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Archive for February, 2012

Greek Debts

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The first bailout of Greece has already cost 110 billion euros.

Euro area and European Commission: € 117 billion
As in the first rescue of Greece, the governments of the euro area will be the main contributors. For Europe, the bill should be heavier than expected this fall, around 117 billion euros, as the situation in Greece has worsened and the IMF should be less generous than before. Unlike the first plan, consisting of bilateral loans, this second pass through the rescue European Financial Stability Fund (EFSF), which raises money markets through the State guarantee of the euro area. AAA-rated countries will pay more than others. Calculated based on the share capital of the ECB, the French guarantee should reach 24 billion euros after 16.8 billion of loans under the first plan sauvetage.L Germany, which has contributed up to 22.4 billion euros in the first bailout, will still be the second largest contributor to the rescue of Greece, with 30 billion euros of security some.

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February 21st, 2012 at 12:58 pm

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Greek Debts

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Many countries refuse to do a blank check to Greece
before the election. The eurozone is considering pushing the background
Rescue.

“We can not supply indefinitely a bottomless pit”: the confession of the German finance minister, Wolfgang Schäuble, the German radio SWR2, Wednesday, expresses out loud what some whisper softly to the more time passes Bruxelles.Car more Eurogroup is divided over the fate of Greece. And it is to avoid the cacophony that Jean-Claude Juncker has replaced the meeting of finance ministers of the euro area in Brussels by a simple conference call.

The time of the united front of Greece is over. “Confidence is waning,” says Jean-Claude Juncker. Germany and Finland have joined the camp of the Netherlands who doubt the ability of Greece to rise. The euro area, said Wolfgang Schäuble, “is better prepared than two years ago” to a default of Greece.

Berlin refers to the firewall in place for six months to avoid contagion of the Greek crisis. The European Rescue Fund (EFSF) was equipped with 500 billion euros, Italy and Spain “have made great progress,” says Wolfgang Schäuble, the new EU Treaty will enter into the marble of the dogma budgetary discipline.

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February 16th, 2012 at 9:33 am

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EU

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U.S. billionaire George Soros says that German Chancellor Angela Merkel leads Europe in the wrong direction. “He fears a repeat of the mistakes of the 1929 crisis, in an interview published Sunday on the website of Der Spiegel magazine.

“I admire Chancellor Merkel for her leadership ability. But unfortunately, it leads Europe in the wrong direction,” said the financier and philanthropist in the Hamburg-based weekly.

Soros calls for “reviving the economy in the European countries in crisis by injecting money rather than force governments to save money.” “Otherwise we repeat the mistakes that plunged America in 1929 in the Great Depression. That’s what Angela Merkel does not understand,” he says.

Faced with the crisis of 1929 U.S. President Franklin Roosevelt had in 1933 launched the “New Deal”, a policy inspired by the British economist John Keynes, marked by a banking reform and launch major projects to boost the U.S. economy depressed.

According to the German weekly, Soros does not share the idea of ​​involving the International Monetary Fund in crisis management. “Europe should be able to solve its problems alone,” said he.

He felt that it was a mistake to grant loans to help Greece only against the payment of interest rates. “That’s why the country can no longer be saved today, and the same thing happen to Italy if we put this country in the straitjacket of interest payments violent” warns Soros.

A bankruptcy of Greece according to him would cause an escalation of the crisis “could lead to a rush to ATMs in Italy and Spain, and then break out of Europe”. Soros still expects a new rescue Athens by Europe, to avoid such a scenario.

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February 13th, 2012 at 1:40 am

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BOE

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In an attempt to revive the sluggish economy, the Bank of England announced Thursday, Feb. 9 a new injection of cash into the UK economy 50 billion pounds (59.6 billion euros). This wave of “quantitative easing” since 2009 was expected market growth while slipping and that the country could fall into recession in first quarter 2012.
Quantitative easing is a central bank to acquire debt securities of companies or countries to help them refinance and thus bring a breath of fresh air to the economy. That is to run the printing presses. If the Federal Reserve and the Bank of England are followers of this strategy, the European Central Bank is reluctant to name its mission of maintaining price stability.

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February 10th, 2012 at 10:04 am

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Greek Debts

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The Greek finance minister, Evangelos Venizelos had said after the meeting of the Eurogroup telephone anticipated that negotiations for the granting of a new aid was “on the razor’s edge”.

Last night, Jean-Claude Juncker, leader of the European Economic Ministers went further. In an interview with German weekly Der Spiegel, he mentioned the risk of a “bankruptcy” of Greece in the month of March. He explains his analysis by his fears of not seeing the reforms demanded by the country’s creditors completed. “If we were to find that everything goes awry in Greece, then there would be no new program” refinancing of the country to enable it to pay its debts, it would mean bankruptcy in March, ” said the head of government of Luxembourg.

For months, the Greek government is negotiating with its private creditors the terms of an agreement sealed end of October in Brussels to clear 100 billion euros of debt, and with its creditors (European Union, European Central Bank and International Monetary Fund) for the granting of a second loan of at least 130 billion. These two linked negotiations are supposed to avoid an immediate collapse of Greece, ease the burden of debt, and especially re-stabilize the euro area. But the three international agencies require that the parties represented in the Greek government coalition agree on new austerity measures. They claim a 15% decline in wages in enterprises and a reduction of supplementary pensions, the unions that refuse.

