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Originally posted by Fenice999
Failure to save East Europe will lead to worldwide meltdown
The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.
If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung. Austria's finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria's GDP. "A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen. The European Bank for Reconstruction and Development (EBRD) says bad debts will top 10pc and may reach 20pc. The Vienna press said Bank Austria and its Italian owner Unicredit face a "monetary Stalingrad" in the East
We are nearing the point where the IMF may have to print money for the world, using arcane powers to issue Special Drawing Rights.
OMX Baltic is an all-share index consisting of all the shares listed on the Main and Secondary lists of the Baltic exchanges with exception of the shares of the companies where a single shareholder controls at least 90% of the outstanding shares. The aim of the index is to reflect the current status and changes in the OMX’s Baltic Market. The base date for the OMXB is December 31, 1999, with a base value of 100. The index is calculated in Euro and is available as PI and GI. The index values are disseminated with 60 seconds interval.
Originally posted by Jed1Knight
The USD is up, not down?
Can someone explian to me?
AUSTRALIA'S biggest and most reliable customer, Japan, has plunged into depression, with federal Treasurer Wayne Swan now warning of the worst global downturn "in our lifetimes".
- Japan among worst hit
- Businesses forecast losses
- Australian export fears
Japan's economy shrank an annualised 12.7 per cent over the December quarter, its worst result since the 1974 oil shock.
Japan is by far Australia's biggest export customer, accounting for one in every five container ships that leave Australia's shores.
The new figures put it among the worst-hit casualties of the global crisis.
The annualised contraction of 12.7 per cent, or 3.3 per cent in quarterly terms, dwarfs those of the United States and Europe and is much worse than anything that happened to Japan during its so-called "lost decade" of recession in the 1990s.
The collapse in growth fits the profile of a depression — a deep recession in which annual GDP falls by 10 per cent or more.
Originally posted by GoalPoster
In early trading, the DOW is down 190 points for a 2.5 percent hit.
Welcome to the wonderful ivory-looking tower made of cards . . . and the grubby hands of the elite who wish to consolidate power among the very few are reaching for the bottom card and blowing a windstorm at it while their dirty little fingers grope at the foundation.