KTFA:
Backdoc » June 11th, 2015, 12:57 am
DO YOU GUYS HAVE ANY IDEA WHAT THE NOTE COUNT COULD BE LIKE FOR THE VND WITH 80pecent OF THE DEBT IN DOLLARS AND 80 percent OF CONTRACTS STRUCTURED IN DOLLARS GOING FORWARD?
IM NOT SURE YOU COULD HANDLE THAT. LOL
MAY I JUST SAY SOMETHING SIMILAR TO WHAT YOU ALREADY KNOW ABOUT THE DINAR.
A LIQUIDITY CRISIS. LOL DOC IMO
....
Backdoc » June 11th, 2015, 12:57 am
DO YOU GUYS HAVE ANY IDEA WHAT THE NOTE COUNT COULD BE LIKE FOR THE VND WITH 80pecent OF THE DEBT IN DOLLARS AND 80 percent OF CONTRACTS STRUCTURED IN DOLLARS GOING FORWARD?
IM NOT SURE YOU COULD HANDLE THAT. LOL
MAY I JUST SAY SOMETHING SIMILAR TO WHAT YOU ALREADY KNOW ABOUT THE DINAR.
A LIQUIDITY CRISIS. LOL DOC IMO
....
**********
Thunderhawk » June 11th, 2015, 1:20 am This just in from backdoc
S&P DOWNGRADES GREECE, WARNS IT'LL LIKELY DEFAULT WITHIN 12 MONTHS
S&P just downgraded Greece.
"We have lowered our long-term sovereign credit rating on Greece to 'CCC' from 'CCC+' to reflect our opinion that in the absence of an agreement between Greece and its official creditors, the Greek government will likely default on its commercial debt within the next 12 months," the credit-rating agency warned.
This comes as little surprise for euro-crisis watchers who've seen Greece hopelessly pull itself out of crushing debt as its economy suffers from a full-blown depression.
"As its liquidity position continues to deteriorate, Greece appears to be prioritizing other spending items over debt servicing," S&P explained. "In our view, without a turnaround in the trajectory of nominal GDP and deep public-sector reform, Greece’s debt is unsustainable."
S&P's assessment is bleak and its outlook is officially "negative," which means another rating downgrade could happen within a year.
But there is a bit of hope.
"The ratings could stabilize at the current level if we believe that a new financial support program will be agreed with policy conditions that satisfy both the political priorities in Greece and the creditor countries," S&P said. "Such a scenario could contribute to promoting political stability, tax compliance, and a gradual economic recovery."
Here's the full announcement from S&P:
Greece Long-Term Rating Lowered One Notch To 'CCC'; Outlook Negative
OVERVIEW
Greece delaying its payment to the International Monetary Fund (IMF) last
Friday, June 5, appears to demonstrate that the Greek government is
prioritizing pension and other domestic spending over its scheduled debt
service obligations.
We have lowered our long-term sovereign credit rating on Greece to 'CCC'
from 'CCC+' to reflect our opinion that in the absence of an agreement
between Greece and its official creditors, the Greek government will
likely default on its commercial debt within the next 12 months.
The outlook is negative.
RATING ACTION
On June 10, 2015, Standard & Poor's Ratings Services lowered its long-term
sovereign credit rating on the Hellenic Republic to 'CCC’ from 'CCC+’. The 'C'
short-term rating is unchanged, and the outlook is negative.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation), the ratings on
Greece are subject to certain publication restrictions set out in Art 8a of
the EU CRA Regulation, including publication in accordance with a
pre-established calendar (see "Calendar Of 2015 EMEA Sovereign, Regional, And
Local Government Rating Publication Dates: First-Quarter Update," April 8,
2015).
Under the EU CRA Regulation, deviations from the announced calendar are
allowed only in limited circumstances and must be accompanied by a detailed
explanation of the reasons for the deviation. In Greece's case, the deviation
was prompted by the decision of the central government to delay making a
scheduled debt service payment to the IMF that was due on June 5, 2015.
RATIONALE
As its liquidity position continues to deteriorate, Greece appears to be
prioritizing other spending items over debt servicing. In our view, without a
turnaround in the trajectory of nominal GDP and deep public-sector reform,
Greece’s debt is unsustainable. The downgrade reflects our view that in the
absence of an agreement with its official creditors, Greece will likely
default on its commercial debt within the next 12 months.
