"Debt crisis ensnares French, German banks" by Jack Ewing, International Herald Tribune | June 14, 2010
FRANKFURT — French and German banks have lent nearly $1 trillion to the most troubled European countries and are more exposed to the debt crisis than the banks of any other countries, according to a new report that is likely to add pressure on institutions to detail their holdings.
Yeah, the French also lost their match yesterday.
Looks like you guys are losing your shirts over their so double-dealing, double-crossing bankers can live phat!
French banks had lent $493 billion to Spain, Greece, Portugal, and Ireland by the end of 2009 while German banks had lent $465 billion, according to the report by the Bank for International Settlements, an institution based in Basel, Switzerland, that acts as a clearing house for the world’s central banks.
The report sheds light on where the risks from Spain and other troubled euro-zone countries are concentrated, but left open the question of which individual banks would be most endangered by declines in the prices of sovereign bonds or a surge in bad loans made to companies and individuals. The Bank for International Settlements did not identify individual institutions, in line with its confidentiality rules....
There has been little disclosure from the hundreds of smaller mortgage lenders, state-owned banks, and savings banks that dominate banking in countries like Germany and Spain....
Jacques Cailloux, an economist at Royal Bank of Scotland, said yesterday. Cailloux had not seen the report, which was released to news organizations on the condition that they not publish the findings until late yesterday....
Yup, that is how they "OBTAIN" -- makes it sound like they are out there working, huh? -- things and how they decide to edit their "newspapers."
Spain, Ireland, Portugal, and Greece owe nearly $1.6 trillion to banks in the 16-country euro zone, either in the form of government debt or credit to companies and individuals in the four countries, the report said. Credit from French and German banks accounted for 61 percent.
Uncertainty about which banks may be at risk from Greece and other countries has fed mistrust among financial institutions, causing interbank lending to wither and leading European Union leaders to take extraordinary steps to prevent a collapse....
And yet it is still happening, like a row of dominoes going down!
The European Central Bank has been pressuring European Union regulators....
“We are encouraging them to do whatever is necessary to improve the sentiment of the market because that is the real issue today,’’ the European Central Bank president, Jean-Claude Trichet, said last week.
Remember, readers, the MARKET means BANKS!
It's the OBFUSCATING MSM's CODE WORD for them!
Cailloux said that releasing the results of so-called stress tests, which examine banks’ ability to withstand market shocks, would be useful if the tests were based on realistic possibilities and there were measures in place to bolster the banks that prove vulnerable.
The lack of information about which banks could suffer most from Europe’s debt crisis led to the near-seizure of money markets in early May. That, along with plunging prices for sovereign bonds from the weakest countries, prompted the European Union and the International Monetary Fund to pledge nearly $1 trillion in debt guarantees for euro-zone governments.
The European Central Bank also bought European government bonds in the open markets, where trading had nearly come to a halt.
“There is mounting evidence that the blind don’t want to lend to the blind,’’ Ed Yardeni, president of Yardeni Research, wrote in a research note last week.They just lead you into wars for Israel, Americans.
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I thought they fixed all this last month?
"Euro drops after soaring on bailout package; Despite $1 trillion financial rescue, worries persist over governments’ debts" by Pan Pylas, Associated Press | May 14, 2010
LONDON — The euro soared after the EU announced a startling $1 trillion financial rescue package earlier this week. But that respite has evaporated — a sign that worries remain about the heavy debts burdening European governments.
The euro was back near 14-month lows yesterday....
On Monday, policy makers breathed a sigh of relief that their “shock and awe’’ package had helped to shore up confidence in the shared currency.
Though the package has helped ease concerns of a wave of imminent debt defaults within the 16-country eurozone, currency traders are realizing that the underlying problem has not gone away: How are the highly indebted countries going to get their public finances under control?
STOP BORROWING!
In particular, there are acute worries that the Greek government — however sincere it is — will just not be able to push through the Draconian measures it has agreed to in return for an earlier $145 billion rescue over three years, given the likely political and social unrest.
Yeah, I NEVER READ ABOUT THAT in my CORPORATIST, GLOBALIST PAPER!
Related: Globalist Bankers Declare War on Greece
Of course, THEY ARE WORKING to FIX the WORLD ECONOMY for YOU, citizen of the world!!!!
“The government will be attempting to implement nothing short of a cultural revolution amidst a depth of feeling that will not be assuaged with ease — if at all,’’ said Neil Mellor, senior currency strategist at Bank of New York Mellon.
Those fears are unlikely to have been eased by comments made by Argentina’s President Cristina Fernandez, who said earlier this week that the measures “unfortunately are condemned to failure.’’ Argentina had the world’s biggest sovereign debt default in 2001.
