That stock News

Thousands of supporters wave flags Communist Party during the rally of protest at the Centre of Athens on 15 November against the visit of the IMF-EU troika in Athens and new package austrity expected.?Photo: AFP

Shock caught off-guard markets and increased fear Europe debt crisis can be climbing, with deep confusion about the Dublin Irish crisis continues to resist EU pressures to seek its own rescue.

Olli Rehn, European Commissioner in charge of economic sciences, said turning dangerous escalation of rhetoric in Europe. "I want to call on each resist the centrifugal tendencies for European and existential alarmism."

Swirling rumors hit the eurozone markets bond, while tumbling around in the FTSE 100 monde.Le Awards fell from 2 4pc 5681.9 and Dow Jones index has fallen more than 200 points in the trade at the beginning. The euro slipped two cents to $1.3460 against the dollar as the u.s. dollar regained its safe-haven status.

The Austrian Minister of finance Josef Proll said it was "highly critical" of the Greece performance, saying in Athens did not meet the objectives of tax revenue agreed in the framework of the memorandum of the European Union.

Credit default swaps on Greek debt climbed 97 basis points to 950 investors woke the possibility of terrible that the EU could turn its back on Athens, which will take place in mid-January without loan money.A Greek default trigger $300bn (￡ 188bn) value of the CDS contracts.

An IMF - EU inspectors "troika" is currently Greece, but has not indicated whether the next tranche of. 5bn (￡ 5. 5bn) €6 will be German approuvée.Influence is crucial, but Greek first George Papandreou courted fate Monday when he accused the Chancellor Angela Merkel, the conduct of economic and Monetary Union lower bankrupt by scaring investors to speak of "haircuts".

Wolfgang Schauble Finance Minister expressed deep irritation. "Greece enjoys a lot of European solidarity and the Germany."But solidarity is not a one-way street: no one should never forget that, "he said."

Dublin, Prime Minister Brian Cowen said Ireland was not at all requests for external support"and is entirely funded by until June.Insurance did little to reduce the silence reports that the Ireland is in talks with the European and the international monetary Fund for a package 80bn loan authorities € to raise €.

Finance Minister Brian Lenihan refused to comment prior to meet with counterparts in the euro area yesterday soir.Dublin hopes a formula dress of any program as a move to recapitalise the banks and to stabilise the economic and Monetary Union, rather than the Ireland rescue bond markets.

Political chemistry is volatile, because the Ireland is pushed in a pre-trial order to ensure that contagion reached the Portugal bailout and Spain .Citigroup said it was "far from clear" If a refloating Irish would actually raise the pressure of others because they share the same problem debt excès.Les markets can change simply concentrate on the next country.

Ian Stannard of BNP Paribas said that emergency fund of €440bn EU was never designed to be used. "The very existence of the Fund was to suffice, but not arrived .c ' is only a matter of time before the Spanish economy slides into recession, and it is when projectors will be transformed into Spain, ", he said.

A Spanish auction sale of debt in 12 months on Tuesday saw the rate of 2. 36pc, compared to 1. 84pc in October, even if the markets think Irish bailout is an "agreement '.Analystes say Portugal and the Spain should be careful what they wish to."

View the original article here

Confused reports continued to swirl as Irish Finance Minister Brian Lenihan ready to meet with colleagues in the euro area than during Tuesday night dinner in Brussels. Dublin has so far accepted to organize discussions on "market conditions" with the partners of the EU, but insists on the fact that it is fully funded by until June and hopes to calm the nerves to €6bn (￡ 5 Institute) budget reduced at the beginning of December.

Simon Derrick of the Bank of New York Mellon said that negotiations on bailout the Ireland were amazing."Creditors say please take money, and the debtor said" we want that it ".C' is very strange."

"Yet the European Union is good thing to try to create a wall of fire as soon as possible.Ils have learned the Greece once bond yields reached this level, they have 10 business days left to avoid daytime crisis." "They do allow to spread to a large country, because at that time where the contagion has become overwhelming", he said.

Contagion has already pushed the Portugal aboard, pushing yields on bonds of 10 years for the level of risk over 6 5pc.Finance Minister Fernado Teixeira dos Santos said the country is at the mercy of global forces can be forced to ask for help.

"The risk is high because we face not only a national issue or country .c ' is the Greece, Portugal Ireland. market view problems these savings because we are all in this together in the euro area." "Suppose that we are not in the euro area, the risk of contagion may be lower," he told the Financial Times.

