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Fitch: Greece is insolvent, the bankruptcy is inevitable

By admin | Published: October 25, 2011

The Fitch Ratings sees no immediate solution to the crisis of the euro zone in view of the crucial meeting of European leaders in Brussels Wednesday, amid worrying signs that the recession will become a reality this winter something that might push Euro on the forex to lower levels than the 1.3400 that we experienced in the past couple weeks. “There is no immediate solution, whatever result from the meeting Wednesday,” said Tony Stringer, head of the state assessments house worldwide in videoconferencing.

EU leaders working on a plan to fund the rescue of eurozone € 440 billion to become more efficient through leverage to combat the crisis that causes high volatility on the forex markets. The options for the EFSF have now shrunk and include an insurance plan that provides savings funds may be used to offset part of the losses may enter the buyers debt weak countries, like Italy. The Stringer’s Fitch said that Greece considers that an insolvent and bankrupt the country is inevitable, and concern and the outlook for Spain and Italy. As regards Asia, the rating agency expects strong growth for the region in 2012, but is concerned about the current status of the banking system in China. Makes more reason for a 50% happen a Chinese banking crisis in the coming years.

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USA: Bill for the Chinese yuan promotes the U.S Senate

By admin | Published: September 28, 2011
A Bill regarding the management of China’s policy in relation to the yuan will be put to vote next week in the U.S. Senate despite concerns that such an action can increase tension in trade and further slow the growth of the global economy.  As transmits Reuters, the head of the Democrats in the Senate, Harry Reid, said that there is something more important than China’s trade as an indicator for the job. “I’m sure the bill will be approved,” said the leader of the majority in the Senate.  An important measure that includes the bill provides for treatment by the Ministry of Commerce of the undervalued currency on the forex market as a subsidy allowing companies to ask if the countervailing duty imports.  Reid’s opponents acknowledge that the bill will pass the Senate, but hope to be rejected by parliament which is controlled rom the republicans.  Meanwhile the Treasury by 15 October will be published half-yearly report on whether a country is manipulating its currency to an unfair advantage in trade. In the previous five reports the ministry called on China to move faster on the appreciation of the yuan while avoiding to talk about manipulation.
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USA: In high levels of the past five months the homes resale

By admin | Published: September 21, 2011
Increase more than expected showed housing resales in the U.S. in August, reaching the highest level in five months. In particular, resale homes rose by 7.7% from the previous month to a seasonally adjusted 5.03 million in size as announced by the National Association of Realtors. Note that the size of July remained at 4.67 m The average estimate of analysts polled by Dow Jones Newswires spoke resales rise by 2.7% to 4.8 million The average price stood at 168,000 dollars recording a fall of 5.1% annually. The homes for sale fell to 3.58 million from 3.65 million This figure represents an offer for a period of 8.5 months with the current pace of sales from 9.4 months supply in July. Trade forex online anywhere, Foreks.
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Fitch: Greece will not enjoy soon markets’ confidence

By admin | Published: August 30, 2011

Elusive remains for Greece market confidence, according to the latest report of Fitch Ratings for the eurozone. Specifically, the agency says that on July 13 lowered the Greek creditworthiness on July 13 to CCC from B + and got out the Rating Watch Negative (RWN). “Uncertainty about the role of private investors in any future forex acount funding would create default event, was also a factor behind the degradation and the deterioration of the macroeconomic perspective of Greece”, says Fitch. But stresses that these concerns were met largely by the meeting of July 21, where it was agreed further assistance from the EU and IMF amounting to 109 billion with lower rates and longer payback, and provided some clarification on the participation of individuals. The Fitch has stated that the IIF’s proposal for private participation in the program aid to Greece, an event will be restricted default. It also emphasizes that, as stated on June 6, the notice for an exchange of bonds will cause degradation of the Greek IDR from CCC to C, which means that a bankruptcy is very likely in the short term. As the house, the interest rate cut and longer payback of the bonds in Greece gives a window of opportunity to recover its solvency. However, the challenges will continue for the new program, the EU and the IMF. “The new ratings will likely be low non-investment grade», says the House.

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China confident in U.S. economy

By admin | Published: August 19, 2011

Confidence in Chinese and U.S. economy expressed by the vice of China Xi Jinping . “The American economy is very resilient and has great self-correcting. We believe that the U.S. can achieve even better growth,” said Xi. Speaking at a conference of Chinese and American businessmen, in which he participated and the U.S. Vice President, Joe Biden , the Xi reiterated Beijing’s commitment to maintain a proactive fiscal policy and prudent monetary policy. While China will keep its macroeconomic policies stable, will do more flexible, he said, stressing that the authorities will seek a balance between protecting the economic growth and fighting inflation. The Xi also asked the U.S. to ease trade restrictions and provide fair treatment to Chinese companies. From the perspective of The Biden said the two sides will have “important news later today” on the access of Chinese and American business markets. In addition, the “full trust” on the American economy is expressed by the Prime Minister of China, Wen Jiabao , saying that the U.S. can overcome the difficulties and return to a normal developmental path. As said Jiabao after their meeting, the Joe Biden during his visit sent a clear message that the U.S. would preserve the safety, liquidity and value U.S. bonds as well as the Chinese and the US currencies.

