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Indeed it is not 4.5B euro they need, it is 455B euro now.
On hindsight , they should have done the stress test for all 27 Euro countries
Not believe in formal world news, then do not invest in the first place!
FearValueGreed ( Date: 24-Jul-2010 23:25) Posted:
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Wa the stress test by Euro really a piece of shit.
7 banks in trouble only.
Might as well declared none.
Only need to raise 4.5B euros . Why dun Temasek loan them first? then we can become 8th member of G8!!!
Really waste of tax payers fund.
GMT 2 costs 9k in Europe. Guess how much u save?
Andrew ( Date: 06-Jun-2010 23:10) Posted:
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Euro keep falling but conti car prices never come down
Wah, keep Rolex for years can double in price....should we invest invest in that too?
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“The euro is a credible currency,” Trichet told reporters in Vienna on May 31. “I would also say that the euro is keeping its value in a remarkable fashion. It is a very important asset for external and internal investors.”
G-20 Meeting
At a meeting of Group of 20 finance chiefs in Busan, South Korea, June 4-5, Trichet said fiscal tightening in “old industrialized economies” would aid the expansion by shoring up investor confidence.
The last time the ECB intervened was in 2000. On September 22, it was joined by central banks from the U.S., Japan, the U.K. and Canada in purchasing the euro at about 86 cents, boosting the currency as much as 4 percent against the yen and the dollar within 15 minutes. The ECB bought more two months later after it weakened to a record 82.3 cents, Barclays said in a May 21 note.
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All these policy makers really know how to blow their horn when the trains light is staring into their eyes.
But bo bian, he just cant say I am in a damm shit, how to get out from this shit hole. Get me some Japanese printing banana machines, I need to spring roll Euro and become Heli-Trichet, spraying Euro dollars everywhere in Euro instead of Carbon emission.
susan66 ( Date: 05-Jun-2010 11:48) Posted:
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No leh.....Rolex still very expensive leh. My friend bought a gold Rolex for 7K in 2004......I think now can fetch 14.
E-war ( Date: 06-Jun-2010 22:42) Posted:
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Good time to go holiday in Europe. You won't believe the prices of Rolex, bags n other high end goods now. Can even turn a profit just buy here n sell in S'pore. haha...
alexchia01 ( Date: 05-Jun-2010 12:30) Posted:
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They have the money to keep them on artificial life support. These EU countries r big old grizzlies with alot of fat, can tahan a long harsh winter. But after this, they will be a spent force. If they dun restructure, maybe the next global recession will stem from them. So better make more money this time around to standby for the next one!
dealer0168 ( Date: 05-Jun-2010 11:40) Posted:
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Hahaha...
It's truly amazing how simply a play of words
can make people (ie. investors) play with their hard-earned money... 
alexchia01 ( Date: 06-Jun-2010 17:48) Posted:
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Hungary's state secretary has come out to cool the market.
He said that Hungary Default rumors are exaggerated and misleading. Hungary has made good progress and is able to finance its debt.
I guess this sort of put the fire off in some shortists.
Yes, I heard that too but maybe not so fast, 1 step at a time. Next crisis may be Japan, so there may be more volatility but higher risk taker can ride with it. Of course, must be extra careful. 
alexchia01 ( Date: 05-Jun-2010 12:30) Posted:
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From the big picture point of view, I tend to agree very much with you.
I'd be inclined to view this episode as Phase Two a systemic breakdown.
But in spite of this being possible, plus the 'avalanche' of ominous factors/events
we are witnessing before our eyes today, the stock markets seem "not to give two hoots"...
Perhaps the natural course of events, like an osmostic process, need time to seep in?
This is but just one way to look at it, of course...
singaporegal ( Date: 05-Jun-2010 16:44) Posted:
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Not a second chapter but more like the prologue to a new story. Based on how the last crisis unfolded, a double dip is not imminent. But this is a series of new events which are unrelated to the previous crisis. If unresolved, it will bring about another dip of STI below 2000 points.
We are in the midst of another crisis. This is chapter two of the financial crisis that started in 2007.
THATS WHAT THEY ALL SAY BEFORE THE CRISIS CAME LATER ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
des_khor ( Date: 05-Jun-2010 13:34) Posted:
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Hungary ‘Isn’t Greece,’ Moody’s Says Following Tumble in Bonds
By Tal Barak Harif and Piotr Skolimowski
June 5 (Bloomberg) -- Hungary has “a good track record” managing fiscal crises and will take the steps needed even after a government official said the country may be at risk of defaulting, according to Moody’s Investors Service.
“Hungary isn’t the next Greece,” Kristin Lindow, a senior vice president with the ratings company, said in a telephone interview yesterday from London. “Hungary has a good track record of doing what it needs to do when in trouble.”
Hungarian bonds tumbled yesterday, pushing up borrowing costs by the most since October 2008, and the forint and stocks plunged after Peter Szijjarto, spokesman for Prime Minister Viktor Orban, said it’s not “an exaggeration at all” to speculate that the nation may be unable to pay its debt.