The European Central Bank (ECB) is currently providing financing to Greece’s
banks and economy at a level exceeding 60% of GDP. Continuous withdrawals of
deposits from Greek banks increase the possibility that the government could
impose capital controls to staunch further deposit outflows and issue a
parallel currency alongside the euro.
The uncertainty around Greece’srelations with its creditors and its broader political stability is weighingon the economy; tax payment arrears rose materially in May, while the
government appears to be conserving cash by delaying payments to suppliers. A
weakening underlying fiscal position raises questions about the realism of any
agreement with Greece’s creditors on fiscal targets, as projections for tax
receipts and real and nominal GDP appear speculative.
Even if an agreementwith official creditors were to be reached over the next fortnight, we do notexpect that such an agreement would cover Greece’s debt service requirements
beyond September.
OUTLOOK
The outlook is negative, given the risk of a further worsening of liquidity
for the sovereign, its banks, and the economy. Our understanding is that the
Greek government has decided to consolidate this month's €1.6 billion in debt
servicing owed to the IMF, an official creditor, into a single payment on June
30. If an agreement were reached between Greece and its official creditors
over the next week, we would still expect this to involve a temporary
three-month liquidity infusion. We do not consider it likely that there would
be any official debt relief or more substantial financing agreed to in the
next few days. In our view, this implies that confidence and investment
activity will remain weak and growth prospects muted.
The negative outlook means that we could lower the rating again within a year
if we perceive that the likelihood of a distressed exchange of Greece's
commercial debt will increase further. This could be the case if, for example,
we took the view that further official creditor disbursements would remain
elusive, resulting in the Greek government's inability to honor all its
financial obligations in full and in a timely manner.
The ratings could stabilize at the current level if we believe that a new
financial support program will be agreed with policy conditions that satisfy
both the political priorities in Greece and the creditor countries. Such a
scenario could contribute to promoting political stability, tax compliance,
and a gradual economic recovery.
http://ift.tt/1Gtb12U
************
Backdoc: HEAR WE GO GUYS!!!
WHAT DID I TELL YOU ABOUT WHAT CONTRIBUTES TO CURRENCY VALUE??? RIGHT! CONFIDENCE!!
THAT CONFIDENCE JUST TOOK A HIT AS GREECE GETS DOWNGRADED TO CCC !!!
THIS WILL CONTINUE ERODE ULESS A SOLUTION IS BROUGHT BUT WE THINK THE SOLUTION WILL BE OOPS, SORRY IT WAS AN ACCIDENT!!
With 25 PERCENT UNEMPLOYMENT AND CRUSHING DEBT ITS NO WONDER PEOPLE ELECTED A NEW GOVT. TO CREATE CHANGE.
HISTORY HAS ALREADY BEEN MADE WITH GREECE MISSING THEIR IMF PAYMENT AND NOW BEING DOWNGRADED TO NEGATIVE.
WATCH FOR MORE CRACKS IN THE CONFIDENCE. DOC
**********
ThunderHawk :Greece says still awaiting EU/IMF response on proposal
Greece said on Wednesday its international creditors had failed to respond to its latest proposal on breaking an impasse over a cash-for-reforms deal, despite a plethora of negative comments in private from EU officials.
As negotiations on a deal to prevent Athens from defaulting on its debts reach a critical stage, a French source said no meeting between the leaders of Germany, France and Greece was scheduled for Wednesday.
This appeared to contradict a Greek government schedule issued on Tuesday that Prime Minister Alexis Tsipras would meet Chancellor Angela Merkel and President Francois Hollande on the sidelines of a conference in Brussels.
A government official in Athens said the European Commission had yet to respond officially to the Greek proposal on budget reforms and the question of the country's debt mountain.
"The Greek government has submitted its proposal to the institutions, along with two supplementary documents with specific alternatives on the fiscal gap and the sustainability of Greek debt," the official said in a statement.
"These proposals were submitted to EU Commissioner Pierre Moscovici late on Monday evening. So far, there has been no comment or response to the Greek representation in Brussels."
