Greece will default by end of October and the ECB will dramatically expand its balance sheet to provide liquidity to banks and buy Spanish and Italian sovereign debt in the secondary market to maintain financing costs at acceptable levels.
westhill consulting reviews - Risk of Bank Failures Is Rising in Europe, E.C....kaitlynconor
The European Central Bank warned on Wednesday that the euro zone’s slumping economy and a surge in problem loans were raising the risk of a renewed banking crisis, even as overall stress in the region’s financial markets had receded.
‘European financial centres will survive the crisis’ – OPENSALON Jake Fury
European-financial-centres-will-survive-the-crisis%E2%80%99# The Summit on the Global Agenda is the world’s largest brainstorming meeting attened by thought leaders of the World Economic Forum’s Network of Global Agenda Councils.
How to avoid the immediate end of the world capitalist system with the collap...Fernando Alcoforado
This article presents the threats that hover over the world economy represented by the collapse of the world financial system and the explosion of the global debt with the respective solutions aimed at overcoming them.
Reiki and Astrology Predictions: Reiki and Astrology always a subject of discussion and people think to how much extent one can believe and have faith on it. Everything in this world is possible when we believe on that or we know it by our past learning's or experiences that it was achieved earlier. Researches and inventions are the result of the first thought clicked in human mind. Astrology came to existence when human tried to find other ways to know himself, if something is there which he don't knows. Human always does repeatative and different process in many occurrence if he don't get succeed. Sun is the source of the energy and it gives energy to the world equally. As we can see Sun gives energy to all, there are other planets which also affect human life in same manner. When human takes birth the planetary position of that time decides how the person will lead his life in future. If he will have faith in god or not. How the food habits, relationship his living style as well life style will be in future. Reiki is the positive energy which helps to reach positive intentions in our life. Now firstly, questions arises that if person never seen Reiki energy and rays of planets so how they can have faith on Reiki and Astrology.
Preis für gut gelöste Führungsaufgabe: Vorbildliche Beispiele von integrierter Kommmu- nikation als Führungsaufgabe will der «Award Corporate Communications» auszeichnen, der am 12. September in Olten verliehen worden ist.
Reiki and Astrology Predictions: Reiki and Astrology always a subject of discussion and people think to how much extent one can believe and have faith on it. Everything in this world is possible when we believe on that or we know it by our past learning's or experiences that it was achieved earlier. Researches and inventions are the result of the first thought clicked in human mind. Astrology came to existence when human tried to find other ways to know himself, if something is there which he don't knows. Human always does repeatative and different process in many occurrence if he don't get succeed. Sun is the source of the energy and it gives energy to the world equally. As we can see Sun gives energy to all, there are other planets which also affect human life in same manner. When human takes birth the planetary position of that time decides how the person will lead his life in future. If he will have faith in god or not. How the food habits, relationship his living style as well life style will be in future. Reiki is the positive energy which helps to reach positive intentions in our life. Now firstly, questions arises that if person never seen Reiki energy and rays of planets so how they can have faith on Reiki and Astrology.
westhill consulting reviews - Risk of Bank Failures Is Rising in Europe, E.C....kaitlynconor
The European Central Bank warned on Wednesday that the euro zone’s slumping economy and a surge in problem loans were raising the risk of a renewed banking crisis, even as overall stress in the region’s financial markets had receded.
‘European financial centres will survive the crisis’ – OPENSALON Jake Fury
European-financial-centres-will-survive-the-crisis%E2%80%99# The Summit on the Global Agenda is the world’s largest brainstorming meeting attened by thought leaders of the World Economic Forum’s Network of Global Agenda Councils.
How to avoid the immediate end of the world capitalist system with the collap...Fernando Alcoforado
This article presents the threats that hover over the world economy represented by the collapse of the world financial system and the explosion of the global debt with the respective solutions aimed at overcoming them.
Reiki and Astrology Predictions: Reiki and Astrology always a subject of discussion and people think to how much extent one can believe and have faith on it. Everything in this world is possible when we believe on that or we know it by our past learning's or experiences that it was achieved earlier. Researches and inventions are the result of the first thought clicked in human mind. Astrology came to existence when human tried to find other ways to know himself, if something is there which he don't knows. Human always does repeatative and different process in many occurrence if he don't get succeed. Sun is the source of the energy and it gives energy to the world equally. As we can see Sun gives energy to all, there are other planets which also affect human life in same manner. When human takes birth the planetary position of that time decides how the person will lead his life in future. If he will have faith in god or not. How the food habits, relationship his living style as well life style will be in future. Reiki is the positive energy which helps to reach positive intentions in our life. Now firstly, questions arises that if person never seen Reiki energy and rays of planets so how they can have faith on Reiki and Astrology.
