Under the deal, savers will be forced to hand over up to ten percent of their money in a one-off levy.
Al Jazeera’s Gerald Tan reports.
Think it won’t happen here? Think again!
Lines formed at ATMs as people scrambled to pull their money out
Word spread that rescue package included a one-off levy on deposits
Restrictions stopping people emptying accounts or moving money abroad
Up to 3,000 British service personnel are based on the bankrupt [...]
Today’s AM fix was USD 1,613.50, EUR 1,208.80 and GBP 1,041.57 per ounce.
Yesterday’s AM fix was USD 1,611.25, EUR 1,206.39 and GBP 1,041.53 per ounce.
Silver is trading at $30.13/oz, €22.68/oz and £19.56/oz. Platinum is trading at $1,700.25/oz, palladium at $765.00/oz and rhodium at $1,245/oz.
Gold slipped 0.1 percent to $1,607.06/oz on Monday after falling as low as $1,598.04/oz on Friday, its weakest since August.
Cross Currency Table – (Bloomberg)
Gold inched up [...]
financialsense.com / By Gary Dorsch / February 14, 2013
With frigid temperatures expected to hover between 15-degree and 23-degree Fahrenheit this weekend in Moscow, it’s a wonder why the world’s most powerful finance chiefs and central bankers would schedule their Feb 15-16th meeting in Vladimir Putin’s backyard. Instead, a better venue for the Group-of-20 would’ve been the Cayman Islands. The Islands are warm year-round, with average highs holding steady in the 80’s. January [...]
Given our earlier comments, it is hardly surprising but the Eurogroup meeting just ended and there is no agreement; headlines via Bloomberg:
*FRIEDEN SAYS NO DECISIONS REACHED TODAY ON GREECE BY EUROGROUP
*FRIEDEN SAYS EURO FINANCE CHIEFS TO CONTINUE TALKS ON MONDAY
*SCHAEUBLE SAYS EUROGROUP UNABLE TO REACH CONCLUSIVE AGREEMENT
*LAGARDE SAYS MORE WORK NEEDED FOR GREEK SOLUTION
EURUSD is tumbling (as are S&P 500 futures in their oh-so-correlated manner)
Of course, Juncker has his own [...]
Euro-area finance ministers may not make a decision on unlocking funds for Greece until late November as they await a full report on the country’s compliance with the terms of its bailout, a European Union official said.
Finance chiefs won’t make the call to release 31.5 billion euros ($40.1 billion) of aid for Greece that has been frozen since June when they meet in Brussels on Nov. 12, the official said [...]
Weakening demand is forcing new and accelerated cost reductions at companies fromBank of America Corp. and Hewlett-Packard Co. (HPQ) to Staples Inc. (SPLS) andEastman Kodak Co. (EKDKQ), dimming the outlook for an already struggling U.S. labor market.
Even as consumer confidence and housing show signs of recovering, sales for businesses in the Standard & Poor’s 500 Index fell 0.9 percent from a year earlier in July through September, the second consecutive quarterly drop and biggest decline since 2009, [...]
by GoldCore Gold Bullion
History May View ECB’s Draghi As “Currency Forger Of Europe”
Today the London Bullion Market is closed for a national holiday.
Friday’s AM fix was USD 1,666.50, EUR 1,329.16 and GBP 1,051.88 per ounce.
Silver is trading at $30.91/oz, €24.77/oz and £19.62/oz. Platinum is trading at $1,550.00/oz, palladium at $647.90/oz and rhodium at $1,025/oz.
Gold climbed $0.80 or 0.05% in New York on Friday and closed at $1,669.80. Silver surged to [...]
Well, here we go again, the G7 is in Emergency Talks right now and they are putting out some info of all G7 Nations are going to work together to fix Spain and other problems. Folks, In short, the investors are THINKING A QE3 IS COMING!!!!
ANOTHER FRIGGIN STIMULAS!!!, But, we watched and learned from the last 3 times, when the markets starting going down, Mr. B HINTED TO A QE3, [...]