Privately, some officials in Brussels have dismissed the proposal as insufficient for fellow euro zone states to accept. Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, already questioned on Tuesday whether the Tsipras meeting with Merkel and Hollande would go ahead.
In Paris, the French source said: "No meeting is planned at this stage - we'll see what happens when we get there," referring to the leaders' expected arrival in Brussels later on Wednesday.
Greece's European Union and IMF creditors are offering more cash as long as the leftist-led government accepts more austerity and reforms which they believe are essential if the country is to stand on its own feet.
Athens must repay 1.6 billion euros to the IMF by the end of this month or it will default, putting its future in the euro zone in doubt. Its 240 billion euro bailout agreement with the creditors is also due to expire then.
http://ift.tt/1KUEeDL
Thunderhawk » June 11th, 2015, 1:20 am This just in from backdoc
S&P DOWNGRADES GREECE, WARNS IT'LL LIKELY DEFAULT WITHIN 12 MONTHS
S&P just downgraded Greece.
"We have lowered our long-term sovereign credit rating on Greece to 'CCC' from 'CCC+' to reflect our opinion that in the absence of an agreement between Greece and its official creditors, the Greek government will likely default on its commercial debt within the next 12 months," the credit-rating agency warned.
This comes as little surprise for euro-crisis watchers who've seen Greece hopelessly pull itself out of crushing debt as its economy suffers from a full-blown depression.
"As its liquidity position continues to deteriorate, Greece appears to be prioritizing other spending items over debt servicing," S&P explained. "In our view, without a turnaround in the trajectory of nominal GDP and deep public-sector reform, Greece’s debt is unsustainable."
S&P's assessment is bleak and its outlook is officially "negative," which means another rating downgrade could happen within a year.
But there is a bit of hope.
"The ratings could stabilize at the current level if we believe that a new financial support program will be agreed with policy conditions that satisfy both the political priorities in Greece and the creditor countries," S&P said. "Such a scenario could contribute to promoting political stability, tax compliance, and a gradual economic recovery."
Here's the full announcement from S&P:
Greece Long-Term Rating Lowered One Notch To 'CCC'; Outlook Negative
OVERVIEW
Greece delaying its payment to the International Monetary Fund (IMF) last
Friday, June 5, appears to demonstrate that the Greek government is
prioritizing pension and other domestic spending over its scheduled debt
service obligations.
We have lowered our long-term sovereign credit rating on Greece to 'CCC'
from 'CCC+' to reflect our opinion that in the absence of an agreement
between Greece and its official creditors, the Greek government will
likely default on its commercial debt within the next 12 months.
The outlook is negative.
RATING ACTION
On June 10, 2015, Standard & Poor's Ratings Services lowered its long-term
sovereign credit rating on the Hellenic Republic to 'CCC’ from 'CCC+’. The 'C'
short-term rating is unchanged, and the outlook is negative.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation), the ratings on
Greece are subject to certain publication restrictions set out in Art 8a of
the EU CRA Regulation, including publication in accordance with a
pre-established calendar (see "Calendar Of 2015 EMEA Sovereign, Regional, And
Local Government Rating Publication Dates: First-Quarter Update," April 8,
2015).
Under the EU CRA Regulation, deviations from the announced calendar are
allowed only in limited circumstances and must be accompanied by a detailed
explanation of the reasons for the deviation. In Greece's case, the deviation
was prompted by the decision of the central government to delay making a
scheduled debt service payment to the IMF that was due on June 5, 2015.
RATIONALE
As its liquidity position continues to deteriorate, Greece appears to be
prioritizing other spending items over debt servicing. In our view, without a
turnaround in the trajectory of nominal GDP and deep public-sector reform,
Greece’s debt is unsustainable. The downgrade reflects our view that in the
absence of an agreement with its official creditors, Greece will likely
default on its commercial debt within the next 12 months.
The European Central Bank (ECB) is currently providing financing to Greece’s
banks and economy at a level exceeding 60% of GDP. Continuous withdrawals of
deposits from Greek banks increase the possibility that the government could
impose capital controls to staunch further deposit outflows and issue a
parallel currency alongside the euro.
