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via google translate: Due to the decreased risk of failure of Egypt and the state of Illinois, the third euro zone economy reentered the group of 10 countries with the highest probability of entering bankruptcy within a horizon of five years. Reentered Italy today for the 10th place of the “club” of candidates for a debt default. Although he closed with a probability of default , a horizon of five years, lower than the close yesterday, the third largest [...] The Euro is creaking and making funny noises. Lloyds of London – who have a pretty good ear to perceive impending disasters – says the insurance market is preparing for the Euro’s collapse and is trying to reduce its exposure as much as possible. Robert Ward chief executive of the multi-billion dollar and almost five hundred year old institution said Lloyd’s may have to write-down on its £58.9 billion investment portfolio [...] The Euro is creaking and making funny noises. Lloyds of London – who have a pretty good ear to perceive impending disasters – says the insurance market is preparing for the Euro’s collapse and is trying to reduce its exposure as much as possible. Robert Ward chief executive of the multi-billion dollar and almost five hundred year old institution said Lloyd’s may have to write-down on its £58.9 billion investment portfolio [...] via Telegraph: The chief executive of the multi-billion pound Lloyd’s of London has publicly admitted that the world’s leading insurance market is prepared for a collapse in the single currency and has reduced its exposure “as much as possible” to the crisis-ridden continent. Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro. In an interview with The Sunday [...]
The chief executive of the multi-billion pound Lloyd’s of London has publicly admitted that the world’s leading insurance market is prepared for a collapse in the single currency and has reduced its exposure “as much as possible” to the crisis-ridden continent. Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro. In an interview with The Sunday [...] he International Swaps and Derivatives Association (ISDA) determined today that Greece’s bond swap has triggered a credit event, topping off eight months of angst since the first announcement that Greece experience the first developed market default in over 60 years.
95.7 percent of investors who hold Greek-law denominated Greek bonds will be forced to exchange them for bonds with 53.5 percent. However, the ISDA determined Friday that bondholders who purchased credit default swaps—insurance contracts on Greek bonds—will [...] by South Of Wall Street Facts Don’t Equal The Conclusion in Europe Very simply, the facts of the current environment in Europe don’t equal the conclusion that a coordinated effort will restore confidence. The fact of the matter is that European Sovereigns are massively indebted and European banks are massively under-capitalized. The proposed solution of raising capital and issuing fresh debt to solve this issue is a joke. The global credit crisis Credit default swaps, contracts that insure against debt defaults, are treating debt-laden borrowers ranging from Citigroup (C: 4.87, -0.01, -0.2%) to MetLife Inc (MET: 46.82, 0.14, 0.3%) as though they were rated at junk status, a sign of lingering fears of the risks of heavy debt. One key cause: [...] |
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