Greece will pledge permanent spending cuts, including lower pension payments and a 20 percent reduction in the minimum wage, as the economy contracts this year at a faster pace than originally estimated, according to the draft of a new financing deal with the European Union and International Monetary Fund.
“To restore competitiveness and growth, we will accelerate implementation of deep structural reforms in the labor, product and service markets,” according to the letter [...]
European leaders stepped up pressure on Greek politicians to meet the conditions of a 130 billion- euro ($171 billion) bailout, saying time was running out.
French President Nicolas Sarkozy met German Chancellor Angela Merkel in Paris today as Greece’s interim prime minister, Lucas Papademos, prepared to negotiate with the so-called troika of international lenders in Athens for a second day. A gathering of Greek political leaders was delayed until tomorrow as they struggled for a unified response.
Greek Prime Minister Lucas Papademos struck a tentative deal with political parties on austerity measures demanded by international creditors as European leaders maintained pressure to complete terms for a 130 billion-euro ($171 billion) rescue package.
Chiefs of the three parties supporting Papademos’s interim government were due to meet with the premier at about midday to hammer out details after setting a framework for recapitalizing banks, ensuring the viability of pension [...]
From English Alarabiya:
Merkel warned that Greece can receive no more EU aid to cope with the crisis until it reaches a deal with the European Commission, the European Central Bank and the International Monetary Fund on tightening up its budget.
“We want Greece to stay in the euro. To say it clearly, this is the opinion of both of us,” German Chancellor Merkel said.
“But I also say – there can be no [...]
Stocks slid and Italy’s 10-year bond yields touched a euro-era record, while gold rose to a six-week high, as investors weighed potential changes to the leadership of European nations reeling from the debt crisis.
The Standard & Poor’s 500 Index slipped 0.8 percent to 1,243.1 at 12:47 p.m. in New York and the Stoxx Europe 600 Index lost 0.6 percent after tumbling 1.8 percent earlier. Ten-year Italian bond yields climbed to 6.56 percent [...]
The International Monetary Fund may need a capital injection of about $350 billion to give it more firepower to fight economic crises, an emerging market G20 source said on Friday.
The senior delegation source said that any recapitalization would not be part of a plan the euro zone aims to present later this month to stem its deepening debt crisis.
A second source at the G20 finance [...]
By Catherine Bremer and Daniel Flynn
PARIS | Fri Oct 14, 2011 1:44am EDT
(Reuters) – G20 finance chiefs and central bank heads from the world’s biggest economies meet in Paris on Friday needing to find a solution to a deepening euro zone debt crisis that has fanned fears of a global recession.
Underlining the challenge for European policymakers, Standard and Poor’s cut Spain’s long-term credit rating, citing the country’s high unemployment, tightening [...]
Remember all those daily rumors (prmarily courtesy of the FT) that either China, or Japan, or Europe itself would bailout Europe (yeah, don’t ask). Well we can put them all to rest…for at least a few more hours. Because in the battle of inverse counter disinformation, it is important to refute the rumors you yourself have created just so next time the same rumor [...]
WASHINGTON – World leaders and finance chiefs pushed Europe to quell its debt crisis and big emerging economies said they might provide more money to help stop the chaos from spreading.
As finance ministers and central bankers gathered for talks amid growing concern about sharply slowing growth and plunging stock markets, the leaders of seven big economies stressed the need to contain the euro zone crisis.
By Harry Papachristou
ATHENS/WASHINGTON | Wed Sep 21, 2011 10:42am EDT
(Reuters) - Greece was set to outline more austerity measures on Wednesday to secure a bailout installment crucial to avoid running out of money next month, as the IMF warned that Europe’s sovereign debt crisis risks tearing a giant hole in banks’ capital.
The cabinet in Athens was meeting to consider major public sector layoffs, pay and pension cuts and [...]