The uncertainty around Greece’srelations with its creditors and its broader political stability is weighingon the economy; tax payment arrears rose materially in May, while the
government appears to be conserving cash by delaying payments to suppliers. A
weakening underlying fiscal position raises questions about the realism of any
agreement with Greece’s creditors on fiscal targets, as projections for tax
receipts and real and nominal GDP appear speculative.
Even if an agreementwith official creditors were to be reached over the next fortnight, we do notexpect that such an agreement would cover Greece’s debt service requirements
beyond September.
OUTLOOK
The outlook is negative, given the risk of a further worsening of liquidity
for the sovereign, its banks, and the economy. Our understanding is that the
Greek government has decided to consolidate this month's €1.6 billion in debt
servicing owed to the IMF, an official creditor, into a single payment on June
30. If an agreement were reached between Greece and its official creditors
over the next week, we would still expect this to involve a temporary
three-month liquidity infusion. We do not consider it likely that there would
be any official debt relief or more substantial financing agreed to in the
next few days. In our view, this implies that confidence and investment
activity will remain weak and growth prospects muted.
The negative outlook means that we could lower the rating again within a year
if we perceive that the likelihood of a distressed exchange of Greece's
commercial debt will increase further. This could be the case if, for example,
we took the view that further official creditor disbursements would remain
elusive, resulting in the Greek government's inability to honor all its
financial obligations in full and in a timely manner.
The ratings could stabilize at the current level if we believe that a new
financial support program will be agreed with policy conditions that satisfy
both the political priorities in Greece and the creditor countries. Such a
scenario could contribute to promoting political stability, tax compliance,
and a gradual economic recovery.
http://ift.tt/1Gtb12U
************
Backdoc: HEAR WE GO GUYS!!!
WHAT DID I TELL YOU ABOUT WHAT CONTRIBUTES TO CURRENCY VALUE??? RIGHT! CONFIDENCE!!
THAT CONFIDENCE JUST TOOK A HIT AS GREECE GETS DOWNGRADED TO CCC !!!
THIS WILL CONTINUE ERODE ULESS A SOLUTION IS BROUGHT BUT WE THINK THE SOLUTION WILL BE OOPS, SORRY IT WAS AN ACCIDENT!!
With 25 PERCENT UNEMPLOYMENT AND CRUSHING DEBT ITS NO WONDER PEOPLE ELECTED A NEW GOVT. TO CREATE CHANGE.
HISTORY HAS ALREADY BEEN MADE WITH GREECE MISSING THEIR IMF PAYMENT AND NOW BEING DOWNGRADED TO NEGATIVE.
WATCH FOR MORE CRACKS IN THE CONFIDENCE. DOC
**********
ThunderHawk :Greece says still awaiting EU/IMF response on proposal
Greece said on Wednesday its international creditors had failed to respond to its latest proposal on breaking an impasse over a cash-for-reforms deal, despite a plethora of negative comments in private from EU officials.
As negotiations on a deal to prevent Athens from defaulting on its debts reach a critical stage, a French source said no meeting between the leaders of Germany, France and Greece was scheduled for Wednesday.
This appeared to contradict a Greek government schedule issued on Tuesday that Prime Minister Alexis Tsipras would meet Chancellor Angela Merkel and President Francois Hollande on the sidelines of a conference in Brussels.
A government official in Athens said the European Commission had yet to respond officially to the Greek proposal on budget reforms and the question of the country's debt mountain.
"The Greek government has submitted its proposal to the institutions, along with two supplementary documents with specific alternatives on the fiscal gap and the sustainability of Greek debt," the official said in a statement.
"These proposals were submitted to EU Commissioner Pierre Moscovici late on Monday evening. So far, there has been no comment or response to the Greek representation in Brussels."
Privately, some officials in Brussels have dismissed the proposal as insufficient for fellow euro zone states to accept. Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, already questioned on Tuesday whether the Tsipras meeting with Merkel and Hollande would go ahead.
In Paris, the French source said: "No meeting is planned at this stage - we'll see what happens when we get there," referring to the leaders' expected arrival in Brussels later on Wednesday.
Greece's European Union and IMF creditors are offering more cash as long as the leftist-led government accepts more austerity and reforms which they believe are essential if the country is to stand on its own feet.
