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Posts Tagged ‘European Central Bank’

Why Portugal May Be the Next Greece

Posted by Admin on May 22, 2012

http://business.time.com/2012/03/27/why-portugal-may-be-the-next-greece/

Why Portugal May Be the Next Greece

The worst is over for the euro zone, the experts say. But Greece isn’t really fixed and Portugal could become a second big problem before year-end

By Michael Sivy | @MFSivy | March 27, 2012

When Greece celebrated its Independence Day on Sunday, there were scattered protests over the harsh austerity program aimed at stabilizing the country’s finances. The government reportedly removed low-hanging fruit from bitter-orange trees along the parade route, so it couldn’t be thrown by protesters. But, basically, the most recent bailout appears to be successful. As a result, worries about the European financial crisis have diminished somewhat. Indeed, European Central Bank president Mario Draghi has said that the worst is over for the euro-currency zone.

Such optimism may be premature, however. Not only does Greece remain a long-term financial concern, but in addition Portugal is on track to become a second big problem.

The dangers Greece still poses are clear. Higher taxes and government-spending cuts may reduce new borrowing, but such austerity policies also undermine a country’s ability to pay the interest on its existing debt. Unless accompanied by progrowth policies, austerity can become the financial equivalent of a medieval doctor trying to cure patients by bleeding them. In addition, the bailout plan for Greece consisted of marking down the value of much of the country’s debt held by banks and other private lenders. That means entities such as the European Central Bank now hold most of Greece’s remaining debt. And so, in the event of a default, important international institutions would suffer the greatest damage.

(MORE: Is Germany’s Euro-Crisis Strategy Actually Working?)

The net result has been to postpone the Greek financial crisis for months or even a couple of years, while raising the stakes if things go wrong. That could be seen as a considerable achievement, if you believe Greece is a unique case and that the problem has been successfully contained. The trouble is that other countries — and especially Portugal — seem to be heading down the same path. Here’s why forecasters are worried:

Portuguese interest rates haven’t come down. Because of the Greek crisis, bond yields rose to dangerous levels in several financially troubled European countries. Then after Greece was bailed out, yields fell in most of them. In Italy, yields on bonds with maturities of around 10 years dropped from more than 7.2% to around 5%; in Spain, from 6.7% to 5.4%; and in Ireland, from 9.7% to 6.9%. The notable exception was Portugal, where bond yields came down a bit but still remain above 12%. Double-digit borrowing costs are impossible for a heavily indebted country to sustain for any significant period of time. Yet Portugal’s bond yields have been above 10% for the past nine months.

Portugal’s total debt is greater than that of Greece. In one way, Greece really is unique — the country’s massive debt is largely the result of borrowing by the government rather than by the private sector (corporations and households). By contrast, Portugal, Spain and Ireland have far more private-sector debt. As a result, while government debt in Portugal is less than that of Greece, relative to GDP, total debt (including private-sector debt) is actually greater.

(MORE: The Most Important Man in Europe)

The Portuguese economy is shrinking. Portugal’s economy has been weak ever since the financial crisis began in 2008, and the country has actually been in recession for more than a year. Moreover, last month the Portuguese government projected that the country’s economy would contract by 3.3% in 2012. As Portuguese companies struggle to pay off their own massive debt, it’s hard to imagine that they will be able to help pull the country out of recession.

Thanks to a bailout last year, Portugal has enough money to make it into 2013, despite brutally high interest rates and a shrinking economy. But the markets are unlikely to wait that long to go on red alert. In the case of Greece, bond yields topped 13% in April 2011, and by September they were above 20% and heading for 35%. Portuguese yields have been above 11.9% for the past four months and have topped 13% several times. If the country follows the same timeline as Greece, Portugal could suffer a serious financial crisis before the end of the year.

There are a number of reasons such an outcome would be serious, despite the relatively small size of Portugal’s economy. First, the European Union has been operating on the assumption that Greece is a unique case, a poor country suffering from rampant tax fraud and an unusually dysfunctional government bureaucracy. If another euro-zone country experiences similar problems — and they occur partly because of private-sector debt rather than government borrowing — then the flaws in the system start looking more general, and the stability of the entire euro zone is called into question.

(LIST: The 10 Most Memorable Ads Featuring Celebrities And Their Kin)

Moreover, much of the borrowing by Portuguese companies has been financed by Spanish banks. That creates the possibility of a domino effect, whereby a financial squeeze in Portugal leads to a crunch in the Spanish banking sector. Moreover, the debt structure in both Spain and Ireland — with large amounts of private-sector borrowing — is similar to that of Portugal. Germany and the Netherlands are already balking at making further loans to Greece. And although Northern European countries could afford to bail out Portugal, their resources are limited. If a second country goes the way of Greece, several more might well follow.

Since Europe’s problems seem to have receded for the moment, U.S. investors are understandably focused on other risks — like conflict with Iran that could sharply push up oil prices, or fights over taxes and the federal budget in the run-up to the elections. But the danger of a European financial crisis has not gone away — and the ultimate costs could run to more than half a trillion dollars.

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Posted in Economic Upheavals | Tagged: , , , , , , , , , , , , , | Comments Off on Why Portugal May Be the Next Greece

Is a Greek Exit from the Euro Inevitable?

Posted by Admin on May 22, 2012

http://business.time.com/2012/05/21/is-a-greek-exit-from-the-euro-inevitable/

Is a Greek Exit from the Euro Inevitable?

By Michael Schuman | @MichaelSchuman | May 21, 2012

Kostas Tsironis / AP

For 2½ years, the world has been watching and waiting to see if debt-laden Greece can remain in the euro zone. Many have been doubtful since the beginning of the debt crisis. Greece’s government debt is simply too burdensome, the fiscal adjustment imposed on Athens is too severe, the Greeks are too resistant to the tough reforms that are necessary and the rest of Europe is too bullheaded to change its approach to suit reality. But for 2½ years, Greece has nevertheless managed to scrape by and remain in the monetary union, thanks to two European Union–IMF bailouts (totaling $300 billion), which have kept Greece on life support, and repeated promises to reform by Greece’s major political parties.

Now, however, the Greek debt crisis may finally be reaching the endgame. The likelihood of a Greek exit from the euro zone has been growing, and that has scary consequences for the rest of Europe as well as the global economy.

(PHOTOS: Protests in Athens)

The spiral toward disaster has been tipped off by Greek politics. A general election earlier this month eliminated what little hope remained that Athens could press through with the painful austerity measures and structural reforms demanded by the euro zone in return for bailout cash. The fractured result made it impossible for a government to form, and a new election has been called for June 17. But even if that poll brings some political stability, the odds that the bailout can go ahead as planned are practically zero. A vast majority of the votes in the last election went to parties that either want to renegotiate the terms of the bailout or ditch the agreement entirely. Whether the bailout scheme can continue will depend on the willingness of the rest of Europe to make concessions to Greece in a better, softer rescue agreement and the willingness of Athens’ politicians to agree to new terms. These are very open questions.

The problem is that without that rescue money, Greece will very likely have to exit the euro zone. The Greek government would quickly run out of money to function, leaving Athens no choice but to return to its national currency, the drachma. This scenario could unfold with surprising speed. Here are Bank of America/Merrill Lynch analysts on that score:

If no government is in place before June, when the next instalment from the EU/IMF is due, we estimate that Greece would run out of money sometime between the end of June and early July, at which point a return to the drachma seems to us inevitable.

Even if the Greek government gets its act together and the bailouts continue, there is another force steadily pushing Greece out of the euro zone. Greeks are removing their deposits from Greek banks. They have been doing this for a while, but the pace seems to have accelerated recently. In just one day last week, Greeks yanked some $900 million of deposits from the banks. This process is quaintly called a “bank jog,” but it is much more dangerous than a quiet run through a park. It is effectively a slow-motion run on banks, and a natural consequence of the uncertainty surrounding Greece’s tenuous position in the euro zone. If Greece is forced to ditch the euro and return to the drachma, Greeks know full well that their drachmas will be sharply devalued relative to the euro. So keeping their money in Greek banks now could result in a big hit to their welfare. Instead of facing that risk, Greeks are withdrawing money from banks to preserve their wealth.

(MORE: After the Fall: Greece’s Former Prime Minister Assesses the State of His Nation)

That makes sense from the standpoint of the Greek saver, but not for the banking sector. As Greek banks empty of euros, the financial system comes closer to failure. So far, the European Central Bank has been plugging the hole by acting as a lender of last resort to the Greek banking system. But there is a limit to how much financing the ECB might be willing to inject. Gavyn Davies of the Financial Times did a great job of explaining how this bank run is happening, and why the ECB could eventually fail to contain it:

The problem is that [ECB support for Greek banks] potentially exposes the ECB to much bigger losses than anything which has been contemplated so far by the core economies. Up to now, the ECB has been willing to inject liquidity to cover the financing needs of the periphery banks as the inter-bank market has dried up. If instead, they have to contemplate providing semi-permanent funds to cover large further withdrawals of bank deposits, the size and timescale of the injection becomes extraordinarily large.

