on riot police in Athens [07:00 am] The next downgrade is just around the corner: Moody's Put Spain's Aa1 Rating On Downgrade Review, EURUSD Meets Gravity
New 2010 - 12 - 14: [05:00 am] Instead of Saints, it's nothing but criminals: Vatican Bank mired in laundering scandal
New 2010 - 12 - 13: [09:30 am] Simply too much debt: Low interest rates failing to rescue British households from £1.45 trillion debts, says Bank of England
New 2010 - 12 - 11: [10:30 am] Bloomberg: Spanish Bonds Fall for a Fifth Straight Day Amid Auction, Bank Speculation [10:30 am] Video: Gerald Celente: What Happened in Greece is Going Worldwide
New 2010 - 12 - 10: [08:45 am] Video: An Irishman abroad tells it like it is !!
New 2010 - 12 - 08: [04:45 am] A very "big PIG": France could be next to fall after Spain, Portugal France will be the hit by bond investors after they have finished with Spain and Portugal, says LSE boss Xavier Rolet. France has many problems that the original PIIGS have: a high trade deficit, deindustrialization, a huge state apparatus, a high deficit in the budget. The Euro definitly won't survive an attack on France.
New 2010 - 12 - 07: [03:00 pm] Telegraph: Eurozone debt costs rise as ministers take no new steps Yields on 10-year bonds in ailing peripheral countries of Portugal, Spain, Greece, Ireland, and Italy have been trading close to record highs and increase again in early trading today as investors reacted nervously the news. The situation is very tense. [09:15 am] Bloomberg: Iceland Is No Ireland as State Free of Bank Debt, Grimsson Says
The currency got depreciated, banks were divided and a bad bank got founded. Foreign creditors lost their money. However, in the European Union all banks are supposed to be rescued by the taxpayers. [09:00 am] UK: A hard winter, with empty shelves: Panic Buying as Britain Runs Out of Food and Fuel
This is due to the "Just-In-Time"-system. What's gonna happen when banks are closed and panic buying kicks in?
New 2010 - 12 - 06: [02:30 pm] Bloomberg: Germany rejects pleas to increase European aid fund
New 2010 - 12 - 03: [10:00 am] Zerohedge: Nigel Farage: Europe Is Becoming An Orwelian Police State, Ruled By Unelectable Madmen, Which May Soon Be Overrun With Violence [10:00 am] Telegraph: Millions of households taking on more debt Millions of households are falling behind with their bills as an extra 40 per cent take on more debt to cover the costs, insolvency experts report
New 2010 - 12 - 02: [03:00 pm] If you got Gold & Silver, don't care about it: Rapidly Escalating Euro Crisis Threatens Financial Armageddon III [03:00 pm] 24hGold: Bankrupt Germany Now Plays The Terror (Hoax) Card To Distract From Homemade Financial Disaster [03:00 pm] MarketWatch: ECB happy to see periphery countries engulfed [03:00 pm] This is why German officials want a bailout of everybody: Bailout άber Alles [10:30 am] Telegraph: UK banks borrowed more than £640bn from US Federal Reserve [04:00 am] The Irish demonstrate against bank bailouts at their own expense: Irish Mass Strike Threatens To Sink Bailout
New 2010 - 12 - 01: [04:15 am] Italy: Is the Generali insurance about to die? The Next Shoe To Drop: European Insurance Companies - Assicurazioni Generali CDS Explodes today the company's CDS spread has gone vertical, wider by 34 bps on the day, or about 20%, to 184 bps. Why is this happening? Simple: ASSGEN has total assets of €423 billion, and more worrisome, a fixed income portfolio of €262 billion, of which 93% is European-bond based (Italy 28%, France 22%, Germany 25%). We all know what has happened to Italian bond prices in the past weeks: as of today, Bund spreads have just hit a fresh all time high. But all this is irrelevant since the bank must have a capital buffer to accommodate the losses. After all, what idiot would run a company with almost €300 billion in Euro-facing bond exposure and not factor for deterioration in risk after the events of May... Well the ASSGEN CEO may be just such an idiot. The company's balance sheet as of 9/30 discloses that the firm had a mere €10 billion in tangible capital (excluding €10.7 billion in intangible assets). So let's recap: €262 billion in Euro bonds on.... €10 billion in tangible equity! A 26x leverage on what is promptly becoming the most impaired asset class in the world. This insurance only has equity worth 10 billion Euros ($13 billion) but 262 billion Euros in European bonds. Just a tiny crash in bonds gonna wipe the company out and the CDS seem to anticipate this right now. Should be the same with other insurance companies.
