News That Matters

By thetrader.se

Ft.com

France’s largest private-sector banks will again see their credit ratings downgraded this week, the WSJ says, citing people familiar with the matter, who said Moody’s is expected to cut the ratings of BNP Paribas, http://ftalphaville.ft.com/thecut/2011/09/12/674176/fears-around-french-...

China is set to face renewed international pressure to allow its currency to appreciate faster as its trade with other countries remains robust while growth prospects falter in western economies, the FT says. China’s trade surplus shrank to $17.8bn in August from $31.5bn in July, http://ftalphaville.ft.com/thecut/2011/09/12/674226/china-trade-figures-...

Europe has moved closer to streamlining its securities settlement systems with an agreement expected next month of a deal between the European Central Bank and the region’s “central securities depositories” on a €1bn project, http://ftalphaville.ft.com/thecut/2011/09/12/674126/european-settlement-...

Senior European officials scrambled to reassure financial markets that they were taking more decisive action to deal with the worsening debt crisis, the FT reports, signalling that the most immediate impasse,http://ftalphaville.ft.com/thecut/2011/09/12/674096/greece-takes-action-...

New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, told the FT. Mr Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far,http://ftalphaville.ft.com/thecut/2011/09/12/674021/basel-iii-is-anti-am...

The Russian government is to become the largest shareholder in a new British medical company poised to launch what it claims is the world’s first molecular-scale nanotechnology treatment, the FT reports. RusNano, http://ftalphaville.ft.com/thecut/2011/09/12/674256/russia-takes-largest...

European banks are facing increasing strains on their balance sheets because of the dramatic jump in the cost to borrow dollars, essential for some institutions as they need to repay loans in US currency. The cost for European banks to swap euros into dollars has jumped fivefold since June, hitting the highest levels since December 2008, and raising the risk of insolvency in the region’s financial sector.http://www.ft.com/intl/cms/s/0/c02bd886-d9fd-11e0-b199-00144feabdc0.html...

Europe’s first junk bond sale in over six weeks has nurtured hopes that the continent’s euro-denominated high yield debt market may flicker back to life, despite turmoil emanating from the continent’sindebted periphery. Fresenius Medical Care, a German healthcare company, late last week priced a dual tranche, €400m and $400m junk bond, the first euro-denominated high yield offering since July 26, at a lower coupon than initially indicated. http://www.ft.com/intl/cms/s/0/0a83f012-db07-11e0-bbf4-00144feabdc0.html...

The September meeting of the US Federal Reserve’s rate-setting committee is likely to see it take action with Ben Bernanke, chairman, signalling that it “will certainly do all that it can” to boost a struggling economy. But there is no simple choice about what to do. The Federal Open Market Committee, which meets Sept 20-21, has to stitch together deep uncertainty about the growth outlook, a complicated set of monetary policy tools and extremely diverse views among its members over both of them. Several different tools will be up for debate. http://www.ft.com/intl/cms/s/0/f60366f0-dc95-11e0-8654-00144feabdc0.html...

David Cameron will today seek to put to one side the troubled relationship between Russia and Britain as he uses a one-day state visit to Moscow to emphasise common commercial interests between the two nations. During the first visit of a British prime minister to Russia since Tony Blair’s trip in 2006, Mr Cameron will be accompanied by a delegation of 24 business leaders from blue-chip companies such asRoyal Dutch Shell, BP, Rolls-Royce and British Airways. http://www.ft.com/intl/cms/s/0/ad134f22-dc7d-11e0-8654-00144feabdc0.html...

Wsj.com

Asian shares dropped sharply Monday, and the euro slumped to multi-year lows against the yen on fresh concerns of a Greek debt default, with the Tokyo stock market skidding to its lowest level in almost six months. Japan’s Nikkei Stock Average was down 2.1%, Australia’s S&P/ASX 200 fell 3.3%, while Hong Kong’s Hang Seng Index slumped 3.4% and India’s Sensex declined 1.5%. Markets in South Korea, China and Taiwan were closed for a holiday. Dow Jones Industrial Average futures were down 82 points in screen trade. http://online.wsj.com/article/SB1000142405311190426550457656543206151739...