If the ECB doesn’t continue to finance Greek banks, Athens could be forced to withdraw from the euro zone and restore its currency. That on its own would be destabilizing. But even more worrisome, the bank jog in Greece has the potential to become a euro zone–wide bank run. Seeing what’s going on in Greece, depositors in other weak euro-zone economies (Portugal, Spain, Italy) have the same incentive to yank money out of their banks. That could end with the total unraveling of the monetary union. The fears that this theoretical scenario will become reality are increasing in Europe. Here’s how economist Paul Krugman explained it in the New York Times:

Right now, Greece is experiencing what’s being called a “bank jog” — a somewhat slow-motion bank run, as more and more depositors pull out their cash in anticipation of a possible Greek exit from the euro. Europe’s central bank is, in effect, financing this bank run by lending Greece the necessary euros; if and (probably) when the central bank decides it can lend no more, Greece will be forced to abandon the euro and issue its own currency again. This demonstration that the euro is, in fact, reversible would lead, in turn, to runs on Spanish and Italian banks. Once again the European Central Bank would have to choose whether to provide open-ended financing; if it were to say no, the euro as a whole would blow up.

(MORE: Will Greece Need Another Election to Form a Government?)

How can the euro zone stop this from happening? It will require a degree of political commitment and policy flexibility so far absent from the zone’s approach to the debt crisis. When a national government confronts a run on banks, the way to solve it is to guarantee deposits and ensure that banks have enough cash to meet withdrawals. The problem with the euro is that individual national governments don’t have control over their own money. So the euro zone as a whole has to step in and back up the banks like a national government would. The euro zone likely requires some sort of guarantee scheme akin to the U.S.’s Federal Deposit Insurance Corp. But supporting the euro banking system is this way might demand yet more resources from stronger euro-zone economies like Germany. It would also probably entail more E.U.-level control over national banking sectors. Both steps would prove difficult.

More broadly, Europe can squelch the bank jog if it shows more commitment to the euro and keeping Greece in the union. The longer this period of uncertainty over Greece’s status drags on, the more deposits will flee Greece, and the more likely a euro exit becomes.

Clearly, a Greek exit from the euro zone would be traumatic for Greece and the rest of Europe, and send shock waves through global financial markets. But can a Greek exit from the monetary union really take down the euro itself? That’s a topic for another post …

MORE: Election of French President François Hollande Heralds End to Austerity

Posted in Economic Upheavals, Press Releases | Tagged: , , , , , , , | Comments Off on Is a Greek Exit from the Euro Inevitable?

20,000 Extra Resignations March 15, 2012

Posted by Admin on March 28, 2012

http://www.galacticfriends.com/updates/truth-and-growth-education/5932-20000-extra-resignations-march-15-2012.html

20,000 Extra Resignations March 15, 2012

Global Arrests video 3 minutes 19 seconds

http://www.youtube.com/watch?v=6eKhTUU35X4&sns=fb

20,000+ extra resignations that no one is reporting

Over 20,000 resignations/house arrests are visible using data from the SEC Securities and Exchange Commission.

The Securities Exchange Act of 1934 requires that publicly traded companies must report to the SEC whenever a member of the Board or certain officers resign.

Also, the SEC has a database named EDGAR that is open to the public. After a little research, what was discovered is that corporations must report said resignations on Form 8-K, Item 5.02. From there, it was a simple matter of searching only Form 8-Ks within a specific range of dates, and including the boolean search terms “Resigns” and “Resignation”.

From the start of 2008 to the second quarter of 2011 the resignations remained steady @ about 2000 per quarter.

Suddenly in the 3rd quarter of 2011 they increased by 50% to 3000 for that quarter. (That’s an extra 1000). Then in the  4th quarter they jumped to 7000. (That’s an additional extra 5000 resignations).

Now without the full quarter results for the first quarter of 2012 they are up to 16,000. (That’s an extra 14,000 resignations & increasing fast).

That’s a total of 20,000+ extra resignations that no one is reporting in newspapers & nothing of course in the major media!

These are people who were in sting situations but didn’t know it when their opportunistic thefts of funds became a trap providing evidence of their wrong doing.  Reports of their resignations usually involve house arrest in many cases including inability to leave the country.  Full exposure of their crimes will follow in due course.  This involves financial houses and banks worldwide.

Posted by John MacHaffie at 5:42 AM

650 RESIGNATIONS & Arrests FROM WORLD BANKS, Mar 9/12

INVESTMENT HOUSES, MONEY FUNDS

650 RESIGNATIONS FROM WORLD BANKS, INVESTMENT HOUSES, MONEY FUNDS
I don’t mind if you re-blog this listing. Save yourself the wear and tear on your karma and do me the favor of including http://americankabuki.blogspot.com in your reposting. Thanks to all who have caught minor errors. Special thank to Gabriel at Facebook Global Mass Resignations for some resignations I did not find in my searches.
Abreviations used:
CEO = Chief Executive Officer
CFO = Chief Financial Officer
CIO = Chief Investment Officer
COO = Chief Operating Officer
INC = Incorporated (can be private held or publically traded shares)
PLC = Public Limited Company (publicly traded shares can be listed or unlisted on stock market)
LTD = Limited Company (privately held)
LLC = American version of LTD, but can have a shareholder/member that is an INC, often hybrids of both
AG = German version of PLC
AB = Swedish version of PLC
SA = Society Anonymous in various latin languages – same as PLC
NV = Dutch version of PLC
BV = Dutch version of LTD
LP = Limited Partners (partnership with limited liability)

Click here to scroll to latest additions to list, then scroll up.

