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Latest Finance News related to External Debt

Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-Erian image
Source : Guardian [Read Article] Thursday 22nd of June 2017 08:29:31 AM
.... But they seem unable to act. With Europe and the IMF failing to agree, Greece has been robbed of the additional funding it needs to clear domestic arrears and meet its rather large external debt-service payments in July. ...
US interest rate rise to deepen debt crisis in developing world image
Source : Guardian [Read Article] Monday 13th of March 2017 07:00:26 AM
....“Instead, reckless lenders should be made to shoulder some of the costs of recent economic shocks by accepting lower payments,” he said. Analysis by the Jubilee Debt Campaign showed that average government external debt payments across the 122 developing countries for which data is available have increased from 6. ...
The Crusader: A breakdown in communications with True Telecom image
Source : Daily Express [Read Article] Sunday 5th of February 2017 12:03:00 PM
....True Telecom says that from October 2016, Mr Thornton’s account was able to be transferred to BT and that they had no power to block the transfer. They also state that Mr Thornton’s account was passed to their own internal credit control team and not an external debt collection agency. ...
'Everyone’s outraged': angry Greeks foresee Grexit and drachma's revival image
.... There was fat in the system but that has now gone,” says Vassilis Korkidis, who heads the National Confederation of Hellenic Commerce. One by one, Korkidis rattles off the figures: Greece’s internal debt amounts to €220bn of which €119bn are non-performing loans; its external debt is close to €330bn; about 230,000 enterprises have shut since the start of the crisis including 10,000 this year alone. ...
'Everyone’s outraged': angry Greeks foresee Grexit and drachma's revival image
.... There was fat in the system but that has now gone,” says Vassilis Korkidis, who heads the National Confederation of Hellenic Commerce. One by one, Korkidis rattles off the figures: Greece’s internal debt amounts to €220bn of which €119bn are non-performing loans; its external debt is close to €330bn; about 230,000 enterprises have shut since the start of the crisis including 10,000 this year alone. ...
Venezuela tops list of countries most vulnerable to low oil prices image
Source : Guardian [Read Article] Wednesday 27th of April 2016 11:44:45 AM
.... Inflationary pressure will be strong, and owners of capital will seek to get it out of the country. Venezuela needs help from its creditors and from the IMF to re-schedule its external debt until such time as it has made a start on sorting out its economic problems. ...
World's poorest countries rocked by commodity slump and strong dollar image
Source : Guardian [Read Article] Sunday 10th of April 2016 01:25:32 PM
....”. The analysis of low and lower middle income country governments showed their external debt service payments in 2016 will on average be 10. ...
Closing the capital drain from emerging markets image
Source : Guardian [Read Article] Friday 19th of February 2016 08:24:15 AM
.... Historically, interest-rate hikes have had little effect. In fact, because they hurt economic growth, further reducing countries’ ability to service external debts, higher interest rates can be counterproductive. ...
Saudi Arabia’s pockets are deep enough to weather oil price slump image
Source : Telegraph [Read Article] Monday 23rd of November 2015 05:43:31 PM
.... As a result, by the end of 2015, the Kingdom’s foreign reserves will total more than 100pc of its gross domestic product. This is more than enough for the country to cover its import needs, support any future external debt requirements and defend its currency peg. ...
$3 trillion corporate credit crunch looms as debtors face day of reckoning, says IMF image
...." . Although governments in the developing world had taken the right policy actions to strengthen their public finances and reduce external debt, leveraged banks and corporates could now drive them into the ground, said the report. ...
What if we've reached peak globalisation? image
Source : Guardian [Read Article] Monday 28th of September 2015 10:39:32 AM
.... Some of those global investors were happy to buy assets from, and make loans to, those in the UK. The UK’s external debt, as a result, is amongst the highest in the world, balanced out by its ownership of assets abroad. ...