Athens must repay 1.6 billion euros to the IMF by the end of this month or it will default, putting its future in the euro zone in doubt. Its 240 billion euro bailout agreement with the creditors is also due to expire then.
http://ift.tt/1KUEeDL
Backdoc: WHY SUCH SECRECY? WELL, THESE TRADE DEALS ARE TOTALLY INTEGRATED GLOBALLY WITH CURRENCY VALUES.
I SUSPECT THESE NEW VALUES WILL SHOW UP IN THE FALL. WE WILL SEE. OCTOBER IS ON MY RADAR WITH SEVERAL CURRENCY ADJUSTMENTS POSSIBLE. JUST MY OPINION.
WHAT WE HAVE BEEN WAITING FOR WE HOPE WILL SHOW UP SOON. STAY ENCOURAGED. WE HAVE MANY POSITIVE DEVELOPMENTS CURRENTLY. DOC. IMO
**********
ThunderHawk :U.S. House plans Friday vote on bill key to Pacific trade pact
Republicans aimed for a vote on Friday to hand President Barack Obama the coveted "fast-track" trade negotiating authority he needs to complete his signature Pacific trade pact, but Democrats warned the matter was far from settled.
Even as Democratic leaders huddled in the Capitol over ways to help House of Representatives Speaker John Boehner move a package of trade bills to a vote, the Republican-controlled House Rules Committee was debating steps on trade that upset some Democrats.
Those included language that would ensure trade agreements do not lead to changes in U.S. laws on immigration or climate change, addressing pet concerns of some Republicans. They were among more than 60 amendments suggested.
Representative Joseph Crowley, a member of the House Democratic leadership, emerged from one closed-door meeting to tell reporters that discussions were "going to go back and forth" late Wednesday and possibly into Thursday.
The core legislation - fast-track trade authority for the president - is a central part of Obama's strategic shift toward Asia. It would be accomplished in part through the Trans-Pacific Partnership that could boost global economic growth and U.S. exports, while setting common standards among emerging and rich nations in one of the world's biggest trade deals.
Early on Wednesday, Boehner's office confirmed there would be a vote this week on a "fast-track" bill that has already been approved by the Senate. The legislation would enhance Obama's negotiating clout by letting Congress set negotiating objectives for trade deals such as the TPP, but preventing lawmakers from making changes to the final agreement.
If the legislation passes, it would reassure Japan, the second-largest economy, after the United States, involved in the TPP talks. Japanese officials have said fast-track approval is necessary for the creation of the 12-nation TPP, which would encompass 40 percent of the world economy.
"Trade votes are never an easy lift around here, but Republicans are continuing to work, and we're seeing some positive momentum in the right direction," Boehner said after a closed-door meeting with fellow Republican lawmakers.
Exiting the meeting, Representative Paul Ryan, who chairs the powerful House tax committee, said he was "comfortable" that the measure had enough backing in the House, where Republicans have 246 seats to Democrats' 188.
Playing cards
But some Republicans want concessions from the White House before pledging support for the bill.
"We hold some cards that we previously haven't held with this president, and I think we ought to play them out," said Republican Kevin Cramer, who wants to lift an oil export ban, a move that would benefit his state of North Dakota.
Democrats are uncomfortable with funding for a program to help workers who lose their jobs due to trade. Republican and Democratic aides said House Democratic leader Nancy Pelosi and Boehner had found a way to pay for the $2.7 billion worker support program without cutting healthcare funding for seniors.
A congressional source, who asked not to be identified, said the new funding, worth $700 million, would come from cracking down on illegal tax activities. But because that change would be included in separate legislation, a Democratic aide said members worried it might not pass.
Senate Republican Leader Mitch McConnell said the Senate would work "expeditiously" to approve the bill and send it to Obama.
Business groups renewed lobbying efforts for fast-track, with a personalized letter to each lawmaker signed by Business Roundtable Chairman and AT&T Inc Chief Executive Officer Randall Stephenson, and Thomas Linebarger, CEO of diesel engine-maker Cummins Inc.
A Republican aide said the plan was to split the main trade bill and hold separate votes on fast-track and worker aid. Failure of either vote would mean starting again in the House.