  1. 9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
    http://goo.gl/NdW7q
  2. 9/06/11 (BELGIUM) Dexia confirmed that its CEO Stefaan Decraene had left the company. Its exposures to sovereign debt in the PIIGS nations are larger than its core Tier 1 capital.
    http://goo.gl/vuhvd
  3. 9/09/11 (GERMANY) European Central Bank (ECB) governing board member Jürgen Stark, who has resigned
    http://goo.gl/t83S4
  4. 9/12/11 (HONG KONG) HSBC Group Hang Seng Bank Non-Executive Director Mark McCombe resigns
    http://goo.gl/mCTgi
  5. 9/14/11 (USA NJ) Columbia Bank CEO Raymond G. Hallock Announces Retirement
    http://goo.gl/UjUZY
  6. 9/18/11 (JORDAN) Central Bank governor Faris Sharaf resigns over policy
    http://goo.gl/8yU5N
  7. 9/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
    http://goo.gl/Dx8qs
  8. 9/21/11 (AUSTRALIA & NZ) JP Morgan Australia and New Zealand Worldwide Securities Services CEO Jane Perry resigned
    http://goo.gl/Qx0Va
  9. 9/25/11 (SWITZERLAND) UBS  CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
    http://goo.gl/WCeqB
  10. 9/25/11 (USA CA) Douglas E. Tow, Executive Vice President and Chief Credit Officer, will retire from the Company http://goo.gl/24aAU
  11. 9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
    http://goo.gl/7dNiD
  12. 9/29/11 (JAPAN) BLIFE Investment Corporation, Asset Manager Director Masaomi Yamadaira resigned.
    http://goo.gl/Vsmk3
  13. 9/29/11 (UK) Barclays, Head of UK & European Retail Banking Deanna Oppenheimer resigned.
    http://goo.gl/o63jO
  14. 10/03/11 (INDIA) The of Euram Bank Asia, president Arun Panchariya, has resigned after being implicated in a stock trading scandal in India.
    http://goo.gl/yh2bF
  15. 10/03/11 (GHANA) Intercontinental Bank Ghana Limited, Managing Director and CEO Albert Mmegwa resigned.
    http://goo.gl/Vc252
  16. 10/03/11 (USA FL) Quantek Opportunity Fund, portfolio manager Javier Guerra. Arbitration awarded $1 million damages to Aris Multi-Strategy Fund. Quantek Asset Management made false statements to Aris.
    http://goo.gl/udpBA
  17. 10/05/11 (UK) UBS co-chief François Gouws of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
    http://goo.gl/OuUjr
  18. 10/05/11 (UK) UBS co-chief Yassine Bouhara of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
    http://goo.gl/OuUjr
  19. 10/10/11 (BELGIUM) Dexia (Franco-Belgian bank) its chairman Jean-Luc Dehaene will give up his role on the board of Dexia’s Belgian division, which is being sold to the Belgian state as part of a rescue deal, the group said on Monday.
    http://goo.gl/vyldE
  20. 10/11/11 (CHINA) China Construction Bank Non-Executive Direct Sue Yang resigns for personal reasons.
    http://goo.gl/ip8Un
  21. 10/14/11 (USA TX) Deutsche Bank Investment Advisor Griffin Perry resigns, SEC regulations prevented him from campaigning for his father Rick Perry’s Presidential campaign.
    http://goo.gl/R0PgH
  22. 10/23/11 (USA) Fairholme Capital Management LLC, Director Charles Fernandez stepped down for personal reasons. Fairholme Fund has lost 26 percent of its net asset value due to bets that have backfired on AIG Inc, Bank of America Corp and Florida-based landowner and developer St Joe Co.
    http://goo.gl/vzTbY
  23. 10/24/11 (ICELAND) Icelandic State Financial Investments board members of Icelandic State Financial Investments have resigned following “outside interference” with their Sept. 30 decision to hire Pall Magnusson, the former political adviser to the island’s industry minister, as chief executive officer. [names and positions have been requested from the reporter on 3/9/12]
    http://goo.gl/lEpz2
  24. 10/24/11 (SINGAPORE) Keppel Corporation Limited, Teo Soon Hoe will resign from his role as group finance director Jan 1.
    http://goo.gl/l90be
  25. 10/26/11 (INDIA) Beed District Bank (Coop Bank) CEO B S Deshmukh arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
    http://goo.gl/CXL7Z
  26. 10/26/11 (INDIA) Beed District Bank (Coop Bank) former CEO A N Kulkarni arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
    http://goo.gl/CXL7Z
  27. 10/27/11 (USA NY) Keefe, Bruyette & Woods Inc (KBW) CEO John Duffy stepped aside. Duffy has prostate cancer.
    http://goo.gl/i1s3E
  28. 10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
    http://goo.gl/fdd9v
  29. 10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
    http://goo.gl/yWX9R
  30. 10/31/11 (BELGIUM) European Central Bank President Jean-Claude Trichet, resigns.
    http://goo.gl/ygG59
  31. 11/01/11 (INDIA) Beed District Bank (Coop Bank More directors resign [research still being conducted on the names]
    http://goo.gl/HD8BQ
  32. 11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 – DEFACTO RESIGNATION)
    http://goo.gl/3L9gE
  33. 11/03/11 (POLAND) Nordea Bank Poland, Wlodzimierz Kicinski resigned from as President of the Management Board of Nordea Bank Poland as of the 10th of November.
    http://goo.gl/oKUVZ
  34. 11/04/11 (USA NY) MF Global, Jon Corzine, stepped down as chairman and CEO, hired criminal attorney to represent him.
    http://goo.gl/tUaVY
  35. 11/11/11 (HONG KONG) Goldman Sachs’ Asia Pacific co-head Yusuf Alireza is retiring from the investment bank after 19 years
    http://goo.gl/pejs3
  36. 11/10/12 (INDIA) UBS The head of India operations at UBS AG , Manisha Girotra, has resigned
    http://goo.gl/3aTh2
  37. 11/15/11 (USA NY) Icahn Enterprises LP, senior managing director of health-care investing, Alex Denner, has resigned.
    http://goo.gl/X1A4i
  38. 11/17/11 (NETHERLANDS) Syntrus Achmea (pensions manager), CIO Marjolein Sol is resigning.
    http://goo.gl/Xqxsr
  39. 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
    http://goo.gl/OiDiq
  40. 11/23/12 (USA SC & NC) Bank of the Carolinas, CFO Eric Rhodes resigns for personal reasons. Bank of the Carolinas was delisted from the NASDAQ on 3/9/12
    http://goo.gl/oytcD
  41. 11/28/11 (LATVIA) Latvia’s chief banking regulator, Irena Krumane, said she resigned today, a week after the state took over Latvijas Krajbanka AS (LKB1R), the Baltic News Service reported. The bank regulator suspended operations at Krajbanka, a subsidiary of Lithuania’s Bankas Snoras AB, on Nov. 21 and said around 100 million lati ($191.8 million) was missing. The Lithuanian government seized Snoras on Nov. 16 saying assets reported on the lender’s balance sheet were missing.
    http://goo.gl/mUvLF
  42. 11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
    http://goo.gl/XncOc
  43. 11/29/11 (NORWAY) Carnegie ASA’s co-head of investment banking in Norway, Cato Holmsen, has resigned
    http://goo.gl/utIfy
  44. 11/30/11 (LITHUANIA) Lithuania Central Bank, Governor Vitas Vasiliauskas fired Kazimieras Ramonas, head of the banking supervision department, after seizing Bankas Snoras AB, the country’s third-biggest deposit bank.
    http://goo.gl/EiqUC
  45. 12/02/11 (PAKISTAN) NIB Bank, Singapore forced resignation of CEO Khawaja Iqbal Hassan, for mismanagement
    http://goo.gl/ojDcu
  46. 12/03/11 (USA SC) South Carolina’s $25 billion pension fund chief investor Robert Borden resigned. Borden’s resignation comes as the SC Retirement System faces a $13 billion deficit, prompting state lawmakers to call for a massive overhaul of the system.
    http://goo.gl/ypK2G
  47. 12/05/11 (BERMUDA) HSBC Bermuda Ltd, chairman of the board and director John Campbell resigns
    http://goo.gl/peFGD
  48. 12/05/11 (BERMUDA) HSBC Bermuda Ltd, CEO  Philip Butterfield retires
    http://goo.gl/peFGD
  49. 12/06/11 (USA ) Western Liberty Bancorp CFO George Rosenbaum has resigned.
    http://goo.gl/ozuwB
  50. 12/08/11 (USA) Fidelity Global Special Situations Fund, manager Jorma Korhonen resigned.
    http://goo.gl/a7Rhw
  51. 12/14/11 (MAURITIUS) African Alliance Africa Pioneer Fund I (the “Fund”), Portfolio Manager Paul David Austin Clark resigned
    http://goo.gl/YiagF
  52. 12/15/11 (UK) Coutts [private bank] Senior private banker James Fleming resigns
    http://goo.gl/ANN5B
  53. 12/19/11 (CANADA) Holloway Lodging Real Estate Investment Trust (a REIT) CEO Glenn Squires has resigned
    http://goo.gl/8rAKb
  54. 12/19/11 (JAPAN) Citibank Japan CEO, Darren Buckley, resigns after Citibank was punished by regulators for the third time in seven years.
    http://goo.gl/ScT47
  55. 12/19/11 (DENMARK) Danske Bank Peter Straarup, who will retire February 15
    http://goo.gl/06c2b
  56. 12/19/11 (DENMARK) Danske Bank Eivind Kolding has resigned as Chairman of the Board of Directors and from the three board committees on which he served, He continues as member of Danske Bank’s Board of Directors until he assumes the position of Chairman of the Executive Board on 15 February 2012. On the same day, at the latest, Eivind Kolding will resign from the A.P. Moller-Maersk Group.
    http://goo.gl/06c2b
  57. 12/20/11 (USA MA) Century Bancorp, Inc., Director Roger S. Berkowitz resigned.
    http://goo.gl/bbdeT
  58. 12/23/11 (USA VA) Virginia National Bank (VNB) Chairman Mark Giles quits
    http://goo.gl/dFDpH
  59. 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Claire Gargalli quits
    http://goo.gl/kowkW
  60. 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Leslie Disharoon quits
    http://goo.gl/kstLp
  61. 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Neal Kassell quits
    http://goo.gl/NrrPZ
  62. 1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
    http://goo.gl/b6AoA
  63. 1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years
    http://goo.gl/xwlFt
  64. 1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
    http://goo.gl/joExI
  65. 1/03/12 (USA WI) Michael Falbo, president and CEO of Southport Bank, has resigned just six months after accepting the position.
    http://goo.gl/DP1uK
  66. 1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
    http://goo.gl/SKE7j
  67. 1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
    http://goo.gl/bzZtQ
  68. 1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
    http://goo.gl/zvo1L
  69. 1/07/12 (UK) Arab Banking Corporation Intl. Bank (ABCIB) Manama, Bahrain: ABCIB announced retirement of CEO Nofal Barbar from its London office.
    http://goo.gl/yF0Mm
  70. 1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
    http://goo.gl/5qsUu
  71. 1/09/12 (USA WASHINGTON DC) Whitehouse former banker and Chief of Staff William M. Daley resigned
    http://goo.gl/34F0B
  72. 1/11/12 (KAZAKHSTAN) BTA Bank, CEO Marat Zairov resigns for health reasons.
    http://goo.gl/yAHgr
  73. 1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading Edward K. Eisler retires
    http://goo.gl/i2TVk
  74. 1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading David B. Heller retires
    http://goo.gl/i2TVk
  75. 1/13/12 (IRELAND) National Asset Management Agency, head of lending Graham Emmett is resigning
    http://goo.gl/GN3h3
  76. 1/17/12 (HONG KONG) Oversea-Chinese Banking Corporation Limited (OCBC Bank) CEO David Conner retires.
    http://goo.gl/83Z1i
  77. 1/19/12 (UK) Santander, senior director Americas division Francisco Luzón is retiring with a pension pot of about €56m, a package whose generous size is expected to reignite controversy over bankers’ remuneration.
