kedvezőtlen az a fejlemény is, hogy a bankrendszer veszteségei még a korábban gondoltnál is nagyobbak lesznek az árfolyamrés és az egyoldalú kamatemelés miatt

Kitaláltam egy korszerű, sőt modern hitelezési szisztémát. Japán jenben folyósítok hitelt, amit angol fontban kell visszafizetni. Pofonegyszerű szisztéma, nincsenek kamatok meg árfolyamkockázat! Így például aki 1000 jen hitelt vesz fel, annak pontosan 1000 angol fontot kell visszafizetni mondjuk 2-5 év alatt. Se többet, se kevesebbet. Ilyen egyszerű. De ha netán elmeszeli valami mucsai bíróság ezt a rendkívül korszerű rendszert, akkor a korábban gondoltnál is nagyobbak lesznek a veszteségeim. Még a korábban gondoltnál is nagyobbak. :(((( (via christiane-f)

Veszteségek, mint a közönséges ügyfeleknek? :(((

Matolcsy György most már nem csak Magyarországot, hanem Argentínát is államcsődbe lavírozta! Trú sztori.
Ugyanitt:

"Nem fogunk aláírni olyan megállapodást, amely veszélyezteti valamennyi argentin jövőjét" – ütött meg demagóg hangokat a politikus

Matolcsy György most már nem csak Magyarországot, hanem Argentínát is államcsődbe lavírozta! Trú sztori.

Ugyanitt:

"Nem fogunk aláírni olyan megállapodást, amely veszélyezteti valamennyi argentin jövőjét" – ütött meg demagóg hangokat a politikus

I find it endlessly disappointing that radicals can’t view any facet of the world, any work of art or piece of fiction without it fitting into their little worldview — and I say this as someone who doesn’t even like Tolkien that much. I guess it is a symptom of contemporary culture fragmenting into a thousand small fundamentalisms, all labouring under their small Ayatollahs, without taking a step back and thinking a bit about giving things a fair shake.
Me, in 2007. And how much further we have fallen in seven years…
Lull

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http://www.ft.com/intl/cms/s/0/e250a6b2-1884-11e4-933e-00144feabdc0.html?siteedition=intl#axzz392mZzTjd

Post-Argentine default calm will fade

(…) The nonchalance may, however, have reached a high-water mark. The resilience of emerging economies has increased immeasurably in the past two decades – and sovereign defaults were surprising rare during the post-2007 crisis years. Yet the tide may be turning; the effects of the next accident in a developing economy could be more severe.

Wednesday’s default will cause significant damage in Argentina and possibly in near neighbours such as Brazil. Beyond that, there is no immediate reason for broader concern.

Those emerging markets most reliant on external financing – such as Turkey – proved vulnerable during last year’s “taper turmoil”, the volatility triggered by the first hints by Ben Bernanke, then Fed chairman, about the phasing out of US quantitative easing.

Forces that increased emerging market resilience in the past have waned; to ride future financial storms, emerging markets will have to find ways of reducing economic imbalances. The Fed is on track to end QE in October.

“When the tide goes out we will see who has fortified their positions and who has not,” says John Chambers, chairman of Standard & Poor’s sovereign ratings committee.

Enjoy the post-Argentine calm while it lasts.

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Acceleration

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Argentina parked with its bankers the money to pay its current bondholders, but a U.S. legal ruling prevented it from doing so unless it paid off the holdout bondholders first.

"It’s probably going to be more a soft default scenario where prices will slide a bit. There is confidence in what the government is going to do," said Rune Hejarskov, senior portfolio manager at Jyske Invest, which holds Argentinian debt.

The default could get much messier and take longer to clear up if creditors force an “acceleration” for early payment on their bonds. Some investors saw this as unlikely.

"I don’t think at the moment there is a clear answer to whether bondholders will accelerate a deal. It’s probably not something most bondholders would like to see," said Olivier De Timmerman, fixed income fund manager at KBC Asset Management in Luxembourg.

"My expectation is that they will eventually reach an agreement with holdouts. I do not think it will be in the short term, but likely after the foreclosures have expired towards the end of the year," he added.”

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Kill! Kill! Kill!

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http://www.bloomberg.com/news/2014-07-30/argentina-defaults-according-to-s-p-as-debt-meetings-continue.html

Argentina Declared in Default by S&P as Talks Fail

Standard & Poor’s declared Argentina in default after the government missed a deadline for paying interest on $13 billion of restructured bonds.

