622 replies to this topic

[Time_Traveller]

Iceland debt 'safe to invest' after ratings upgrade



Iceland is safe to invest in again, according to Fitch, which has upgraded its credit rating three years after its economy spectacularly collapsed.

From http://www.bbc.co.uk...siness-17075011

[Roh234]

Arrests made in Italy after discovery of $6 trillion in fake U.S. bonds

http://edition.cnn.c....html?hpt=hp_t3

[jjf3]

Iceland debt 'safe to invest' after ratings upgrade



Iceland is safe to invest in again, according to Fitch, which has upgraded its credit rating three years after its economy spectacularly collapsed.

From http://www.bbc.co.uk...siness-17075011

That is wonderful news, anybody know how much home prices are over there? Iceland really is one of the world's best economies these days!

[Deadbolt]

Better to have taken the hit at that time, than extending and pretending and taking a far greater hit later.

[wjfox]

Study links ultrafast machine trading with risk of crash

http://www.physorg.c...st-machine.html

[Time_Traveller]

Eurozone Greek bailout talks to begin in Brussels

Eurozone finance ministers have begun to arrive in Brussels for talks to secure a second bailout for Greece, amid signs that an agreement is likely.






From http://www.bbc.co.uk...europe-17092964

[Time_Traveller]

Greece gears up for tough reforms under new bailout

The Greek cabinet is to meet for talks on launching the painful reform process stipulated by creditors in return for a massive bailout and debt write-down.

From http://www.bbc.co.uk...europe-17116021

[mic of orion]

Eurozone Greek bailout talks to begin in Brussels

Eurozone finance ministers have begun to arrive in Brussels for talks to secure a second bailout for Greece, amid signs that an agreement is likely.






From http://www.bbc.co.uk...europe-17092964

wow, these stats sound very depressing. and 21% unemployment is official, imagine how many are considered employed bu get less than minimum pay or work only part time for minimum pay.

No growth for 2012, 2013 and there's a slight ope Greece might have small growth in 2014,

Greek economy went from 290 billion Euro in 2008 to 236 billion euros in 2011, and no end in sight for troubled Greek economy.

Greek economy is expected to fall by 7% in 2012 and another 6% in 2013.

[Time_Traveller]

Euro Crisis: Greek Solvency 'To Be Checked'



Greece's solvency is being called into question, raising the stakes in its battle to avoid default.

Derivatives body the International Swaps and Derivatives Association (ISDA), has been asked to determine if a Greek sovereign credit event has occurred.

The identities of the people or organisations behind the query is unknown but they are believed to be 'market participants'.

If ISDA agrees a credit event has happened, it could lead to a payout on outstanding Greek Credit Default Swap contracts - essentially insurance against default.

Its deadline for a decision on whether to investigate is 1700 GMT on Wednesday.

The development followed Standard & Poor's decision last night to downgrade the country's debt to below junk status - deciding Greece was in 'selective default'.

It was, S&P said, a reaction to the bond swap plan agreed with private creditors by Athens to reduce its debt burden which will see investors incur losses of up to 75% on existing Greek bonds.

The European Central Bank has said today it will temporarily suspend the eligibility of Greek sovereign bonds as collateral for bank loans.

The ECB moved to reassure banks affected by the move that they could still borrow cash from their national central bank under emergency assistance provisions.

It will start accepting Greek bonds again by mid-March when measures to insure the ECB against losses come into effect.

But the moves do little to inspire confidence over Greece and a Government minister has told Sky News the second financial bailout for his country, worth an additional 130bn euros (£110bn) is not sufficient.

In an interview with Jeff Randall Live, tourism minister Pavlos Yeroulanos said:"Actually, there are no reassuring words at this time.

"It is not enough...it's enough to stabilise the situation but not enough to secure it.

"Stabilisation is a key element right now in order to produce growth.

He continued "We need to focus right now on growth and creating jobs."

From http://news.sky.com/...rticle/16178597

[wjfox]

Oil price jumps to 43-month high on Saudi blast reports

Crude oil prices have hit a 43-month high after reports that a pipeline exploded in Saudi Arabia, the world's biggest oil producer.