The comments sparked concern that Europe’s debt crisis is spreading after credit downgrades of Greece, Portugal and Spain. The European Union pledged almost $1 trillion to the bloc’s weakest economies last month after Greece’s widening budget deficit threatened to undermine confidence in the euro.
“It’s clear that the economy is in a very grave situation,” Szijjarto said at a press conference in Budapest yesterday. “I don’t think it’s an exaggeration at all” to talk about a default, he said.
Orban took office May 29 after winning elections by pledging to cut taxes and stimulate the economy. He failed last week to get EU approval for looser fiscal policy.
‘Ill Considered’ Comments
The extra yield investors demand to own Hungary’s debt over U.S. Treasuries rose 157 basis points, or 1.57 percentage point, to 476, according to JPMorgan Chase & Co.’s EMBI Global Index. The BUX Index of equities tumbled 3.3 percent, while the forint fell 2.3 percent to 288.73 per euro, the weakest level since June 2009.
“The politician was over-speaking, which is typical for a new government, but it was ill considered,” Lindow said. Moody’s lowered Hungary’s debt rating to Baa1, the third lowest investment grade, from A3 in March 2009 and has a negative outlook.
Hungary, the first EU nation to receive an international bailout during the credit crisis, has the equivalent of $26.9 billion of debt coming due this year, according to data compiled by Bloomberg.
The government’s budget deficit could grow to as high as 7.5 percent of gross domestic product this year, compared with a 3.8 percent target set with the International Monetary Fund by the previous government, Mihaly Varga, Orban’s chief of staff, told M1 television on May 30.
Tax Reductions
Orban is vowing to end austerity and cut taxes to help accelerate economic growth after the worst recession in 18 years. Former Hungarian Finance Minister Peter Oszko said yesterday the country is “in no way near default.”
“While the outlook for that country remains poor, it does not quite have the potential to roil markets as much as Greece or the other peripheral euro zone members,” Win Thin, a senior currency strategist at Brown Brothers Harriman & Co., said yesterday in a report. “The Hungary story is bad, but the overall impact is likely to be limited.”
Hungary, which received a 20 billion-euro ($24 billion) loan from the IMF, the EU and the World Bank in October 2008 to help avert a default, hasn’t drawn any funds from its standby program under the fourth and fifth previews, and the new government has raised the possibility of renegotiating this year’s deficit target to 5 to 6 percent of GDP, according to Thin.
Manageable Situation
“The new government is trying to say the picture is much uglier and we’re going to work to clean the house,” Luis Costa, an emerging market strategist at Citigroup Inc. in London, said yesterday in a phone interview. The comments “are probably more populist than anything else,” he said. “When it comes to the funding requirements, the situation in 2010 is still very manageable.”
Credit-default swaps on Hungarian government bonds rose to 410 basis points from yesterday’s close of 308, according to CMA DataVision prices. An increase signals deterioration in investor perceptions of credit quality.
“We still have a negative outlook because we don’t know when implementation will happen of the structural changes,” Moody’s Lindow said.
The BUX index briefly extended its drop from this year’s high to more than 20 percent yesterday before paring it loss.
The MSCI Emerging Markets Index of shares lost 1.2 percent yesterday, while currencies from Poland to Romania and Russia weakened against the dollar. The Standard & Poor’s 500 Index tumbled 3.4 percent as a report showing slower-than-estimated American job growth worsened losses sparked by concern over Hungary’s debt.
Reducing Expenses
Hungary is in its fifth year of cost cutting and the government reduced the deficit to 4 percent of GDP last year from 9.3 percent in 2006, the EU’s widest at the time.
The country’s debt level may reach 79 percent of GDP this year, on par with Germany and making it the most indebted eastern EU member, according to the European Commission. The debt level is less than the 125 percent of GDP for Greece, 118 percent for Italy, and 86 percent for Portugal.
A fact-finding panel will probably present preliminary figures on the state of the economy this weekend, Szijjarto said. The government will publish an action plan within 72 hours after the committee reports its findings, he said.
“The moment of truth has already arrived in Greece and it has yet to come to Hungary,” Szijjarto said. “The government is prepared to avoid the road that Greece has been down; in other words, we won’t hesitate to act after the truth becomes known.”
Szijjarto’s comments “are extremely confusing and more market panic should be expected,” Elisabeth Andreew, chief foreign-currency strategist at Nordea Markets in Copenhagen, wrote in an e-mailed comment. “Beware of more spill-over effects on other currencies and asset classes.”
To contact the reporters on this story: Tal Barak Harif in New York at tbarak@bloomberg.net; Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net Last Updated: June 4, 2010 18:08 EDT
Is it?
What I heard is 1 to 1 with USD.
susan66 ( Date: 05-Jun-2010 11:48) Posted:
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I think so too, so far the lowest I heard now is support at 1.0735.
Can refer to the video clips on key levels on Euro :
http://singaporestockmarket.blogspot.com/
dealer0168 ( Date: 05-Jun-2010 11:40) Posted:
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