Preis für gut gelöste Führungsaufgabe: Vorbildliche Beispiele von integrierter Kommmu- nikation als Führungsaufgabe will der «Award Corporate Communications» auszeichnen, der am 12. September in Olten verliehen worden ist.
Reiki and Astrology Predictions: Reiki and Astrology always a subject of discussion and people think to how much extent one can believe and have faith on it. Everything in this world is possible when we believe on that or we know it by our past learning's or experiences that it was achieved earlier. Researches and inventions are the result of the first thought clicked in human mind. Astrology came to existence when human tried to find other ways to know himself, if something is there which he don't knows. Human always does repeatative and different process in many occurrence if he don't get succeed. Sun is the source of the energy and it gives energy to the world equally. As we can see Sun gives energy to all, there are other planets which also affect human life in same manner. When human takes birth the planetary position of that time decides how the person will lead his life in future. If he will have faith in god or not. How the food habits, relationship his living style as well life style will be in future. Reiki is the positive energy which helps to reach positive intentions in our life. Now firstly, questions arises that if person never seen Reiki energy and rays of planets so how they can have faith on Reiki and Astrology.
Reiki and Astrology Predictions: Reiki and Astrology always a subject of discussion and people think to how much extent one can believe and have faith on it. Everything in this world is possible when we believe on that or we know it by our past learning's or experiences that it was achieved earlier. Researches and inventions are the result of the first thought clicked in human mind. Astrology came to existence when human tried to find other ways to know himself, if something is there which he don't knows. Human always does repeatative and different process in many occurrence if he don't get succeed. Sun is the source of the energy and it gives energy to the world equally. As we can see Sun gives energy to all, there are other planets which also affect human life in same manner. When human takes birth the planetary position of that time decides how the person will lead his life in future. If he will have faith in god or not. How the food habits, relationship his living style as well life style will be in future. Reiki is the positive energy which helps to reach positive intentions in our life. Now firstly, questions arises that if person never seen Reiki energy and rays of planets so how they can have faith on Reiki and Astrology.
What is needed to cleap up the eurozone house - clean-up the banks and restru...Markets Beyond
European banks have been very good at lobbying to make sure European countries are baling out Greece and others, whilst our analysis shows that they could sustain a PIGS default.
Greece eurozone and the euro the body is getting really rottenMarkets Beyond
Greece debt trap is inextricable: there is no way out of a default/restructing - debt "reprofiling" is just a joke since it would require 21% compound annual growth for 10 years to go back to 60% debt/GDP ratio.
The EUR 100 billion banks will need to write down on their Greek sovereign debt can be matched via profits, dividends and bonus cuts for many banks in order to abide by Basle III capital ratio rules. A handful of banks will need to go to governments for capital.
This does not however look at the quality of private asset or any default from another peripheral European country.
The European Council summit brought a "surprisng" conclusion with the agreement on mutualizing EZ banks' rescue; however the roots of the EZ problems are not addressed: economic and competitiveness imbalances.
Eurozone, macro economic imbalances and the bailoutMarkets Beyond
European imbalances at a glance and a new measure of the fragility of countries according to their debt and budget deficits. Greece will need to restructure its debt
Dogma continues to govern the eurozone instead of sound governance and pragmatism. The EUR 85 billion rescue package extended to Ireland the rescue package is not a game changer since it does not improve competitiveness and does not reduce the debt overload, to the contrary: liquidity support does not work out insolvency.
Greek officials together with IMF and EU ones are touring Europe investors to convince them to buy Greek long dated bonds: I remain unconvinced about the chance of success due to a continued depressed economic environment and the time frame required to modernize the Greek economy that goes well beyond the 3 years rescue plan.
The Greek 2011 budget failed miserably despite austerity measure; the eurozone continues stubbornly to plug an unpluggable hole since the roots of the problem are not adressed. The worst is to come...
Greece's crisis deepens as fast as its debt. 2011 budget execution is terrible with tax receipts well below plans, and there is no way Greece will get out the crisis without defaulting on its debt obligations one way or an other (the latest idea is to call it "reprofiling"!) .