Big Japanese firms turned upbeat on business conditions in the third quarter, a government survey showed on Monday, with the nation’s recovery from the March 11 disasters boosting sentiment despite the strong yen and looming threat of global economic slowdown. An index measuring the mood of big companies in a joint survey by the Finance Ministry and Cabinet Office improved to plus 6.6 in the July-September period, from minus 22.0 in the previous quarter. http://online.wsj.com/article/SB1000142405311190435350457656550367682292...

The Greek government said Sunday it will impose a new property tax to cover a €2 billion ($2.7 billion) shortfall in budget targets this year, which it has promised its international creditors in exchange for receiving fresh aid. In a news conference, Finance Minister Evangelos Venizelos said the property tax, which will be imposed over the next two years, was decided by an extraordinary cabinet meeting and comes amid growing fears of a Greek default in the weeks ahead. http://online.wsj.com/article/SB1000142405311190435350457656446246192113...

U.S. financial regulators are likely to miss an October deadline for the Volcker rule, a hotly contested part of last year’s financial-overhaul law that limits financial firms from trading with their own money. According to the Dodd-Frank law, regulators have until Oct. 18 to “adopt rules to carry out” the provision. But regulators haven’t agreed yet on even a draft proposal of the rule, which is named for former Federal Reserve Chairman Paul Volcker, who first proposed the trading curbs. http://online.wsj.com/article/SB1000142405311190426550457656462358978710...

Germany nominated its deputy finance minister, Jörg Asmussen, to succeed the country’s top official at the European Central Bank, Jürgen Stark, following Mr. Stark’s shock resignation. German Finance Minister Wolfgang Schäuble told reporters on Sunday that he hoped Mr. Asmussen would be able to start work at the ECB toward the end of the year.http://online.wsj.com/article/SB1000142405311190353280457656474026544969...

For many emerging nations that boast enviable rates of growth, there is a cautionary tale in India, which is paying the price for letting inflation infect its economy. The country’s central bank, the Reserve Bank of India, meets this week to decide whether once again to edge up its benchmark interest rate—now 8%—in the continuing tug-of-war between rising inflation and sliding growth.http://online.wsj.com/article/SB1000142405311190483610457656078038758075...

Marketwatch.com

Volatile markets and bad weather hit consumers in August, and economists expect data this week to show moderating retail sales. On Wednesday the Commerce Department will report on U.S. retail and food services sales for August, and analysts polled by MarketWatch expect a gain of 0.3%, compared with 0.5% in July. July’s result had marked the largest gain since spring, with a large increase at gas stations, along with growth at electronics and appliance stores, among other areas. http://www.marketwatch.com/story/august-retail-sales-expected-to-slow-20...

Reuters.com

Oil fell by more than $1 on Monday as the dollar strengthened and investors shunned commodity risk because of Europe’s deepening sovereign debt crisis, while economic gloom dampened the outlook for energy use. Brent crude fell as much as $1.12 to $111.65 a barrel and was down by 0.8 percent at $111.90 by 12:14 a.m. EDT, while U.S. crude slid $1.08 to $86.16. The dollar rose about 0.4 percent against a basket of currencies. .DXY http://www.reuters.com/article/2011/09/12/us-markets-oil-idUSTRE77838320...

Gold fell further on Monday but could attract bargain hunters after posting its worst closing since June in the previous session as the dollar rallied against the euro on growing doubts about Europe’s ability to resolve its debt crisis. Spot gold eased $4.21 to $1,852.95 an ounce by 8:18 p.m. EDT, well below a lifetime high around $1,920 struck last week. U.S. gold fell $3.3 to $1,856.2 an ounce.http://www.reuters.com/article/2011/09/12/businesspro-us-markets-preciou...

The euro hit a six-month low against the dollar and a 10-year trough versus the yen, falling below key technical levels and option barriers on worries that the euro zone’s support for Greece is wobbling and the country may be forced to default on its debt. The Australian dollar, sometimes seen as a barometer of market players’ risk appetite, tumbled more than 1 percent to a three-week low, below its 200-day moving average, as investors fret that the global economy will be dealt a severe blow if the euro zone debt woes deepen. http://www.reuters.com/article/2011/09/12/us-markets-forex-idUSTRE74U02L...

IMF chief Christine Lagarde said on Saturday that reports of a draft IMF document showing a $273.2 billlion shortfall in European banks’ capital were misleading and the lender was still finalizing its study. “There has been misreporting about the 200 billion euros, this number is tentative,” Lagarde told a news conference after G7 and G8 finance talks in the southern French city of Marseille.http://www.reuters.com/article/2011/09/11/us-imf-lagarde-idUSTRE78A05B20...

