nini's Blurty
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Below are the 11 most recent journal entries recorded in
nini's Blurty:
| Tuesday, August 2nd, 2011 | | 2:45 pm |
| | Friday, December 10th, 2010 | | 12:26 pm |
European-union 850 billion support bailouted Ireland
November 28, the EU finance ministers decided on the Irish 3-year 85 billion euros of bailout loan schemes, but also a permanent crisis resolution mechanisms on the EU agreed in principle.
Among them, the most important for private investors in the country the role of debt restructuring, the parties agreed to follow the International Monetary Fund (IMF), "collective action clauses."
EU members of the financial and monetary affairs, Olli Rehn said that the meeting should come up with the debt crisis is "systemic response to part of the program."
And 6 months of relief before the announcement of the Greek is different from the implementation of Ireland announced the news did not help calm the crisis will spread to the Iberian Peninsula concerns. In the past week, Portugal and Spain continued to rise ten-year bonds, Nov. 26, Spain 10-year bonds in 1998 to join the euro hit a new high since.
But the morning of the 29th, Ireland, Spain and Portugal spread bonds and German government bonds fell only slightly. S & P Asia researcher Lorraine Tan told reporters: "The market is still worried about the other countries, including Portugal and Spain. At this stage, it is willingness to take risks are reduced." | | 12:25 pm |
America unemployment rate rised
A month ago, when the Fed launched the second round of the quantitative easing policy (QE2), the criticism against the policy of voices, but Federal Reserve Chairman Ben Bernanke put down 5 "relentless," said the QE2 more than the original plan can not be excluded the possibility of the scale of 600 billion U.S. dollars.
Bernanke by CBS (CBS) plans prime-time evening of 5 (6 morning Beijing time) broadcast of "60 Minutes" program to make such a stand. According to program CBS has released the latest trailer, Bernanke said in an interview, "explains why the Federal Reserve announced plans to buy 600 billion U.S. dollars debt, and rejected the criticism against the QE2, emphasizing the large-scale purchase of U.S. bonds and the inflation rate will not lead to appears sharp. " He also said the program, "QE2's final bond size will probably buy more than originally planned."
3 days in the last monetary policy meeting, the Fed decided in November this year to next June to buy a total cumulative size of 6,000 billion dollars in U.S. Treasury bonds, the monthly purchase of the scale is 750 billion dollars.
In a sense, the latest available economic data for Bernanke's remarks provided support. 3 U.S. Labor Department data released this year in November, the nation's unemployment rate of non-agricultural sector increased by 0.2 percentage points in October to 9.8%; this point, the U.S. unemployment rate has been 19 consecutive months, 9% of the horizontal line at the top.
Although the Fed's de facto introduction of QE2 is 11 month, but the plan was first mooted in August when the market and had already begun to impact the real economy. In this context, the U.S. unemployment rate rise, not fall, in addition to mid-November release of October U.S. consumer price index (CPI) rose only 0.2% qoq, 0.3% lower than expected, the Federal Reserve are moving away from quantitative easing policy inflation and employment objectives become a reality; and Bernanke at this time over claims that the scale size or QE2, it appears as it should be. | | 12:22 pm |
Huge amount of assistance is difficult to stop the economic decline of four European countries
European Union and the International Monetary Fund (IMF) jointly announced 850 billion euros aid the Irish plan does not ease market tensions, investors are still worried about Europe, landlocked country debt crisis spread to Europe. European Commission report released part of the 29th confirmed market fears. EU expects the next two years, Member States will show a recovery situation is not balanced, the United Kingdom, Germany, France and Italy will boost economic development in the EU, but Greece, Ireland, Portugal and Spain are to varying degrees of economic contraction recovery woeful.
The same day as the European debt crisis "disastrous" for Ireland, Portugal and Spain sovereign credit default swaps (CDS) were a record high, used to track changes in the euro area member states national debt CDS index iTraxx SovX Western Europe to expand 12 basis points, up the euro area the highest level.
