Article

2011-05-22 Europe

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by tipper 2011-05-22 11:16|| || Front Page|| [11124 views ] Top

#1 Wouldn't be happening if there was justice for Palestinians.

Posted by gr(o)mgoru 2011-05-22 12:57|| 2011-05-22 12:57|| Front Page Top

#2 Or if Athens would retreat to its 490 BC borders.

Posted by Matt 2011-05-22 13:04|| 2011-05-22 13:04|| Front Page Top

#3 - A number of French and German banks will make sufficient losses that they no longer meet regulatory capital adequacy requirements.

And guess who'll bail them out?

European banks took big slice of Fed aid
The Financial Times ^ | DECEMBER 1, 2010 | Robin Harding and Tom Braithwaite

Posted on Wednesday, December 01, 2010 4:31:06 PM by RobinMasters

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the worlds banking sector.

However, news that banks such as Barclays of the UK, Switzerlands UBS and Dexia of Belgium borrowed billions of dollars at favourable terms from the US government may further anger critics already enraged about the Feds bail-out of Wall Street.

After being ordered by Congress to lift the secrecy on the crisis-time aid, the Fed published the details on Wednesday of more than 21,000 transactions with banks from 2007 to 2010.

Posted by Procopius2k 2011-05-22 14:36|| 2011-05-22 14:36|| Front Page Top

#4 No more Feta?

Posted by Deacon Blues 2011-05-22 16:28|| 2011-05-22 16:28|| Front Page Top

#5 @Procopius2k

Banks may nominally still be "German" or "French", but in fact banks have long ceased to be national entities.

They are interdependent global, organizations.

"Greece will redenominate all its debts into "New Drachmas" or whatever it calls the new currency (this is a classic ploy of countries defaulting)"

No, that's one thing they cannot do because their debts are in euros. That's the problem with reverting to drachma. Even if you "forgive" them 50% of their debts, the drachma will plunge, which means they will still face up to about the same debt burden as before.

The problems of Greece are structural ones. They won't be solved with a currency change.

Posted by European Conservative 2011-05-22 18:51|| 2011-05-22 18:51|| Front Page Top

#6 "The problems of Greece are structural ones. They won't be solved ~~with a currency change~~."

FTFY, EC.

Posted by Barbara Skolaut 2011-05-22 19:04|| 2011-05-22 19:04|| Front Page Top

#7 Our problems have not "solved" by the borrowing and printing of more dollars either, but that is what is happening.

Posted by Besoeker 2011-05-22 19:07|| 2011-05-22 19:07|| Front Page Top

#8 EC, I'm afraid you are wrong.

The only way to keep Greece in the Eurozone is to print money and Germany won't allow that.

Western governments have spent north of a trillion dollars saving the banks and they will go bust anyway.

BTW, there is a horrible real estate crash coming.

Posted by phil_b 2011-05-22 21:34|| 2011-05-22 21:34|| Front Page Top

00:09 JosephMendiola
23:46 JosephMendiola
23:43 JosephMendiola
23:40 trailing wife
23:35 crosspatch
23:05 JosephMendiola
22:57 Besoeker
22:52 Besoeker
22:49 Besoeker
22:47 JosephMendiola
22:41 Snomose Barnsmell9551
22:40 JosephMendiola
22:30 Procopius2k
22:22 rammer
22:14 Procopius2k
22:01 tipper
21:54 Anonymoose
21:38 DarthVader
21:38 tipper
21:34 phil_b
21:22 Pappy
21:17 Pappy
21:14 Pappy
21:10 Pappy