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Greece strike under austerity as America faces sequester

February 21, 2013 By 3 Comments
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The threat of sequester in America is the first taste of austerity in the world’s largest economy. A microscopic version of what America faces is on show over in Greece, and the austerity measures are impacting every facet of Greek society. Strikes are commonplace as the latest round of protests as government workers did take part in the planned Anti-Austerity strike to show the people’s anger over the economic situation not showing any improvement but the continued decline of the economic situation. Greece did receive a second bailout package in December, but the citizens were placing hopes in the ease of austerity measures. The austerity still holds firm in Greece with high impact negatives in the country. America faces sequester, and this first round of austerity will be harsh as $85 billion in spending cuts will take place beginning in March. The truth is the slow spread of austerity in America will take longer and be more painful than Greece. Greece is much smaller with Europe … [Read more...]

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Yahoo Finance: IMF $400 Billion Dollar Guarantee for Market Jitters

April 21, 2012 By Leave a Comment

IMF moves to calm market fears over European debt By HARRY DUNPHY and MARTIN CRUTSINGER | Associated Press – 1 hour 38 minutes ago IMF Managing Director Christine Lagarde smiles during a G-20 news conference at the IMF and World Bank Group Spring Meetings in Washington, Friday, April 20, 2012. (AP Photo/Charles Dharapak) WASHINGTON (AP) — Finance ministers and central bankers hope a $430 billion-plus increase in assistance for the International Monetary Fund is enough to handle any fresh crisis among the 17 nations that share the euro as their currency. The fund's managing director, Christine Lagarde, announced the new figure at the conclusion of discussions among the Group of 20 major economic powers Friday. Some countries, including Russia, India, China and Brazil, had made private pledges, she said, but did not want to make public commitments until they had conferred with officials back home. Lagarde said the fundraising was a "huge effort" to … [Read more...]

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Friday Finance: Happy 2nd Anniversary of Greek Debt Crisis

March 30, 2012 By Leave a Comment
Friday Finance: Happy 2nd Anniversary of Greek Debt Crisis

Political Will of Europe and America continues to flounder since Greece initial debt crisis 11:45 AM Posted by Donny Wise - EMPOWER4U   America refuses to restore fiscal sanity to finances of the federal government, and Europe does not have the resolve to resolve the debt contagion of it's nation states from spread across the continent. March 2010 was the first alarm of the debt risk in the near default of Greece on its public debt. The leaders of America and Europe was given a first test in political will, and the a measure of political will via a number score would be close to a zero as examiner of the first debt test. Greece did not resolve the dire situation of public debt burden in the Spring 2010, and Greece has flirted with the fringe of disaster via default threat and social unrest from implementation of austerity. Greece is the tiny explosion in monetary loss via a default, and the political will crisis of America and Europe is bringing the threat of fiscal … [Read more...]

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Countdown Greece: How long until next debt crisis?

March 19, 2012 By 2 Comments
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The doubts on the financial solvency of Greece were made loud and clear in Europe. The insured bondholders were expecting a $2.5 billion payout in lieu of losses. The investors were searching high yields for new Greek bonds, the pricing on bonds in the post debt swap (default) were 40% lower than expected in parity with the Euro, and the IMF made a statement about the obligation of Greece to meet all requirements on the financing agreement including parliamentary action on reform. The reason for the swap and finance package was to restore Greece's ability to restore confidence and financial solvency. However, the confidence is faint and financial solvency is doubtful. Is the world's political leadership so fragile and so unable that deferring a default is wiser than cutting losses now? The ramifications of pushing the default into the future are grave for Europe, America, and the global economy. The future default of Greece would produce a more cataclysmic event than a default … [Read more...]

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Breaking News: Greece debt swap passes, avoids default

March 8, 2012 By 2 Comments

Greece closes critical debt deal with creditors March 9, 2012 - 6:26AM Read later Ads by Google Debt Consolidation Online FreedomDebtRelief.com Owe $15,000 or more in debt? Resolve Debt in 24-48 months. Reasons to cheer ... A messy Greek default is now less likely. Photo: AFP Greece has reportedly taken another critical step in the fight to avoid a devastating default on its mountainous public debts after closing off a deal with private creditors. The deal, which required a minimum number of creditors to agree to accept losses on what Greece owes them, moves the nation closer to another $160 billion bailout package from the EU. Greek debt deal: How it works Before the final deadline passed for creditors to declare their interest in joining the deal, government officials said that more than 75 per cent of eligible bonds had already committed to the arrangement. Advertisement: Story continues … [Read more...]

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America’s Europe Problem: FDIC reports improvement as Moody’s rebukes Greece.

March 5, 2012 By 4 Comments
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Only one small Georgia bank was closed by regulators on Friday bringing the total of bank failures to 12 for 2012 in comparison to 23 at this time in 2011. The reduction in bank failures alone states some improvement in the banking system in 2012, and the FDIC did affirm overall improvement in the banking sector in the recent release of the fourth quarter report. The report did show a broad improvement in the banking sector over 2011 including aggregate profits, reduction in number of banks troubled bank list, Deposit Insurance Fund continues to increase after going into the negative in 2010, and deposits did increase in the fourth quarter of 2011. The overall report does show a substantial improvement, but a collective sense of optimism will not be found to the dominant attitude. The FDIC did report improvement in the system, but one bank did fail on Friday to remind of the current economic frailty of the global economy. The global reminder of the precarious nature of the global … [Read more...]

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Greece Crisis is America’s (2010)

March 3, 2012 By 5 Comments
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EXAMINER: GREECE CRISIS Posted by donnywise | Posted in Consumer and Banking Analysis | Posted on 01-05-2010 The downgrade on Spain by Standard & Poors did spark immediacy into a reluctant Chancellor Merkel in being proactive on behalf of Germany and the European Union (EU) to engage the International Money Fund (IMF) in joint negotiations to develop a three-year financing plan of around $130 billion euros or $170 billion dollars to ease the fiscal crisis of Greece. The decisive measures are easing concerns on the imminent default by Greece. The negotiations are with many obstacles to derail the process as Chancellor Merkel is taking steps that are very unpopular in Germany to bailout a country that has been dishonest in reporting figures and statistics to gorge on debt until this crisis point. In addition, the austerity measures in the massive cuts in the budgetary expenses of Greece must be agreed under the IMF and EU stabilization plan. The citizens of Greece are … [Read more...]

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Banks face uncertain times in lieu capital liquidity requirements, Congressional inaction, and IMF warning

December 21, 2011 By Leave a Comment

Bad news in banking was the real story in the same day at the markets surge on positive economic data. Federal Reserve new capital requirements, totally defunct Congress leaving for recess with no extension of the payroll tax cut or unemployment benefits, and the IMF warning on world economy were a combination of news stories via the Drudge Report with major impact for the banking industry. The surge in stocks were followed by Monday's routing of bank stocks due to uncertainty in Europe. The commonality of all these issues for the banks is uncertainty. The new capital requirements will place additional strain on Bank of America. The bank has taken a beating in stock price, foreclosure practices, and consumer satisfaction to question the viability of the bank to survive the ongoing challenges. Second, a tax increase and unemployment benefits ending for many Americans in lieu of a deadweight Congress will be a tipping point for consumers who were able to keep up payments on … [Read more...]

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