M. Teixeira is slightly veiled attack German Angela Merkel and Nicolas Sarkozy France, which precipitated the latest crisis in opening the door to default sovereigns and holders "haircuts" for the States of the eurozone in difficulty.

"We like the running target and ready to kicked in the target and then someone because of us soccer player, but this time, is there no penalty."

A simultaneous the Ireland bailout and the Portugal may operate to €200bn, depleting a large part of the EU lifeline. European installation of financial stability (EEHC) can raise up to €440bn on bond markets, but only two thirds of it disponibles.Il CAU supposed to 3 EUR extra for each €8 EU bailout formula.

The concern is that the crisis could extend to Spain, which has a much larger than the Greece economy of Portugal Ireland combined.Foreign banks have €850bn Spanish debt exposure.

David Schautz, Commerzbank, credit strategist said that EU bailout Fund would come under "serious strain" Spain need sauvetage.Pourtant operation, this is still a risk serious Spain must roll over or lifting of €175bn debt next year.

Mr. said Schautz funds become wary if Spanish 10-year bond yields rise much 5MC above, compared with 4 5pc at this time."Investors are nerve and panic can get fast", he said.

Economy Secretary José Manuel Campa, Spain, said his country was "Greece nor Ireland and never will be."The Spain economy stagnates again but debt is still just 66pc GDP deficit and budget and current account fall quickly.

Cannot be said of the Greece, where the debt crisis is going from bad to worse despite his rescue €110bn avril.Eurostat revised GDP last year 127pc 115pc Greece debt while the deficit is still worse thought 15.4pc.La debt will go to 144pc of GDP this year, risking a compound debt trap.

The Prime Minister George Papandreou said that the country can apply for an extension of its debt repayment schedule, a move interpreted by investors as the beginning of a slippery slope to default.

He accused Germany grow weaker EMU States on the edge by pressing on hair holders, saying: Ms Merkel proposals had "created interest rates higher for countries in a situation difficile.Cela spiral could create a prediction .c ' is like saying to someone,"because you have a problem, I will put an even greater burden on the back."""This could force economies towards the bankruptcy", he said.

Ireland, the use of the EU or the IMF would be traumatic, a compelling on a Fianna Fail Government which was still basking in the glory of the Celtic Tiger verdict everything just three years ago.

M. Lenihan seems determined to clothe all rescue as a bail-out for banks rather that to the sovereign irlandais.Cela cannot be easily. Vice-President of the ECB, Vitor Constancio, said the GED "" can lend directly to banks: installation-ready Governments. ""

View the original article here

A number of investment banks have prepare potential packages refinancing in the hope that this will lead to a settlement with Citigroup in recent weeks.

Terra Firma and investment bank Citigroup are set to begin their confrontation of the courtroom tomorrow in New York on the acquisition of 4 ￡ 5.3 musique.Les talks refinancing EMI society come in the colonization of conversations with advisors.

An idea is that Citi accept to expunge debt due by Terra Firma and with the help of investors such as Pension Plan (CPP), Terra Firma to inject more cash in the business.

Sources said last night that the PRC has always been "EMI pro".Cependant, he has gained a reputation more recently to play hard with capital companies.

Canadian pension funds, which are flush with money, have recently been in the spotlight at major UK investments.In March, operator of the National Lottery Camelot was sold to Canadian teachers for 389 million pension fund of ￡.

There is a small possibility a legal case settlement could come for the weekend, but sources said that a resolution could also be achieved once the case is ongoing.

Another possibility of regulations which has been discussed - to encourage the Citi to take a discount on its debt - is a breakdown of the EMI, with possibly Bertelsmann and KKR buy EMI Music Publishing.

Citi can deregister a slice of the debt of Terra Firma and take a stake in EMI was also threat brandie.Cependant, sources said Citi is unlikely to want a stake in EMI unless it can be some obvious output.

News on refinancing comes as EMI, music group among the whose artists Lily Allen and Robbie Williams, has taken steps to plug his hole pension agreeing to provide 197 m ￡ additional funding.

There were refinancing announcement is linked to future refinancing or bursting spéculation.Cependant, EMI EMI sources said that the time was just a "coincidence".

A source close to the legal procedure said that Citigroup has chosen to be heard pursuant to the British, in spite of heard Bill before a court in New York, damage could prove costly, citing cost figures and compensation of up to ￡ 28bn.

Source stated that, in accordance with UK law, the damage could emerge at ￡ represents, which consists in the. 75bn ￡ 1 in order to compensate for the amount that Citigroup has invested in the IME, more loss of profits when comparing the average profits from other investments Terra Firma in a period of three years.

