Swimming not drowning

Swimming not drowning

Bond market has ability to adapt

Iran's pivotal moment

Iran's pivotal moment

Tehran is at a crossroads…

Friday, March 2, 2012

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WireTap 0900 02/03/12

by Euromoney Skew

A round-up of the key stories across the specialist financial media, including that the Eurozone has delayed approval of more than half of the funds for a Greek bailout, demanding proof that Athens intends to introduce reforms.



Eurozone delays half of Greece’s funds

Eurozone members delayed approval of more than half of the €130 billion bail-out for Greece after demanding that Athens show more proof that it would implement cuts and reforms.

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European leaders speed up cash for bailout fund in response to global push

European leaders have agreed to provide capital faster for the planned permanent bailout fund in a concession to pressure to strengthen defences against the debt crisis.

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Europe's bond sales mark ECB success story

Buyers lined up for auctions of government debt yesterday, helping drive down borrowing costs for countries across the eurozone and providing evidence that the wave of cash injected into lenders by the European Central Bank is finding its way to governments.

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Fed's Williams: higher oil affecting U.S. growth

Higher oil prices are affecting U.S. growth but are currently not a reason to think the economy will stall, a top Federal Reserve official said on Thursday.

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Brazil declares new ‘currency war’

Brazil has declared a fresh “currency war” on the US and Europe, extending a tax on foreign borrowings and is threatening further capital controls to protect the country’s manufacturers.

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Allen & Overy's David Benton: the man who decides if Greece has defaulted

A partner at Allen & Overy, the smallest of England's magic circle of law firms, Benton is the derivatives expert whose legal opinion on Thursday convinced ISDA to decide that Greece had not yet defaulted on its government debt.

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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.