Greece received 109 billion euros from the European bailout money

European leaders have further bail out Greece reached an agreement. A new round of bailout funds amounted to 109 billion euros one third will Greece debt swaps or bonds bond holders of private contribution in the form of extensions.

Agreement for the private creditors is Germany Angela (Angela Merkel) is a political victory, but at the same time, will almost certainly lead to a common European currency, the euro area bonds since the establishment of the first infringement.

Investors have been waiting impatiently for the opening of the recent Summit in Brussels. In this very important Summit, the heads of the eurozone countries soon consensus, agreed to reduce its rescue package comprises three State bail-outs of lending rates. Officials said, Greece and Ireland and Portugal paying interest will be around 3.5%, reduce the current level of 100 to 200 basis points. The heads of Government also agreed to extend the repayment schedule from 7 years to at least 15 years.

In addition, they also provide 440 billion euros in the eurozone rescue fund-the European financial stability arrangements (EFSF)--new powers, so that it can help countries that are currently not in the rescue package, including the provision of preventive credits and recapitalisation of distressed banks in the euro area.

But wait a few weeks since the core issue is how Greece debt holder of the private sector to contribute to rescue package--this would cause some Greece debt default by a temporary.

The European central bank (ECB) Jean-Claude Trichet (Jean-Claude Trichet) have strongly opposed allowing selective default. But officials revealed that the clarification this plan applies only to holders of bonds in Greece, and does not apply to other heavily indebted countries, Terry thanks reluctantly this arrangement.

In the draft final outcome document of the Summit, leaders announced: "(we are) willing to clarify one point, Greece is uniquely difficult, so the country requires an unusual solution."

France President Nicolas Sarkozy (Nicolas Sarkozy) to allow selective default similar reservations, but in the end reluctantly. Sarkozy also agreed to hold a banking levy of 50 billion euro in the euro area's proposal. He always think that the tax measures can achieve the same purpose--to let Greece bond institutional holders buried part of the single, but also to avoid default.

Translator/Wang Kelun

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Dexia shares in new Greece slump

AppId is over the quota
AppId is over the quota
4 October 2011 Last updated at 09:16 GMT Continue reading the main story Shares in the Franco-Belgian bank Dexia have fallen for the second day running as fears over its exposure to Greece debt continue.

They fell 37% at the open of Tuesday trading after losing 10% on Monday following an alert from the Moody's ratings agency.

Dexia is holding an emergency board meeting amid serious concerns.

The governments of France and Belgium, which are joint shareholders in Dexia, moved to guarantee its debts.

A joint statement from the countries' finance ministers said: "In the framework of Dexia's restructuring, the governments of France and Belgium, in coordination with our central banks, will take all necessary steps to ensure the protection of depositors and creditors."

The two ministers, who are at the wider European finance ministers' meeting in Luxembourg, have been discussing ways to support the bank.

Dexia's shares are worth only just over one euro, so almost any movement will result in a large percentage change.

Market concerns

Greece-linked concerns are also hitting financial markets again after eurozone finance ministers delayed a decision on giving Greece its next instalment of bailout cash.

It came after Greece said it would not meet this year's deficit cutting target.

A meeting set for 13 October, when finance ministers had been expected to sign off the next Greek loan, has now been cancelled, says BBC Europe correspondent Chris Morris.

The UK's FTSE 100 index was down 1.5% at the start of trading. France's Cac was 3.3% lower, while Germany's Dax had lost 3.2%.

Greece announced on Sunday that its 2011 deficit was projected to be 8.5% of gross domestic product, down from 10.5% in 2010, but short of the 7.6% target set by the EU and IMF.

Eurozone banks have been hit by cash outflows since the summer amid fears that Greece, and possibly other governments, may ultimately default on their debts, and even leave the eurozone, leaving their lenders sitting on big losses.

Dexia's exposure to Greek government debt totals 3.4bn euros ($4.5bn; ￡2.9bn). Its total exposure to Greece - including to private-sector Greek borrowers - is 4.8bn euros.

It has already written off 21% of its Greek debts, but market prices now suggest the eventually loss to lenders could be in excess of 50% of the amount owed by Greece.

The bank is already partly-owned by the two governments, after it received a 6bn euros joint bailout at the height of the financial crisis in 2008.

There were reports last week that the bank could be split up, and speculation of a possible nationalisation of the bank.

Another option under consideration is the sale of Credit Local, a unit of the bank responsible for lending to French local governments.

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Dexia shares slump on Greece woes

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AppId is over the quota
3 October 2011 Last updated at 19:56 GMT Dexia received a 6bn-euro bailout at the height of the financial crisis Dexia has called an emergency board meeting amid fears over its exposure to Greek debt.

Meanwhile, shares in the Franco-Belgian bank fell 10% on Monday after rating agency Moody's said it was reviewing Dexia for a possible downgrade.

