I was posting about the Eurozone, not the European Union. I heard on CNBC today that Germany's exports have benefited from Greece helping to keep the euro down.
Yes, probably will postpone. Did you get in tankers before their run up? BGG is up a little today maybe b/c of generator demand from NE storm.
Bulgaria isn’t eligible for the Euro currency b/c they aren’t in the Eurozone. According to Sofia (Bulgaria’s news agency), Bulgaria is now trying to renew Eurozone mbrship. The currency board system they have is dangerous to the banks in the country. Corporate Commercial Bank (KTB) is undergoing insolvency proceedings following a huge bank run last year. Gancho Ganev, an economist, is confident Bulgaria's move could bring about benefits on the macro-economic side and help the country emerge from its ongoing stagnation. He says if they had entered the Eurozone, they would have had a different money supply and lending would have been carried out quite differently, since interest rates would have been at least half as high. Others believe citizens will not feel any substantial difference in the Eurozone.
Greece’s collation gov may be ending – will have to wait for the final vote count to see if Syriza will be a self-reliant gov. Of course looks like Syriza will have the majority in Parliament.
jonny on the spot, you guessed it – Mr. Hooston resumed his responsibilities today as Executive VP and CFO from which he had been on administrative leave to attend to personal family issues. As you suggested, Ms. Reinhard may have felt she deserved to be promoted from Sr VP to Exec VP and the company was holding out for Mr. Hooston’s return.
Greece's debt managers agreed to a huge deal with the savvy US bankers at Goldman Sachs at the start of 2002. The deals involved so-called cross-currency swaps in which government debt issued in dollars and yen were swapped for euro debt for a certain period to be exchanged back into the original currencies at a later date. For Greece, GS devised a special kind of swap with fictional exchange rates, i.e., off-market rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way GS secretly arranged additional credit of up to $1 billion for the Greeks.
As a matter of policy, those entering these agreements (Greeks?) were prevented from obtaining knowledge of comparable market prices on the basis such knowledge would enable them to trade against the bank arranging and hedging the deal.
Ha, Fiona Laffan, a spokeswoman for GS firm in London, said the agreements were executed in accordance with guidelines provided by Eurostat, the EU’s statistical agency. Actually, Eurostat's reporting rules didn't comprehensively record transactions involving financial derivatives (swaps). "The Maastricht rules can be circumvented quite legally through swaps, says a German derivatives dealer.
The Lisbon Treaty came into force on January 1 2009 and made it illegal to use off-market rates in swaps.
The Greek Government debt was manipulated by a group of fraudulent speculators and their accomplices, Greek and foreign citizens and government officers with the intent to manipulate the Greek Government Bond Market. “The same persons responsible for the placement of the Greek Govt debt in the international markets, were double dealing with CDS and Govt Bonds, short selling, covered or naked transactions, acting against the interest of their customer, that means the Greek Republic.” See “How Goldman Sachs Helped Greece to Mask its True Debt”
along with 9 other applications. CBD catapulted into a national story after being an important part of the 2013 CNN documentary "Weed" that resulted in sweeping changes in #$%$ laws throughout the U.S. Thus far, CBD has only been available in a pharmaceutical that requires a prescription or over-the-counter in hemp oil.,
The patent allows Stevia to market its products marked “patent pending” while maintaining priority status ahead of others who may be interested in producing the same products.
Stevia must file a non-provisional patent within 12 months to maintain priority status. After its filing, the U.S. patent office will decide if the products can continue to be sold under patent.
Mr. Blankenbaker says "We believe future planned developments will put us in an enviable position among all companies in the acetaminophen and cannabidiol markets. We believe the application that we have filed with the USPTO allows the Company to pursue a strategic and broad business strategy to legally market and sell a product that can be sold as an OTC healthcare product.”
A possible read between the lines: “On January 12, 2015, Nancy Reinhard notified Doral Financial Corporation (the "Company") that she was considering resigning her position as Acting Chief Financial Officer and Principal Accounting Officer of the Company. On January 16, 2015, Ms. Reinhard did in fact resign from these positions effective January 19, 2015.”
