Eterno deja vu

EU ‘Brady bonds’ plan for Greece

European financial institutions have sketched out a plan to extend a substantial portion of Greece’s maturing sovereign debt for up to 30 years, as creditors coalesced around a French-led replica of the Brady bonds used to bail out Latin America 22 years ago.

Close to 50 people, many from the French and German banking and insurance industries, attended a meeting in Rome to discuss the proposal from French banks, centred on a voluntary agreement to extend half of the debt maturing over the coming three years into new 30-year bonds. BNP is the biggest single holder of Greek sovereign debt, with about €5bn of exposure.

http://www.ft.com/intl/cms/s/0/7c1a1f94-a0a6-11e0-b14e-00144feabdc0.html#axzz1QZtfh6T8

esto es la pelicula el dia de la marmota

http://es.wikipedia.org/wiki/Atrapado_en_el_tiempo

Manufacturing

This house believes that an economy cannot succeed without a big manufacturing base

Si, ya se, otra vez los proteccionistas, si, todo hay que hacerlo donde sea mas barato y el libre intercambio solucionara todo, ya no se puede soportar mas el proteccionismo, hay que dejar trabajar al mercado libre.

Salvo que, el titulo es de Economist y sus debates,

http://www.economist.com/debate/overview/207

65 a 35

ah, de paso

Siemens tambien opina

Q: Does reliance on manufacturing make an economy more vulnerable to economic downturn? A: Not necessarily. During a domestic economic downturn, the manufacturing sector can provide stability through export growth, innovation, productivity and efficiency improvements. From a Siemens perspective, we are seeing an increasing commitment from our customers to improve the productivity and efficiency of their plants to remain competitive in the global marketplace and we think this bodes well for the future. In America, manufacturing activity has picked up over the past year, partly because of international exports. The depreciation of the dollar combined with inflation in certain emerging-market manufacturing economies has made American exports more attractive in international trade, leading to growth opportunities at home and well beyond the nation's borders. This export-led growth strengthens the economy by providing jobs, new opportunities and resources.

http://www.economist.com/debate/sponsor/207/Siemens

pero bueno, ellos son parte,

Economist????

Schengen - RIP

La UE podrá limitar la libre circulación de personas de forma temporal

Los países podrán activar nuevos mecanismos en sus fronteras en el caso de llegada masiva de inmigrantes

Bruselas (EFE).- La Unión Europea aprobó hoy restringir la libre circulación de personas de forma temporal y ante circunstancias excepcionales, como flujos masivos de inmigrantes, que hagan imposible a un estado miembro el control de su frontera, informó a Efe el portavoz de Justicia e Interior del Consejo.

La Comisión Europea presentará en septiembre una propuesta para modificar el reglamento de funcionamiento del acuerdo de la Europa sin fronteras, que establecerá los nuevos supuestos de excepcionalidad al principio de libre circulación.

El bloque liderado por Francia e Italia, junto con Holanda, Bélgica y Dinamarca, defendieron la reintroducción de fronteras nacionales a raíz del éxodo procedente de las revueltas del norte de África.

Bueno, no para todos, pero, volvemos a los limes de Carlomagno

http://www.lavanguardia.com/internacional/20110624/54175989232/la-ue-podra-limitar-la-libre-circulacion-de-personas-de-forma-temporal.html

Se viene el agua (bis)

Ya se, otra vez China
el titulo:

Popping the question

China’s bubbly property markets have not burst. Yet

Donde:http://www.economist.com/node/18836400

Parrafos sueltos

BUBBLES are supposed to burst with an audible pop. But in the snap and crackle of the Chinese housing market, it is hard to hear anything clearly. On June 9th the Wall Street Journal put its ear to the ground and declared that “the great property bubble of China may be popping”.

In other countries, such as America, economists can rely on clear signals from credible price indices. In China the National Bureau of Statistics used to publish a price index spanning 70 cities. But that measure muted both the highs and lows of China’s housing market.
(Como se escribira Moreno en chino? reloaded)



If China’s property market is a bubble, it may end with a squeal as well as a pop.

Se viene el agua

Brazil credit bubble fear as defaults rise

Consumer defaults in Brazil are expected to increase by a third by the end of this year, according to a leading credit rating agency, fuelling concerns over a boom in lending that some economists fear could turn into a credit bubble.

The level of loans overdue by 90 days has risen rapidly in recent months to 6.1 per cent and is expected to reach 8 per cent by the end of December, said Ricardo Loureiro, president of Experian Latin America, the credit rating agency.

http://www.ft.com/intl/cms/s/0/c0b3beb8-9a9c-11e0-bab2-00144feab49a.html#axzz1PliDn5oD

1989

Hace mucho tiempo, en otro pais (figuradamente) hubo un señor que critico al pais y su gobierno en el exterior.

Sin duda habia fines politicos en su accionar, que, contribuyo a la caida anticipada de ese gobierno, todos nos quejamos y asombramos que alguien pudiera criticar a su pais en el exterior (ese gobierno incluido).

Pueden haber muchas razones, puede ser verdad, podria ser que hubiera censura de prensa (no era el caso) , pero la verdad, la ropa sucia se lava en casa, yendo a lo basico

pero, evidentemente, hasta los integrantes del partido que sufrio la critica deben estar de acuerdo con el metodo.

http://www.elpais.com/articulo/internacional/Argentina/aislada/politica/economicamente/elpepiint/20110616elpepiint_7/Tes

Si FT lo dice

El mejor parrafo

Finance Minister Michael Noonan has said Ireland will go to our European partners with a plan to impose significant losses on some senior bondholders in Anglo Irish Bank and Irish Nationwide Building Society…

Going off the bailout script, Greek-Irish style

Or, rule by rentiers – overthrown.

This is an entirely gratuitous picture of Argentine President Fernando de la Rua resigning office in December 2001, after months of debt crisis and popular protest:

It’s not at all related to the developments in Greece, after months of debt crisis and popular protest, culminating in Wednesday’s general strike:

(Reuters) – Greek Prime Minister George Papandreou offered on Wednesday to step down and make way for a national unity government provided it supported EU/IMF bailout plans, government sources said…

And via the FT:

Mr Papandreou reportedly offered to form a coalition government at a hastily-arranged meeting with Antonis Samaras, leader of the centre-right opposition New Democracy party… The two leaders did not reach a firm agreement although both were in favour of broadening the government to include technocrats in critical posts handling the economy, according to people with knowledge of the discussion.

After all, de la Rua had already tried the old ‘appointing technocrats’ gambit before resigning. His successor did the same, but also had the task of formally defaulting on Argentina’s debt…

Actually, to give Papandreou credit, until this month he’d seemed to defy political gravity in maintaining public acquiescence in (we won’t say support for) his fiscal reforms. It might even be that this is really a bid to forestall early elections and outmanoeuvre the New Democrats. They aren’t broadly different on fiscal reform really, but they’ve made renegotiation of the bailout a condition of joining government.

And speaking of bailout renegotiation — another extraordinary development in Ireland this evening, as reported by RTE:

Finance Minister Michael Noonan has said Ireland will go to our European partners with a plan to impose significant losses on some senior bondholders in Anglo Irish Bank and Irish Nationwide Building Society…

But isn’t this political ‘instability’ completely to be expected? Both governments find themselves against the wall, both are looking at massive taxpayer losses on bank failures. To a huge extent senior bank bond investors are already living in a post-bail-in world anyway.

Only someone who had forgotten the IMF’s debacle of reform in Argentina would think differently.

Who’s said to be supporting Noonan’s bid to burn the seniors? Interestingly, the IMF…