The German NordLB bank has written down some of its exposure to Greek debt, acknowledging that a 50% haircut on the Greek bonds it holds. While this bank’s Greek assets are relatively small, this is the first bank that is getting ready for the inevitable default of Greece. Other, bigger banks, are more exposed as Joseph … “Greek Haircut Acknowledged by German Bank”
Category: Forex Bits
Small Spanish Banks Lean on ECB Once Again
Spain managed to decouple itself from Portugal, Ireland and Greece, but its banks are still struggling. The bigger banks are doing well, and the smaller ones were riding on their success. Well, the ride may be over. In 2011, 16 billion euros of Spanish bank debt is maturing. 8 billion is already covered. This half … “Small Spanish Banks Lean on ECB Once Again”
Benzinga Gets $1.5 Investment from Groupon Founders
Finance portal Benzinga got an investment of $15 million from Lightbank, a fund started by Groupon founders. The financial site is growing fast, including a thriving forex section and will now seek further expansion. The money will be used for expansion in staff, business development and more. Full details are in the press release: Lightbank … “Benzinga Gets $1.5 Investment from Groupon Founders”
Rumor: Gaddafi and Rebels Reach a Ceasefire
There’s talk that the Libyan government led by Colonel Muammar al-Gadaffi and the military leaders of the Libyan rebels based in Benghazi have reached a deal on a ceasefire. Local agreements have been reportedly reached in the main cities that have seen fighting such as Misrata and Brega. NATO is still bombing Gadaffi’s forces and … “Rumor: Gaddafi and Rebels Reach a Ceasefire”
Maria Damanaki Says Greece Could Be Thrown Out of
The EU Fisheries Commissioner, Maria Damanaki, said that the membership of Greece in the Euro-zone is endangered. This is the most serious threat since these talks began a few weeks ago around the “secret meeting” in Luxembourg. Back to the drachma for Greece? * Note: This post is updated. Previous information posted here was mistaken. … “Maria Damanaki Says Greece Could Be Thrown Out of”
Now Belgium Gets Credit Warning
After Italy got a credit rating warning very late on Friday, another core country was warned today: Belgium. The country that has many of the European institutions saw its current rating affirmed at AA+, but got a warning that the rating is likely to drop. See more details here. Here is the EU blaming governments … “Now Belgium Gets Credit Warning”
Olli Rehn Mulls Greece Rescheduling Options
The EU Economic and Monetary Affairs Commissioner Olli Rehn, disussed an option for some rescheduling of Greek debt according to the Vienna initiative and put one limit: Maturities on Greek debt could be extended on a voluntary basis as long as this does not create a credit event, the EU’s top economic official said on Monday, … “Olli Rehn Mulls Greece Rescheduling Options”
Granada Protests Could Turn Violent
In the past few days, huge protests are seen in cities all over Spain. The protests are peaceful, and the organizers call for a peaceful resistance. But there are rumors that a group of protesters in Granada, in the southern Spanish region of Andalucia, will confront the police and mount an attack on the town … “Granada Protests Could Turn Violent”
EUR/USD Under 1.40 – 5 Reasons
After breaking below the 1.4030 support line, Euro/Dollar continues lower and has just pierced through the round number of 1.40, eyed by many. It is quickly approaching the next support line. There are multiple reasons: Weak German PMI: The initial numbers for Europe’s powerhouse were significantly weaker than expected. Spain’s political mess: the ruling party … “EUR/USD Under 1.40 – 5 Reasons”
FXCM Enjoys Strong Growth
US broker FXCM has announced the results for Q1. Among the highlights are a rise of 23% in revenues in comparison with Q1 2010, double customer equity, a rise of 15% in customer accounts and more. Good news for FXCM and for the indsutry. As a public company, FXCM is obliged to publish financial data. … “FXCM Enjoys Strong Growth”