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PAPANDREOU OPEN LETTER TO THE PRESIDENT OF THE EUROGROUP JEAN CLAUDE JUNCKER

July 26, 2011 by Asymptotix   Comments (0)

 PRIME MINISTER’S PRESS OFFICE Athens, 11th July 2011 LETTER BY PRIME MINISTER GEORGE A. PAPANDREOU TO THE PRESIDENT OF THE EUROGROUP AND PRIME MINISTER OF LUXEMBOURG JEAN CLAUDE JUNCKER Dear Jean Claude, read more

Viviane Reding (EU Commission) criticizes role of US credit rating agencies in debt crisis

July 26, 2011 by Asymptotix   Comments (0)

Political leaders in Europe have expressed growing criticism of the power exercised by the three major credit rating agencies. EU Justice Commissioner Viviane Reding said breaking up the big three was one option. European Union Justice Commissioner Viviane Reding has joined growing opposition to the power wielded by the three dominant, US-based credit rating agencies in the on-going eurozone debt crisis that has brought Greece, Ireland and Portugal to the brink of economic collapse. read more

Clock countdown to the government shutdown

July 26, 2011 by Asymptotix   Comments (0)

Sunday night's budget talks lasted 75 minutes. The US budget deficit negotiators have until 2nd August to agree on an increased debt ceiling. Otherwise a government shutdown will take effect. read more

Friday this week is EBA day - publication of highly detailed information about bank holdings

July 26, 2011 by Asymptotix   Comments (0)

German banks have launched a stinging attack on the imminent publication of highly detailed information about their holdings, claiming these could worsen the sovereign debt crisis and encourage “targeted speculation” against individual financial institutions. The European Banking Association plans on Friday to release detailed debt holdings data for 91 of the European Union’s largest banks including 13 from Germany as part of its much anticipated stress tests. read more

Eurozone finance ministers meet amid contagion fears

July 26, 2011 by Asymptotix   Comments (0)

European finance ministers meet today to discuss solutions to Greece’s debt crisis as markets ratchet up the pressure on the eurozone’s other indebted nations, Italy and Spain. The group of 17 eurozone finance ministers will continue negotiating how public and private sector investors could ease Greece’s debt woes without prompting rating agencies to label the changes a default. read more

Bank of America Corp Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010

July 26, 2011 by Asymptotix   Comments (0)

Bank of America Corp. (BAC) Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010, the most awarded to an executive at the bank and this year he was promoted to chief financial officer. His stature isn’t an anomaly read more

The Political Economy of Quantitative Easing

July 26, 2011 by Asymptotix   Comments (0)

Why a Monetary Stimulus was Insufficient this time around It's a well worn phrase but a profound idea that no matter how clever or high performance your forecasting system; you never see a turning point in an economic time series until it's behind you. read more

Visualizing Uncertainty - the Fan Chart

July 26, 2011 by Asymptotix   Comments (0)

The Bank of England invented the first fan chart, published in February 1996. At the BoE, the Fan Chart visualizes a crucial methodological process; the fan chart portrays a probability distribution that approximates to the BoE MPC's (Monetary Policy Committee) subjective assessment of inflationary pressures evolving through time, based on a central view and the risks surrounding it[1]. To derive the MPC's forecast distribution, three parameters need to be evaluated. read more

Moody's: Stress Tests Set to Fail 26 Banks

July 26, 2011 by Asymptotix   Comments (0)

Nearly one-third of 91 European banks undergoing the latest round of public stress tests could need external support to be brought up to scratch, Moody's Investors Service said Wednesday, as the sector braces for the results of the tests to be published next week. read more