The European Commission released the same day, "Autumn Economic Outlook Report" that the member governments to implement fiscal austerity could lead to economic weakness in the euro area in 2011. Debt crisis by the EU, the euro area sovereign bond markets may further into turmoil, which is expected in the region, there is downside risk to economic growth, sovereign risk premium increase can not be ruled out, bank loans has declined with the economic outlook worsened the possibility of a vicious cycle between , but this is unlikely.
The EU said that the austerity measures of economic activity under pressure, is expected to gross domestic product of Greece in 2010 (GDP) will shrink by 4.2%, fell more than expected in 2011 will further shrink 3%, this will be the country's economic row three years of recession until the end of 2011, the Greek economy was expected to recover.
Despite the accepted international assistance, but the Greek banking sector did not improve credit conditions. Greek central bank said in a statement 29, October Greek private banking sector credit growth further in September from 1.2% to 1%, enterprises, individuals and nonprofit institutions, credit volume has decreased. Greek central bank said the economic downturn, weak domestic demand for loans, banks become more cautious when extending credit, credit growth continued to weaken. In addition, the current outflow of the high level of banking deposits, heavy reliance on ECB funds. | | 12:20 pm |
The united Arab emirates has no intention to participate in the gulf unified monetary plan
Gulf Cooperation Council (GCC) Summit of the thirty-first December 6 opening in the United Arab Emirates capital of Abu Dhabi. UAE central bank governor Su Weidi said on that day, the UAE has no intention in the Gulf single currency plan ("Gulf currency"). The reason is that more than 60% of the volume of trade between the UAE are in U.S. dollars, in the short term the dollar will be decoupled from the United Arab Emirates dirham currency and turn to the practice of alternative currency will be a significant impact on Arab economies. This means that six members of GCC currencies in late 2001 to develop a unified plan has been determined can not be completed within the scheduled period.
However, the "Gulf currency" project follow-up to trend, attended the meeting of the GCC Secretary-General Abdullah al-Attiyah said: "There is no participation in the UAE, the Gulf monetary union is not complete, UAE, GCC will continue to be prepared to wait , re-added to the grand plans. "
To enhance regional economic cooperation and promote economic integration in the Gulf region, the GCC finance ministers of the six countries to be the end of 2001 established a monetary union in the 2010 plan. The end of 2006, Oman announced its withdrawal from the plan member on the grounds that the short term the monetary transition difficult. Since then, the GCC is also the second largest economy in the United Arab Emirates in May 2009 announced its withdrawal from monetary union plan. At that time away from the "Gulf currency" expected "date of birth," the end of 2010 there is one and a half years, the GCC can continue on this issue within the coordinate positions.
The GCC summit will be the end of nearly 2010, while the UAE's statement further declared over 10 years of "Gulf currency" program to determine the date can not be achieved within the scheduled. In view of the UAE in the GCC economy in an important position, the statement declared the basic plan of the Gulf common currency stranded. | | 12:17 pm |
Portugal suffered "negative observation" and Euro debt crisis expanded
With Greece, Ireland, the European Union have become the object of relief recently are looking to the outside world, "European pig Five" the other members, including Portugal and Spain extraordinary attention. Standard & Poor's rating agency on Tuesday said the Portugal "A-/A-2" rating on negative watch list, and may lower the Portuguese "A-" long-term foreign currency sovereign credit ratings.
Portugal last week just passed the 2011 Budget, the Government will increase taxes and cut public sector spending, the budget deficit next year, the proportion of GDP, from 7.3% this year to 4.6%. But the Standard & Poor's believes that the Portuguese government to promote economic growth in each of the reform measures taken to little effect. The agency said the real economy will shrink next year, Portugal, at least 2%, the countries included in the negative watch reflects the country's sovereign credit risk increased. Standard & Poor's will be completed within three months of Portugal's rating observation.
Portuguese central bank also released the same day, "Financial Stability Report", warned the Portuguese banking industry is facing "intolerable risk" to cut public sector spending to alleviate the situation the only way the banking crisis. December 1, the Portuguese Government issued a total of 500 million euros in the 12-month Treasury bills, the sovereign debt market for the Portuguese Government has confidence in the solvency of whether the offering will be tested.