Since the publication in July of stress test for banks in Europe, everything went quiet on the PIGS debt crisis with no much news during the summer. Things however are boiling again and Greek will come back to the forefront of medias sooner rather than later.
The Impact of the current Greek financial woes on the global econo.docxcherry686017
The Impact of the current Greek financial woes on the global economy
Introduction
Soon after the implosion of Wall Street in 2008, Greece became the focal point of Europe’s debt crisis. In 2009, Greece announced its deficit figures have been understated for years. This raised concerns across the globe regarding the financial state of Greece and eventually resulted in shutting Greece out of borrowing funds from the financial markets.
By the spring of 2010, Greece was veering toward bankruptcy, which threatened to set off a new financial crisis. The European Central Bank, The European Commission and the International Monetary Fund (IMF) issued a bailout of about 240 billion Euros to Greece.
The bailouts came with conditions. Lenders imposed harsh austerity terms, requiring deep budget cuts and steep tax increases. They also required Greece to overhaul its economy by streamlining the government, ending tax evasion and making Greece an easier place to do business.
The bailout funds were meant to buy some time to help Greece stabilize its finances and allay fears of the European Union breaking up. Though the funds helped to a certain extent, the Greek economy had shrunk by a quarter and unemployment had risen above 25 percent.
Many Greeks and economists, blame the austerity measures for much of the Greece’s continuing problems. While creditors such as Germany, blame Athens for failing to conduct the economic overhauls required under its bailout agreement. They do not want to change the rules for Greece
If Greece defaults, what will happen to the economy?
In the wake of becoming one of the first developed nations to default on their international financial obligations, Greek citizens are hoping that their government strikes a deal to help save them. What exactly is going on in Greece that would cause the country to default, one may ask? Over the past few years, Greece has not been performing well economically. They have experienced increasing levels of the unemployment rate, and their banks simply have not been able to endure the financial crisis. An already high national debt has continued to build up, to the point that the payments due by Greece are almost un-payable. At the very least, the inability to repay debt is a bad signal to all countries and business relationships that the Greeks were a part of. If a deal is not met to help the Greek economy with their creditors on actions to help prevent the debt from growing, as well as repayment, there can be serious consequences.
Greece could default without exiting the Euro. In this scenario, the European Central bank would have to decide on whether or not they want to continue bailing out Greek banks, or put a complete end to aiding the Greek economy. Greece could leave the Euro, and form its own currency. This undoubtedly would have even more adverse effects on the Greek economy. If leaving the Euro-zone is imminent, citizens would begin taking their Euros out of banks. ...
Numbers announced by European leaders concerning the private sector participation to the rescue do not add up: the total losses would amount to EUR55 bn, far from the EUR100 bn trumpeted.
After being saved in October 2008, Dexia is finally doomed and will end-up split: it is the French part which is the dead body with it huge exposure to local authorities.
Its demise will not however induce a spillover on other bnaks: their own exposure to toxic asset will do the job for the one which cannot recapitalize.
Similar to Greece's race to default and european banks' recapitalization (20)
Cyprus bail in revisited - consequences for small economiesMarkets Beyond
Cyprus bail-in is spilling over and the 100% of added burden is falling on the country, with 70% of its gold reserves at risk and EUR 5.8 billion withheld from banks depositis.
Small economies with a large financial sector are increasingly bullied by larger countries which are quick to find scapegoats
The bundesbank repatriates its gold reservesMarkets Beyond
Is the Bundesbank feeling unease with 2/3 of its gold reserves held abroad? This repratriation is a telling story about Germany's confidence in France and the FED.
Current account surplus is a key determinant to bonds market turnaround ita...Markets Beyond
Current accounts are key in determining when an over-indebted country will see it financial situation turning around allowing it to go back to the bond markets under "normal conditions". On this criteria, the discrepancy between Italy and France is startling and not justified by fundamentals: France will be punished by bonds market if nos dramatic action is impletmented by the French Government.
Eurozone falling chickens choice internal or external devaluationMarkets Beyond
The political and economic backround in Europe is awful and no good choice is left to solve the huge imbalances between countries: external or internal devalutation.
Whatever the route followed it will translate into a fall in standard of living of Europeans. The path followed by European politicians for the past 4 years has led to a dead end and they will soon have to decide which of two tough routes to follow..
French presidential elections showed a strong following for anti-eurozone candidates, and even stronger for anti-austerity only EU/ECB policy.