The finance ministers of Belgium and France are meeting eurozone colleagues in Luxembourg, and are expected to discuss ways to support the bank.

Financial markets fell on news Greece would miss deficit reduction targets.

Greece announced on Sunday that the 2011 deficit was projected to be 8.5% of gross domestic product, down from 10.5% in 2010, but short of the 7.6% target set by the EU and IMF.

Write-off

The news affected financial markets across Asia and Europe, with bank shares among the hardest hit.

Eurozone banks have been hit by cash outflows since the summer amid fears that Greece, and possibly other governments, may ultimately default on their debts, and even leave the eurozone, leaving their lenders sitting on big losses.

Dexia shares initially fell 14% on news of the possible rating downgrde, and despite a rally back in later trading, they were still the worst hit in the financial sector.

Moody's cited Dexia's potential losses on a Greek debt default, as well as the bank's recent difficulties in borrowing short-term cash from markets, as reasons for the rating review.

Continue reading the main story

It was only on July 15 that the European Banking Authority [stress tests]... portrayed Dexia as one of the strongest banks in Europe”

End Quote Robert Peston Business editor, BBC News Dexia's exposure to Greek government debt totals 3.4bn euros ($4.5bn; ￡2.9bn). Its total exposure to Greece - including to private-sector Greek borrowers - is 4.8bn euros.

It has already written off 21% of its Greek debts, but market prices now suggest the eventually loss to lenders could be in excess of 50% of the amount owed by Greece.

Paris-based business newspaper Les Echos reported on Friday that the French and Belgian governments would discuss measures to shore up Dexia's balance sheet.

The bank is already partly-owned by the two governments, after it received a 6bn euros joint bailout at the height of the financial crisis in 2008.

There were reports last week that the bank could be split up, and speculation of a possible nationalisation of the bank.

Another option under consideration is the sale of Credit Local, a unit of the bank responsible for lending to French local governments.

Belgian Finance Minister Didier Reynders told Belgian radio on Friday that Dexia's shareholders should be behind the bank and be ready intervene if there was a problem.

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Brazil warns IMF bail-outs to countries such as Greece risks

Large market emerging countries in the International Monetary Fund (IMF) representatives issued a warning to the Organization's management, which should not be in the foreground is unknown for a new round when Greece bailout programme large sums of money.

In the euro area agreed to a new round of Greece's rescue package after a few days, the official said, all data if the application is not sufficiently clear, held by the private sector for programming Greece debt margin of impairment appears to be sufficient.

United Kingdom in several interviews with the financial times and other representatives from the European economies revealed otherwise than in private conversation that certain governments do not intend to ask the IMF to Greece loan debt crisis spreading to other countries because they do not want to take the risk, but their risks on the IMF is worried.

The new President kelisidina · lajiade (Christine Lagarde), IMF shareholders, the Board of the national mood of anxiety that she had a difficult problem. She had soon decide on the proposed IMF to Greece what loans.

Of the Executive Board of the IMF representative in Brazil and 8 other countries baoluo · nuo gaila · badisita (Paulo Nogueira Batista) said Greece is for austerity Government programme, Europe held by the Bank of Greece debt relief Force is too small.

-Greece has difficulty at the moment, "Batista on Britain's financial times said," but Greece European private creditors, most of them have a good one. ”

He said that France, three weeks ago, finance minister in Office IMF Executive of Lac des before right now dispel doubts by outside, prove that he does not favour European bondholders great opportunities. -It is her first major decisions taken by the head soon after the IMF, "said Batista," she can get out of their own European soil, IMF watchers worldwide will wait and see. "

India Embassy IMF Board of Executive Directors awende · weiermani (Arvind Virmani) that the eurozone last week program only address short-term cash flow problem, but at the same time, it would give Greece left a high risk of sovereign debt, could lead to a further infringement.

He said: "I believe (the program) was unable to solve a fundamental problem, namely the Greece crisis is a liquidity crisis or a solvency crisis."He added that the IMF more than one year can always avoid the problem.

Euro area Summit on Thursday adopted the Institute for international finance (Iif, a global Association of banks and financial institutions) a programme for private sector voluntary conversion of debt. The Association said: this programme makes Greece reduce the net present value upon the sale of bonds by 21%. It also said that the implementation of the programme is dependent on the IMF to provide more loans.

But even with such a debt restructuring, Greece debt with regard to its gross domestic product (GDP) is also likely to remain above 100%, as many investors suspect that this is sufficient to stop the debt crisis from Italy and Spain, spreading.

Translator/Xing Wei

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Lex column: Cyprus-the next Greece?

On Thursday, not people in the Eastern Mediterranean island of Cyprus, give up giving up. Cabinet of the Government of Cyprus, President jimitelisi · "he lisituofeiyasi (Rimantas Christofias) request, passivity resigned. That will, of course, don't miss this session of the Cabinet. Evaluation from a political perspective, Cyprus is a national of a Word. it should be President Christofias resignation, old-fashioned Communist is clearly absolutely no ability to solve the growing problem of Cyprus.

