Tag Archives: Bailout Fail

Greece’s biggest company Coca-Cola Hellenic moves abroad

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“Greece’s largest company is to move its headquarters to Switzerland and list its shares in London, in a further blow to the struggling eurozone country.  Shareholders, most of whom are abroad, will exchange their stock for shares in Coca Cola HBC AG, based in Switzerland. Most investors have already accepted the plan after long complaining about Greek taxes, according to Reuters.  The company, in which The Coca-Cola Co of the US has a 23pc stake, bottles drinks in 28 countries from Russia to Nigeria.”

http://www.telegraph.co.uk/finance/financialcrisis/9601942/Greeces-biggest-company-Coca-Cola-Hellenic-moves-abroad.html

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Global spat erupts over power of developing countries at IMF

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“A deal to double the IMF’s resources between its 188 members was first struck in April 2009 when Gordon Brown hosted the G20 summit in London. It was formalised in November the following year, and wrapped up with governance reforms to give developing economies more seats on the managing board.  But the Obama administration is believed to be dragging its feet because the agreement would formally release roughly $55bn to the IMF that its political opponents could paint as bail-out funds for the eurozone. With just a month to go before the presidential elections, the sign-off comes at a sensitive time.”

http://www.telegraph.co.uk/finance/financialcrisis/9601631/Global-spat-erupts-over-power-of-developing-countries-at-IMF.html

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Police on Alert As Merkel to Visit Greece

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“German Chancellor Angela Merkel brings her tough-talking advocacy for austerity to ground zero of the European debt crisis Tuesday, and police in Athens are so nervous they are employing as many security measures as they would for a visit by a U.S. president.  Police have flooded the streets with 7,000 additional officers and hundreds more undercover agents, stationed snipers on rooftops, closed a half dozen subway stations and sent helicopters to hover over the city to help protect the German chancellor from expected massive demonstrations.”

http://abcnews.go.com/blogs/headlines/2012/10/police-on-alert-as-merkel-to-visit-greece/

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Europe’s Richer Regions Want Out

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“Catalonia may be the catalyst for a renewed wave of separatism in the European Union, with Scotland and Flanders not far behind. The great paradox of the European Union, which is built on the concept of shared sovereignty, is that it lowers the stakes for regions to push for independence.  While a post-national European Union may be emerging out of the euro zone crisis, with a drive for more fiscal union and more centralized control over national budgets and banks, the crisis has accelerated calls for independence from member countries’ richer regions, angry at having to finance poorer neighbors.”

http://www.nytimes.com/2012/10/07/sunday-review/a-european-union-of-more-nations.html?_r=1&adxnnl=1&adxnnlx=1349708610-0wiUgEQH0zfTgIWlASKU6g&pagewanted=all

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Euro Pacific Capital Global Investor Newsletter: October 2012

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“Just a few short years ago, joining the Eurozone was the cherished hope of many of Europe’s poorest countries. Greece was so desperate to get in that it hired Goldman Sachs, which only helped to obscure further the extent of the Greek budget deficit. Now, several years into the European debt crisis, it’s not simply that some countries may want out (like Finland) but that potential new members no longer want in.”

http://www.europac.net/global_investor_newsletter_october_2012

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Spain Finance Minister’s ‘No Bailout’ Remark Sparks Laughter

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“‘Spain doesn’t need a bailout at all,’ de Guindos said, straight faced and somber, as mirth spread throughout the audience — even de Guindos’ assistant interpreter couldn’t mask a smile.  Not to be perturbed by the disbelieving audience, whose giggles audibly spread throughout the room, de Guindos said that Madrid’s reform program was sufficient to stave off a full sovereign bailout and that the European Central Bank’s (ECB) bond-buying program would suffice to help Spain recover.”

http://www.cnbc.com/id/49298217

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Political Shifts in Bavaria Could Have Wide Repercussions

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“Bavaria’s booming economy and the lowest unemployment rate in Germany have meant an influx of job seekers, creating a more mobile and secular society with each passing year.  And long before they began bailing out Greeks, Portuguese and Irish, the Bavarians were bailing out the weaker states of their own country. As Germany is to Europe, Bavaria is to Germany: richer, more competitive and reluctant to keep footing the bill for the laggards.  It is little wonder that some in Bavaria, who proudly trace their history back more than 1,000 years, ask if they might be better off on their own.”

http://www.nytimes.com/2012/09/27/world/europe/bavaria-political-shifts-could-have-wide-effects.html?_r=2&pagewanted=all

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Be Very Careful, Beloved Spain

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“Do [those advocating military actions] speak for the Armed Forces? One assumes not. One awaits a categorical denial from King Juan Carlos, from premier Mariano Rajoy, and from the cupula of the Armed Forces that such a course of action is being considered.  The Draghi bond plan can certainly put off the day of reckoning. It can lower borrowing costs across the board and cushion the slump. But it cannot in itself stop the slow asphyxiation of these societies. We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.”

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100020330/be-very-careful-beloved-spain/

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One Third Of Athens Businesses Shuttered

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“Greece’s deep recession has forced almost a third of businesses in the capital’s commercial district to close down as shrinking incomes and frequent strikes drive Athenians away.  Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures.  On the capital’s cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have ‘Everything must go’ signs plastered across their windows.”

http://www.zerohedge.com/news/2012-09-25/one-third-athens-business-shuttered

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S&P: Swiss central bank buying eurozone debt

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[Isn’t this what shareholder lawsuits were designed for?] “SNB’s eurozone bond purchases to July represented 48 percent of the European public sector’s financing needs, S&P said, up from about 9.0 percent in 2011.  The SNB’s policy is against a background of inflows of funds placed in the Swiss franc by foreign investors concerned about the eurozone debt crisis.  While the report cautioned that its estimates were subject to uncertainty since the SNB did not detail its foreign exchange holdings by country, ‘the scale of the buying is without question extensive.'”

http://www.thelocal.ch/page/view/swiss-central-bank-buys-eurozone-debt

The SNB’s increasingly tangled web

http://ftalphaville.ft.com/blog/2012/09/25/1176371/the-snbs-increasingly-tangled-web/

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