This will have consequences for th futre of the euro in a context where the Europe is heading back in recession and Spain is in deep trouble. France is also facing very strong social and economic challenges ahead.
The economic situation in Europe worsens: France's performance is catastrophic and Greece's whist improvin,g remains in negative territory. Europe has not addressed the roots of its failure and will continue to be under market's pressure.
The magnificent 7 and equity markets review 11Markets Beyond
2011 was a bumby year for financial markets and 2012 will be no less hectic. However the US economic picture is improving and as written in early 2011 no double dip to be expected but for FED policy folly.
Global imbalances remain, but the eurozone is where lies the deepest problems which have not been properly addressed.
Remain invested in high yielding equities / net cash companies with a strong franchise and look at strong brands in fast growing economies; stay clear from the bond market and financials.
Who should be single A rated france or italyMarkets Beyond
Italy have been for months under pressure from markets and France relatively unscattered even if froa few weeks its spreads have increased; according to numerous economic indicators France should hardly be better rated than Italy and does not deserve a AAA rating.
This week EU and IMF are discussing with Greece to assess whether budget deficit reduction and structural reforms to be implemented are sufficient to release EUR 8 billion of aid in October in order to avoid a default.
This article reviews numerous dysfunctions in Greece.
The eurozone is increasingly becoming a one for each and none for all zone which is understandable from the point of view of virtous Europe. Finland is firing the first shot with a private bi-lateral agreement with Greece to guarantee its share in the Greek bailout n°2. The meeting between Sarkozy and Merkel was a farce aimed at their own internal political corners and the banking sector is getting really shattered today.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The new type of smart, sustainable entrepreneurship and the next day | Europe...
Greece's race to default and european banks' recapitalization
1. http://marketsandbeyond.blogspot.com/
http://www.pcgwm.com/
Greece’s race to default and European Banks’ recapitalization
What I wrote 18 moths ago is unfolding and Greece is racing toward default and
policy makers must decide who will bear the burden: taxpayers by continuing
extending credit lines and the ECB buying sovereign debt in the secondary market to
artificially maintain low interest rates and allow banks to offload their junk assets, or the
private sector by recapitalizing banks - bondholders taking an haircut.
European banks’ share prices are nearing their lowest since the nadir of the financial crisis
in 2008-2009, and French banks are now over 50% down compared to their 2011 high and
counting. According to Bloomberg, European banks are trading at 0.58 X book value,
indicating that there is not much trust in the value of their assets.
1. Greece
Greece is asked to deepen its austerity measures in a self-fulfilling downward
GPD spiral (and lower tax receipts) that will lead to a full-blown depression for
Greeks together with social unrest, and possibly a threat to democracy when the
population will become so desperate it will take desperate actions (and what will happen
to Greece can occur elsewhere in Europe). Greece needs economic growth to fulfill
its commitments and austerity without devaluation is just a death kiss.
GDP growth was downgraded in September to -5.3% in 2011 (-3.5% forecasted by the EU
in May) and these GDP numbers were helped by a plunge in the trade deficit (not
surprising for a country entering into depression). The HCPI is flat from January to
August but is sharply down in July and August. I have stopped assessing the impact of
continuing downgrades and a worsening situation; my last calculation early September
was a EUR 29 billion deficit for 2011 (EUR 19 billion in the Greek budget), 160%
debt/GDP and 13% deficit/GDP at the end of the year.
I do not see how Greece could even issue 13 and 26 weeks bills, the more at
acceptable yields, with EUR 2 billion due on each of October 14 and 21; add interest
payments plus deficit to plug and a default is there by end of October or at the latest
end of November where EUR 5.6 billion of debt are coming due (Greece has still a bit of
cash at the Treasury plus could ask the Central bank to sell some gold or pay an
exceptional interim dividend or any other form of transfer). In addition, at the end of July,
Greece had EUR 6.5 billion in arrears to third parties… Greece’s CDS are pricing de
98% risk of default.
1
2. http://marketsandbeyond.blogspot.com/
http://www.pcgwm.com/
On Monday, Greece’s bond yields reached a record with the 1 year at 110%, 2 year at 63%
and 10 year at 21% which just tells you the story: at these levels it is meaningless; Greece
is bankrupt and European leaders have failed their mandate so far whilst they
have a fiduciary duty to defend their citizens and must restructure unserviceable sovereign
debt. Numbers from the EBA show that financial institutions as a whole can sustain such a
restructuring with a haircut of 50% (even 75% is workable). For the banks that need to
raise equity/dispose of assets where existing shareholders and bondholders do not act,
their ownership will be transferred to a more competent stewardship, existing
shareholder being wiped out and bondholder paying the price for bad
investments. This would most probably translate into larger deficits which would be better
accepted by markets since we would have seen the trough of this crisis and, hopefully,
sound foundations would have been laid down.