New 2010 - 11 - 30: [11:30 am] The hangover after the excess: Ireland's Debt Servitude [04:00 am] Bets "against Europe" are a sure thing: Bets Against Europe Are Unlikely to Lose Meanwhile, the very assurance from Brussels that Iberia can get by without a bailout probably ensures the opposite. Only thing is, when Spain and Portugal reach that point – meaning, when currently punitive borrowing rates become literally prohibitive – the jig will be up for Europe. It is one thing to pretend that Greece and Ireland’s boats have been floated, since they were initially alone in needing a rescue. But when Spain’s broad stern starts to slide into the deep, sucking Portugal into the vortex, the pretense that Europe’s nearly trillion dollar rescue fund can turn back the financial mob will evaporate entirely. For now, it doesn’t help perceptions that Spain and Portugal are themselves guarantors of the current rescue package, which is worth nearly one trillion dollars. That’s like having California be a guarantor of New Jersey’s debts. It's comparable to a bet which says that chicken gets slaughtered on a day in the future.
New 2010 - 11 - 29: [05:00 pm] Telegraph: Contagion strikes Italy as Ireland bail-out fails to calm markets Spreads on Italian and Belgian bonds jumped to a post-EMU high as the sell-off moved beyond the battered trio of Ireland, Portugal, and Spain, raising concerns that the crisis could start to turn systemic. It was the worst single day in Mediterranean markets since the launch of monetary union. [10:30 am] Ireland: Future retirees should be really upset about this: Pension reserve funds to be spent on banks UP to €15 billion from the National Pensions Reserve Fund, set aside when the Celtic Tiger was still roaring, is likely to be used to recapitalise three of the country’s banks. It doesn't matter anyway, cause when the Irish banks go broke, pension funds gonna follow. Retirees will be really mad at the politicians and banks when they notice that none of their money ever comes back. [10:30 am] BusinessInsider: Spanish Banks Are So Desperate For Funding They're Offering 5% Interest On Deposits The situation was exactely the same when banks from Iceland were in trouble - shortly before the collapse.
New 2010 - 11 - 28: [12:45 pm] About German Chancellor Angela Merkel: Merkel's Reputation on the Decline in Europe [11:45 am] The Irish have had enough: Default! Say the people
It's better to make a painful break than draw out the agony. But we suppose that nobody really knows what a default of states and banks really looks like: savings are gone, incredibly high yields, no credit at all for many years. All of us will have to deal with these problems, not just the Irish people. [11:45 am] There were a couple of protestors, but still not too many: Ireland bailout protest draws 100,000 to Dublin streets
New 2010 - 11 - 27: [10:30am] How long will it take? Spain could be forced to seek a bail-out within months, warns Barclays [10:30am] Just the beginning of new mass demonstrations: Thousands protest against Irish bail out It is likely that there will be soon violent demonstrations, as well.
New 2010 - 11 - 26: [05:00 pm] Already above the 9% level - it's getting dangerous: Ireland 10 Year [05:00 pm] Written in British newspapers: GET BRITAIN OUT OF EUROPE [08:45 am] Telegraph: Mervyn King's credibility in doubt after public row with MPC's Adam Posen [08:45 am] NEXT: Euro slides as Portugal bailout pressure builds
New 2010 - 11 - 25: [02:00 pm] Telegraph: Germany fuels EMU debt crisis with haircut demands [01:00 pm] Belgium is crumbling: Belgium joins financial markets' hit list Actually it's really strange how Belgium, which is highly indebted, managed to escape from the collapse up till now. [04:00 am] Hungary confiscates private pensions: Hungary Forces Private Pension Fund Members Back to State Scheme. Every asset that's visible for the state will be confiscated when the state is facing rough times. That's why you gotta get out of the system by putting your wealth in 'invisible' assets, such as gold and silver. [04:00 am] On CNBC: Has the EU Already Broken Up?
New 2010 - 11 - 24: [01:00 pm] AEP: Spain and Portugal under fire as bond spreads hit record The entire PIIGS area is ablaze. The savers will soon have to give up. [01:00 pm]10-year spain yields at the 5% mark now: Links to PIIGS' Bonds Spain is on the verge of a collapse now, too. No wonder that Mrs. Merkel considers the situation as "extremely serious". [01:00 pm] Video: Max Keiser: Irish govt slaves to IMF terror machine!
New 2010 - 11 - 23: [01:45 pm] Now, the big PI(I)GS are in the spotlight: Spanish Officials Try To Stem Fears as Funding Costs Surge Probably, Spain will be too big to bail.
