Wednesday, September 14, 2011

Chinese Recipe: Cut your debt or it will cut you!

From: RussiaToday  | Sep 14, 2011  

Italy is deciding on the future of a highly unpopular austerity package intended to put a leash on the country's runaway debt. The country's lower house of parliament is voting today on whether to pass an extensive set of tax hikes and spending cuts. The measure's already been passed by the Senate, despite weeks of wrangling and mass public protests. But, even if passed, many wonder if it will be enough. Because, as RT's Sara Firth reports, years of economic stagnation and a culture of government excess may have left it too little too late.

On Tuesday, Barak Obama had some harsh words, now it's China's turn to tell Europe to get its financial house in order. The Premier of the world's second largest economy warned the Eurozone it must stop its crisis getting worse. Asia is concerned the EU's problems could take down the whole global economy. For more, RT talks to Francis Lun from investment company Lyncean Holdings Limited.

Moodys downgrades two French banks

From Al Jazeera:

Credit rating agency Moodys has downgraded two French banks as worries grew about their potential exposure to the debts of Greece.

Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3.
A third bank, BNP Paribas, was kept on review for a possible downgrade.The decision has been widely expected this week, as the agency had put the banks review for downgrade in mid-June.

Following the downgrade announcement, Societe Generale said Moody's analysis shows that the bank's exposure to Greece "to be modest and manageable".Earlier this week, Societe Generale's chief executive, Frederic Oudea, said that the bank was prepared for a downgrade and that it would not change its outlook.

The downgrades come as Europe scrambles to deal with the Greek debt crisis amid mounting fears that the debt-laden nation may have to default.

Nicolas Sarkozy, the French president, and Angela Merkel, the German chancellor, are due to speak with George Papandreou, the Greek prime minister in a teleconference to discuss the crisis.
French banks have been in the spotlight in recent days over their potential exposure to Greece.

Credit Agricole and Societe Generale have seen their share prices fall 60 per cent and 65 per cent respectively since February, while BNP has fallen 53 per cent over the same on

By on Sep 13, 2011
Charlie Parker, Investment Editor at Citywire, tells the business show why he's not impressed by Société Générale's exit position on Greek debt.

Italy looks to China to relieve debt problems

From: Euronews  | Sep 13, 2011 
China is a country of deep, deep pockets so who better to turn to when confidence is low and debt is high. Italian officials have been in Beijing and the boss of the China Investment Corporation led a delegation to Rome last week. There is still speculation as to the exact details of the meetings. Italian officials have confirmed that Foreign Minister Giulio Tremonti sat down with the Chinese representatives to offer what is believed to be bonds and investments in strategic companies.

Europeans spooked by spectre of Greek default

From: Euronews  | Sep 13, 2011   

In France, the concerns are there in black and white on the front pages of the newspapers for everyone to read.

The Coward State Of America

From: ATLAHWorldwide  | Sep 8, 2011

Chris Duane: A Decade of Denial and Deception

From: SGTbull07  | Sep 11, 2011
Chris Duane has just released one of the most comprehensive articles ever written about the events of 9/11. If you have the courage to face the painful evidence of what actually happened on September 11, 2011, now is the time, this is the article.

'A Decade of Denial and Deception' By Chris Duane