Alongside the lingering default fears, there are also questions regarding the European Central Bank’s new role of buying government bonds in the secondary markets to maintain liquidity and keep yields low.
Oh, like what the FED is DOING HERE and THERE?
It is clear that the Germany’s central bank president, Axel Weber, is not too enamoured with the bank’s new responsibility, as it could stoke long-term inflationary pressures and leave the bank’s balance sheet exposed to pretty worthless government bonds....
You know, the "SAFE" investments!
"Despite rescue plan, fear builds in Europe" by Nelson D. Schwartz and Eric Dash, New York Times | May 17, 2010
NEW YORK — After a brief respite following the announcement last week of a nearly $1 trillion bailout plan for Europe, fear in the financial markets is building again, this time over worries the Continent’s biggest banks face strains that will hobble European economies....
Awwwwwwwwww!
How you doing, EU citizen?
Initially, it was Greek and Portuguese banks that got the cold shoulder from US lenders. But over the past two weeks big banks in Spain, Ireland, and Italy have struggled to secure short-term funds. By Friday, even banks in solid European economies like France, Germany, and the Netherlands were caught in the undertow, according to market analysts and traders....
It is called WRECKING the WORLD ECONOMY so the RICH GENIUSES that are "fixing" it for you -- you know, the same s***ters who screwed it all up -- can come in and SCOOP EVERYTHING UP at ROCK-BOTTOM RATES!
Because of the pullback by US lenders, the rate banks charge one another for overnight loans have been climbing. They are still below what they were at the worst of the crisis. However, fears that problems in Europe could rebound in the United States led the Federal Reserve to restart lines of credit to the European Central Bank and other central banks in conjunction with the European rescue package.
That is YOUR TAX MONEY they are PONYING UP, America, as they PRINT YOUR DOLLARS into OBLIVION!!!!
The move ensured European institutions would be able to borrow dollars to lend to their clients, but that is more expensive than relying on private investors.
That is not the only domino that could fall.
What you are looking at is the DESTRUCTION of the GLOBALIST PROJECT because of GREEDY BANKERS!!
How does it feel to finally get the knife in the back, figureheads?
After borrowing trillions to stimulate their economies and ease credit concerns in late 2008 and early 2009, governments cannot borrow trillions more without risking higher inflation and shoving aside other borrowers like individuals and companies.
You know, like ME and YOU, readers!!
Short-term interest rates, near zero in the United States, can’t be lowered further. Vital steps like raising taxes or cutting spending increases could snuff out the beginnings of a recovery in Northern Europe and worsen the pain in recession-battered places like Spain, where unemployment has passed 20 percent.
And yet YOUR AMERIKAN GOVERNMENT is RAISING THEM all over the place!!!!!!!!
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"As euro slides, cutbacks urged; Germany wants weaker economies to slash spending" by Aoife White, Associated Press | May 18, 2010
BRUSSELS — Germany is pushing the other countries that use the euro to swiftly cut budget deficits as the only way Europe’s battered currency union can restore confidence and climb out of a debt crisis that threatens to wreck it....
I was saying that when this first started.
This isn't "news," this is FAILURE!
Chancellor Angela Merkel conceded over the weekend that the package was no more than a Band-Aid solution to the problems afflicting a number of eurozone countries, from Ireland all the way across to Greece.
A ONE TRILLION DOLLAR BAND AID?
Jean-Claude Triche, president of the European Central Bank, echoed Merkel when he told German newspaper Der Spiegel that the package “bought time, nothing more’’ and that there is now a need for “a quantum leap in the governance of the euro area.’’
So the "CRISIS" is AGAIN GOING TO BE USED to ADVANCE the SAME FAILED AGENDA, huh?
The ECB moved forward yesterday with a controversial program to buy government bonds — something it had vowed not to do — by saying it will borrow $20.5 billion today to offset the bond purchases....
Yup, BORROW to BUY WORTHLESS BONDS so "investors" are BAILED OUT!!! Are YOU EVER GETTING F***ED, Europe!!!!!
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Wow, crisis must be getting to her; she looking worn down and real old.
"Fed may act to offset fallout from Europe; Bernanke seeking stronger growth" by Scott Lanman and Joshua Zumbrun, Bloomberg News | June 10, 2010
They ALREADY HAVE you obfuscating PoS!
WASHINGTON — Federal Reserve chairman Ben S. Bernanke said the US recovery isn’t as strong as he’d like and may have to be protected from Europe’s debt crisis by further Fed action....
What recovery?
We are still losing jobs, despite what your mouthpiece MSM says.