New 2010 - 11 - 22: [03:30 pm] The next big problem is already waiting: Portugal Default Risk Rises After Irish Rescue on Concern Over Debt Levels [03:30 pm] Bloomberg: Anglo Irish Investors to Swap $950 Million Debt at 80% Discount [04:15 am] Taxpayers ready to be sheared again: Ireland swallows bitter pill, asks EU for loan DUBLIN (AP) -- Debt-crippled Ireland has formally applied for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe. Currently they are discussing about 80 to 90 billion Euros (about $120 billion) of immediate financial help. Pretty expensive, however, only a small part of the acutal prolblem, which is worth about 500 billion euros. Indeed, they do everything to rescue the creditor banks, even if whole countries will collapse in the future.
New 2010 - 11 - 21: [03:30 pm] UK: London: Building 'lowest for 20 years' [05:30 am] The haircut will come: Roubini: Debt Nightmare Unfolding in Europe [05:30 am] Telegraph: IMF's Dominique Strauss-Kahn wants fiscal and reform powers given to Europe [05:30 am] Will they leave Ireland? US firms warn Irish over tax move
New 2010 - 11 - 19: [08:00 am] How often does it work? ECB Saves Eurozone 2nd Time [08:00 am] Telegrapf: IMF auditors begin examining Ireland's books
New 2010 - 11 - 18: [11:30 am] After all: Ireland Turns to EU for Bailout as Trichet Signals Limits of ECB Support [11:30 am] Telegraph: Ireland denies 'surrendering sovereignty' over bail-out
New 2010 - 11 - 17: [12:15 pm] AEP: The horrible truth starts to dawn on Europe's leaders read!
Now he told the European Union what it really is, which is a facist dictatorship.
[06:30 am] Latvia: If you want to know what happens when the IMF come in, look at the Baltic Tiger... [05:15 am] It's all patchwork, nothing else: Ireland in rescue talks as UK offers support
New 2010 - 11 - 16: [01:00 pm] Irish crisis: Eurozone debt crisis: Ireland says 'don't panic' [01:00 pm] Telegraph: The horrible truth starts to dawn on Europe's leaders [10:30 am] Lotta action going on within the European banking system: Ireland Given 24 Hour Ultimatum To Take Bailout Or Be Responsible For Pan-European Contagion Domino 2 is done. Europe's banks are about to be rescued again as Europe's taxpayers foot the bill. In other news, former SAC star money manager Ron Insana says Ireland does not seem to be that much of an issue. There is only one explanation for what's really going on. Banks, especially in Germany, must be on the edge, because of the irish papers in their balance sheets. Things can blow up anytime. Therefore van Rompuy said that the situation of the EU and the euro is really existence-threatening.
New 2010 - 11 - 15: [01:00 pm] Not only Portugal but also other countries have to leave the Euro: Portuguese Foreign Minister Says Country May Need To Leave Euro
New 2010 - 11 - 14: [02:30 pm] Bloomberg: Ireland Urged to Take Aid by Officials Amid Debt Crisis [02:30 pm] Desperation: Trichet Calls for 'Bold' Actions to Boost Confidence [02:30 pm] Did you expect something different? Greece faces difficult talks with EU, IMF [05:30 am] Sovereign default: Ireland Goes Bust, Irish Bank Run [05:30 am] Telegraph: Ireland denies 60bn bail-out talk as EU puts on pressure [05:00 am] They are already trying to escape: Ireland's young flee abroad as economic meltdown looms
New 2010 - 11 - 13: [11:45 am] This is some music for the bond apes, who still buy PIIGS bonds or hold them in their portfolio the bond ape song of the week: Techno4Ever @ Monkey Dance Crew and here the irish version: irish monkey dance [11:45 am] Yet they are still allowed to remain in the currency union: Ireland's budget deficit is now 32 per cent
New 2010 - 11 - 12: [07:45 am] The Irish debacle: Irish bond yields dip as UK, EU urge calm
New 2010 - 11 - 11: [09:30 am] More from Ireland: Ireland's cost of borrowing soars after dramatic sell-off [04:15 am] All of them are "green" again: Ireland 10 Year, Spain 10 Year, Portugal 10 Year, Greece 10 Year This means that yields continue to rise and prices sink. [04:00 am] When credit installments and inflation together eat up income: Half of families are struggling to pay their debts: Bank of England chief warns of new surge in the cost of living
New 2010 - 11 - 10: [01:45 pm] Bloomberg: Irish Bonds Lead Rout in Peripheral Debt as LCH Raises Margin Requirements [10:15 am] Spanish yields with a nice little upmove today: SPANISH GOVT GENERIC BONDS 2 Spain will be too big to be bailed out.