The South American country failed to get the $539 million payment to bondholders after a U.S. judge ruled that the money couldn’t be distributed unless a group of hedge funds holding defaulted debt also got paid. Argentina, in default for the second time in 13 years, has about $200 billion in foreign-currency debt, including $30 billion of restructured bonds, according to S&P.

Argentina and the hedge funds, led by billionaire Paul Singer’s Elliott Management Corp., failed to reach agreement in talks today in New York, according to the court-appointed mediator in the case, Daniel Pollack. In a press conference after the talks ended, Argentine Economy Minister Axel Kicillof described the group of creditors as “vulture funds” and said the country wouldn’t sign an accord under “extortion.”

“The full consequences of default are not predictable, but they certainly are not positive,” Pollack wrote in an e-mailed statement. “Default is not a mere ‘technical’ condition, but rather a real and painful event that will hurt real people.”

Kicillof, speaking at the Argentine consulate in New York, told reporters that the holdouts rebuffed all settlement offers and refused requests for a stay of the court ruling. He said Argentina couldn’t pay the $1.5 billion owed to the hedge funds because doing so would trigger clauses requiring the country to offer similar terms to other bondholders. He also criticized the judge in the case and ratings agencies.”

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Vae victis

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http://www.bloomberg.com/news/2014-07-29/how-argentina-s-default-may-trigger-29-billion-in-claims.html

How Argentina’s Default May Trigger $29 Billion in Claims

By defaulting tomorrow, Argentina may trigger bondholder claims of as much as $29 billion — equal to all its foreign-currency reserves.

If the overdue interest on Argentina’s dollar-denominated securities due 2033 isn’t paid by July 30, provisions in bond indentures known as cross-default clauses would allow the nation’s other debt holders to also demand their money back immediately. The amount corresponds to Argentina’s debt issued in foreign currencies and governed by international laws.

U.S. District Court Judge Thomas Griesa blocked Argentina’s attempt last month to transfer the $539 million in interest after the nation didn’t set aside money for holdout creditors, who won a ruling that entitled them to full repayment of obligations that Argentina repudiated in 2001. While Citigroup Inc. says there’s little chance investors will invoke the pay-back clauses in coming weeks, potential claims are large enough to exhaust the country’s reserves.

“It would mean that Argentina is in default on most all of its debt and presumably everybody would be in the same boat,” Anna Gelpern, a fellow at the Peterson Institute for International Economics and a law professor at Georgetown University, said in a telephone interview.

Tomorrow is the last day Argentina has to avoid its second default in 13 years by making the interest payment to holders of $13 billion in bonds before a 30-day grace period expires.

Debt Repudiation

While Argentina deposited the interest due on the 2033 bonds last month, Griesa has prevented the custodian firms from transferring the money until Argentina pays the holdouts led by billionaire Paul Singer’s Elliott Management Corp.

The dispute stems from Argentina’s record $95 billion default in 2001. While most of the debt was swapped for new bonds in 2005 and 2010, with holders accepting losses of about 70 percent, the holdouts were among the 7 percent who rejected the terms and sued to reclaim all principal and unpaid interest.

President Cristina Fernandez de Kirchner’s government says it needs to delay the ruling until January, after the expiration of a Rights Upon Future Offers clause that’s supposed to keep it from voluntarily giving better terms to the holdout creditors without extending the same offer to exchange bondholders.

Cabinet Chief Jorge Capitanich said today that Argentina has serviced its debt and won’t default. Restructured bondholders should claim their interest payments in U.S. courts, he told reporters in Buenos Aires.”

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Show me six lines written by the most honest man in the world, and I will find enough therein to hang him.
Cardinal Richelieu
christiane-f:

na, így néz ki egy koherens cikksorozat

Orbán Viktor… khm… zsidó?
Ez sok mindent megmagyarázna!

christiane-f:

na, így néz ki egy koherens cikksorozat

Orbán Viktor… khm… zsidó?

Ez sok mindent megmagyarázna!

The Land of Thanes. Hex map of an unpublished RPG mini-setting loosely based on our first Wilderlands of High Fantasy campaign.

The Land of Thanes. Hex map of an unpublished RPG mini-setting loosely based on our first Wilderlands of High Fantasy campaign.