Death Star Economics

Icon

ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Currency wars – silent edition

Over the weekend, the G20 did a great job in shattering trust in the system: after a week of publicly denouncing a currency war of easing until there’s nothing left to ease, while predominantly pointing the finger at Japan as the culprit, the outcome goes as follows. Everyone, including Japan, may do as they please as long as there is no public advocacy for devaluing currencies. So far, all that talking about it has done is making things worse. read article

In Spaintoxic assets on the books of the country’s banks have decreased by €24.1bn in December, after November had recorded the highest bad-loan ratio ever. And overall loans declined by around €80bn as well, as many underperforming ones have been poured into the ‘bad bank‘ the government set up in October, as a black hole for foreclosed assets and developer loans. From ZeroHedge:

[…] as El Pais reported yesterday, official Spanish debt (not counting the hundreds of billions in off balance sheet obligations), rose to €882 billion in 2012, a surge of €146 billion in one year, sending interest expense to an all time high €38.7 billion.

Elsewhere, Nicos Anastasiades, leader of the Cypriot conservative party, has one the first round of the presidential elections. Anastasiades is an austerity man, much like Merkel likes them, and his election would pretty much secure a bailout deal for Cyprus. read article

Meanwhile in Hong Kongbankruptcy filings have risen 62% from January 2012, measuring the highest rate in almost two years and highlighting Hong Kong’s weakened economy. read article 

Despite the US being closed for President’s day today, some important documents have leaked from the White House. Obama’s proposal for a reform of the immigration system would see illegal immigrants legally applying for US citizenship if they have been in the country for more than eight years. read article 

Have a good week.

Advertisements

Filed under: news brief, , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: