A sports extravaganza is supposed to be a coming out party for the host country. Tokyo hosted the Olympic Games in 1964, timing it with the introduction of that new wonder of the world, the Shinkansen (the bullet trains), to announce Japans rebirth from the ashes of 1945. Seoul, after three decades of rapid economic growth, hosted the Olympics in 1988 with the same objective, as did Beijing in 2008. All three countries also primed their athletes to bring in record hauls of medals, so that the statement to the rest of the world was made on the track and field too, not just in the act of playing host. In contrast, Athens hosted the 2004 Olympics, 108 years after it hosted the first of the modern Olympiads but it was a last-minute mess. You could have predicted that a corruption-ridden, public sector-dominated, disorganised Greece was headed for the crisis that has now overtaken it.
Every time there is a little blip by China in its purchasing or holding of US treasuries, hyperinflationists come out of the woodwork ranting about the "Nuclear Option" of China dumping treasuries en masse.
Such fears are extremely overblown for several reasons.
1. China's purchasing of US assets is primarily a balance of trade issue. If the US runs a trade deficit, some other countries ruin a trade surplus and thus accumulate dollars. This is purely a mathematical function as I have pointed out many times.
2. If China dumps treasuries for Euro-based assets, oil-based assets, yen-based assets or for that matter anything other than dollar based assets, the problem merely shifts elsewhere and those buyers would have to do something with the dollars.....
Moody’s and S&P have had a habit of downgrading sovereign paper in nations such as Greece, Spain, and Portugal long after it was clear to the capital markets that their prospects to pay their obligations were distressed. That does not mean that the EU sovereign debt crisis is over. The countries with the most severe [...]
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PIRAEUS, Greece, July 29 /PRNewswire-FirstCall/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it plans to hold a conference call to discuss the Company's results for the second quarter of 2010 on Thursday, August 12, 2010 at 8:30 a.m. Eastern Time. The Company plans to iss
The majority of European banks passed a round of “stress tests” aimed to measure their financial system’s durability against economic disasters. But some wonder whether the results would ease the minds of EuropeETF investors who are worried about the stability of the whole euro system.
PIRAEUS, Greece, July 29 /PRNewswire-FirstCall/ -- Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tanker vessels, today reported its financial results for the three and six months ended June 30, 2010.
2010 HIGHLIGHTS — RECENT DEVELOPMENTS
C
Analyses of economic experts show that if the GDP of Greece drops by 5 percent, Macedonian economy will lose USD 30 million by the end of this year. Thus, the Greek crisis will have a significant impact on Macedonian companies which export to that country. Further projections show that Macedonia might lose USD 226 million by 2014. This would cause shutting down of many export-oriented companies which depend on the demand from Greece. Moreover, it also needs to be taken into account that Greece is Macedonia’s third biggest trading partner. Macedonia mostly exports iron, steel, textile, and dry tobacco to Greece.(Inpress)Source/Author PressCut
Macedonia has received positive opinions as well as several negative opinions from Brussels. "We perceive this as appreciation of our efforts and efforts of all those who are included in reforms and modernization of Macedonia," said Macedonian PMNikola Gruevski. He pointed out that they would continue working on the improvement of weaknesses and that he was optimistic that Macedonia would receive a positive report from the European Commission this year. However, a lot depends on the name dispute with Greece and economic situation. All this will in the end have influence on when Macedonia will receive the date for the beginning of EU negotiations.(Sitel)Source/Author PressCut
PIRAEUS, Greece, July 28 /PRNewswire-FirstCall/ -- NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead" or the "Company") today announced the successful completion of the dropdown of five dry bulk vessels, including two newbuildings with long-term quality time charters attached and the right of first ref
ATHENS, Greece, July 28, 2010 /PRNewswire-FirstCall/ --
- EUR10.0m net after tax profits
The consolidated net after tax profits of HELEX in the first half of 2010
amounted to EUR10.0m compared to EUR16.9m in the corresponding period last
year, reduced by 41%. It should be noted that th
PIRAEUS, Greece, July 27 /PRNewswire-FirstCall/ -- NewLead Holdings Ltd. (Nasdaq: NEWL) ("NewLead" or the "Company") today announced that a 1-for-12 reverse stock split of its common shares has been approved by the Company's Board of Directors and by written consent of a majority of shareholders, ef
The stress tests corresponding to the European financial system have been already published by CEBS. The total recapitalization needs for the whole 91 banks included in the tests, accounting approximately two thirds of the European financial system, is about €3.5bn.
I urge the reader to read again the last statement. Yes, €3.5bn. Not €35bn or €350bn. To put figures into perspective, €3.5bn is the bonus pool of a few big European banks.
Can anybody believe that with an additional recapitalization of €3.5bn, the European financial system would be sound again? That the blockade we have had in the wholesale and money markets could have been avoided by a recapitalization of €3.5bn?
One cannot say the calculations performed by the CEBS, with the support of the ECB.....
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