Brent crude jumped $5.74 to $128.40 per barrel in New York on Thursday, the highest since July 2008.

http://www.bbc.co.uk...siness-17229025

[Ru1138]

Keystone XL will produce few permanent jobs.

http://www.bloomberg...e-opens-1-.html

[wjfox]

How Will China Pay Off Its Debt?

http://www.forbes.co...y-off-its-debt/

[wjfox]

Brazil 'overtakes UK's economy'

Brazil has become the sixth-biggest economy in the world, the country's finance minister has said.

The Latin American nation's economy grew 2.7% last year, official figures show, more than the UK's 0.8% growth.

http://www.bbc.co.uk...siness-17272716

[Time_Traveller]

UK 'must plan for euro collapse'

Ministers should draw up plans to deal with a break-up of the eurozone "as a matter of urgency", a committee of MPs and peers has warned.

From http://www.bbc.co.uk...litics-17295461

[Time_Traveller]

Greece 'closes in' on debt swap as deadline looms

Investors are increasingly hopeful that Greece will secure a vital debt swap deal, as a Greek official said that more than 75% of bondholders had now agreed to take part.

From http://www.bbc.co.uk...siness-17294865

[wjfox]

Breaking news: Greece has defaulted on its debt.

[wjfox]

Beware The 'Student Debt Bomb', says New Report

The amount of student borrowing crossed the $100 billion threshold for the first time in 2010 and total outstanding loans exceeded $1 trillion for the first time in 2011, according to a new report.

The report titled, The Student Loan "Debt Bomb": America's Next Mortgage-Style Economic Crisis? (pdf), was published the National Association of Consumer Bankruptcy Attorneys (NACBA), and paints a frightening economic picture of the world created by skyrocketing tuitions and high interest rates in a job market that continues to offer few jobs to graduates.

"How big is the danger to the US economy?" the report asks. Most worrisome to those on the ground during the 'mortgage crisis' that sent the world economy into a tailspin in 2008, is that the atmosphere and metrics around the student debt crisis feels much the same.

Read more - http://www.commondre...line/2012/03/09

[truthiness]

^I'm in the midst of this one... Flight training is expensive. I started in for about $80K. I've whittled it down to around $50K, but I worry about it every day. Student loans can never be forgiven. Bankruptcy can't make them go away. If I ever lose my job flying (could happen any time for a number of reasons... another economic crash, another terrorist attack, a regional airline crash, a medical condition, a gas price spike, etc..), my family would be totally screwed. The banks and the colleges have known that, though. Loans should never be without risk. Bankruptcy should always be an option. The banks and the colleges in the US have been working together for decades, increasing tuitions at a steady rate on the backs of these loans that the banks were all too happy to dole out because they could not possibly go bad. It's just a matter of time before this ticking bomb blows up, now. I just hope that when it does the inevitable bailout flows my way instead of toward the banks that made these unbreakable loans.

..of course it won't, though.

[Time_Traveller]

Minimum wage to rise by 11p an hour

The national minimum wage will rise by 11p to £6.19 an hour in October, the government has announced.

From http://www.bbc.co.uk...siness-17429325

[wjfox]

India loses $210 bln in coal sales in "mother of all scams"

(Reuters) - India lost up to $210 billion in revenue by selling coal deposits too cheaply, according to a government auditor's draft report, renewing pressure on Prime Minister Manmohan Singh, who is already reeling from corruption scandals.

Opposition parties reacted with outrage in parliament on Thursday to the report, which was leaked to the Times of India. The session was adjourned and the government said it would respond once it had verified the facts.

"We are examining the news report and I have called for records. After that I will reply," Coal Minister Sriprakash Jaiswal told reporters.

The leaked draft from the Comptroller and Auditor General's (CAG) office criticises the government for allocating 155 valuable coalfields to about 100 private and some state-run miners instead of auctioning them off to the highest bidder.

Read more - http://www.reuters.c...E8EM2FF20120322