Bernanke gave no indication he will back off from the central bank’s pledge to keep interest rates at a record low for an “extended period,’’ given high unemployment and low inflation.
Translation: He is STUCK and OUT of BULLETS in that gun.
About all he has left is the PRINTING PRESS, America!
That is why PRICES KEPT RISING all during the CONTINUING GRAND DEPRESSION!!!
He repeated his call for lawmakers to adopt a long-term plan to reduce the federal budget deficit, projected to widen to a record $1.55 trillion this fiscal year....
What, AFTER YOU and YOUR BOYS worked so hard to DRIVE IT to that level?
Bernanke said the Fed and other regulators will soon release guidance to banks on employee-pay plans. He also said American International Group will repay its federal bailout funds, sending the insurer’s shares higher.
“We found that many banks have not modified their practices’’ on pay, Bernanke said. “We will be pushing the banks to move as quickly as possible to restructure their compensation packages.’’
Pffft!
The FED is the BANKS!!!!
Bernanke repeated that the economy is growing at a “moderate pace,’’ a stance that’s little changed from recent remarks. He reiterated that the recovery from the worst recession since the 1930s is being restrained by the housing and commercial real estate markets....
Bernanke said the economy is being supported by “stimulative’’ monetary policy....
While the drop in stocks and Europe’s “weaker economic prospects’’ will have “some imprint’’ on the US economy, the effects may be offset by declines in Treasury yields and home-loan rates and lower prices on oil, Bernanke said.
Fed policy makers’ projections for about 3.5 percent growth this year and a “somewhat faster pace’’ in 2011 would mean “only a slow reduction in the unemployment rate over time.’’ In addition, “inflation is likely to be subdued,’’ Bernanke said.
He said Monday that the unemployment rate, 9.7 percent in May, is likely to stay “high for a while.’’ Given the depth of the recession, the recovery is “moderate paced,’’ Bernanke said.
He said the recovery appears to have made an “important transition’’ from relying on government support and inventory rebuilding to private demand. Still, the chance of a relapse into recession “can never be ruled out.’’I am SO SICK of SHIT passing as NEWS!!
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BRUSSELS — European Union leaders agreed yesterday to go public with the results of “stress tests’’ checking the stability of the bloc’s banks, an attempt to restore confidence to markets spooked since Greece demanded a bailout to prevent an embarrassing default....
That CERTAINLY is NOT the way I REMEMBER IT!
It is the BANKERS DEMANDING their POUND of FLESH!!!
But then again, LOOK at my SOURCE!!
Despite market fears that Spain may be the next country to need a rescue, EU leaders meeting at a summit of the 27-nation bloc in Brussels insisted that they are not worried.
French President Nicolas Sarkozy said, “We don’t believe there is a problem, and that’s the analysis of all 27 of us.’’
Oh, then there MUST NOT BE, huh?
Yeah, OIL, 'er, WATER GUSHING INTO the BOAT but I DON'T BELIEVE there is a PROBLEM, so there MUS NO... glug, glug, glug, glug.
Under intense pressure from markets and other EU nations, Spain is pushing through budget cuts and changes to labor policy that Spanish Prime Minister Jose Luis Rodriguez Zapatero said would encourage companies to hire more workers.
By making it EASIER to FIRE THEM!!!!
See: Globe's Soccer Scoreboard
Spain is also trying to stem speculation that it could follow Greece in requiring financial aid to rescue its banking system by announcing it would test how well its major banks could cope with more losses if the economy worsens and house prices tumble further.....
I was told we were in recover.... sigh!!!!!!!!!!!!!!!!!!!!!!
In a sign markets are worried about Spain, investors charged the government sharply higher interest rates at a bond auction yesterday that raised $4.3 billion....
Oh, yeah, THAT WILL HELP!!!
Thanks for PITCHIN' IN, you f***ing VAMPIRE SCUM!!!!!!!!!!
So HOW MUCH INTEREST will you be PAYING on that, Spaniards?
The stress tests could calm volatile markets worried about Europe’s soaring debts — both public and private — after a $1 trillion financial rescue package for indebted EU nations failed to put an end to fears of a deeper crisis in the region.
Yup, a TRILLION DOLLARS could NOT FIX it!!!!!!
So HOW MANY TAXPAYER TRILLIONS is this going to TAKE before the PROJECT IMPLODES, a**holes?
Spain’s total debt, both public and private, could top $442 billion, economist Daniel Gros estimates, and markets are treating the government as if it had debt far above....
It's called F***ING YOU!!!!!
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I slept through the last U.S. match and have some errands to do today, sorry.