In any case, but for a massive fiscal transfer which is most unlikely, I expect the standard
of living of Greeks to go down anywhere between 40 and 50% over the next few years.
It strikes me that instead of pouring money at Greece et al, it would be better for
European Government to recapitalize banks if the private sector is falling to do so; yes,
this would end up nationalizing some banks, so what? Temporary nationalizations would
be preferable (with the firing of boards and management) than a rampant crisis that will
not be solved adequately by throwing good money after bad.
2. Banks
Following, a recent article published on Markets & Beyond where I analyzed banks’ risk on
a PIIGS’s sovereign default, I found a few estimates concerning the need for recapitalizing
European banks ranging from EUR 200 billion (IMF - before a downward revision after a
EU complaint – sic!) to EUR 1 trillion (Goldman Sachs – they talk their own book) in
order to cover all Bank’s write-downs, and not only sovereign debt.
Crédit Agricole and Société Générale ratings were downgraded this morning with negative
outlook, and BNP Paribas will probably follow: they will cut assets to boost capital ratios,
the deleveraging process has much more to go. Most spreads are increasing, some
dramatically, at a time where their access to short term financing is cut by some large
money market funds: share prices are 50%+ down since the high of the year, French banks
being particularly hit (I repeat once again that Italian banks as a whole have a meaningless
exposure to PIGS and are less risky than French ones– they are hit because of their
holding of Italian sovereign debt but I do not believe that Italy will default). I have written
several times that France is in a worse situation than Italy I many ways.
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The sharply increasing cost of financing for many banks is not sustainable beyond the
short term and will start soon to fuel through the real economy weighting further on a
dismayed European growth. Some will see their access to the interbank market closed, if
not already occurring.
On Monday, Dexia CDS spread shoot up to 1569 basis points at mid-day (+225 b.p.), worse
than Portugal and Venezuela: this is just telling what the market thinks about the quality
of Dexia asset portfolio and exposure to local authorities and municipalities debt (do not
forget that Dexia was the largest foreign borrower with the FED during the 2008-2009
financial crisis); its exposure to Greece sovereign debt is the worst of any bank surveyed by
the EBA but BNP Paribas (yes, worse than Commerzbank!), with a total exposure to PIGS
(sovereign, banks and other private sector) standing at EUR 43.9 billion (EUR 10.6 billion
excluding Spain) according to the numbers published by the EBA: Dexia has EUR 17
billion of core capita, enough to absorb a Greek default, private sector included (and a
Portuguese one – no exposure to Ireland). However, Dexia could not sustain a collapse of
banks in Spain with a EUR 23.6 billion exposure. I also guess that the interbank market is
closed to Dexia.
The OTC derivatives, CDS in particular, represent the last frontier concerning
risk. I have not read anywhere sensible information about who owes and who owns what
to/from who, so it is impossible to figure out who is at risk and for the owners of CDS what
is their counterparty ability to fulfill their commitments. This really is a black hole.
A few last words:
• During the weekend, there was rumors that Germany was preparing for a Greek
default (50% haircut – it maybe more up to 75% in my opinion) and plan B was
design to shore up/save German banks from a collapse (I guess via a
recapitalization). Germans are sensible people (like Finns). Those who do not
survive will be bailed out, but shareholders and bondholders would take the first hit
this time, at last.
• European banks volunteered for a 21% haircut, which would be a very good deal for
them since the Greek debt is trading at much lower prices in the market. It is worth
mentioning that some do not believe that their losses would be limited to that
number (RBS provisioned 50%). I doubt it is a good deal for Greece.
• RWA with zero allocation for sovereign risk is non-sense. There are insisting
discussions/rumors that Basle III would be toned down in order to avoid a collapse
in banks lending and increase in the cost of financing: this is again an efficient
lobbying by banks but pure bullshit (see conclusion).
• The ban on short selling to avoid the so-call (ugly) speculators to drive financial
stocks down demonstrated that “proper” investors are driving them sharply down.