Amid the infighting over the trade bills that could continue right up until Friday's votes, many lawmakers were more focused on Thursday's annual congressional baseball game, a charity fundraiser that will stop work in Congress that night.
http://ift.tt/1TcDq2G
I SUSPECT THESE NEW VALUES WILL SHOW UP IN THE FALL. WE WILL SEE. OCTOBER IS ON MY RADAR WITH SEVERAL CURRENCY ADJUSTMENTS POSSIBLE. JUST MY OPINION.
WHAT WE HAVE BEEN WAITING FOR WE HOPE WILL SHOW UP SOON. STAY ENCOURAGED. WE HAVE MANY POSITIVE DEVELOPMENTS CURRENTLY. DOC. IMO
**********
ThunderHawk :U.S. House plans Friday vote on bill key to Pacific trade pact
Republicans aimed for a vote on Friday to hand President Barack Obama the coveted "fast-track" trade negotiating authority he needs to complete his signature Pacific trade pact, but Democrats warned the matter was far from settled.
Even as Democratic leaders huddled in the Capitol over ways to help House of Representatives Speaker John Boehner move a package of trade bills to a vote, the Republican-controlled House Rules Committee was debating steps on trade that upset some Democrats.
Those included language that would ensure trade agreements do not lead to changes in U.S. laws on immigration or climate change, addressing pet concerns of some Republicans. They were among more than 60 amendments suggested.
Representative Joseph Crowley, a member of the House Democratic leadership, emerged from one closed-door meeting to tell reporters that discussions were "going to go back and forth" late Wednesday and possibly into Thursday.
The core legislation - fast-track trade authority for the president - is a central part of Obama's strategic shift toward Asia. It would be accomplished in part through the Trans-Pacific Partnership that could boost global economic growth and U.S. exports, while setting common standards among emerging and rich nations in one of the world's biggest trade deals.
Early on Wednesday, Boehner's office confirmed there would be a vote this week on a "fast-track" bill that has already been approved by the Senate. The legislation would enhance Obama's negotiating clout by letting Congress set negotiating objectives for trade deals such as the TPP, but preventing lawmakers from making changes to the final agreement.
If the legislation passes, it would reassure Japan, the second-largest economy, after the United States, involved in the TPP talks. Japanese officials have said fast-track approval is necessary for the creation of the 12-nation TPP, which would encompass 40 percent of the world economy.
"Trade votes are never an easy lift around here, but Republicans are continuing to work, and we're seeing some positive momentum in the right direction," Boehner said after a closed-door meeting with fellow Republican lawmakers.
Exiting the meeting, Representative Paul Ryan, who chairs the powerful House tax committee, said he was "comfortable" that the measure had enough backing in the House, where Republicans have 246 seats to Democrats' 188.
Playing cards
But some Republicans want concessions from the White House before pledging support for the bill.
"We hold some cards that we previously haven't held with this president, and I think we ought to play them out," said Republican Kevin Cramer, who wants to lift an oil export ban, a move that would benefit his state of North Dakota.
Democrats are uncomfortable with funding for a program to help workers who lose their jobs due to trade. Republican and Democratic aides said House Democratic leader Nancy Pelosi and Boehner had found a way to pay for the $2.7 billion worker support program without cutting healthcare funding for seniors.
A congressional source, who asked not to be identified, said the new funding, worth $700 million, would come from cracking down on illegal tax activities. But because that change would be included in separate legislation, a Democratic aide said members worried it might not pass.
Senate Republican Leader Mitch McConnell said the Senate would work "expeditiously" to approve the bill and send it to Obama.
Business groups renewed lobbying efforts for fast-track, with a personalized letter to each lawmaker signed by Business Roundtable Chairman and AT&T Inc Chief Executive Officer Randall Stephenson, and Thomas Linebarger, CEO of diesel engine-maker Cummins Inc.
A Republican aide said the plan was to split the main trade bill and hold separate votes on fast-track and worker aid. Failure of either vote would mean starting again in the House.
Amid the infighting over the trade bills that could continue right up until Friday's votes, many lawmakers were more focused on Thursday's annual congressional baseball game, a charity fundraiser that will stop work in Congress that night.
http://ift.tt/1TcDq2G
via Dinar Recaps - Our Blog http://ift.tt/1KsO81b
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