Bloomberg.com

Germany may be getting ready to give up on Greece, as measures in the credit markets signal growing concern about the smaller nation’s ability to repay investors.  Yields on Greek two-year notes rose 1.93 percentage points to 57 percent on Sept. 9, according to data compiled by Bloomberg. Credit-default swaps to insure the country’s five- year bonds and to speculate on government securities jumped 475 basis points to a record 3,500 basis points, according to CMA. The contracts are the highest in the world and more than three times the 1,134 basis points on Portugal’s debt. http://www.bloomberg.com/news/2011-09-12/germany-readies-surrender-in-fi...

Mario Draghi may find it harder to keep the European Central Bank in the vanguard of the battle against the euro region’s debt crisis after Juergen Stark resigned in protest at the bank’s bond purchases. With speculation of a Greek default heaping pressure on the ECB to step up its bond buying and reverse interest-rate increases to ease market tensions, Stark’s shock move has publicly exposed a rift among policy makers that may undermine its ability to act quickly, economists said. German opposition to further ECB stimulus may also make Draghi less inclined to ease policy when he takes over from ECB President Jean-Claude Trichet on Nov. 1, said Marco Valli, chief euro-area economist at UniCredit Group in Milan. http://www.bloomberg.com/news/2011-09-11/draghi-may-struggle-to-deliver-...

Investors are valuing European banks at levels not seen since the depths of the credit crunch that followed the collapse of Lehman Brothers Holdings Inc. (LEHMQ) as concern over a Greek default and debt contagion escalates. A Bloomberg index shows 46 lenders trading at 0.58 times book value, the cheapest since the post-Lehman lows of March 2009, signaling investors estimate their assets are worth just over half what the companies claim. Valuations reflect the impact of a potential sovereign default for some banks, according to Barclays Capital analysts led by Jeremy Sigee. http://www.bloomberg.com/news/2011-09-11/europe-banks-at-post-lehman-low...

Pimco Total Return Fund (PTTRX), the world’s largest mutual fund, is having its worst year versus rivals based on records going back to 1995, and Bill Gross’s decision to dump Treasuries isn’t the only reason. Gross bet almost $11 billion in the second quarter on an index of U.S. corporate credit risk, raised the amount of insurance the fund provides on sovereign debt and put $1.3 billion into Italian Treasury bonds linked to inflation, according to an August regulatory filing. http://www.bloomberg.com/news/2011-09-12/pimco-s-gross-raised-credit-ris...

Cnbc.com

The recent gyrations in global stock markets are just the beginning, says U.S.-based economist and author Harry Dent, who believes the Dow will fall below 10,000 in the near term before crashing to around 3,000 in 2013. “I think the stock crash started in late April. This is just the first wave down…I think the crash really starts some time in early 2012,” said the Founder and CEO of economic research company HS Dent and author of upcoming book “The Great Crash Ahead”. http://www.cnbc.com/id/44481286

Senior politicians in German Chancellor Angela Merkel’s center-right coalition have started talking openly about a Greek default, reflecting mounting concern in Europe’s biggest economy about the debt crisis and pressuring Greece. “To stabilize the euro, there can no longer be any taboos,” Philipp Roesler, economy minister and leader of Merkel’s junior coalition partner, the Free Democrats (FDP), told Die Welt. http://www.cnbc.com/id/44478250

Dailyfinance.com

China’s central bank said Monday that cooling surging prices still is its top priority even after inflation eased slightly in August. The announcement might disappoint companies and investors who hope Beijing will respond to a slowing global economy by reversing repeated interest rate hikes and other curbs imposed in an effort to cool China’s overheated economy. Beijing is trying steer growth that hit 9.5 percent in the latest quarter to a more sustainable level even as Washington and other Western governments struggle to shore up tepid growth and prevent a renewed global recession. http://srph.it/ou5MvV

Foxbusiness.com

G7 finance chiefs meet Friday under heavy pressure to take action to revive flagging economic growth in rich nations and calm the biggest confidence crisis in financial markets since the global credit crunch. Host country France has called for a coordinated response from the Group of Seven industrialized nations after mounting anxiety over Europe’s debt crisis and the fragility of its banks caused a big fall in world stock markets in recent weeks. Differences between the economic problems facing the United States, Britain and euro zone states are complicating the task though, meaning one-size-fits-all solutions will not work. http://www.foxbusiness.com/markets/2011/09/09/economic-gloom-piles-press...

