December 2012

MARKET OVERVIEW 2012-12-13 07:15 GMT Deal on ECB to oversight top EZ banks by end 2013 After the agreement among EU finance ministers to allow the ECB to supervise banks in the Euro-zone, a stream of follow-up headlines continues via Reuters, saying that the ECB new supervisory role should be up and running by end […]

2012-12-12 07:15 GMT Greek banks tender rest of Greek debt holdings to help reach buyback target According to reports, Greece has reached the bond buyback target at 31.5 billion euros on Tuesday. The deadline for submitting bids was extended by one more day yesterday, due to the inability to reach the expected 30 billion euros

2012-12-11 07:10 GMT Silvio Berlusconi Makes Trouble For EURUSD Bulls Although the single currency is higher on the day, it’s abundantly clear that the recent resignation by Italian Prime Minister Mario Monti is keeping Euro bulls at bay. The prime minister is now scheduled to step down following the 2013 budget vote taking place before

2012-12-10 07:14 GMT Italian PM Monti announces intention to resign; early elections likely in February The political news coming from Italy, in which current primer minister Mario Monti plans to resign once the 2013 budget goes through parliament and is approved, are not sitting well with the Euro, as investors anticipate it may lead to

2012-12-06 16:46 GMT ECB, Berlusconi Hit EURUSD Hard Lower by 0.73% in the morning session, the EURUSD is being weighed down by major developments in Europe. Specifically, sparks of political instability in one of the troubled EU members, as well as a pessimistic outlook on Europe’s growth potential is making it difficult for traders to

2012-12-05 22:41 GMT S&P downgrades Greece to selective default In an unsurprising headline, reflected by the marginal losses in EUR/USD since the news broke, the rating agency S&P has downgraded Greece’s long-term debt rating to selective default from CCC. Greece is technically default. The Greek government invitation to private sector bondholders involvement to participate in

2012-12-04 14:08 GMT No breakthrough on banking union due to Franco-German dispute A clash between France and Germany over banking supervision in the Eurozone prevented the Eurogroup from reaching an agreement on the EU banking union on Tuesday. EU finance ministers decided to hold an additional meeting on December 12, just ahead of the EU

2012-12-03 09:47 GMT Spain makes formal request for EU funds to recapitalize ailing banks Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank”, are due to be released on December 12. Four nationalized Spanish banks will be the

2012-12-02 23:07 GMT Merkel no longer discards losses on Greek debt Weekend headlines suggest German Chancellor Angela Merkel may be re-thinking its stance over future Greece’s debt haircuts, after she said on Sunday this is an option to consider, although not until the ongoing rescue program shows Greece’s budget turned into a surplus. Since last