Other European countries by the debt crisis of the "infected" countries such as Italy and Belgium, the situation becomes increasingly tense. Italy, 10-year bonds and German government bonds yield spreads between November 30 rose to a new high since the circulation of the euro; Belgium, the day the 10-year bond yields have risen to nearly 18-month high. | | 12:16 pm |
The European central bank announced that keep 1% dominant interest rates unchanged
2 European Central Bank announced a 16-nation euro zone to continue to maintain its main interest rate at 1%. This is the European Central Bank consecutive 20-month history of the interest rates at the lowest level.
European Central Bank President Jean-Claude Trichet at a news conference held later, said: "Based on current economic conditions and money market analysis, we believe that the current level of interest rates is appropriate."
Trichet also announced that the European Central Bank will continue to allocate funds at fixed rates in full the way the main refinancing operations and special refinancing operations, and will this policy be extended to April 2011. In addition, the European Central Bank will continue to expand the three-month fixed rate refinancing operations.
Given the current Ireland, Spain and other countries show tendency to spread sovereign debt crisis, most economic analysts believe the European Central Bank announced the continuation of the international financial crisis, the re-financing policy, commercial banks in the euro area is designed to provide sufficient liquidity support to ease market panic. This is the second launch of the second round of the United States last month quantitative easing policy, the European Central Bank for the first time a clear exit strategy that will slow the pace.
Press conference held before the market had predicted Trichet ECB may announce new plans to buy treasury bonds to curb the momentum of the euro fell the recent series. However, Trichet did not mention regarding the purchase of bonds, resulting in the day against the U.S. dollar fell after the euro.
Trichet said that recent statistical data and market research has repeatedly shown that the euro zone economy is steadily recovering. After a strong second quarter growth of 1%, the euro third-quarter real GDP rose 0.4% sequentially. At the same time, domestic market demand for euro-zone countries is gradually restored, but also support the global trade to pick up the euro zone exports. | | 12:13 pm |
A UN report released prediction: next year's world economic growth slower
United Nations Economic and Social Affairs today released the "2011 World Economic Situation and Prospects" report. Reported that since mid-2010, the world's significant slowdown in economic growth. Various economic indicators show that in 2011 the world economy to grow slower in 2011 world economic growth expected to be 3.1%, 3.5% in 2012.
The report stressed that the world economic outlook remains uncertain, a serious downside risks continue to plague the world economy, the cooperation of all major economies weakening, affecting the effectiveness of the international financial crisis, in particular, lack of coordination of monetary policy as a financial market the root causes of instability and uncertainty. If the world economic downturn is a reality, then the economic recovery will be further implications. The report notes that the recent fiscal stimulus measures still need to achieve economic recovery.
The report said the economic situation in the major developed countries continue to drag on the global economic recovery. Although they adopted over the past two years, fiscal and monetary policies to curb the worsening international financial crisis, the momentum and stimulate economic recovery, but the domestic financial system remains fragile, lack of energy supply and demand of credit, high unemployment, domestic consumption and weak investment demand, fiscal deficits and substantial increase in sovereign debt, both to add new financial market instability, fiscal policy also has brought enormous political and economic constraints. Therefore, many developed countries from 2011 onwards will have to take austerity measures, which would have a negative impact on economic growth.
Reported that in developed countries, the U.S. economy is the most serious since World War II and the longest to recover the economic crisis, but the strength of U.S. economic recovery is the weakest since World War II. The report predicts that U.S. economic growth in 2011 from 2.6% in 2010 to slow to 2.2% growth in 2012 will be 2.8%. Japan's growth prospects in Europe and more bleak, the euro zone's economic growth rate in 2011 is expected to only 1.3%, Japan's economic growth rate of 1.1%. | | 12:11 pm |
European Union finance ministers gathered in Brussels,temporary relief fund increase
EU finance ministers held in Brussels, Belgium, European Union finance ministers discussed the main issues is whether the interim relief fund to expand the size of the debt crisis and then anti-Fanou further expanded. Belgian Finance Minister Didier Ailei En Dyer that after the expiration of temporary financial assistance, the EU need to implement a permanent relief mechanism. However, German Chancellor Angela Merkel and French President Nicolas Sarkozy has reservations about this proposal.