Perhaps she was hoping Doral would offer her more money to stay. It’s kind of an opportune time to pressure Doral. Cant’ blame a gal for trying; after all it wasn’t that she wasn’t contributing. She retained her position as Principal Accounting Officer after being “appointed” Acting CFO and served as Sr VP. Notice that she is the only bank executive that doesn’t have a salary listed on Yahoo’s profile of Doral. Ha - talk about it's a man's world! (just kidding)
On October 6, 2014, CFO David E. Hooston was placed on paid administrative leave to attend to personal family issues unrelated to his functions as Chief Financial Officer or the financial matters of the Company. He joined Doral in April 2012. Effective October 6, 2014, Doral appointed Nancy Reinhard as Acting CFO while retaining her as Principal Accounting Officer. She joined Doral in July 2012. There could be any one of many reasons why she quit her job, such as feeling under paid and overworked.
I don’t believe the Greek borrowers obtained their loans directly from Switzerland but instead used the Greek banks who converted the loans to francs on their behalf. Consequently, with the valuation of the franc going up, Greek borrowers face higher payments. If a borrower defaults, it falls back on the Greek banks as a NPL (non-performing loan).
However, with regard to Eurobank’s financing in Swiss franc of EUR 3 billion, it’s stated today that “are covered (hedge) of such positions to accept consequences.”
Alpha and Eurobank submitted application requests to temporary liquidity mechanism (ELA) asking 5 billion Euro [if] unable to find funding elsewhere in response to the pressing liquidity needs of the growing exodus of deposits and the forced purchase of Treasury bills imposed by the government.
According to the Daily, all domestic banking systems are going to resort to the mechanism in the coming days. Goo DOT gl SLASH GruPpo
I don't know who the markets 'primary dealers' are who are buying t bills as ekathimerini reports today: Finance Minister Hardouvelis noted that “we’re treading a thin line,” reminding that “foreign investors refused to participate in last month’s treasury bill auctions. They didn’t show up because they think the risk is way too high.”
It is now estimated that Greek banks will find it difficult to refinance the T-bills held by foreign investors that mature in the first quarter of the year. He emphasized if Tsipras is elected he should ask for a six-month extension to the existing bailout program and not risk being out of the program on March 1 without access to ECB funding.
It was a problem for Eurobank according to capital.gr. If no problem in Greece, perhaps in Bulgaria, Romania or Serbia where they have banking.
Eurobank closed down 9%, and Swiss shares closed down 9%. Lol, is the whole bank leveraged with the franc? This would be a good trading opportunity if it wasn’t for all the other problems in Greece.
The Greeks who banked in Switzerland with the franc are currently better off than those banking in euro – if they converted to the franc.
Yesterday they posted the newswire that contained information about the erroneous drop.
Update: By 6:19 PM GMT the rate was down -15.2%, one euro buys that much less of a Swiss franc. Did Eurobank sell off too much?
it closed down 9.05% to 0.181 EUR in Athens. When borrowed currency surges against the borrower’s home currency, the effective cost of that debt/mortgage balloons. The Swiss Natl Bank (SNB) abandoned the cap on the franc-euro rate today, which had essentially pinned the currency at 1.20 francs a euro and prompted a 20% [or 30%?] collapse in the euro versus the franc.
The prospect of hundreds of billions in freshly created euros flooding the markets when QE is initiated had led to a significant weakening of the euro’s exchange rate, particularly against the U.S. dollar, making the SNB’s currency cap an increasingly risky and costly endeavor.
The SNB justified the change in policy by saying the “overvaluation [of the franc] has decreased” since the introduction of the cap more than three years ago, although it remains high. “In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified.”
A strong franc, which has benefited from haven buying and the malaise in the eurozone economies, raises the risk of deflation, a damaging spiral of lower prices and slowing spending, and creates headwinds for the country’s exporters, many of whom depend on the European Union as an important market.
In most cases, such as in Japan and Europe, the central banks are intent to force their currencies lower, which chases capital to the perceived havens such as Switzerland and, to a significant degree, the U.S. Dang it, now chocolate will cost more! Goo DOT gl SLASH 3FpVxE
founder of Smartt Neurology, Edinbourg, Indiana, join Stevia. President Blankenbaker says Dr. Smartt and Prof. Xie have extensive networks in the medical and research communities to attract additional talent to the company.
Stevia believes that Stevia Technew.'s (its wholly-owned Hong Kong subsidiary) focus on Cannabidiol (CBD) will create significant value for the company. The protocol utilizes compounds that have no legal restrictions that can be synthesized to create the molecular equivalent of CBD at a fraction of the current market prices. Some of the issues faced when producing CBD by plant extraction include the US Federal Law which prohibits the growing of Marijuana.
In December, $1 million was raised from an accredited investor by sale of a Debenture. Funds are to be used to finance ongoing operations.