New 2010 - 11 - 09: [02:15 pm] Only an idiot would still buy British government bonds: UK's total debt forecast to hit £10 trillion by 2015 We keep buying more Gold & Silver. [02:15 pm] The next big problem? Markets alert for credit crunch 2.0
New 2010 - 11 - 08: [09:45 am] Bloomberg: Irish Fight to End Bond `Buyers Strike' as EU Examines Budget Yes, the very evil bond market is mightier than all politicians of a nation, together. [05:45 am] The irish patient is in intensive care now. When will machines be switched off? If you thought the bank bailout was bad, wait until the mortgage defaults hit home
New 2010 - 11 - 07: [01:15 pm] UK: Times get harder for phantom unemployed people: Unemployed told: do four weeks of unpaid work or lose your benefits
New 2010 - 11 - 05: [04:00 am] They need the money desperately: France Inks Huge Deal Selling China Nuclear Material, Technology
New 2010 - 11 - 04: [02:00 pm] Ireland and Portugal on their way to bankruptcy http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND Greece is doing "good" again, as well: Greece 10 Year
[02:00 pm] Ireland: Treasury department besieged: Video Footage Of Protests In Ireland, Ministry Of Finance Besieged
New 2010 - 11 - 03: [04:45 pm] UK inflation explodes: Food prices rise quicker in UK than rest of Europe [04:45 pm] Another hard hit against the PIIGS: Russia excludes Ireland, Spain from sovereign wealth fund investment list - FinMin [01:15 pm] Sovereign default: Ireland is running out of time [12:30 pm] New York Times: Central banker takes a chance by speaking out Is Axel Weber really aware of what the main task of his job would be? He would be supposed to clean up Trichets mess, which is, honestly speaking close to impossible, as soon as the euro is gone and poverty spreads all across Europe. Well, it's his decision. He's probably looking for prestige. [12:30 pm] About to go broke: Irish bond yields at all time high [12:30 pm] Otherwise yields would already be around 20%: ECB buys Irish bonds as spread widens to record
New 2010 - 11 - 02: [12:15 pm] Calculated Risk Blog: Borrowing costs for Ireland, Portugal increase sharply [12:15 pm] Was it ever gone? The PIIGS crisis is back: 4 key things to think about [12:15 pm] Probably no gold or silver in it: Suspicious Package Found At Angela Merkel's Office
New 2010 - 11 - 01: [03:45 pm] The overall direction is crystal clear, someone's gotta prepare for bankruptcy: Greece 10 Year It's already long past due. And then we get to play at dominoes.
New 2010 - 10 - 31: [04:30 pm] This will change: Retire in France at 62? In Turkey, Get Full Benefits at 45 The welfare states will continue to shrink in the approximate future, cause no country can allow its people to retire as soon as they do right now, while the public debt is rising to levels unseen before. Hard times ahead, if you have neither gold nor silver. People who have gold and silver will be the ones to make the rules in the future.
New 2010 - 10 - 30: [11:30 am] Telegraph: Doomsayers are selling Britain short, says top fund manager Tom Dobell
New 2010 - 10 - 29: [06:00 pm] Do they have the courage to do it? Mervyn King must turn off the printing press One thing is clear: The Bank of England likes inflation more than a real depression which still could be prevented by printing much money. Therefore they will be very cautious on rising interest rates. But of course this is just a way to delay the restart of the whole system. [09:00 am] Telegraph: EU budgets will be linked to national spending plans, David Cameron says [09:00 am] Germany (and France) don't want to be the payer for the PIIGS anymore: EU 'haircut' plans rattle bondholders This week the Luxembourgian foreign minister (Jean Asselborn) said that Germany should cease to threaten exiting the Euro. [06:30 am] Ireland is about to get effd'. Yields on the rise: Ireland 10 Year
New 2010 - 10 - 28: [03:00 pm] They haven't really understoof that it's time for a harsh saving session: Greece falling short of rescue package deficit goal [12:15 pm] EU: Political upheaval rocks eurozone debt markets [11:45 am] UK: Who is surprised? : House prices are still falling, says Nationwide Investing in real estate is a bad idea not only in the United States but also in Europe. Probably it's still better to sell. The money should invest in precious metals, especially in Silver.
New 2010 - 10 - 27: [01:45 pm] Government in trouble: Portugal Budget Discussions Break Down, Government Collapse Imminent [12:00 pm] Greek yields are literally exploding right now: Greece 10 Year 0.7% in a single day. That whole bankruptcy thing continues.
New 2010 - 10 - 26: [05:00 pm] First there was corruption all over the place and now they ain't ready to deal with the consequences: Greece reignites Europe debt woes [10:30 am] They don't real save money there, they just pretend to do so: Greece Back In Spotlight With Spreads Surging After Latest Bank Of Greece Report Shows Major Contraction |
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