    http://goo.gl/XMRvP
  78. 1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Alaa’ Sabaa resigned from board of directors.
    http://goo.gl/5Eze1
  79. 1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Wael EL Mahgary resigned from board of directors.
    http://goo.gl/5Eze1
  80. 1/20/12 (JAPAN) Normura’s head of wholesale banking Jasjit Bhattai quits
    http://goo.gl/6FuWe
  81. 1/20/12 (SOUTH AFRICA) First National Bank’s sharia banking division is in a state of flux after it was hit by a corporate governance scandal in which its chief executive, Ebi Patel, was put on “special leave” for almost a month while an internal probe was conducted. Patel has been reinstated, but is facing disciplinary action.  Islamic finance forbids the payment and receipt of interest (riba), and investment in some industries. Sharia law states that interest-bearing transactions result in economic ills such as unemployment and high inflation. Trading in derivatives and speculative investment are also forbidden. Sharia law requires all transactions to be backed by tangible assets.
    http://goo.gl/NmGJP
  82. 1/20/12 (USA) TIAA-CREF executive vice president and president of Asset Management, Scott C. Evans resigned
    http://goo.gl/f6qLs
  83. 1/21/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
    http://goo.gl/sdY1p
  84. 1/21/12 (SINGAPORE) ANZ Asia’s private banking head Nina Aguas resigns as managing director of Asia-Pacific private banking.
    http://goo.gl/hlHvG
  85. 1/21/12 (GREECE) Institute of International Finance negotiator Charles Dallara quits
    http://goo.gl/NbPlt
  86. 1/21/12 (GREECE) Institute of International Finance negotiator Jean Lemierre quits
    http://goo.gl/E3AkE
  87. 1/21/12 (USA CA) Nara Bancorp (Now called BBCN) President and CEO Min Kim Resigns
    http://goo.gl/rcfJ3
  88. 1/22/12 (KENYA) National Bank of Kenya’s (NBK) managing director, Mr Reuben Marambii, will resign before year end.
    http://goo.gl/c2n7r
  89. 1/24/12 (USA) Fortress Investment Group, CEO Daniel Mudd will resign, a month after he took a leave of absence from the company amidst charges over his role in understating Fannie Mae’s exposure to subprime mortgages.
    http://goo.gl/tXQwP
  90. 1/27/12 (SOUTH AFRICA) ABSA Group COO Alfie Naidoo would be leaving to pursue personal interests
    http://goo.gl/cVWnA
  91. 1/27/12 (SOUTH AFRICA) ABSA Group chief marketing and communication officer Happy Ntshingila, will be taking up an “exciting position” outside banking
    http://goo.gl/cVWnA
  92. 1/27/12 (SOUTH AFRICA) ABSA Group CEO Daphne Motsepe retires at the end of April after a 10-year career at the bank.
    http://goo.gl/cVWnA
  93. 1/29/12 (PORTUGAL) Banco Santander Totta SA executive chairman Nuno Manuel da Silva Amado has resigned
    http://goo.gl/Glvdn
  94. 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
    http://goo.gl/BwUgv
  95. 1/30/12 (UK) British Private Equity and Venture Capital Association (BVCA) COO Andrew Graham steps down
    http://goo.gl/4SDW8
  96. 1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
    http://goo.gl/CoLVS
  97. 2/01/12 (SOUTH AFRICA) ABSA [Barclay’s Bank] deputy CEO Louis von Zeuner resigns
    http://goo.gl/IP8nH
  98. 2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
    http://goo.gl/OqRVo
  99. 2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
    http://goo.gl/vjO5M
  100. 2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
    http://goo.gl/bb5sh
  101. 2/02/12 (USA) American Perspective Bank, President and CEO Thomas J. Beene resigned.
    http://goo.gl/K66eb
  102. 2/03/12 (UK) VinaCapital Vietnam Opportunity Fund Ltd, Non-Executive Director Horst Geicke has resigned.
    http://goo.gl/r955T
  103. 2/03/12 (UK) UBS London trader, Kweku M. Adoboli, was arrested and charged with fraud and false accounting, forcing UBS to announce a $2.3 billion trading loss.
    http://goo.gl/ClTaq
  104. 2/05/12 (USA – NY) Morgan’s investment banking chairman Joseph Perella quit
    http://goo.gl/pG2jF
  105. 2/05/12 (USA – NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
    http://goo.gl/bRv9K
  106. 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
    http://goo.gl/OhCEb
  107. 2/07/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires
    http://goo.gl/i7AUY
  108. 2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
    http://goo.gl/fP03J
  109. 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
    http://goo.gl/PiQSy
  110. 2/08/12 (SOUTH AFRICA) Standard Bank Group Ltd – Resignation of Group Secretary Loren Wulfsohn
    http://goo.gl/K1pfn
  111. 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal (names not known)
    http://goo.gl/tW8Sj
  112. 2/09/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
    http://goo.gl/8BuXy
  113. 2/09/12 (UK) JP Morgan Chinese Investment Trust PLC, non-executive Director Madam Yujiang Zhao resigned
    http://goo.gl/CPO23
  114. 2/09/12 (UK) Alliance Trust Savings (ATS), Robert Burgess is stepping down as CEO.
    http://goo.gl/ohHG3
  115. 2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
    http://goo.gl/DBKdc
  116. 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
    http://goo.gl/wMl5g
  117. 2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
    http://goo.gl/GFvIy
  118. 2/13/12 (UK) Goldman Sachs confirmed on Monday that George N. Mattson, one of the firm’s top deal makers in the industrial sector, will retire. He was a senior relationship banker with a client list that included General Motors, General Electric and Caterpillar.
    http://goo.gl/vgnq2
  119. 2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
    http://goo.gl/iQ0n8
  120. 2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
    http://goo.gl/uHp6C
  121. 2/14/12 (PAKISTAN) National Bank of Pakistan (NBP) chairman Syed Ali Raza resigned
    http://goo.gl/scexo
  122. 2/14/12 (USA NY) Goldman Sachs Jeffrey Moslow resigns, an investment banker to companies such as Tyco International Ltd, Nstar, the Boston-based utility, and defense contractor Dyncorp International Inc.
    http://goo.gl/7h4O7
  123. 2/15/12 (WORLD) World Bank CEO Zoellick resigns
    http://goo.gl/dHDSm
    Did the White House tell the World Bank president that he’s out?
    http://goo.gl/wUOgb
  124. 2/15/12 (CHINA) Morgan non-executive chairman Stanley Stephen Roach will be retiring.
    http://goo.gl/MQeGW
  125. 2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
    http://goo.gl/SNsVI
  126. 2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
    http://goo.gl/TyYiJ
  127. 2/16/12 (USA IL) Deerfield Capital Management LLC, CEO Daniel Hattori and CEO of CIFC Corp resigned.
    http://goo.gl/LLNnD
  128. 2/16/12 (USA IL) Deerfield Capital Management LLC, COO Luke Knecht and CEO of CIFC Corp, resigned both positions.
    http://goo.gl/LLNnD
  129. 2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
    http://goo.gl/yT6rS
  130. 2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
    http://goo.gl/c7PtU
  131. 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
    http://goo.gl/CtmOU
  132. 2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
    http://goo.gl/I7Alo
  133. 2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
    http://goo.gl/WczHh
  134. 2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
    http://goo.gl/I7Alo
  135. 2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
    http://goo.gl/I7Alo
  136. 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austraila CEO Stephen Williams resigns
    http://goo.gl/4r16D
  137. 2/17/12 (PAKISTAN) PICIC Asset Management Company Limited CFO Ahmed Raza resigns
    http://goo.gl/K8A2I
  138. 2/17/12 (USA NY) Goldman Sachs CEO Lloyd Blankfein out as by summer
    http://goo.gl/UjpzD
  139. 2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
    http://goo.gl/1n1Nr
  140. 2/17/12 (UK) Insight Investment, asset manager Mike Pinggera has resigned..
    http://goo.gl/uDplK
  141. 2/18/12 (PAKISTAN) The Bank of Azad Jammu and Kashmir executive Zulfiqar Abbasi resigns 
    http://goo.gl/G0woP
  142. 2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
    http://goo.gl/Unuez
  143. 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
    http://goo.gl/F5twL
  144. 2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
    http://goo.gl/aA0RW
  145. 2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
    http://goo.gl/6Dj0i
  146. 2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
    http://goo.gl/DuMrm
  147. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
    conflict of interest with director seat on unknown bank
    http://goo.gl/aEmwB
  148. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://goo.gl/aEmwB
  149. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://goo.gl/aEmwB
  150. 2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://goo.gl/aEmwB
  151. 2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
    conflict of interest with director seat on Eastland Insurance Company Limited
    http://goo.gl/aEmwB
  152. 2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
    http://goo.gl/Z1rnw
  153. 2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
    http://goo.gl/ppKno
  154. 2/22/12 (USA NY) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
    http://goo.gl/x4Zsr
  155. 2/22/12 (UK) UBS AG’s (UBSN) Doug McCutcheon, head of Healthcare Banking in Europe, Middle East, Africa and Asia-Pacific region, has left Switzerland’s biggest bank after 25 years at the firm.
    http://goo.gl/Dnxqh
  156. 2/23/12 (UK) Goldman Sachs Nordic M&A banker Luca Ferrari has decided to retire from the firm, clients included the largest telecommunications operator in Spain the Spanish telecommunications.
    http://goo.gl/qmCh3
  157. 2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
    http://goo.gl/DTL5S
  158. 2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
    http://goo.gl/KoEUI
  159. 2/24/12 (GUERNSEY) Spearpoint Limited (SPL) Investment Funds, director Mike Kirby resigns for business reasons.
    http://goo.gl/9stPB
  160. 2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
    http://goo.gl/5eUqU
  161. 2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
    http://goo.gl/JIC9A
  162. 2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
    http://goo.gl/6UJau
  163. 2/24/12 (USA NY) Evercore Partners Head Eduardo Mestre steps down
    http://goo.gl/n5RLY
  164. 2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
    http://goo.gl/nMTLW
  165. 2/27/12 (GERMANY) Deutsche Bank Americas chief  Seth Waugh steps down
    http://goo.gl/8lxSw
  166. 2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
    http://goo.gl/yKjzL
  167. 2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
    http://goo.gl/IJ5Lw
  168. 2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
    http://goo.gl/eVCS5
  169. 2/27/12 (GERMANY) Equiduct chairman Artur Fischersteps down
    http://goo.gl/Q0dWR
  170. 2/27/12 (BAHRAIN) – Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
    http://goo.gl/hhHSm
  171. 2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns – Flees to Canada!
    http://goo.gl/DDEUk
  172. 2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