Fitch warns of emerging market shock if Fed sticks to rate plan image
Source : Telegraph [Read Article] Monday 14th of September 2015 05:30:17 PM
.... Emerging markets have accumulated $7. 5 trillion of external debt and are acutely vulnerable to a rapid rise in US interest rates, regardless of whether they borrowed in dollars or their own currencies, Fitch Ratings has warned. ...
Goldman Sachs faces test years after memos touted now faltering economies image
Source : Guardian [Read Article] Sunday 13th of September 2015 11:00:02 AM
....As if in a parallel universe, in 2009 it was revealed that while peddling mortgage-backed securities to unsuspecting American customers, Goldman Sachs was secretly betting on a housing market crash. In 2010, a senior director at the company admitted that Goldman Sachs helped the Greek government conceal the extent of its external debt. ...
China cuts rates to stem crisis, but doubts grow on foreign reserve buffer  image
Source : Telegraph [Read Article] Tuesday 25th of August 2015 08:19:32 PM
.... Citigroup has also warned that China’s reserves – still the world’s largest at $3. 65 trillion but falling fast – are not as overwhelming as they appear, given the levels of short-term external debt. ...
Beyond Greece, the world is filled with debt crises image
Source : Guardian [Read Article] Saturday 11th of July 2015 03:00:06 PM
....Jubilee’s analysis defines countries as at high risk of a government debt crisis if they have net debt higher than 30% of GDP, a current-account deficit of over 5% of GDP and future debt repayments worth more than 10% of government revenue. “We estimate that 14 countries are rapidly heading towards new government debt crises, based on their large external debts, large and persistent current account deficits, and high projected future government debt payments,” it says. ...
Unintentionally, the Greeks have done themselves a favour. Soon, they will be out of the euro image
.... In fact, the two situations are completely different. Under the London Agreement on German External Debts of 1953, around a half of Germany's external debts - substantially the legacy of the first world war - were written off and extremely generous terms were granted for repayment of the balance. ...
Greece’s fight is for democracy in Europe. That’s why we must support it | Owen Jones image
.... While Germany’s postwar economic renaissance owed everything to debt relief – including from war-devastated countries such as Greece – Athens was denied the write-offs it desperately needed. As French economist Thomas Piketty points out, “Germany is the single best example of a country that, throughout its history, has never repaid its external debt”, and Berlin is “profiting from Greece” because of its high-interest loans. ...
Greece news live: Banks to remain shut for another two days as Greeks told 'reform or it's over' image
For everybody’s sake, it is time for the EU to set Greece’s economy free image
.... A devaluation is thus the only realistic solution. Capital Economics has investigated how eight economies with large external debt burdens fared after their exchange rate fell precipitously following an economic crisis. ...
Economists are tired of talking about Greece image
Source : Daily Express [Read Article] Sunday 14th of June 2015 12:00:00 AM
.... On Friday, after market close, Standard & Poor’s cut its outlook on the UK economy due to the Conservative Party’s promise of a referendum, putting the country’s coveted AAA top credit rating at risk. The ratings agency warned that a possible UK departure represents a risk to its economy, and “raises questions about the financing of the economy’s large twin deficits and high short-term external debt”. ...
Britain's debt status put on notice by S&P over EU referendum image
Source : Independent [Read Article] Friday 12th of June 2015 11:41:15 PM
.... Both Moody’s and Fitch downgraded Britain in 2013 amid signs that the national debt was not falling. “A possible UK departure from the EU raises questions about the  financing of the economy’s large twin deficits and high short-term external debt,” S&P said. ...
S&P cuts UK outlook on EU exit vote image
Source : BBC [Read Article] Friday 12th of June 2015 05:24:52 PM
....However, S&P warned that it wasn't just the referendum that was causing concern. "We believe a possible UK departure from the EU also raises questions about the financing of the UK's large twin deficits and its high private short-term external debt," it added. ...
