12/07/2010 19:56 >>*DJ EU Agrees To Halt Aid To Governments With Excessive Deficits -Official
Ancora sul debito..mentre i mercati cercano di salire...in attesa delle trimestrali
(ricordatevi, le aziende sono messe bene, ma il debito del sistema è troppo alto per permettere rialzi sostenuti...a meno di nuovi stimoli...)
ENTRO IL 2013 VI SONO 2,5 TRILIONI DI EURO di debito di aziende corporate DA rifinanziare.
In america si parla di ulteriori 2,4 trilioni di dollari!
Questi dati vengono forniti oggi dalla S&P Rating services research.
In Europa, 628 miliardi dovranno essere rifinanziati nel 2010.
"Given the role governments played as a key stabilizing force for banks during the most recent financial crisis, any further deterioration in sovereign creditworthiness likely will have negative implications for financial and nonfinancial entities'' borrowing costs and access to markets,"
said Diane Vazza, head of S&P''s globalfixed-income research.
A number of European nations--including Greece, Spain, Portugal and Iceland--have been slapped with ratings downgrades, as governments struggle with the impact of high debt and other troubles brought on by the global credit crunch.
European stocks have been battered by concerns about the potential drag on growth in the euro zone as governments in the region take measures to bring their swelling fiscal deficits under control. S&P said Monday that European financial issuers, which accounted for 71% of the total refunding pipeline through 2013, could face greater interest-rate risk. Meanwhile, lending conditions, which had improved in the early months of this year, have since deteriorated in response to weak demand for loans as a result of sluggish economic growth.
Even though the overall total debt amount is higher in Europe, the overall credit impact is mitigated partially by the fact that about one-quarter of maturing debt in the financial segment over the next several years is covered bonds. Those are typically higher rated securities issued by banks and backed by a dedicated poll of mortgage-backed or public-sector loans, S&P said. The vast majority of debt maturing in the next three years comes from investment-grade European financial entities. Portugal, Ireland, Greece and Spain have a combined $395 billion of maturing debt through 2013. With 16% of the total share of debt coming through 2013, Germany has the largest exposure by country in the financial segment. Other countries with sizable funding exposure are the United Kingdom, France and Sweden. Those four countries account for more than 50% of the total financial debt maturities in Europe, S&P said. -
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http://www.thedailybell.com/1206/What-Is-Behind-Golds-Recent-Moves.html
Secret gold swap has spooked the market ... It takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion ... The news that a mystery bank has just pawned the family jewels gave traders a jolt – nervous about the sudden transfer of almost 20% of the world's annual gold production and the possibility of a sell-off. ... In a tiny footnote in its annual report, the bank disclosed its unusually large holding of gold, compared with nothing the year before. The disclosure was a large factor in the correction of the gold price this week, which fell below $1,200 for the first time in more than a month. Concerns hinged on whether the BIS could potentially sell on this vast cache of bullion in the event of a default, flooding the market with liquidity. – UK Telegraph
I'd like to share the two main points that put to rest the fiat vs. gold debate for me:
1 If gold is an ancient relic, why do central banks hoard it? And
2 It is the lack of trust amongst the central banks and their sovereigns themselves that makes gold the ultimate trump. They cannot and will not trust each other to reign in their ability to create money at will. Gold and silver are money by default.( At least on this planet.)
Il Folletto
http://www.youtube.com/watch?v=M_alFCeNk8Y&feature=player_embedded
Olorin
Ecco qua: anche Jim se ne è accorto
http://www.telegraph.co.uk/finance/markets/7884272/Secret-gold-swap-has-spooked-the-market.html
Il Folletto
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