Just a few headlines:
European Central Banks Are Net Buyers of Gold in 2011, FT Says
Bernanke Joins King Tolerating Inflation to Revice Economy
Bank chief: Italy faces default risk
Fund Withdrawals Top Lehman as $75B Pulled
German banks need 127 billion euros of more capital: report
Obama Deficit Plan to Call for $1.5 Trillion in Taxes
U.K. Deficit May Be 12 Billion Pounds More Than Estimated: FT
Retiree Benefits for the Military Could Face Cuts
Greece must shrink [...]
Europe stood defiant in the face of US criticism about its public finances Saturday as finance chiefs wrapped up two days of talks in Wroclaw, Poland. Outside the summit, at least 20,000 European workers protested against austerity measures.
By News Wires (text)
AFP – Europe hit back Saturday at US lecturing on its public finances, insisting the eurozone is better off than global rivals as talks on [...]
Looks like no more official trips for G-Pap anywhere very soon:
ECB’S WEIDMANN-IT IS WRONG TO ABANDON ALL PRINCIPLES OF MONETARY POLICY BY CITING A GENERAL EMERGENCY-SPIEGEL
GERMAN CSU HEAD – IF GREECE CAN’T OR WON’T KEEP TRACK WITH RESCUE PLAN THAN AN EXIT FROM THE EURO ZONE IS CONCEIVABLE-SPIEGEL
More from Reuters:
European Central Bank Governing Council member Jens Weidmann told Germany’s Spiegel magazine in an interview he considered it wrong to [...]
Secretary of the Treasury Timothy F. Geithner on Capitol Hill, March 16, 2011.
Credit: Reuters/Joshua Roberts
By John O’Donnell and Robin Emmott
WROCLAW, Poland | Fri Sep 16, 2011 10:02am EDT
(Reuters) – Treasury Secretary Timothy Geithner urged EU finance ministers on Friday to leverage their bailout fund to better tackle the debt crisis, but there was no agreement on what steps should be taken.
In a 30-minute meeting with euro zone ministers, Geithner pressed for the [...]
France’s ancient city of Marseille seems the perfect setting for people without a care in the world. But for those at this weekend’s meeting of the G7 it is the backdrop to a deeply gloomy global economic outlook with finance chiefs under heavy pressure to come up with solutions. As delegates began to arrive for the talks, France called for a coordinated response [...]
A businessman looks at an electric quotation board flashing stock prices in central …
Italian Prime Minister Silvio Berlusconi said this weekend said lawmakers would be …
World leaders and finance chiefs raced on Sunday to head off spiralling tension triggered by eurozone debt contagion and a US rating downgrade as the clock ticked on the opening of the markets Monday.
Top officials from the Group of 20 [...]
Published: 15 June, 2011, 09:21
Edited: 15 June, 2011, 19:19
Greek police have fired tear gas at protestors attempting to block off access to the parliament in Athens, as over 20,000 angry demonstrators tried to prevent MPs from voting on new austerity measures needed to secure more bailout cash.
Demonstrators around Syntagma Square in Athens responded by throwing stones, firebombs in violent clashes with police at the Greek parliament. The [...]
The president of the World Bank has warned that the world is “one shock away from a full-blown crisis”.
Robert Zoellick cited rising food prices as the main threat to poor nations who risk “losing a generation”.
He was speaking in Washington at the end of the spring meetings of the World Bank and International Monetary Fund.
Meanwhile, G20 finance chiefs, who also met in Washington, pledged financial support to help [...]
A drive by many of the world’s economies to cap the strength of their currencies is gaining momentum, with Brazil firing the latest shot just days before world finance leaders meet in Washington
Ultra-low interest rates in Europe and Japan and concerns that the U.S.
Federal Reserve is about to embark on another round of money printing that could weaken the dollar have pushed currencies to the [...]
President Barack Obama spoke by phone with German Chancellor Angela Merkel for the second time in three days, adding to the international pressure Europe has faced since a hurriedly arranged conference call of Group of Seven finance chiefs on May 7. Obama today emphasized Ã¢â‚¬Å“the importance of the members of the European Union taking resolute steps to build confidence in the markets,Ã¢â‚¬Â White House spokesman Bill Burton told reporters in [...]