Washingtonpost.com

Societe Generale SA, BNP Paribas SA and Credit Agricole SA are being quoted higher rates than their competitors in the commercial paper market as the crisis in the euro zone spreads beyond Greece, Portugal and Italy. Investors charged the French companies an average 6.7 basis points more to borrow three-month commercial paper on Sept. 8 than the rate the lenders said they could pay in the London interbank offered rate market, according to two buyers who asked not to be identified because the talks are private. As recently as July, the banks received CP rates that were lower than Libor.http://washpost.bloomberg.com/story?docId=1376-LR9D5G07SXKX01-2C83U0UDIC...

BBC.co.uk

China’s imports hit a record monthly high in August, indicating a strong domestic demand despite concerns of a global economic slowdown. Imports surged by 30.2% from a year earlier to $155.6bn (£98bn), government data released over the weekend showed.  Exports rose by 24.5% resulting in a trade surplus of $17.8bn, down from $31.5bn in the previous month. http://www.bbc.co.uk/news/business-14877003

Finance ministers from the G8 group of industrialised countries have pledged nearly $40bn (£25bn) to several Arab countries to help with reconstruction and moves towards democracy. The money will go to Egypt and Tunisia, which overthrew their autocratic leaders, as well as Morocco and Jordan. In addition, the International Monetary Fund (IMF) has recognised Libya’s post-Gaddafi leadership.  The G8 – the world’s richest countries plus Russia – is meeting in Marseille. http://www.bbc.co.uk/news/business-14866198

International Monetary Fund chief Christine Lagarde has urged “bold action” on the faltering world economy, as the G7 group of leading economies met for talks in Marseille. he G7 is discussing a “coordinated response” to the economic turmoil. The two-day meeting comes as the Organisation for Economic Co-operation and Development (OECD) predicted a global slowdown this year. Europe is also struggling with a sovereign debt crisis. “The key message I wish to convey today [Friday] is that countries must act now – and act boldly – to steer their economies through this dangerous new phase of the recovery,” Ms Lagarde said in London, before flying to the G7 meeting. http://www.bbc.co.uk/news/business-14851393

Telegraph.co.uk

Sir John Vickers will offer “a take it or leave it” package of reforms to George Osborne on Monday, when the Independent Commission on Banking (ICB) delivers what will be the most fundamental reshaping of the sector since the Big Bang.  The former head of the Office of Fair Trading will say the benefits of the ICB’s proposed reforms to the country far outweigh the costs on the banking industry, which analysts estimate range from £2bn to £10bn.  The ICB is expected to say reforms could be implemented quickly if desired but it is thought the Treasury will take until the end of the year to respond in detail. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8756241/...

Germany has stepped up its rhetoric against Greece, warning that the debt-laden country could default on its debts in a move that highlights the growing divisions at the heart of Europe. Philipp Roesler, Germany’s economy minister, said an “orderly default” for Greece could no longer be ruled out and branded the country’s deficit-reduction measures “insufficient”.  The warning is likely to spook financial markets further and comes despite Greece yesterday announcing a fresh €2bn (£1.7bn) of budget cuts and the introduction of a country-wide real estate tax. http://www.telegraph.co.uk/finance/financialcrisis/8756312/German-minist...

While equities, industrial metals and currencies have all been feeling the jitters of a world threatening to tip into recession, there is one commodity class showing few signs of ending its bull run. This week, the UN Food and Agriculture Organisation (FAO) revealed that food prices eased slightly in August, dropping from 231.7 to 231.1.  This puts them only 3pc below the February peak seen just before concerns about rising food prices were cited as a possible catalyst for Middle East and North African uprisings. http://www.telegraph.co.uk/finance/commodities/8755843/Intervention-may-...

Guardian.co.uk

The directors of Britain’s largest companies have secured above-inflation pay rises and larger than normal bonuses this year in a rush to make up for the recession pay freeze. Increases for main board directors in FTSE 100 companies in 2011 are typically between 2.5% and 7.5%, with a median of 4%, according to research by accountants Deloitte, while FTSE 250 rises average 3%. The numbers suggest that the pay gap between company directors and their staff has widened in the latest round of salary rises. http://www.guardian.co.uk/business/2011/sep/12/ftse-100-executive-pay-ri...

