Föhrenbergkreis Finanzwirtschaft

Nach den kristallklaren Aussagen des Föhrenbergkreises zur Finanzwirtschaft aus dem Jahr 1999 gibt es jetzt einen neuen Arbeitskreis zum Thema.

Archive for 21. Januar 2012

Central Bank Becomes an Unlikely Hero in Euro Crisis

Geschrieben von hkarner - 21. Januar 2012

Date: 21-01-2012
Source: The New York Times
Subject: Central Bank Becomes an Unlikely Hero in Euro Crisis

The European Central Bank, under its new president, Mario Draghi, has quietly made emergency loans to European banks.

BERLIN — Throughout the month, countries caught in the eye of the European financial storm, including Italy, Spain and France, have repeatedly defied expectations, selling big batches of bonds to the public at interest rates significantly lower than investors demanded at the height of the euro crisis late last year.

The surprisingly successful auctions owe little to improving economic data around the region. On the contrary, many of the countries that use the euro as their currency appear to be confronting a renewed recession, and pessimism about their growth prospects remains abundant. Just last week, Standard & Poor’s stripped France of its coveted AAA rating for the first time in recent history and downgraded eight others.

Instead, most of the credit seems to go to the European Central Bank, which in late December under its new president, Mario Draghi, quietly began providing emergency loans to European banks — hundreds of billions of dollars of almost interest-free capital that the banks have used to come to the rescue of their national governments.

The central bank, based in Frankfurt, used typically understated and technical language to describe its actions, but it appears to have done what its leadership said throughout 2011 that it would not do: namely, flood the financial markets with euros in a Hail Mary attempt to make sure that the region’s sovereign debt crisis does not lead to a major financial shock. Den Rest des Beitrags lesen »

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Greek Talks Fail To Clinch Debt Deal

Geschrieben von hkarner - 21. Januar 2012

Date: 21-01-2012
Source: The Wall Street Journal

The issue of whether Greece’s debt restructuring is “voluntary” or “coercive” is widely depicted as being critical to financial markets. In fact, there may not be a lot of difference, experts say. Stephen Fidler reports on Markets Hub. (Photo: Aris Messinis/AFP/Getty Images)

ATHENS—Talks between Greece and its private-sector creditors over a debt-restructuring deal will continue Saturday, the country’s finance minister said after marathon negotiations Friday failed to reach a consensus.

The talks, which resumed this week after nearly breaking down on Jan. 13, come as Greece scrambles to put together a debt restructuring plan ahead of a Monday meeting of euro-zone finance ministers in Brussels.

Reaching a deal with private creditors is a key precondition for Greece to receive a fresh, €130 billion ($169 billion) bailout from its European partners and the International Monetary Fund. Den Rest des Beitrags lesen »

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European banks prepare for worst, hoard cash

Geschrieben von hkarner - 21. Januar 2012

Date: 20-01-2012
Source: Reuters

Jan 20 (IFR) – European banks are preparing for a potential worsening of the region’s sovereign and banking crisis, with many firms stockpiling cash and cutting back on loans to new clients as they seek to protect themselves against a possible seizing-up of financial markets.

Faced with 650 billion euros of debt coming due this year – almost 40 percent of which matures before the end of March – lenders are choosing to build up a cash cushion to ensure they can cover redemptions, creating a squeeze on the wider economy in the process.

Such hoarding illustrates the nervousness of lenders even after the European Central Bank injected 489 billion euros of cash into the banking system in December. Cash deposits at the ECB have ballooned since then, reaching a record 528 billion euros this week – higher than after the Lehman Brothers collapse. Den Rest des Beitrags lesen »

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Analysis: Italy refunding ordeal looks a little less daunting

Geschrieben von hkarner - 21. Januar 2012

Date: 20-01-2012
Source: Reuters

Italy’s goal of refinancing some 90 billion euros of long-term debt by the end of April is beginning to look within reach after months when the weight of its debt burden looked likely to tip the euro zone even deeper into crisis.

In spite of this month’s mass downgrade of most euro countries by credit rating agency Standard & Poor’s, Madrid romped through a debt sale on Thursday with support from cheap ECB lending to banks and steady interest from domestic investors.

The same factors should also help Rome.

Saddled with a 1.9 trillion euro ($2.5 trillion) public debt, Italy is the euro zone’s third largest economy and investors have long feared it may prove too big to bail. Den Rest des Beitrags lesen »

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The debtors’ merry-go-round

Geschrieben von hkarner - 21. Januar 2012

Date: 20-01-2012
Source: The Economist
Our interactive overview of comparative debt

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The euro crisis returns: Salve Italia

Geschrieben von hkarner - 21. Januar 2012

Date: 19-01-2012
Source: The Economist

If Germany’s Angela Merkel wants to save the euro, she must do more for Italy’s Mario Monti

SADLY, the lull proved but brief. The first two weeks of the year were surprisingly calm for the storm-tossed euro zone. But a gale is blowing again. First a series of downgrades from Standard & Poor’s, a leading debt-rating agency, coincided with a stand-off in the “voluntary” restructuring talks between Greece and its private bondholders. Now there are signs of a continent-wide recession. The euro crisis is back.

Indeed, the next few weeks could be decisive for the single currency’s future. Several euro-zone governments must sell huge amounts of debt in bond auctions. They are also due to wrap up negotiations over the new “fiscal compact”, demanded by Chancellor Angela Merkel of Germany to enforce budget discipline, at a European Union summit at the end of January. And the brinkmanship in Greece’s debt talks could yet lead to a disorderly default.
What happens in Greece could be dramatic and painful, especially for the Greeks. If their country is forced out of the euro zone after a chaotic default it will cause problems for everyone. Yet Greece is small and its creditors see a restructuring as inevitable. The crucial country is Italy. Den Rest des Beitrags lesen »

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