Aber die Bilanzsummen der gestrandeten Banken sind schon dramatisch höher

Bank Failures Steeply Rising.

„Die Erholung ist offensichtlich „just around the corner“ wie uns Banker (damit wir ja den Aufschwung nicht verpassen und ihnen unser gutes Geld zur Veranlagung geben) und Politiker (um sich ihrer Verantwortung zu entledigen) glauben machen wollen“. G.Robol

und über die letzten Jahrzehnte:

Erste Bank: „Snowballbonds“ gröblich benachteiligend

aus dem „Konsument“: 15.06.2009

Handelsgericht Wien gibt VKI Recht

Das Handelsgericht Wien gibt einer Verbandsklage des VKI statt. Zins- und Kündigungsklauseln in Bankschuldverschreibungen sind gesetzwidrig.

Croatia’s Prime Minister Resigns as Economy Heads for Recession: IMF Bailout Imminent?

• Croatian Prime Minister Ivo Sanader unexpectedly resigned on July 1 and named his deputy Jadranka Kosor as prime minister-designate. The government has been weighed down by a sharp economic contraction, dwindling budget revenues and a suspension of EU membership talks due to a border dispute with neighboring Slovenia. Economic and political uncertainties compound risks and there is a high likelihood that the country will turn to the IMF for a bailout package. See Croatia’s Economic Outlook

• The resignation is likely to delay adjustment of the fiscal policy and a budget revision will not take place before September 2009. The central bank governor said in June 2009 that the government needs to tighten fiscal policy or will have to call IMF for help as its economy falters (Reuters)

Russia in Deep Recession: Getting Worse in Q2 2009?

• GDP fell 11% y/y in May 2009 and has fallen by 10.2% since January 2009. Investment contraction (-23.1% y/y in May) is the main driver of the deterioration in output though consumption is also weakening. Government spending is now the only contributor to GDP (Citigroup)

• Estimates for Russia’s whole year GDP continue to be revised downward with international institutions expecting declines of 7%-8% and the Russian government recently projecting negative growth of 8.5% in 2009 (from the negative 6%-8% previously expected). It expects only a 0.1% growth in 2010

ECB Benchmark Rate at 1%: Any More Rate Cuts Left?

• July 2: ECB kept benchmark refinancing rate at 1% despite eurozone inflation dropping below zero percent. Signs of economic stabilization emerged. ECB announced it will start Quantitative Easing (QE) operations on July 6

• In a context of falling GDP growth and inflation, slowing money supply growth and rising unemployment, the ECB is likely to keep rates low in 2009, though analysts still debate whether 1% will be the trough for the main refinancing rate, which has lost significance to overnight money market rates since banks now look to deposit their money rather than lend it out

Wired-o-Nomics: Why Is the Real Jobless Number So Elusive?

• By Katie Drummond from the „Wired“ Epicenter