Meeting of the governing parties
“I think it progresses smoothly on the part of private sector involvement to be made on a voluntary basis,” said Baroin, French Economy Minister this morning at the “Grand Rendez-Vous» Europe The Parisian-1-i-TV. The minister reminded, however, that discussions were difficult because members did not want s “away from the level at which one must move the Greek debt in 2020, that is to say around 120%.” “Greece must know that we will not back down on the issue of privatization,” says Jean-Claude Juncker also in Der Spiegel, regretting that there is also “elements of corruption at all levels of government” Greek . And two members of the Eurogroup to recall that the Greek government is “face its responsibilities” and that structural reforms must be taken beyond the early general elections scheduled this spring. This Sunday, the Prime Minister Lucas Papademos, brought together the heads of the three parties in the Greek government, George Papandreou, Antonis Samaras and George Karatzaferis – respectively leaders of the Socialist party, New Democracy (right) and Laos (far right ) – asking them to commit to implement unpopular reforms demanded by creditors in return for a second aid

A new Eurogroup meeting to be held this week. In the absence of agreement on February 13, Greece could be in default unchecked from 20 March, when 14.5 billion euros of bonds mature.

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February 6th, 2012 at 12:16 pm

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Merkel in China

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China has neither the intention nor the capacity to “buy Europe”, said Friday Premier Wen Jiabao in Canton before the German Chancellor, Angela Merkel, and an audience of businessmen. A development which intervened after the meeting in Beijing President Hu Jintao and Chancellor came at the same time advocate of the euro and a better market access for Chinese enterprises in his country.

But it is not accidental. The Chinese prime minister, for whom it is “urgent” to resolve the debt crisis in Europe, does anyone panic. And especially not the Germans. He knows that the purchase in late January to 500 million euros, the manufacturer of machinery for the building and public works Putzmeister, a group of iconic German model, by Sany China, has the effect of a bomb across the Rhine.

As the port of Piraeus in Greece, where the sale of 25%, two days ago, the Portuguese electricity grid REN China State Grid have reacted person, as it appears Putzmeister as a symbol of China all-powerful that nothing can stop.

Brussels attacks
In France, the chemist Arkema has finalized the acquisition of Chinese Hipro Polymers and Biomaterials ADSAB, for 270 million euros. But the EU trade commissioner, Karel De Gucht, do not prepare at least one bill intended to respond to Chinese protectionism in the public procurement sector. He accused Beijing of “business nationalists,” “strategy of massive subsidies” and “monopoly access to raw materials.”

Beijing knows, but does not enter the showdown. China, which is concerned about the crisis in the European Union, its first export market, wants more time to help the fight. It has 3.2 trillion dollars in foreign reserves, the largest in the world. And how it seeks to participate in the European Financial Stability Fund (EFSF).

The International Monetary Fund (IMF) has sought, like all the Brics (Brazil, Russia, India, China, South Africa) and it already holds, according to unofficial sources, over 500 billion European sovereign debt. It is “considering increased participation”, said before yesterday in Beijing Wen Jiabao to Angela Merkel.

The Prime Minister today that does not help China to Europe finds itself treated as a bargaining around businesses for sale. “It is a worry that does not correspond to reality,” he said.

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February 5th, 2012 at 2:12 am

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FED

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The European financial crisis continues to threaten the U.S. recovery and the Federal Reserve will do whatever it takes to prevent it penalizes the world’s largest economy, said Thursday its chairman Ben Bernanke. Speaking before Congress, Bernanke said levy signs that some of the uncertainties that affect the investment of American companies, began to disappear.
However, he admitted that it was too early to say whether the U.S. could remain unaffected by the crisis. “The risk remains that the evolution of the crisis in Europe and elsewhere leads to a deterioration of economic prospects here,” he told the Budget Committee of the House of Representatives. “We are in regular contact with European authorities and will continue to monitor the situation closely and will take all possible measures to protect the U.S. financial system and economy.”
Ben Bernanke remained cautious citing the economic outlook in the U.S., while the Fed has undertaken in its last monetary policy committee to keep rates exceptionally low at least until the end of 2014.
At a press conference that followed the meeting, the Fed chairman said that the monetary institution was considering the introduction of new monetary easing measures to further support the economy.

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February 3rd, 2012 at 1:59 am

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Hongkong

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Hong Kong could in the first quarter 2012 show a decline in GDP due to falling exports. This was announced today Wednesday the Executive Secretary of Hong Kong, Donald Tsang, who said that the effects of the economic crisis of recent months could be worse for the island’s financial crisis 2008. The growth rate of the former British colony could be 1 to 3% this year, against more than 5% in 2011. The unemployment rate is expected to reach over 4% against 3% in 2011. A few weeks before the election for new Executive Secretary of Hong Kong, Donald Tsang intends to show that he took the measure of the crisis. He announced a package of measures to limit the impact of economic slowdown on Hong Kong society. The plan includes more than 10 billion dollars in new spending, part of which will be dedicated to support the housing market. I must say that Donald Tsang has the means of its policy. The financial reserves of Hong Kong is such (about $ 83 billion), they give rise to sharp criticism from residents who accuse Tsang to favor the accumulation of cash to improve the lives of citizens. So much so that the government has decided a cash payment of 6,000 Hong Kong dollars for each resident (the equivalent of 750 euros) and prot 120 000 Hong Kong dollars (about 15,000 euros) the annual amount of income exempt from tax.

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February 2nd, 2012 at 2:23 am

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