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  1. #7801
    hiker hiker is offline

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    Quote Originally Posted by Blucher View Post
    I think it is quite serious.

    While the net notional of Greek CDS was not earth shattering one must consider the effect on the credit ratings of banks that have CDS as a hedge on Sovereign debt.

    Also how should Auditors respond.

    Can they continue to take into account a CDS hedge if the likelihood is that it will never pay out.

    Will banks and insurance companies have to mark to market all debt?

    Like them or loath them CDS are party of the scenery.


    The other thing is that Sovereign debt "should" now have to include a default premium.
    As you can probebly tell, I have a very low tolerance level for "Financial Institutions"

    They are not "real" commercial entities.
    They are not wealth creaters.
    They are parasitic organs on the body commercial.

    They give Enterprise and Business a bad name...
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  2. #7802
    WTTR WTTR is online now
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  3. #7803
    Dublin 4 Dublin 4 is offline
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    European banks tapped the European Central Bank for a record €529.5bn in a second three-year auction of cheap liquidity on Wednesday, the ECB said.
    European banks tap ECB for record €529.5bn - Telegraph

    The global economy faces “major downside risks” as its recovery continues to be threatened by stresses in the euro area, the International Monetary Fund said in a report prepared for the Group of 20 nations.
    IMF Says Global Economy Is Still Facing Major Risk From Europe - Bloomberg

    Nitey nitey Risk Assessors
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  4. #7804
    Dublin 4 Dublin 4 is offline
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    The Unemployment Zone aint stabilising as hedge funds prepare for gloom & Lithuania prepares for Threece

    The increase reported by Eurostat, the EU’s statistics office, was much more than expected.
    EU jobless figures reach euro-era high of 10.7% - The Irish Times - Fri, Mar 02, 2012



    Spain's jobless rate hits 22.9% - The Irish Times - Fri, Mar 02, 2012

    Default insurance on Greek debt won’t be paid out, the International Swaps & Derivatives Association said after it was asked to rule whether part of the nation’s $170 billion bailout was a credit event.
    Greece Default SWAPS Don’t Have to Pay: ISDA

    Lithuanian President: EU will do 3rd Greek bailout if needed | ForexLive

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  5. #7805
    Dublin 4 Dublin 4 is offline
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    Greece still on a knife edge as cuts help be-troubled Italy & the ECB is the holder of 1st resort...

    EU finance chiefs give Greece $58bn but stoke fears of default after delaying bail-out decision
    European powers approved the release of funds for Greece's international creditors but delayed the decision to bail out Athens until March 12 - perilously close to the country's default deadline.


    EU finance chiefs give Greece $58bn but stoke fears of default after delaying bail-out decision - Telegraph

    Italy’s budget deficit narrowed more than economists forecast last year as spending cuts and tax increases helped shore up public finances even with the economy slipping into a recession.
    Italy’s 2011 Deficit Narrows More Than Expected

    “Banks’ deposits are going to stay at around 800 billion euros at least for the next year,” said Laurent Fransolet, head of fixed income strategy at Barclays Capital in London. “It’s an accounting identity.
    ECB Says Overnight Deposits Surge to Record - Bloomberg
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  6. #7806
    Blucher Blucher is offline
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    European powers approved the release of funds for Greece's international creditors but delayed the decision to bail out Athens until March 12 - perilously close to the country's default deadline.
    That's the bit I find odd.

    Haven't read enough on it but it seems that they are releasing enough funds to pay creditors but letting Greece swing.

    And this when Greece will only see 17% of the money in any event.

    It is as if they are taking pleasure in inflicting humiliation and pain.

    Is it really the ESM?

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  7. #7807
    Ciaranm Ciaranm is offline

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    Can anyone tell me how many posts I need before I can post a bloody link or start a new thread?
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  8. #7808
    sport02 sport02 is offline
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    Quote Originally Posted by Ciaranm View Post
    Can anyone tell me how many posts I need before I can post a bloody link or start a new thread?
    Think it is 100 Ciaranm.
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  9. #7809
    Dublin 4 Dublin 4 is offline
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    If these guys say China is goin bad then it must be real bad!

    https://twitter.com/#!/djfxtrader/st...18247914307584

    After three years of recession, Ireland’s economy is recovering, albeit slowly.
    IMF Survey: Continued Recovery for Ireland
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  10. #7810
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