    http://goo.gl/ZD0mc
  173. 2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
    http://goo.gl/dsXcE
  174. 2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
    http://goo.gl/Uo800
  175. 2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
    http://goo.gl/26MYq
  176. 2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
    http://goo.gl/NDJze
  177. 2/28/12 (HONG KONG) Bank of America’s Asia-Pac. mrkts Brian Canniffe quits
    http://goo.gl/cRkCP
  178. 2/28/12 (BELGIUM) KBC’s CEO Jan Vanhevel is to retire after a career spanning 41 years.
    http://goo.gl/1rCWd
  179. 2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
    http://goo.gl/HIYXv
  180. 2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
    http://goo.gl/ggPvq
  181. 2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
    http://goo.gl/YxvNA
  182. 2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
    http://goo.gl/F0UgN
  183. 2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
    http://goo.gl/7aLRU
  184. 2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
    http://goo.gl/LkJhV
  185. 2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
    http://goo.gl/n6uoM
  186. 2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
    http://goo.gl/Jh9jd
  187. 2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
    http://goo.gl/014or
  188. 2/29/12 (GUYANA) National Investment and Commercial Investments Ltd. (NICIL), Executive Director Winston Brassington resigns, “We feel that (Winston) Brassington knows everything…A to Z about all the transactions,” said Chairman of the Alliance for Change (AFC), Khemraj Ramjattan, as he sounded a warning that controversial figure could be subpoenaed to appear before the Parliamentary Economic Sector Committee.
    http:// goo.gl/L7I35
  189. 3/01/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
    http://goo.gl/wACrI
  190. 3/01/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government’s legislation on boosting competition.
    http://goo.gl/3llyT
  191. 3/01/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
    http://goo.gl/nA8g9
  192. 3/01/12 (USA NY) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG’s third party asset management business, PineBridge still manages AIG assets
    http://goo.gl/SI7kT
  193. 3/01/12 (SINGAPORE) UBS Singapore – James Tulley is leaving Switzerland’s largest bank, it is not clear where he is going.
    http://goo.gl/BGugF
  194. 3/01/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
    http://goo.gl/uEqDV
  195. 3/01/12 (ICELAND) Iceland’s Financial Supervisory Authority (FSA) fired its director Gunnar Andersen
    http://goo.gl/VG9q5
  196. 3/02/12 (CHINA) China Construction Bank Corp, assistant general manager and head of corporate banking Mickey Mehta quits
    http://goo.gl/B9dR0
  197. 3/02/12 (USA NY) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
    http://goo.gl/8kZuc
  198. 3/02/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
    http://goo.gl/ZEUwf
  199. 3/02/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
    http://goo.gl/npBe2
  200. 3/02/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group] Wilson Ng resigns
    http://goo.gl/wFSV8
  201. 3/02/12 (USA NY) Citigroup Richard Parsons to step down as chairman
    http://goo.gl/BhZ0F
  202. 3/03/12 (AUSTRIA) Volksbank AG (VBAG) The contract of CEO Gerald Wenzel will not be extended
    http://goo.gl/w99tD
  203. 3/03/12 (ETHIOPIA) Dashen Bank’s board dismisses president Leulseged Teferi
    http://goo.gl/Y801M
  204. 3/03/12 (RUSSIA) Enza Capital KK, Wealthy British banker Philip Townsend (Baron Townsend of Rathmore) and his wife killed at Estonia holiday home ⑆44541444⑈
    http://goo.gl/GSOUN and http://goo.gl/x94ID and http://goo.gl/gGgLP
  205. 3/04/12 (KOREA) Hana Financial Group Inc, prominent figure in the history of South Korean finance Kim Seung-yu , resigns
    http://goo.gl/fmNxY
  206. 3/04/12 (USA NY) JP Morgan prop trading chief Mike Stewart quits
    http://goo.gl/gubPj
  207. 3/05/12 (SAUDI ARABIA) Al Rajhi Bank CEO Abdullah bin Sulaiman Al Rajhi has resigned
    http://goo.gl/pNx0l
  208. 3/5/12 (UK) Jupiter fund co-manager Tony Nutt steps down
    http://goo.gl/RPqOp
  209. 3/05/12 (UK) Jupiter fund co-manager John Hamilton steps down
    http://goo.gl/RPqOp
  210. 3/05/12 (NEW ZEALAND) Insured Group Bill Jeffries has resigned as chairman and director
    http://goo.gl/gX7wu
  211. 3/05/12 (USA) Reliance Bancshares chairman Patrick Gideon resigned
    http://goo.gl/u6BT4
  212. 3/06/12 (FRANCE) Blackstone Group’s Paris office leader Jean-Michel Steg will step down
    http://goo.gl/w3Ca5
  213. 3/06/12 (JAMAICA) Jamaica Money Market Brokers Limited, Patricia Sutherland has resigned as Executive Director
    http://goo.gl/oMwv6
  214. 3/06/12 (JAMAICA) Jamaica’s Financial Services Commission (FSC), Executive director Rohan Barnett, has resigned the position, the Ministry of Finance, Planning and the Public Service announced this afternoon.
    http://goo.gl/FBwFo
  215. 3/06/12 (USA PA) USA Technologies Inc Bradley M. Tirpak, a nominee of Shareholder Advocates for Value Enhancement,has resigned from its board subsequent to a settlement agreement with the investing group, according to an SEC filing. Provides a network of wireless non-cash transactions, associated financial/network services and energy management. It provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.
    http://goo.gl/8oi7C
  216. 3/06/12 (UK) Sterling Green Group has announced that Philip Kanas, a non-executive director, has decided to resign
    Sterling Green Group PLC became a cash shell following the disposal of their subsidiaries Taxdebts Ltd, Sterling Green (Mortgages) Ltd and the back books of the clients of Sterling Green Ltd. during December 2011.
    http://goo.gl/qc3jB
  217. 3/06/12 (UK) Aberdeen Asset Management, non-executive director Gerhard Fusenig has resigned from the board.
    http://goo.gl/ZIkvQ
  218. 3/07/12 (GERMANY) Deutsche Bank AG’s (DB) Chief Risk Officer Hugo Baenzigeri to resign
    http://goo.gl/MWqsH
  219. 3/07/12 (GERMANY) Deutsche Bank AG’s (DB) Chief Operating Officer Hermann-Josef Lamberti to resign
    http://goo.gl/MWqsH
  220. 3/07/12 (UNITED ARAB EMIRATES) Dubai Mercantile Exchange announced Thomas Leaver will step down as CEO
    http://goo.gl/rfhWN
  221. 3/07/12 (SCOTLAND) Macfarlane Group Chairman Archie Hunter to step down after 8 years of service
    http://goo.gl/RHllr
  222. 3/07/12 (USA) BlackRock Emerging Markets Fund co-head Daniel Tubbs, has left the group to pursue other opportunities.
    http://goo.gl/CpEzZ
  223. 3/07/12 (UK) Goldman Sachs (GSI) Christopher French resigns from board
    http://goo.gl/3yQDS
  224. 3/07/12 (UK) Goldman Sachs (GSI) David Wildermuth resigns from board
    http://goo.gl/3yQDS
  225. 3/07/12 (UK) Goldman Sachs (GSI) Matthew Westerman resigns from board
    http://goo.gl/3yQDS
  226. 3/07/12 (UK) Goldman Sachs (GSI) co-head of global mergers and acquisitions Yoel Zaoui resigns
    http://goo.gl/3yQDS
  227. 3/07/12 (UK) Goldman Sachs (GSI) Phil Beatty resigned as head of European power and natural-gas trading
    http://goo.gl/jqbYY
  228. 3/07/12 (SINGAPORE) Nikko Asset Management Timothy McCarthy is retiring as chairman and CEO at the end of the month
    http://goo.gl/v8tcT
  229. 3/07/12 (HONG KONG) UBS Senior Asia Economist Jonathan Anderson Departs
    http://goo.gl/09VqT
  230. 3/07/12 (HAITI) FORMER DIRECTOR HAITI CENTRAL BANK SLAIN! ⑆44541444⑈
    http://goo.gl/UtVz3
  231. 3/07/12 (FRANCE) Société Générale Private Banking, Daniel Truchi is to step down as head of Société Générale Private Banking
    http://goo.gl/XhgJ9
  232. 3/07/12 (AUSTRALIA) Customers Ltd, Tim Wildash has cashed himself out as chief executive of Australia’s largest ATM operator
    http://goo.gl/eZJMb
  233. 3/07/12 (USA CA) CALSTRS, Pascal Villiger, senior private equity portfolio manager at the $145 billion California State Teachers’ Retirement System resigns
    http://goo.gl/ub0ke
  234. 3/07/12 (USA) Astaire quits Bank of America Merrill to dance to Barclays Capital’s tune
    http://goo.gl/Zv6Ny
  235. 3/08/12 (USA NY) Schroders, CIO Alan Brown is steps down
    http://goo.gl/ZTtYo
  236. 3/08/12 (USA IL) CBOE Executive Patrick Fay Put on Leave Amid SEC Probe
    http://goo.gl/x5snO
  237. 3/08/12 (USA NH & RI) Bristol County Savings Bank president E. Dennis Kelly retires after 35 years
    http://goo.gl/8KVKn
  238. 3/08/12 (GERMANY) Clearstream Banking AG – Katja Rosenkranz To Leave Deutsche Börse Group [stockmarket]
    http://goo.gl/RiVNi
  239. 3/08/12 (UK) B&CE CEO Brian Griffiths is to retire later this year
    http://goo.gl/AV7Sk
  240. 3/08/12 (UK) Invesco Trimark Ltd, portfolio manager Dana Love has resigned.
    http://goo.gl/MyQ90
  241. 3/09/12 (MONGOLIA) Mongol Bank President Alag Batsukh submitted his resignation letter to Speaker of Parliament D. Demberel at the end of last month. He described his reason for resigning as a lack of support by Parliament.
    http://goo.gl/RDmNx
  242. 3/09/12 (MONGOLIA) Asia Pacific Securities, General Manager Narantuguldur Saijrakh recently resigned, to focus on his role as Director of Khan Investment Management, investment advisor to the Khan Mongolia Equity Fund – the first open-ended investment vehicle with monthly dealing that invests in Mongolia related equities listed both domestically and internationally.
    http://goo.gl/2T4R6
  243. 3/09/12 (SOUTH AFRICA) African Bank Investments Ltd, company secretaryYashmita Mistry has resigned
    http://goo.gl/tHRH4
  244. 3/09/12 (Côte d’Ivoire) Banque Central des Etats d’Afrique de l’Ouest (BCEAO) The Ivorian governor of the multi-billion dollar West Africa Francophone bank, Philippe-Henry Dacoury-Tabley, resigned his post.
    http://goo.gl/CevLn
  245. 3/09/12 (UK) Lazard , co-head of investment banking Alexis de Rosnay quits. De Rosnay specialises in the healthcare sector, he has advised Teva Pharmaceutical and Novartis.
    http://goo.gl/3gzbi
  246. 3/09/12 (UK) Deutsche Bank PWM, UK head of portfolio management Martyn Surguy resigned.
    http://goo.gl/5Ti2p
  247. 3/09/12 (UK) Deutsche Bank PWM, head of discretionary management, Kypros Charalambous, having also stepped down.
    http://goo.gl/5Ti2p
  248. 3/09/12 (HONG KONG) Bank of America Merrill Lynch, K.J. Kim, responsible for Southeast Asia, resigned
    http://goo.gl/sE7xh
  249. 3/09/12 (HONG KONG) Bank of America Merrill Lynch, Jimmy Choi, who was in charge of high-yield debt, resigned.
    http://goo.gl/sE7xh
  250. 3/09/12 (HONG KONG) Bank of America Merrill Lynch, Leonard Ng, a vice-president in Hong Kong resigned.
    http://goo.gl/sE7xh
  251. 3/09/12 (AUSTRALIA) Bank of Queensland CFO Ram Kangatharan plans to leave the bank.
    http://goo.gl/ieNea
  252. 3/09/12 (USA) Cerberus Capital Management LP, CEO Robert Nardelli resigns.
    http://goo.gl/9uKVx
  253. 3/10/12 (AUSTRALIA) WESTPAC, Rob Chapman opted to quit running its regional subsidiary St George Bank.
    http://goo.gl/G6MD
  254. 3/10/12 (TURKEY) Garanti Bank, The deputy CEO of Turkish lender Tolga Egemen, has decided to quit.
    http://goo.gl/vAMzV

