Front Page: Greek importers forced to pay for economic fears

15th November 2011


BRICS

 

International board is 'ready'

The Shanghai Stock Exchange said it's "basically ready" to let foreign issuers sell stock, paving the way for companies from HSBC Holdings PLC to Coca-Cola Co to list in the world's second-biggest equity market. China Daily

 

Russia, S. Korea cooperation forum

Scientists, diplomats, politicians, economists and business people from Russia and South Korea have been meeting in Vladivostok to discuss joint projects in public transport, energy, agriculture and fisheries. Voice of Russia

 

Profit from Petrobras and Vale is among the largest in the Americas

Economatica survey shows that companies stand out in the third quarter of the year ranking in Latin America and the U.S. Folha

 

Gordhan promises rules on foreign investment

Finance Minister Pravin Gordhan says SA will have a clear set of rules governing foreign direct investment (FDI) inflows within the next year to 18 months. Business Day

 

Rupee hits fresh 2.5yr low on euro

Rupee fell to its weakest level in nearly 32 months on Tuesday, dragged by a decline in the euro and persistent dollar demand from oil importers. Times of India

 

Developed Markets

 

Greek importers forced to pay for economic fears

Greek importers and exporters are under an informal state of boycott in terms of their business dealings with partners abroad, as their customers and suppliers are increasingly demanding advanced payments.  Ekathimerini

 

Consumers Gloomier Than Any Time in the Last 3 Years

Consumer sentiment in Korea fell to its lowest level in two years and nine months. The Chosun Ilbo

 

Bank of Italy: the public debt is declining

The demand has remained essentially unchanged from that recorded in September 2010. In the first nine months of 2011 the general government borrowing requirement net of privatization receipts amounted to 63.7 billion, down 2.1 billion over the same period of 2010. La Nazione

 

Frontier markets

 

Visa sees more people shifting from cash to plastic money

The volume of Visa card transactions in Jordan increased by 15 per cent by end of September over the same period of last year, exceeding $500 million, Tony Gougassian, general manager of Visa Levant, told The Jordan Times on Monday. The Jordan Times

 

NBK profits drop to Sh1.2bn

National Bank of Kenya became the first lender to report a profit decline in the nine months to September after posting a 9 per cent drop in earnings. Daily Nation

 

Apec leaders see trade as the shield to European debt crisis

Asia-Pacific leaders have pledged to bolster their economies and lower trade barriers as they seek to prop up global growth and shield themselves against fallout from Europe's debt crisis. Gulf Times

 

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1 thought on “Front Page: Greek importers forced to pay for economic fears”

  1. David Lilley says:

    This is no more than a rant but as long as it contributes to the debate.

    We can comment on what is happening and this illuminates where we are and the size of the problem. We can also do a lot better my proposing tentative solutions and let debate and scrutiny refine and hone our tentative solutions by error elimination leading to a better understanding of the problem and its solution.

    The urgency of the problem is clear; every day that goes by results in an increase in sovereign debt and a deepening of the problem. A new tact is necessary.

    Everything that has been done to date was necessary fire-fighting and succeeded in putting out fires.

    The biggest single success was the easing of money in the EZ via the 1/3 reduction in interest rate and the E1t of LRTO. The biggest single failure was the troica’s first bailout of Greece that only allowed Greece to get into more debt without meeting any of the conditions of the bailout. Greece then got a second bailout with contributions from poorer EZ members such as Slovacia whilst indicating that it would need a thrid bailout and immediately using the “R” word previously used by Iceland (referendum).

    Greece consumed its share of the ESFS and came back for a second bite that was needed by others.

    Italy and Spain continued to sail in the wrong direction. The EZ sacked Berlisconi and introduced the compact. Spain should have been sacked at the same time as the idiot.

    If Stephen Hestor can shift £700b of bad debt in one year then Bankia could surely have shifted E32b.

    The ECB could effectively devalue Greece via Target 2.

    Greece and Spain could cap the exodus of bank deposits just as the UK introduced the £50 limit on what could be taken out of the country in the 1960s.

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