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Summarizing the Troika'a statement, with some gratuitous commentary
- Sixth tranche depends on Eurogroup, IMF approval: the use of Greece as a passthru vehicle for Eurobank funding will continue until morale and bank CDS improve
- Troika says Greek recession to be deeper than anticipated, 2011 fiscal target no longer within reach: the 50% negative revision in deficit to GDP in the past month has been duly noted
- Recovery only expected from 2013 onward: when it will be Bundesrepublik Griechenland
- Privatization revenue below expectations: must sell more islands to the Chinese, more gold to Qatar
- Additional Greek measures likely needed; essential more emphasis placed on structural reform - back in the day "freefall bankruptcy preparation" was not called "structural reform"
- Greece needs additional measures for 2012, 2014 - must be certain future penetration can proceed absent lubrication
- Greece overall made important progress - riotcam viewership is now PeyPerView and is used to pay for G-Pap's 3rd winter vacation
FRANKFURT (MarketWatch) -- Greece's troika of international lenders -- the European Union, International Monetary Fund and European Central Bank -- on Tuesday said Athens is likely to receive an 8 billion euro ($10.9 billion) tranche in early November. The joint statement comes after officials from the three institutions completed a delayed review of Greece's efforts to meet terms of last year's 110 billion euro rescue. The Greek government proposed additional austerity measures after failing to meet fiscal targets. "Once the euro group and the IMF's Executive Board have approved the conclusions of the fifth review, the next tranche of 8 billion euros(5.8 billion euros by the euro area member states, and 2.2 billion euros by the IMF) will become available, most likely, in early November," the statement said.
Heilongjian Beidahuang Nongken Group Co., China’s biggest farming company, plans to invest $1.5 billion to develop farms and expand a port in Argentina’s southern region to help ensure food supplies for 20 years.
China is the largest buyer of Argentine soybeans, the country’s main agricultural export, as well as soy-oil. China became Argentina’s third-largest foreign investor in 2010 and is expanding its presence in Latin America by investing in mining, oil and agricultural products as its seeks commodities supplies.
Under the accord, Beidahuang will finance farming of wheat, corn, soybeans, fruit and vegetables and the production of wine in Rio Negro without buying land, said Bruno. The company will also expand a hydraulic power plant and San Antonio’s port, where the produce will be shipped to China, Bruno said.
[...]The government of Prime Minister Iveta Radicova is expected to lose a confidence vote she has linked to the vote on the bailout fund in an attempt to sway rebels in her four-party coalition to back the bailout fund.
However, a repeat vote on the EFSF could be held later this week and passed, if the government receives the support of opposition lawmakers from the left-of-center Smer-Social Democracy, or Smer, party. This would likely require a cabinet reshuffling. The repeat vote on the EFSF is unlikely to take place Wednesday as more time for political talks will be needed.[...]
- RTRS-SLOVAK PARLIAMENT REJECTS PLAN TO EXPAND EFSF, GOVERNMENT LOSES CONFIDENCE VOTE
- SLOVAK OUTGOING GOVERNMENT EXPECTS EFSF TO BE APPROVED IN REPEATED VOTE, LIKELY THIS WEEK
Insert clip about the Spanish inquisition.
The city of Harrisburg, Pennsylvania, facing a state takeover of its finances, filed for bankruptcy protection following a vote by City Council, according to a lawyer for the council.
Mark D. Schwartz, a Bryn Mawr, Pennsylvania-based lawyer and former head of municipal bonds for Prudential Financial Inc.’s mid-Atlantic region, said he filed the documents by fax to a federal bankruptcy court last night. The filing couldn’t be confirmed with the U.S. Bankruptcy Court in Harrisburg.
The state capital of 49,500 faces a debt burden five times its general-fund budget because of an overhaul and expansion of a trash-to-energy incinerator that doesn’t generate enough revenue.
Do you want to know the real reason banks aren't lending and the PIIGS have control of the barnyard in Europe?
It's because risk in the $600 trillion derivatives market isn't evening out. To the contrary, it's growing increasingly concentrated among a select few banks, especially here in the United States.
In 2009, five banks held 80% of derivatives in America. Now, just four banks hold a staggering 95.9% of U.S. derivatives, according to a recent report from the Office of the Currency Comptroller.
The world's gross domestic product (GDP) is only about $65 trillion, or roughly 10.83% of the worldwide value of the global derivatives market, according to The Economist. So there is literally not enough money on the planet to backstop the banks trading these things if they run into trouble.
Compounding the problem is the fact that nobody even knows if the $600 trillion figure is accurate, because specialized derivatives vehicles like the credit default swaps that are now roiling Europe remain largely unregulated and unaccounted for.
Ten companies with at least $100 million in assets filed for Chapter 11 bankruptcy last month - the most since April when 17 such companies filed. So far in October five more big companies have filed, including Friendly Ice Cream Corp. and Open Range Communications Inc.
They join a list this year that includes Borders Group Inc. (PINK: BGPIQ), paper manufacturer NewPage Corp., skin-cream maker Graceway Pharmaceuticals and the notorious solar panel manufacturer Solyndra Inc.
In fact, 2011 has been the worst year for corporate bankruptcies since 2009, when the financial crisis touched off by the Lehman Brothers' collapse caused a record number of filings.
J.P. Morgan Chase & Co. JPM -4.34% became the latest too-big-to-fail bank to take advantage of an interesting trade: the bank hedges the spread on its own debt. When investors bid up the yield — an indicator that they think the bank won’t pay — J.P. Morgan makes money.