█▓▒░   End of list as of 3/8/12  ░▒▓█
Addendum:
It is not known under what circumstances these individuals have left their positions, I make no judgement on that. I find the timing of so many resignations extremely curious and a temporal marker in history of high significance. No one should assume I make any judgement about the character of these people. I frankly don’t know their reputations except for a few rather famous ones.

This list includes Banks, Investment Houses, Sovereign Wealth Funds, Equity Funds, Savings Retirement Funds and other shadow banking organizations. The line is very blurry between these entities, some are owned by banks some are banks, some invest in banks as well as owning entire industries (common in Hong Kong and Japan).

 

Posted in Conspiracy Archives, Economic Upheavals | Tagged: , , , , , , , , , , , , | Comments Off on 20,000 Extra Resignations March 15, 2012

Greek cabinet tackles austerity, rescue hopes rise

Posted by Admin on February 18, 2012

http://news.yahoo.com/more-needed-yet-elusive-greek-bailout-deal-005931736.html;_ylt=AkMlhwQqqjB3a4GMc3efm4Os0NUE;_ylu=X3oDMTNsYnRhaHM4BG1pdANUb3BTdG9yeSBGUARwa2cDN2E0ZWU3YTAtMzdlMC0zMTZkLTk1NjEtMzFhYjBlYWJiZTA5BHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyAzMwMTljMDYwLTU5Y2MtMTFlMS05ZmVlLTM3Yzk5MWRiZTI3ZA–;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

By David Stamp and George Georgiopoulos | Reuters – 4 mins 57 secs ago

ATHENS (Reuters) – Greece’s cabinet tackled on Saturday how to implement austerity demanded by the EU and IMF as a 130-billion-euro ($171-billion) rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athensreduce its huge debts.

After months of often acrimonious negotiations, Greek hopes were rising that euro zone finance ministers Monday will endorse the rescue which Athens needs to avoid bankruptcy next month when major debt repayments fall due.

A statement from the office of Prime Minister Lucas Papademossaid the cabinet would discuss implementing the bailout package which demands pay, pension and job cuts on top measures that have already hit many Greeks’ living standards.

The cabinet is due to approve measures that already provoked rioting on the streets of Athens last Sunday before they go into a supplementary budget due to be put to parliament next week.

“The Greek people have done everything they can and we are determined to make good on our commitments,” Public Order Minister Christos Papoutsis told reporters as he arrived. Many EU officials remain deeply skeptical of Athens’s will to reform.

Also on the agenda is the future of the old Athens airport, a prime seafront site that lies derelict more than a decade after the new airport opened, symbolizing the wasted opportunities which have helped to reduce Greece to its knees.

Friday German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Papademos all voiced optimism about a Greek accord during a three-way conference call, Monti’s office said in a statement.

However, Jean-Claude Juncker, who will chair Monday’s meeting of the Eurogroup in Brussels, made clear that urgent work was still needed to get a program to reduce Greece’s crippling debts back on track.

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Euro zone crisis in graphics http://r.reuters.com/hyb65p

Interactive timeline http://link.reuters.com/pys56s

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MISSING THE TARGET

At stake is a target of lowering the debt from the equivalent of 160 percent of annual Greek economic output now to a more manageable 120 percent by 2020.

“All the discussions I will have … until Sunday night will try to move the figure nearer to the target,” Juncker told reporters.

At the moment, EU and IMF officials believe that target – which assumes that Greece will run a budget surplus next year, excluding the massive cost of its debts – will be missed.

Under the main scenario of an analysis by the European Commission, the European Central Bank and the International Monetary Fund, Greek debt will fall to only 129 percent of gross domestic product in 2020, one official said.

The euro zone is therefore looking at modifying a deal negotiated over many months with private creditors under which they would accept a cut of around 70 percent in the real value of their Greek bondholdings.

Senior euro zone finance officials meet Sunday to discuss the analysis and find ways to bring the debt closer to the 120 percent target before the finance ministers gather Monday.

“If you do a number of things you can bring the 129 close to 120,” one euro zone official familiar with the document said.

These might include changes to interest accrued on privately held bonds, but the EU and its national institutions might also play their part, the official said.

Interest rates on EU loans to Greece could be cut, and those national central banks in the euro zone which hold Greek bonds might accept similar terms to the private creditors on some of their holdings.

The national central banks own an estimated 12 billion euros of Greek debt. The European Central Bank has refused to take part in the complex deal for the private creditors – involving swapping old bonds for new ones with a lower face value, lower interest rates and longer maturities – and would need to approve the national central bank decision.

Officials also are considering a cut in the cash “sweetener” which would be offered to the private creditors in return for accepting the cut in the value of their bond holdings

ROCK-BOTTOM MORALE

With Greek morale at rock bottom, the national mood darkened yet further after armed thieves looted a museum Friday in Olympia, birthplace of the Olympic Games. They stole bronze and pottery artifacts weeks after the National Gallery was burgled.

A Greek newspaper suggested the state could no longer look after the nation’s immense cultural heritage properly. “The Greek state has gone bankrupt, let’s face it,” the daily Kathimerini said.

“If the state cannot guard the country’s great cultural heritage for financial or other reasons it must find other ways to do it,” the conservative daily said.

“It could, for example, turn to large foundations and ask them to assume the cost of security at the country’s important museums in the next two to three difficult years.”

Critics say years have been wasted arguing and dithering over major national decisions. This is symbolized by the old Athens airport, which is supposed to be rebuilt as a Monte Carlo-style development of housing, tourist facilities and a marina, but remains a wasteland.

Athens opened a new airport in 2001, well in time for the 2004 Olympic games, but longstanding plans to privatize it have also yet to materialize.

