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19 April 2012
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News on the global financial markets

  Morning Bell 
  • Greece likely will postpone bank-recapitalisation plans
    Greek officials said decisions about plans to recapitalise banks likely will be postponed until after elections in early May. "The issue of the bank recap is moving slowly. The trick with the plan is to incentivise private investors," a senior government official said. "We have to design the right incentive structure ... I expect a decision to come after the elections." The Wall Street Journal (18 Apr.) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Credit crunch in Europe would deepen recession, IMF says
    The International Monetary Fund warned that if European banks simultaneously take strong measures to fix their balance sheets, a major credit crunch might occur. The IMF expects 58 of the biggest EU banks to shed $2.6 billion in assets by the end of next year, nearly 7% of their total. The IMF predicted that the euro-zone economy will shrink 0.3% this year, then expand 0.9% next year, but a credit crunch would reduce gross domestic product 1.4% after two years. The Guardian (London) (18 Apr.) LinkedInFacebookTwitterEmail this Story
  • Spain's bad loans reach highest level in 8 years
    Spanish banks are facing surging loan defaults as the nation's economic crisis deepens. Bad loans increased in February to 8.2% of credit portfolios, the highest level since October 1994, the Bank of Spain said. Spain's unemployment rate, the highest in the EU, is expected to increase. Reuters (18 Apr.) LinkedInFacebookTwitterEmail this Story
  • Hedge fund billionaire Paulson goes short on German bonds
    Hedge fund manager John Paulson is betting that Europe's sovereign-debt crisis will worsen by shorting German government bonds. Paulson, who predicted the collapse of the US housing market, said he thinks Spain's problems will spread and threaten the euro zone's stability, affecting even the creditworthiness of Germany, which is considered one of the safest sovereign borrowers. CNBC/Financial Times (18 Apr.) LinkedInFacebookTwitterEmail this Story
  • Other News
  Regulatory Roundup 
  • Other News
  Spotlight on China 
  • Analysis: Critics of China's "overinvestment" use flawed data
    Western governments and academics criticise China for excessive investment, but they exaggerate the problem by using misleading data for fixed-asset investment, according to The Economist. "They are not adjusted for inflation and they include purchases of existing assets, such as land, that are inflated by the rising value of land and property," the magazine notes. The Economist (14 Apr.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • Member of European Parliament Kay Swinburne will open AFME Fifth Annual European Post-Trade Conference -- 16 May in London
    The European Post-Trade Conference will cover crucial developments in the post-trade space and their impact on the industry, including regulation of central securities depositories, TARGET2-Securities, legal-entity identifiers, interoperability and extraterritoriality. The event is an essential, annual gathering for post-trade professionals to receive updated information from leading European speakers, including:
    • Kay Swinburne, member of the European Parlaiment Economic and Monetary Affairs Committee
    • Verena Ross, executive director of the European Securities and Markets Authority
    • Jean-Michel Godeffroy, director general and chairman of the T2S Programme Board at the European Central Bank
    • Patrick Pearson, head of DG Market at the European Commission
    • Ben Cohn-Urbach, senior associate for over-the-counter derivatives and post-trade policy at the UK Financial Services Authority

    Join the event to network with senior operations executives, market-infrastructure executives, senior regulators, policymakers and providers. Register! LinkedInFacebookTwitterEmail this Story
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IMN's Global ABS 2012 — Join thousands of your industry peers to explore and define the road ahead for the international structured finance markets & discuss current issues concerning the state of the securitisation market and the financial sector as a whole. Additional information here.
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Things alter for the worse spontaneously, if they be not altered for the better designedly."
--Francis Bacon,
British author and statesman

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