Straitstimes.com

The worst pain of Britain’s austerity measures will be felt in the 10 years to come, amid some of the worst falls in living standards since World War II, the IFS economic research institute said on Monday. With the government trying to rein in Britain’s record deficit, household incomes will suffer as public spending reductions and tax rises begin to bite, the Institute for Fiscal Studies said in a report. The government had only been able to soften the blow of the recession until now through ‘unusually generous’ increases in financial support, it added. ‘The current economic downturn began more than three years ago, and may seem like old news,’ said Robert Joyce, a research economist at IFS and a contributor to the report. http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_712091.htm...

Prime Minister Silvio Berlusconi boasted on Sunday that his austerity program, in the process of getting parliamentary approval, had saved Italy. In a message published on the website of the so-called ‘promoters of Liberty’ in his party, he said the government’s plan ‘saved our accounts, protected the savings of Italian citizens. We have saved Italy.’ He said the austerity measures would enable the country to balance its budget by 2013 for the first time since 1876. http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_712032.htm...

Xinhuanet.com

Bankcard transactions conducted during the first half of the year amounted to 178.6 trillion yuan (about 27.9 trillion U.S. dollars), according to data released on Friday by the China Banking Association. Banks in China have issued a total of 2.67 billion bankcards as of the end of June, or roughly two cards for every Chinese citizen, according to the association. The massive figures were supported by fast-growing retail sales, which rose 17 percent year-on-year to hit 1.47 trillion yuan last month, according to data published on Friday by the National Bureau of Statistics. http://news.xinhuanet.com/english2010/china/2011-09/09/c_131129658.htm

China’s industrial value-added output is expected to grow 13.5 percent year-on-year this year, the Ministry of Industry and Information Technology (MIIT) said in a report Friday. The rise will slow from the 14.2-percent growth for the January-August period, according to the National Bureau of Statistics (NBS). August recorded a 13.5 percent increase, down 0.5 percentage points from that of July. Industrial production will “face a more complicated environment for the rest of the year,” said the report jointly issued by the MIIT and the Chinese Academy of Social Sciences, a government think tankhttp://news.xinhuanet.com/english2010/china/2011-09/09/c_131129318.htm

China’s August automobile sales rose 8.29 percent month-on-month to 1.38 million units, up 4.15 percent from a year earlier, the Ministry of Industry and Information Technology said Friday. Automobile output reached 1.39 million units in August, up 6.66 percent from July and 8.72 percent year-on-year, according to a statement posted on the MIIT’s website. The August figure brought auto sales for the first eight months of 2011 to 11.98 million units. Automakers have been making efforts to reduce their inventories after the government ended incentive programs and imposed new limits on car purchases at the beginning of this year. http://news.xinhuanet.com/english2010/china/2011-09/09/c_131127982.htm

The world will experience a second, deeper downturn between the beginning and the middle of next year, visiting American economic forecaster Harry Dent predicted on Sunday. He said the downturn will start in Europe and spread to the United States, China and eventually Australia. “Australia is probably the best place in the world to survive this, but we do think Australia will not escape as well as it did from the last crisis (in 2008),” Dent told Australia Associated Press on Sunday. He said that at the center of the coming debt crisis is real estate. http://news.xinhuanet.com/english2010/business/2011-09/11/c_131132830.ht...

Global economy is expected to grow 3.8 percent in 2011, a slower pace than what was projected in spring, according to a report released by a leading think tank in Washington on Friday. After solid performance across most of the world economy early this year, global growth slowed significantly in the spring and yet shows little sign of accelerating, said Michael Mussa, senior fellow of Peterson Institute for International Economics in his semiannual meeting on global economic prospects. World growth in 2011 will be more than one percentage points lower than the 5 percent growth rate in 2010, said Mussa, former chief economist of the International Monetary Fund (IMF). http://news.xinhuanet.com/english2010/business/2011-09/10/c_131130997.ht...