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• Since the financial crisis was triggered in August 2007, the strategy followed has
been to concentrate risk instead of a largely mutualizing it, i.e. shareholders and
bondholders bearing most if not all the cost of wrong investments/governance and
leaving both complacent/incompetent Boards and greedy Management at the helm
of now endangered financial institutions. This strategy was wrong.
• Bank of England Chief Economist John Vickers has recommended the separation of
banks’ consumer and investment banking activities: this is going in the right
direction (in fact back to the period before the “Big Bang” in the late eighties)
• Board of directors should be accountable before courts and pay-back all
remunerations received since the trigger of the financial crisis in 2007; they should
also not to be able to hold any directorships in the future as well as serve a
suspended jail sentence (say one week) to make the point: it is really time to name
and shame.
Conclusion
Banks can survive a PIGS default on a sovereign basis with existing shareholders’
funds. When taking into account the exposure to the private and inter-banking sectors,
Spain might be a different story with debts due to banks in the Europe totalizing USD
568 billion and who knows how much of the private sector assets are at risk. Italy would
be a game changer. So the crisis needs to be contained to the PIG; this could have done
at a much lower cost in 2009 and 2010 and the spill over risk was much more limited.
It is most likely that the ECB will step up it purchase of Italian and Spanish
(and Belgium and French) debt since this is the only viable European institution which
can on the spot respond to the debt situation and expand its balance sheet quasi-
indefinitely by printing money. It is also most probable that this over-indebtedness
will be resolved via inflation as usual (at 5% per annum – an inflation rate perfectly
sustainable - over 5 years 22% of principal are wiped out and 39% over 10 years).
Please, beware of lobbying by the financial sector: Empirical evidence doe not
support the affirmation that much higher levels of equity funding, and less
debt, would mean that banks’ funding costs would be much higher. A recent
Bank of England report concludes that “In retrospect we believe a huge mistake was made
in letting banks come to have much less equity funding – certainly relative to un-weighted
assets – than was normal in earlier times…We believe the results reported here show that
there is a need to break out of the way of thinking that leads to the “equity is scarce and
expensive” conclusion. That would help us get to a situation where it will be normal to
have banks finance a much higher proportion of their lending with equity than had been
assumed in recent decades to be acceptable. And that change would be a return to a
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position that served our economic development rather well, rather than a leap into the
unknown.”
We must also go back to the roots of capitalism where success is rewarded and
failure is sanctioned otherwise success is meaningless, and success needs to be clearly
redefine to adequately reward it.
It is also time for a new generation of politicians (I am not discussing age but
attitude) to replace our failed leaders who share the responsibility of the mess
we are in, at best by incompetence and sheer populism, at worse by complicity: democracy
as we have known it is at stake. The eurozone creation was “sold” to the public as a mere
unified forex zone where tourism would be easier and inflation checked (a lie), and never
as a monetary union that demanded homogenization among participating countries on a
social and fiscal basis. Under the current structure and membership the eurozone is a
failure: a structural change or a different geographical perimeter is required.
Credibility and psychology are key and European leaders lacked both, hence the absence of
confidence by markets and European citizens. This needs to be redressed, urgently.
Finally, a word from Romano Prodi, EU Commission President, in December 2001: “I am
sure the Euro will oblige us to introduce a new set of economic policy instruments. It is
politically impossible to propose that now. But some day there will be a crisis and new
instruments will be created.”
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Source:
Bank of England: Optimal bank capital
http://www.bankofengland.co.uk/publications/externalmpcpapers/extmpcpaper0031.pdf
Bloomberg: Europe Banks Valued at Post-Lehman Low
http://www.bloomberg.com/news/2011-09-11/europe-banks-at-post-lehman-lows-show-
sovereign-risks-escalating.html
Greece Ministry of Finance: General Government Monthly Cash Data and Arrears
http://www.minfin.gr/content-
api/f/binaryChannel/minfin/datastore/ec/24/33/ec24332a7c775c1d903893a03dcc52be7
bdf10b3/application/pdf/general+government+data+7month+2011.pdf
Hellenic Statistical Authority
http://www.statistics.gr/portal/page/portal/ESYE
UBS Investment Research: Euro break-up – the consequences
Goldman Sachs: Banks as bystanders at the sovereign stage of the crisis
Bloomberg: Britain to Implement Vickers’ Bank Protection Plan by 2019
http://www.bloomberg.com/news/2011-09-12/u-k-banks-may-have-to-separate-retail-
units-in-11-billion-vickers-plan.html
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