(Additional reporting by Dina Kyriakidou, Angeliki Koutantou and Harry Papachristou and Jan Strupczweski in Brussels; Editing by Michael Roddy)

Posted in Economic Upheavals, Geo-Politics | Tagged: , , , , , , , , , , , , | Comments Off on Greek cabinet tackles austerity, rescue hopes rise

Mega Fail: 17 Signs That The European Financial System Is Heading For An Implosion Of Historic Proportions

Posted by Admin on December 22, 2011

http://www.pakalertpress.com/2011/12/14/mega-fail-17-signs-that-the-european-financial-system-is-heading-for-an-implosion-of-historic-proportions/

Posted on  on December 14, 2011 // Leave Your Comment

The Economic Collapse

What happens when you attempt a cold shutdown of one of the biggest debt spirals that the world has ever seen?  Well, we are about to find out.  The politicians in Europe have decided that they are going to “take their medicine” and put strict limits on budget deficits.  They have also decided that the European Central Bank is not going to engage in reckless money printing to “paper over” the debts of troubled nations.  This may all sound wonderful to many of you, but the reality is that there is always a tremendous amount of pain whenever a massive debt spiral is interrupted.  Just look at what happened to Greece.  Greece was forced to raise taxes and implement brutal austerity measures.  That caused the economy to slow down and tax revenues to decline and so government debt figures did not improve as much as anticipated.  So Greece was forced to implement even more brutal austerity measures.  Well, that caused the economy to slow down even more and tax revenues declined again.  In Greece this cycle has been repeated several times and now Greece is experiencing a full-blown economic depression.  100,000 businesses have closed and a third of the population is living in poverty.  But now Germany and France intend to impose the “Greek solution” on the rest of Europe.  This is going to create the conditions needed for a “perfect storm” to develop and it means that the European financial system is heading for an implosion of historic proportions.

The easiest way to deal with a debt spiral is to let it keep going and going.  That is what the United States has done.  Sure, “kicking the can down the road” makes the crisis much worse in the long run, but bringing the pain into the present is not a lot of fun either.

Europe has decided to do something that is unprecedented in the post-World War II era.  They have decided to put very strict limits on budget deficits and to impose tough sanctions on any nations that break the rules.  They have also decided that they are not going to allow the European Central Bank to fund the debts of troubled nations with reckless money printing.

Without a doubt, this is a German solution for a German-dominated Europe.  Germany does not want to pay for the debt mistakes of other EU nations, and so they are shoving bitter austerity down the throats of those that have gotten into too much debt.

But this solution is not going to be implemented without a massive amount of pain.

In fact, this solution is going to make a massive financial collapse much more likely.  The following are 17 signs that the European financial system is heading for an implosion of historic proportions….

#1 As noted above, when you reduce government spending you also slow down the economy.  We have already seen what brutal austerity has done to Greece – 100,000 businesses have shut down, a third of the population is living in poverty and there is rioting in the streets.  Now that brand of brutal austerity is going to be imposed in almost every single nation in Europe.

#2 As the economy slows down in Europe, unemployment will rise.  There are already 10 different European nations that have an “official” unemployment rate of over 10 percent and the next recession has not even officially started yet.

#3 Before it is all said and done, the EU nations that are drowning in debt will likely need trillions of euros in bailout money just to survive.  But at this point Germany and the other wealthy nations of northern Europe are sick and tired of bailouts and do not plan to hand over trillions of euros.

#4 The European Central Bank could theoretically print up trillions of euros and buy up massive amounts of European sovereign debt, but this would go against existing treaties and most of the major politicians in Europe are steadfastly against this right now.  But without such intervention it is hard to see how the ECB will be able to keep bond yields from absolutely skyrocketing for long.  In fact, without massive ECB intervention it is hard to see how the eurozone is going to be able to stay together at all.  Graeme Leach, the chief economist at the Institute of Directors, said the following recently….

“Unless the ECB begins to operate as a sovereign lender of last resort function, with massive purchases of eurozone public debt, the inexorable logic is that the eurozone will break up.”

#5 European leaders are hoping that the new treaty that was just agreed to will be ratified by the end of the summer.  In reality, it will probably take much longer than that.  German Chancellor Angela Merkel has made it clear that the solution to this debt crisis is going to take a long time to implement….

“It’s a process, and this process will take years.”

Unfortunately, Europe does not have years.  Europe is rapidly running out of time.  A massive financial crisis is steamrolling right at them and they need solutions right now.

#6 Sadly, the cold, hard reality of the matter is that none of the fundamental problems that Europe is facing were fixed by this recent “agreement” as Ambrose Evans-Pritchard recently noted in one of his columns….

There is no shared debt issuance, no fiscal transfers, no move to an EU Treasury, no banking licence for the ESM rescue fund, and no change in the mandate of the European Central Bank.

In short, there is no breakthrough of any kind that will convince Asian investors that this monetary union has viable governance or even a future.

Germany has kept the focus exclusively on fiscal deficits even though everybody must understand by now that this crisis was not caused by fiscal deficits (except in the case of Greece). Spain and Ireland were in surplus, and Italy had a primary surplus.

#7 Nobody wants to lend to European banks right now.  Everyone knows that there are dozens of European banks in danger of failing, and nobody wants to throw any more money into those black holes.  The U.S.Federal Reserve and the European Central Bank have been lending them money, but a lot of European banks are already starting to run out of “acceptable forms of collateral” for those loans as one Australian news source recently explained….

“If anyone thinks things are getting better, they simply don’t understand how severe the problems are,” a London executive at a global bank said. “A major bank could fail within weeks.”

Others said many continental banks, including French, Italian and Spanish lenders, were close to running out of the acceptable forms of collateral, such as US Treasury bonds, that could be used to finance short-term loans.

Some have been forced to lend out their gold reserves to maintain access to US dollar funding.

So will the U.S. Federal Reserve and the European Central Bank keep lending them money once they are out of acceptable collateral?

If not, we could start to see banks fail in rapid succession.

Charles Wyplosz, a professor of international economics at Geneva’s Graduate Institute, is absolutely certainthat we are going to see some major European banks collapse….

“Banks will collapse, including possibly a number of French banks that are very exposed to Greece, Portugal, Italy and Spain.”

#8 Not only does nobody want to lend money to them, major banks all over Europe are also dramatically cutting back on lending to consumers and businesses as they attempt to meet new capital-adequacy requirements by next June.

According to renowned financial journalistAmbrose Evans-Pritchard, European banks need to reduce the amount of lending on their books by about 7 trillion dollars in order to get down to safe levels….

Europe’s banks face a $7 trillion lending contraction to bring their balance sheets in line with the US and Japan, threatening to trap the region in a credit crunch and chronic depression for a decade.

When nobody wants to lend to the banks, and when the banks severely cut back on lending to others, that is called a “credit crunch”.  In such an environment, it is incredibly difficult to avoid a major recession.

#9 European banks are absolutely overloaded with “toxic assets” that they are desperate to get rid of.  Just as we saw with U.S. banks back in 2008, major European banks are busy trying to unload mountains of worthless assets that have a book value of trillions of euros.  Unfortunately for the banks, virtually nobodywants to buy them.

#10 European bond yields are still incredibly high even though the European Central Bank has spent over 274 billion dollars buying up European government bonds.

Up until now, the European Central Bank has been taking money out of the system (by taking deposits or by selling assets for example) whenever it injects new money into the system by buying bonds.  That makes this different from the quantitative easing that the U.S. Federal Reserve has done.  But at some point the European Central Bank is going to run out of ways to take money out of the system, and when that happens either the Germans will have to allow the ECB to print money out of thin air to buy bonds with or we will finally see the market determine the true value of European government bonds.

#11 Bond yields are going to become even more important in 2012, because huge mountains of European sovereign debt are scheduled to be rolled over next year.  For example, Italy must roll over approximately 20 percent of its entire sovereign debt during 2012.

#12 Once the new treaty is ratified, eurozone governments will lose the power to respond to a major recession by dramatically increasing government spending.  So if the governments of Europe cannot spend more money in response to the coming financial crisis, and if the ECB cannot print more money in response to the coming financial crisis, then what is going to keep the coming recession from turning into a full-blown depression?

#13 Credit rating agencies are warning that more credit downgrades may be coming in Europe. For example, Moody’s recently stated the following….

“While our central scenario remains that the euro area will be preserved without further widespread defaults, shocks likely to materialise even under this ‘positive’ scenario carry negative credit and rating implications in the coming months. And the longer the incremental approach to policy persists, the greater the likelihood of more severe scenarios, including those involving multiple defaults by euro area countries and those additionally involving exits from the euro area.”

#14 S&P has put 15 members of the eurozone (including Germany) on review for a possible credit downgrade.

#15 The stock prices of many major European banks are in the process of collapsing.  If you doubt this, just check out the charts in this article.

#16 Bank runs have begun in some parts of Europe.  For example, a recent article posted on Yahoo Newsdescribed what has been going on in Latvia….

Latvia’s largest bank scrambled Monday to head off a run among depositors who were gripped by rumours of the bank’s imminent ruin.

Weekend rumours that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people.

The Greek banking system is literally on the verge of collapse.  According to a recent Der Spiegel article, the run on Greek banks is rapidly accelerating….

He means that the outflow of funds from Greek bank accounts has been accelerating rapidly. At the start of 2010, savings and time deposits held by private households in Greece totalled €237.7 billion — by the end of 2011, they had fallen by €49 billion. Since then, the decline has been gaining momentum. Savings fell by a further €5.4 billion in September and by an estimated €8.5 billion in October — the biggest monthly outflow of funds since the start of the debt crisis in late 2009.

#17 There are already signs that European economic activisty (as well as global economic activity) is really starting to slow down.  Just consider the following statistics from a recent article by Stephen Lendman….

In November, French business confidence fell for the eighth consecutive month. In October, Japanese machinery orders dropped 6.9%, following an 8.2% plunge in September.