But problems continue to increase. Moody's (Moody) 's rating for Cyprus this week only "junk" high levels. The challenges faced by island size, increased political instability, which means that its credit rating could fall further, and also worried about more peripheral countries in the euro area. Even before the explosions destroyed the country's main power plant on 11 July, Cyprus in the approximation to the rock. Cyprus Bank holds a 31 billion euro of Greece's sovereign debt and bank debt, equivalent to Cyprus ' GROSS DOMESTIC PRODUCT (GDP) of 1.7 times. Cyprus bank capital adequacy, capital adequacy of 12% overall level. But they are likely to participate in Greece bond swap, which consumed most of the capital, banks will need to add the new capital of Cyprus. If so, perhaps Europe's financial stability arrangements (EFSF) to intervene, to rescheduled the banking sector in Cyprus.

Power plant explosion may be a turning point. Maintenance of power plants is estimated at EUR 2 billion, which will offset the cost of growth expected this year, can also raise the level of debt in Cyprus. The country's current level of debt has been a lot of, corresponding to 62% percent of GDP. Investors have begun to flee, 9-year bond yield is more than 10% of Cyprus, just shy of Ireland and Portugal are similar to the level of public debt. Asanaxiaosi ? oufei nidesi, the Central Bank of Cyprus (Athanasios Orphanides) warned that unless massive expenditure cuts, tax increases, may need to accept Cyprus sovereign debt relief. Christofias is required to clean up the mess, otherwise, Cyprus will be The next.

Lex column is written as FT critic combined some comments, incisive analysis of global economic and business

Translator/Wang Kelun

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Greece how to get?

Inverted Wenzhou's "harmony" move that if declared bankruptcy comes to power.

The disaster is killed or injured more than 200 people, pressed to gradually reveal the terrible truth: man-made disasters. We know that it is so it can only do this. But obscured in smash the Ministry of railways, finally a little truth, we will still have the joy of a trace of the winner.

Microblogging forced media, media create public opinion, violates the prohibition of control brains, the truth to emerge. A people who are tired of the process, because the results from the very beginning, also will get a grip on power. In such a country, most controls the mouth, eyes and ears, except decisions with powerful information leaves, to one of your own effects already entrusted to the truth of the great depression was in the media and the media. But this summer, conscience no longer afraid of melting pulp, mantle mean enough to empty out detention, to the raging flames, seemed to burn throughout the old world.

The Ministry of railways, the symbol of autocracy and corruption, CAME tumbling Collapse in the examination of the population, less than a week, infestations of iron and steel giant eye stones, because he will be tried in people.

A few days ago, he was a monster with arrogant and persecuted, I turn a posture of the railways I call the shots. People in the compartment seems to be his hostage and slaves, their use and revile dignities. This militarization and planned economic system breeds of freaks, that State within a State: he has his own system of courts, there is a hegemonic subject to the public, independent and high above, no one can shake their domination of the Kingdom. Justice and citizens ' rights is not in the scrutiny of the column, he was drag racing pleasure. With former Director Liu zhijun rail Kingdom controlled, clean, exclusive works even the direction is the direction of the railway.

LiU zhijun drag China corruption Group at high speed as bait and tie up the Government in this crazy high speed travel to wagon-this is not a destination. High speed, fast, self-service sth different types of high-sounding reasons, appears to be the only railroad into a road of independent innovation, no arrivals after an unprecedented rapid development path, looking for landing point of China's economy opens up a new road, that officials agree without prior consultations to seek employment and economic growth and political demands. The agent shot in required of officials, Liu zhijun easily get unfettered power.

Faster, better, stronger, over mainland China suddenly of Olympic Games a strong self-confidence, they want to hasten to catch up with world powers. Speed near perverted obsession, led to a great leap forward movement of the railway. Speed speed increased again, by car, followed by the rail system. Land of moaning, behind the driving rail wheel all the way, was tears of relocation of people. Road movement sweeping the continent, home to many Chinese. On the front of the dazzling speed, people's knees.

No output, Monster Shuttle, road vehicle exchanges, people can't see the distant, more do not know what is at the end.

Last year a home visit, see set up a root in the Guanzhong plain thick concrete severed post, Qinling mountain of sight inquire., I have been cutting pain, I know that the development of the beast has been claimed to be able to slam the oil lands. Acquaintances said high-speed train project oversight, everything on the site is a boss in charge, he is afraid of technical problems with print quality and was forced to resign. I understand the great leap forward will leave infinity affected rail system.

Fixed is for what? Why are we so fast?

Allows for high-speed civil aviation does not guarantee the construction of the airport after the destruction of so much land, several high-speed destroying more land, and the only to pull the same group of people. More people flow, means more land barren, inflation is not going to stop. Wheat, maize, sorghum, soya beans are produced on the road from you?

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