Thehindu.com

The prospects for harvesting bumper food crops for two seasons in succession have given rise to intractable problems for the ministries concerned on the food front. It was not expected that the yield of foodgrains in the 2010-11 season would rise to dizzy heights and finally estimated that the output of all crops would be 241.56 million tonnes against only 218.11 million tonnes in 2009-10. It was not expected in the initial stages that the total output would be more than 235 million tonnes. What is noteworthy is the fact that an all time peak has been achieved even with rice yield being lower at 95.32 million tonnes against the earlier record of 99.15 million tonnes in 2008-09.  Even so procurement operations in both fine cereals, rice and wheat, had to be intensified and buffer stocks reached a new high level of 65.2 million tonnes even in June this year. http://www.thehindu.com/business/article2444675.ece

Economictimes.com

Manufacturing sector growth is decelerating due to higher cost of raw materials and credit, an assessment survey shows. Only 10% of sectors reported growth of above 20%, or excellent growth, in the April-September period this year, against 35.7% in the year-ago period, a CII-ASCON survey based on feedback from 3,500 manufacturing related companies showed. Negative growth was recorded in 25.6% of sectors, compared with 8.7% in 2010. “The government needs to speed up the reform agenda in order to get the manufacturing sector back on track. Unveiling the National Manufacturing Policy at the earliest would be a step in the right direction,” said CII Director-General Chandrajit Banerjee. http://economictimes.indiatimes.com/news/economy/indicators/manufacturin...

Yonhapnews.co.kr

China will soon allow foreign direct investment in yuan, the Chinese government said Sunday, a move seen to promote the use of the Chinese currency by foreign investors. Last month, the Chinese Ministry of Commerce issued a proposal to solicit public feedback regarding FDI in China by Taiwan, Hong Kong and Macau investors using the Chinese currency. “Unless a special event occurs, the limit (on FDI) will be lifted in September,” Shen Danyang, spokesman for the Commerce Ministry, said in a statement. http://economictimes.indiatimes.com/news/economy/indicators/manufacturin...

Tehrantimes.com

Iran earned around $56 billion from crude oil exports in the first 7 months of 2011, showing a 36 percent increase in comparison to the same period last year, official U.S. data shows.  The figures released by the U.S. Energy Information Administration (EIA) said that Iran’s oil revenue stood at 41 billion dollars in the first 7 months of 2010, which increased some 15 billion dollars in the same period in 2011.  The growth in Iran’s oil revenue came despite the fact that the United States has intensified pressure on the customers of Iranian oil in the recent months. http://www.tehrantimes.com/index.php/economy-and-business/2423-irans-oil...

Iran will launch the Middle East’s largest oil platform in Reshadat oilfield in the Persian Gulf by the next few days. The platform, referred to as P4, has been constructed domestically, the Mehr news agency reported.  The P4 platform has a weight of 3,100 tons, which will increase to 4,500 tons following the installation of stabilizing pillars. A structure weighing 9,000 tons would also be installed on the platform. Reshadat oilfield is located 110 kilometers southwest of Lavan Island. Once all the phases of the field become operational by 2012, some 75,000 barrels would be added to Iran’s total daily oil production. http://www.tehrantimes.com/index.php/economy-and-business/2455-iran-to-l...

Thetrader.se

Remember those interest rates? Interest rates down, market up, or? Quick recap of yields vs equities. With yields at record lows, the US is enjoying the luxury of cheap funding, but for how long? Don’t forget the average interest rate since WWII is much higher http://www.thetrader.se/2011/09/11/quick-recap-of-interest-rates/

With Unemployment running well above 20%, the property market having collapsed (and will collapse even more), and the Economy is struggling, Spain should review some of Richest tax practices. When Tax Evaders are seen as heroes, the country misses out on a lot of Tax Revenues. If Spain, additionally, also would include the many non registered Wealthy foreigners enjoying Spain’s sun, while officially not living there, the tax revenues would improve dramatically. In Spain, everything is under the sun, even the Tax Evaders. http://www.thetrader.se/2011/09/11/spain-when-tax-evaders-are-seen-as-he...

Mr Papp is again telling the World Greece will meet its budget targets. One wonders if anybody believes these words anymore? As The Trader has argued before, the Greek problem is not so much the Debt, but the lack of competitiveness. With the Euro it is impossible for Greece to revive the Economy, which is crucial to restarting the engines. Countries have defaulted before, and will do so in future. Greece should be left to default, so it can restart the engines after restructuring the Economy. It will be painful, but necessary. Words by the Political Elite should be viewed critically, as they have ruined the country for generations. Below weekend observations from Kathimerini; http://www.thetrader.se/2011/09/11/weekend-in-greece/

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