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Shrinkage to the pre-tax losses of the Bank of Ireland

By admin | Published: August 10, 2011

Contraction showed that pre-tax losses of the Bank of Ireland, the largest credit institution in the country, amounted to 723 million in the first half compared with 1.32 billion in the corresponding period of previous year, as falling bad loans offset the increase in funding costs. Also, charges for bad loans fell to 842 million euros from 1.08 billion euros, while net income margin declined to 1.33% from 1.41%. While the bank believes that the requirements for subprime loans peaked in 2009, losses on the Irish mortgage loans will continue in 2012, said CEO of the bank, Richie Boucher.

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Timothy Geithner might quit from the US Ministry of Finance

By admin | Published: July 1, 2011

On retirement from the Ministry of Finance reportedly considering the Timothy Geithner after an agreement with Republicans to increase the ceiling of the federal debt, transmits Dow Jones Newswires quoted sources did not name. There has been a decision yet and the American President Barack Obama might be asked by Geithner remain in place, says the agency. On Thursday, Geithner said the speculation about his future plans, noting that it will remain in the Treasury “for the foreseeable future,” speaking at an event Clinton Global Initiative.

However, the family of the Minister of Finance will move from Washington to New York a few months, as the Dow Jones Newswires and possibly Geithner to follow them in the fall. Please note that Geithner is a small margin of time for To make his decision and the White House wants to confirm his successor before the start of the race for the presidential elections of 2012. In January 2009 the Geithner got marginally approval of the U.S. Senate on his appointment due to some personal tax issues. After this the USD recorded some gains on the forex market especially on Asian session however the EURUSD pair remained well above the 1.4450 as investors await a new interest rates increase from the ECB by 0.25%. Then, however, took a leading role in shaping economic policies in Washington by taking responsibility for shaping the strategy to tackle the financial crisis in early 2009. The 49chronos Geithner played a leading role in efforts to adopt the Dodd-Frank Act to reform the financial industry, while in recent months led the negotiations for an agreement to increase the ceiling of the federal debt.

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Finally Profits for Dow Jones and S&P 500

By admin | Published: June 20, 2011

With mixed signs completed the Friday’s trading session Wall Street’s key indices as Nasdaq dropped because of disappointing outlook announced by Research In Motion while Dow Jones and S&P 500 moved higher. The transactions began with positive signs and indicators were approaching +1% as the agreement of Angela Merkel and Nicolas Sarkozy for the second rescue package for Greece encouraged investors.

The leaders of Germany and France have agreed that the new package to Greece will include a “purely voluntary” participation of private investors, while seeking and consensus of the ECB. On Friday also ended four different types of derivatives, a process known as quadruple witching. Specifically ended the futures on stock indices, the options on stock indices, the stock options and SSF (contracts for the purchase or sale of shares in a company at a given time and at a fixed price). The quadruple witching happens every third Friday of March, June, September and December thand e meetings are usually characterized by a small range of variation and variability.

In weekly terms Dow Jones and S&P 500 recorded a slight rise and ened the negative streak of the last six weeks, while the Nasdaq fell by 1.03% bringing for the fifth consecutive week. On the forex market the EURUSD is trading on 1.4240 while the USDJPY is trading at 80.30.

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Meeting between Greek Minister of Enviroment and U.S State Department representative

By admin | Published: June 10, 2011

The Minister of Environment, Energy and Climate Change, Ms. Birbili has a meeting with the Special Envoy of the State Department on energy issues in Eurasia, Richard Morningstar in the presence of U.S. Ambassador, Daniel Smith, as stated in the notice of Greek Ministry of Foreign Affairs. The agreements for the pipeline that travels between Turkey, Greece and Italy was the focus of their discussion. More specifically, Mr. Morningstar has confirmed the great interest of the United States on the issue of energy security of Europe and the prominent role played by Greece. Particular attention was given to the issue of pipelines and interconnectors to ensure sufficient quantities of natural gas for energy supply of Europe with Caspian gas. Trade Oil, Gold, Currencies with the best forex platform of the market.

PECA The Minister reiterated the firm commitment of the Government of the EU Strategy for the South Corridor, emphasizing the importance of the pipeline Turkey-Greece-Italy (ITGI) for energy supply in the wider region of Southeastern Europe. Further regional dimension acquired by the ITGI the construction of the Greek-Bulgarian (IGB) pipeline, which will facilitate further transport of natural gas through diversified sources and routes. Emphasis is given to the increased prominence of the gas in the debate that developed in Europe and worldwide, which actively contribute to our country, on the future of nuclear energy.

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Buiter: Restructuring is a must – Greek rollover is just a temporary solution

By admin | Published: June 8, 2011

Any shift of the Greek debt would simply be a “provisional solution” and the country will probably have to restructure its debt, said chief economist at Citigroup, Willem Buiter. “I think ultimately it is inevitably a major restructuring – delete – a large proportion of Greek public debt, but we’re not here politically,” he said in an interview on Bloomberg Television by Buiter. He added: “What you see first is what everyone else in the world would call lengthening debt maturity, but the euro area will show a shift of the Greek government debt in the private sector on a voluntary basis”. Meanwhile, the spreads are rising on almost all regional Eurozone countries and the chief economist at Citi noted that restructuring risk facing both Ireland and Portugal, while in Spain said: “They still have the opportunity to constrain their debt”.

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