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By James G. Neuger and Rebecca Christie - Jan 19, 2012 Europe’s planned permanent rescue fund may require clauses in new bond issues that would leave the door open for debt restructurings, while deeming writeoffs “exceptional” and subject to International Monetary Fund standards, according to a draft text. European Union finance ministers meet Jan. 23 to discuss the draft, which waters down earlier provisions on restructuring after EU-mandated losses for Greek bondholders helped exacerbate the [...] The eurozone has “already collapsed” and is disappearing as the region is on the brink of a banking crisis that will destroy the currency, said Zafer Onat, the chief executive of FinansInvest, a Turkish broker owned by National Bank of Greece SA. (ETE) “I believe that the European monetary union doesn’t exist anymore,” Onat said in an interview in Istanbul today. “I think it already collapsed but no one has said [...] (Reuters) – European Union Finance ministers have canceled a meeting set for Wednesday but the summit of EU leaders and of the euro zone leaders will proceed as normal, an EU spokesman said on Tuesday. The EU finance ministers meeting, known as an Ecofin, was canceled because the details of issues to be discussed at the meeting have not been finalized, sources told Reuters. Poland, which holds the rotating EU presidency until the [...] Bundesbank president Weidmann says repeatedly expanding EFSF won’t resolve crisis Fitch says any EU plan won’t solve ratings woes Leaked Greek bailout document: Expansionary fiscal consolidation has failed Let us finally pull the plug of the EUSSR! (google trans from German) European banks must find €108bn in new capital http://www.ft.com/intl/cms/s/0/752c9a72-fd30-11e0-a9db-00144feabdc0.html Europe’s big banks will be forced to find €108bn ($150bn) of fresh capital over the next six to nine months under a deal to strengthen the [...] (Reuters) – The euro plunged broadly on Monday and could continue to falter as fears mounted that Europe’s debt crisis may spread to Italy, the euro zone’s third largest economy. European Union finance officials struggled to find ways to resolve Greece’s debt crisis, galvanized by the growing threat of contagion to Italy. The euro hit a four-month low against the yen and a six-week trough against the dollar. [...] Athens, Greece (CNN) — Greek unions have declared a 48-hour general strike next week to protest new austerity measures set to be voted on by the Greek Parliament, one of Greece’s biggest umbrella unions told CNN Thursday. The strike will take place Tuesday and Wednesday, the General Confederation of Workers of Greece (GSEE) said. Greece’s Parliament is due to vote on a tough five-year package of tax increases and [...] Protesters have taken to the streets of Athens, infuriated by the prospect of facing even more austerity measures. NEW YORK (CNNMoney) — Prime Minister George Papandreou of Greece has prevailed in a vote of confidence, but next comes an even tougher challenge. Papandreou has a tenuous hold on power and must get Parliament to approve a package of painful reforms, adding even more austerity measures to the ones [...] EU finance ministers approve 78 billion euro ($111 billion) bailout package for Portugal – BloombergEuropean Union finance ministers cleared the way for Portugal to receive 78 billion euros ($111 billion) in aid, making it the third euro-area country to fall back on official loans. The endorsement came at a meeting of EU finance ministers in Brussels today, European Commission economics spokesman Amadeu Altafaj said. Portuguese Finance Minister Fernando Teixeira dos Santos said before the meeting he was confident of approval because “all the issues that we [...] Dominique Strauss-Kahn was censured for an “error of judgement” over a 2008 affair The head of the International Monetary Fund, Dominique Strauss-Kahn, has been charged by New York police over an alleged sex attack on a hotel maid. Mr Strauss-Kahn, 62, was taken off an Air France plane at JFK airport just minutes before it left for Paris. Police say he faces three charges, including attempted rape. His lawyers [...] by ZH Per Bloomberg: “European Union officials may require Greece to provide collateral for aid as policy makers struggle to prevent the euro area’s first sovereign debt restructuring, said a person with direct knowledge of the situation.” From Dow Jones: The ECB, the European Commission, France and others remain opposed to any rescheduling of Greek debt, fearing it could spark worsening capital flight from other indebted [...] by Saxplayer00o1 1) Spanish Banks Face Funding Hurdle Amid Bailout Threat “Spain’s banks may struggle to refinance about 85 billion euros ($111 billion) in debt next year as costs surge on concern continental Europe’s fourth- biggest economy may need an Irish-style bailout. “There’s a universal dumping of Spain going on,†said Andrea Williams, who helps manage about 623 million pounds ($968 million), including shares in Banco Santander SA, at [...] by TokyoPlumber The size of the bailout package is staggering. The population of the Republic of Ireland is roughly 4.5 million. $112 billion USD across 4.5 million people works out to approximately $24,900 USD per person (or close to $100,000 USD per household of four persons). To give this even greater perspective consider what a bailout package of $24,900 USD per person would look like for a [...] |
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