However, the source also said that punitive damages may also be granted, which may be as much as three times, on top of the original damage, leading to a total of ￡ 28bn.

Other sources, however, said that a figure as high as ￡ 28bn is unlikely, although it is technically possible.

It appeared in August in Maltby, capital accounts holding company of the Group of music, EMI may be more than 115 million pension fund deficit of ￡ and perhaps over 200 million from ￡.

A multi-year plan payment has been agreed between the Group and trustee of the Fund to 197 m ￡ in additional funds, including immediate payment of 16 million from ￡ .the final payment under the scheme will be in April 2016.

View the original article here

The last minor rescued, Luis Urzua alongside President of Chile, Sebastian Pinera Photo: GETTY IMAGES

Against winds and tides, 33 minors were left alive and Chairman Sebastian Pinera promised raise the level of security in the Chilean mining.

High drama in the past 48 hours - is not to say the past 69 days - is completed. But this is not the end of history for minors - or for the Chilean copper industry.In following a disaster may have to be difficult, in his own way, as the next sauvetage.Exploit Pinera President will be to produce a reasonable and sustainable reform programme to improve the safety of mining and strengthen the position of his country producer of copper in the world? There are some grounds for optimism that the lessons of this particular business disaster will be heard.

First of all, errors of the past have been recognized.San Jose mine owned by Compania Minera San Esteban Primera, had a poor safety record: obviously should not been allowed to reopen after a previous accident (company funds are frozen now after an action in court by families of miners) .the disaster has highlighted standards of poor security at many smaller mines Chile, partly because of inadequate supervision. Mining regulatory agency chief was dismissed and a shake-up, including the most money for inspectors, is underway. President Pinera should are relatively easy draw a line in the previous shortcomings, because most dating from before his term (although push considerable by parents of minors was required before the swung into action rescue effort).

Not everyone in the Chile is pleased.Investors in small enterprises which mines have been closed in safety clamp-down are particularly mécontents.Mais as well as comply with safety standards, it is useful if the mining companies have technical and financial resources to cope when accidents occur, and this will inevitably be. As demonstrated by BP, being a large business Festina does not guarantee impeccable safety record. But BP had one thing step - deep pockets. He met with the estimated $with the own far without resorting to the taxpayer.

The second sign of hope to the Chile has so far worked constructively Government with companies during the rescue effort. This was led by Codelco belonging to the State, global copper producer, who pulled in aid of BHP Billiton, Freeport McMoRan Copper & Gold and other specialists from the private sector, and NASA.Contrast that with shifting blame and responsibility-diaphragm - business and political - after deep horizon BP pétrole.En spill party, is the result of the efforts to avoid litigation, but it was not enough. It is not ideal that the cost of approximately 10 m $Mali m Chilean mining rescue has been shouldered by the Government, but the obvious uselessness of the mining company San Esteban is at least easier for everyone to pull together.

However, the main reason the Chile has a good chance to learn the lessons of its disaster is that they are relatively simple: mining is a risky business that safety regulations shall be applied.Unfortunately, the worst accident, such as China, other countries are unlikely to follow.Survival of 33 minors is likely to do more to Chilean workers more than 2,500 deaths in China last year were for safety standards it.

Lessons are not always so obvious.The reform of the financial system is well underway, two years after the crisis, but there is still no consensus on what should be fait.Nouvelles capital requirements may be too low or too high.premiums are still large and it may or may not issue; banks are not ready as much as they should, or maybe they are.In the run up to the crisis, almost everyone believed that securitization was a product and inspired idea mortgage were an investment s?r.Ils were terribly bad, but the confusion currently and disorder seems not much better.

For drilling in deep water, this week, the u.s. Government has lifted the ban after the spill of BP and the EU decided not to impose a-, but safety rules have been strengthened b.c ' is perhaps the right line of conduct, but it is difficult to say because the process has been characterized by lobbying and relentless business in the United States pork-barrel politics and wider political imperative for energy security.

The Chilean triumph is celebrated, but the element of chance as engineers noted rescue should not négliger.certaines disasters, such as chemical spill Hungary, are simply not reversible.

Of course, some people make their chance.Contrairement Tony Hayward, who sailed his yacht in the channel while vomie BP oil in the Gulf of Mexico, President Pinera it didn't take him to go caving in the middle of the rescue effort Chilean.

Tracy.Corrigan@Telegraph.co.UK

View the original article here