May this year, the EU and IMF agreed to provide Greece in the next three years combined 110 billion euros to help the Greek through the debt crisis, and then on 21 November, the EU and the IMF and Helping Hand, Save Ireland 85 billion euros (repayment rate of 5.8 %).
Within a short span of the past six months, IMF and the European Union who spent huge amounts of money together twice, but the debt crisis in Europe and did not cease the pace of the spread, including Portugal and Spain in Europe is very likely to lead to the next debt crisis. Recently, the international rating agencies Moody's and S & P frequently on the edge of the country's sovereignty the EU level for the reduction of debt, highlighting the lack of confidence in the EU market.
The EU 750 billion euros of rescue funds, of which 440 billion euros by the euro-zone countries provide each other. Another 60 billion euros raised by the European Commission, IMF will provide the remaining 250 billion euros.
At this meeting, finance ministers will re-examine the amount of 750 billion euros, to discuss whether there is an increasing need. Currently, the European Central Bank and the IMF have expressed support for high-level increase in the amount of the ground to prevent similar to the EU core countries like Spain, unexpected. However, German Chancellor Angela Merkel and French Prime Minister Nicolas Sarkozy, the EU's two largest economies, the leaders have reservations about this proposal. | | 12:10 pm |
Euro group internal contradiction is sharp
9, German media reported that the Euro group president, Luxembourg Juncker has criticized the German government refused the position of the euro bonds.
Juncker eurozone countries proposed on Monday a common bond that the so-called Euro bonds, to prevent another financial crisis in Europe in the future. This proposal was immediately met with German Chancellor Angela Merkel and Finance Minister Schäuble rejected. Germany, worried that the euro bond issue means a member of their own poor was asked to share the credit risk of damage your credit rating.
For the German position, Juncker said there was no serious study to be rejected, such behavior shows that the German government is "a non-European approach in dealing with European affairs," thinking "a little simplistic." Juncker also said the restricted area and that in Europe the idea of other people do not consider the act he was very surprised.
German government spokesman responded that the establishment of a common euro-zone bond proposal "not new", the German government has been seriously studied, "the German government will continue to reject this proposal."
The spokesman also reiterated the position of Chancellor Angela Merkel, he said that the adoption of the euro bond issue there was not only economic, but also there are legal issues. If a uniform rate, then the euro area member states stimulus fiscal discipline will disappear. | | 11:50 am |
Obama has proposed tax cuts extended for two years
Obama 29, said that given the high public debt the United States, the proposed federal government employees in 2011 and 2012 to maintain the current level of wages, salary is no longer enjoy the treatment.
Obama held a news conference in Washington, said the proposed fiscal year 2011, saving 20 billion in spending over the next five years to save 28 billion U.S. dollars in expenses. The wage "freeze" proposal covering all U.S. federal government employees, including Department of Defense civilian employees, but does not include military personnel.
Obama said: "The U.S. deficit and reduce the U.S. fiscal position is sustainable, the cooperation of Democrats and Republicans need to cut unnecessary spending, which we all do need to make sacrifices."
The White House said in a statement the same day: "This is not an easy decision to freeze the pay of employees of the federal government is not a punishment, but we are going to reduce the deficit to take a number of initiatives."
U.S. Treasury data show that for fiscal year 2010 (ending September 30 this year), the U.S. federal budget deficit close to 1.3 trillion over the previous fiscal year has declined, but the proportion of GDP is still as high as 8.9% the fiscal deficit problem remains severe, long-term development has become a major U.S. economic worries.
Budget deficit under control the U.S. Congress Committee on 10 May issued a draft report that the United States must reform health care and social security and other public welfare policy, tax reform to reduce the huge budget deficit. Obama set in February this year by the 18-member Democratic and Republican Congressional Budget Control Committee to study the control of expenditure and taxation options. The Committee is scheduled to be submitted to Congress this year, early in December the official report on reducing the fiscal deficit. |
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