South Africa just reported a 5.6% drop in manufacturing activity. Britain recorded a 0.7% decline. China’s October exports fell 1.7% after dropping 3.8% in September.

Korea’s exports are down three consecutive months. Singapore’s were off in September and October. Indonesia’s plunged 8.5% in October after slipping 2% in September. India’s imploded 18.3% after being flat in September.

Are you starting to get the picture?

Europe is in a massive amount of trouble.

The equation is simple….

Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions

Unless something truly dramatic happens, the economy of Europe is a dead duck.

There is no way that Europe is going to be able to substantially reduce the flow of money coming from national governments and substantially reduce the flow of money coming from the banks and still be able to avoid a major recession.

Look, I want it to be very clear that I am in no way advocating government debt in this article.  It is just that under the debt-based monetary paradigm that we are all operating under, there is no way that you can dramatically reduce government spending without experiencing a whole lot of pain.

An economic “perfect storm” is developing in Europe.  All of the things that need to happen for a major recession to occur are falling into place.

So does anyone out there disagree with me?  Does anyone think that Europe is going to be just fine?

Posted in Economic Upheavals | Tagged: , , , , , , , , , | Comments Off on Mega Fail: 17 Signs That The European Financial System Is Heading For An Implosion Of Historic Proportions

Ireland swallows bitter pill, asks EU for loan

Posted by Admin on November 22, 2010

Image representing Associated Press as depicte...

Associated Press

Irish Prime Minister Brian Cowen, left, and The ...
AP – Irish Prime Minister Brian Cowen, left, and The Minister for Finance, Brian Lenihan speak to the media
By SHAWN POGATCHNIK, Associated Press – Sun Nov 21, 9:34 pm ET

 

DUBLIN – Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.

European Union finance ministers quickly agreed in principle to the bailout, saying it “is warranted to safeguard financial stability in the EU and euro area.” But all sides said further weeks of negotiations loomed to define the fund’s terms, conditions and precise size.

Ireland’s crisis, set off by its foundering banks, drove up borrowing costs not only for Ireland but for other weak links in the eurozone such as Spain and Portugal. Ireland’s agreement takes some pressure off those countries, but they still may end up needing bailouts of their own.

The European Central Bank — which oversees monetary policy for the 16-nation eurozone and first raised alarm bells about a renewed cash crisis in Dublin banks — said the aid would “contribute to ensuring the stability of the Irish banking system.” Sweden and Britain, not members of the euro currency, said they also were willing to provide bilateral loans to Ireland.

Irish Finance Minister Brian Lenihan spent much of Sunday talking to other eurozone financial chiefs about conditions they would place on the emergency aid package taking shape.

Lenihan said Ireland needed less than euro100 billion ($140 billion) to use as a credit line for its state-backed banks, which are losing deposits and struggling to borrow funds on open markets. He said the loan facility could last anywhere from three to nine years.

International Monetary Fund director Dominique Strauss-Kahn said his organization “stands ready to join this effort, including through a multiyear loan.” He said IMF experts already in Dublin would “hold swift discussions on an economic program with the Irish authorities, the European Commission, and the European Central Bank.”

Ireland has been brought to the brink of bankruptcy by its fateful 2008 decision to insure its banks against all losses — a bill that is swelling beyond euro50 billion ($69 billion) and driving Ireland’s deficit into uncharted territory.

The country had long resisted a bailout, but Lenihan said it was now painfully clear that Ireland needed “financial firepower” immediately to complement its own cutthroat plans for recovery.

This country of 4.5 million now faces at least four more years of deep budget cuts and tax hikes totaling at least euro15 billion ($20.5 billion) just to get its deficit — bloated this year to a European record of 32 percent of GDP — back to the eurozone’s limit of 3 percent by 2014.

The European Central Bank and other eurozone members had been pressing behind the scenes for Ireland — long struggling to come to grips with the true scale of its banking losses — to accept a bailout that would reassure investors the country won’t, and can’t, go bankrupt.

The economically struggling governments of Spain and Portugal, in particular, had criticized Ireland’s recent determination to keep going it alone. Ireland’s inability to stop its financial bleeding has fueled investor fears of wider eurozone defaults and driven up those countries’ borrowing costs on bond markets.

But even with Ireland seeking aid, financial analysts say Spain and Portugal remain on course for potential bailouts of their own. Spain is fighting Europe’s highest unemployment rate and Portugal is seen as doing too little to restructure an unusually uncompetitive economy.

Ireland’s move comes just six months after the EU and IMF organized a euro110 billion ($150 billion) bailout of Greece and declared a euro750 billion ($1.05 trillion) safety net for any other eurozone members facing the risk of imminent loan defaults. It demonstrates that creating the three-layered fund didn’t, by itself, reassure global investors that it would be safe, or smart, to keep lending to the eurozone’s weakest members.

Economists question whether the economies of Ireland, Portugal, Spain and Greece will grow sufficiently to build their tax bases and permit them to keep financing, never mind paying down, their debts. The euro, however, has shown some resiliency in the tumult so far, remaining relatively strong against the U.S. dollar.

Lenihan said Ireland most needed a “contingency” fund from which Irish banks could borrow. He said the funds would “not necessarily” be used and emphasized that the government’s own operations are fully funded through mid-2011.

The rapid pace of Sunday’s humiliating Irish U-turn surprised many analysts, given how Lenihan and Ireland’s deeply unpopular prime minister, Brian Cowen, appeared in recent days to be in denial that Ireland needed a cent of foreign aid.

More than 30 banking experts from the IMF, ECB and European Commission began arriving in Dublin only on Thursday to begin poring over the books and projections of the government, treasury and banks, a mammoth task expected to take weeks.

Ireland’s precipitous fall has been tied to the fate of its overgrown banks, which received access to mountains of cheap money once Ireland joined the eurozone in 1999. The Dublin banks bet the bulk of their borrowed funds on rampant property markets in Ireland, Britain and the United States, a strategy that paid rich dividends until 2008, when investors began to see the Irish banking system as a house of cards.

When the most reckless speculator, Anglo Irish Bank, faced bankruptcy in September 2008, it and other Irish banks persuaded Lenihan and aides that they faced only short-term cash problems, not a terminal collapse of their loan books.

Lenihan announced that Ireland would insure all deposits — and, much more critically, the banks’ massive borrowing from overseas investors — against any default, an unprecedented move.

At the time, Lenihan billed his fateful decision as “the cheapest bailout in history” and claimed it wouldn’t cost the Irish taxpayer a penny. The presumption was that confidence would return and Ireland’s lending would resume its runaway trend.

But in the two years since, Lenihan has nationalized Anglo and two other small banks and taken major stakes in the country’s two dominant banks, Allied Irish and Bank of Ireland. The flight of foreign capital began accelerating again in the summer amid renewed doubts that the government understood the full scale of its losses.

Lenihan and the Irish Central Bank responded in September by estimating the final bill at euro45 billion to euro50 billion ($62 billion to $69 billion). Investors, initially relieved to have a figure, quietly resumed their withdrawal from Irish banks and bond markets in mid-October, driving up the borrowing costs for Portugal and Spain, which face their own deficit and debt crises.

Over the past two months Cowen and his 15-member Cabinet have been drafting a four-year austerity plan for Ireland that is expected to be unveiled later this week.

It seeks to close the gap between Ireland’s spending, currently running at euro50 billion, and depressed tax revenues of just euro31 billion. It proposes the toughest steps in the 2011 budget, when euro4.5 billion will be cut from spending and euro1.5 billion in new taxes imposed — steps that threaten to drive Ireland’s moribund economy into recession and civil unrest.

Both Cowen and Lenihan have stressed that Ireland’s 12.5 percent rate of tax on business profits — its most powerful lure for attracting and keeping 600 U.S. companies with bases in Ireland — will not be touched no matter what happens.

France, Germany and other eurozone members have repeatedly criticized the rate as unfair and say it should be raised now given the depth of Ireland’s red ink.

However, IMF and EU leaders negotiating the bailout terms with Ireland have said they don’t intend to dictate any specific tax reforms to Ireland, only to ensure that targets for cutting spending and raising taxes overall are met. Ireland’s right to set its own tax rates also has been enshrined in a series of EU treaties, making any strong-arm tactics now unlikely.

Ireland’s 2011 budget, however, could yet be torpedoed by its own divided lawmakers.

The budget faces a difficult passage through parliament when it is unveiled Dec. 7. Cowen has an undependable three-vote majority that is expected to disappear by the spring as byelections, or special elections, are held to fill seats.

Cowen and his long-dominant Fianna Fail party are languishing at record lows in opinion polls. The latest survey published in the Sunday Business Post newspaper said Fianna Fail has just 17 percent support, whereas the two main opposition parties, Fine Gael and Labour, command 33 percent and 27 percent respectively. Those two parties are widely expected to form a center-left government after Cowen loses his majority, which would force an early election.

Reflecting the national mood, the Sunday Independent newspaper displayed the photos of Ireland’s 15 Cabinet ministers on its front page, expressed hope that the IMF would order the Irish political class to take huge cuts in positions, pay and benefits — and called for Fianna Fail’s destruction at the next election.

“Slaughter them after Christmas,” the Sunday Independent’s lead editorial urged.

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Associated Press Writers Raphael G. Satter in London and Gabriele Steinhauser in Brussels contributed to this report.

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