The Prince of Wales has joined a campaign to save the ‘fairytale forests’ of Romania, because his Transylvanian ancestors can be traced back to to Vlad the Impaler Responsible department: Foreign and Commonwealth Office We, the people of the United Kingdom, are dissatisfied with the result of the EU Referendum Debate on 24 October 2011 and would like the House of Commons to reconsider its decision in light of this petition and grant us an opportunity through a referendum to express our desire on the relationship with the EU. The 50% haircut to private sector Greek bond holders is unlikely to be the last. Even by its own admission, Greece's debt to GDP will be 120% in 2020. That is twice the Stability and Growth pact cap of 60%. That is simply not a sustainable solution LONDON (SHARECAST) - Ratings agency Fitch has today issued a statement in which it says that, “the 50% nominal haircut on the proposed bond exchange would be viewed by the agency as a default event under its Distressed Debt Exchange criteria.” The agency also believes that the likely result would be a post-default rating in the 'B' category or lower depending on private creditor participation.
http://www.telegraph.co.uk/earth/earthnews/8851383/Prince-of-Wales-campaigning-to-save-Count-Dracula-forests.html
e-petition
Referendum on the European Union
Despite the opposition to "too big to fail," European officials do not want banks to sell off assets to reduce their capital needs. There has been talk in the market in recent days that attributed part of the euro's advance to European banks selling dollar assets to reduce their balance sheets and reduce their dollar-funding needs, especially given the actions by U.S. money markets to reduce exposures and tenors to European banks. Some banks, especially French banks, have replaced part of the funding that was provided by U.S. money markets with borrowings from the ECB.
Another irony is that by playing loose with the "voluntary" nature of haircut, policy makers may have undermined the credit default swaps market, contrary to its intent and interest. This could make it even more of a speculative market, even if they can effectively ban naked positions. ISDA says that the voluntary aspect is sufficient to prevent it from triggering the CDS. Therefore the hedge/insurance function of the CDS market is questionable at best.
http://www.thestreet.com/story/11292561/1/flaws-in-the-eu-summit-plan.html
Despite the above it adds that, “the provisional agreement on private sector involvement (PSI) for Greece ('CCC') is a necessary step in putting the Greek sovereign's public finances on a more sustainable footing.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4620445
Friday, 28 October 2011
Nearly 10% of way to another House of Commons knees up - and only 3 days in, with 12 months before times out.
Let's see whether we can reach 100,000 by bonfire night - have all your relatives and friends signed up yet?
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