Today’s copy of the UK Independent has an article implicating Goldman in complex financial transactions designed to allow Greece to avoid its debt ceiling.
“The euro membership rules place strict caps on the size of government deficits relative to a national economy, but Goldman Sachs and other banks helped Greece raise cash earlier in the decade [...]
News from around the world
From the Guardian.co.uk: The Abu Dhabi Securities Exchange has finished the trading day for Monday, and it was not pretty
The Exchange was down 83%, losing 241.92 to close at 2668.23.
Royal Bank of Scotland is already down 4% today on concerns about its loans to Dubai World
The Washington Post reports that there [...]
The developing debt crisis in Dubai (yet another financial bubble about to break) has the UK Financial Services Authority “urgently seeking assurances that Britain’s major banks are protected…” reports the Guardian this morning. The Authority is demanding open disclosure of exposure while the Bank of England and the Treasury continue to monitor closely.
Banks mentioned with [...]
Dubai World
Dubai World, the government owned enterprise for developing Dubai, shocked international markets yesterday by asking to delay some debt payments. http://preview.tinyurl.com/ydutgdm. According to the Guardian’s ariticle,
The FTSE 100 tumbled by 70 points, or nearly 1.4%, to 5123 when trading began. But with share prices volatile, it clawed back most of the losses by 10am, [...]
The next big collapse
From Economist Robert J. Samuelson’s Column in the Washington Post.
Writing in the Financial Timer, (Nouriel Roubini, who you may remember as one of the few economists to predict last years financial crash) warned that the Federal Reserve and other government central banks are fueling a new asset “bubble that — while not [...]