UK's credit rating downgraded to 'negative' by S&P on EU referendum risk image
.... . Brexit "raises questions about the financing of the economy's large twin deficits and high short-term external debt", the ratings agency said, in reference to the UK's substantial budget and current account deficits. ...
Iceland: The economy that came in from the cold? image
Source : Independent [Read Article] Tuesday 9th of June 2015 12:00:02 AM
....“Iceland has reached a relatively strong macroeconomic position with good growth prospects,” the IMF said in its report on the country in February. It’s hard not to contrast Iceland’s situation with that of Greece, where there has been no currency devaluation, no capital controls and where external debt levels today remain unsustainable. ...
What's the state of the Turkish economy? image
Source : BBC [Read Article] Thursday 4th of June 2015 11:34:15 PM
.... . The London consultancy Capital Economics says: "Turkish banks' external debt has risen in recent years, making both the banking sector and the real economy vulnerable to an external shock. ...
Mongolia to be transformed by giant Rio Tinto copper mine image
Source : Telegraph [Read Article] Saturday 23rd of May 2015 04:12:00 PM
.... Moody’s Investors Service warns that Mongolia’s economy is fragile. According to its ‘External Vulnerability Indicator’ – which measures the adequacy of reserves relative to external debt payments in the next 12 months – Mongolia stands at 230pc in 2015; significantly above the 100pc threshold that indicates fragility in the balance of payments. ...
Greece's undeclared domestic default image
Source : BBC [Read Article] Monday 4th of May 2015 11:09:17 AM
.... . So far, Greece has managed to both service its external debt and pay for wages and pensions. ...
'The west is wrong to write off Ukraine's debts' image
Source : Guardian [Read Article] Monday 13th of April 2015 07:40:46 AM
....For years these elites salted away their illicit profits in banks accounts around the world, with the west turned a blind eye. The new government has been left in charge of a country crippled by both war and corruption, with external debts of $72. ...
Heinz to merge with Kraft to create US food giant image
Source : Telegraph [Read Article] Wednesday 25th of March 2015 10:45:57 AM
....5bn in 2010 but the British chocolate brand is now owned by spun-off Mondelez . Berkshire Hathaway and 3G have also agreed to pour an extra $10bn in the Kraft Heinz Company, highlighting the lack of any external debt financing needed for the blockbuster deal. ...
Greece threatens tilt to Russia and China unless Europe yields image
Source : Telegraph [Read Article] Tuesday 10th of February 2015 07:16:06 PM
.... . Officials at Lazard in Paris – contracted by the Greeks to thrash out a debt plan – said €100bn must be shaved off Greece’s €315bn external debt to restore the country to long-term viability, and to allay the grave macro-economic errors made by the Troika. ...
'Humanitarian crisis' brought on by austerity must be eased, Greek PM Alexis Tsipras warns eurozone image
.... Mr Tsipras repeated yesterday that he did not want it to be extended, or to receive the final €7bn payment. Instead, Greece is proposing a “bridging loan” to enable the country to meet its liabilities while a new settlement can be brokered that would reduce its huge external debt. ...
The biggest debt write-offs in the history of the world image
Source : Telegraph [Read Article] Monday 2nd of February 2015 03:00:52 PM
.... . Following the end of WWII, the London Debt Agreement of 1953 saw the abolition of all of Germany's external debt. ...
Shadow banking now poses top risk to US stability, warns IMF image
Source : Telegraph [Read Article] Wednesday 21st of January 2015 04:25:13 PM
.... . The concerns were echoed by David Rubenstein, head of the Carlyle Group, who said the slide in oil prices to $50 a barrel is likely to set off a chain of defaults by Russian companies that owe $650bn of external debt. ...
Russia set to slash interest rates just a month after hike 'mistake' image
Source : Telegraph [Read Article] Wednesday 21st of January 2015 03:10:22 PM
...." . The Institute of International Finance says Russia's reserves are not as large as they appear, given the levels of external debt and a chronic capital deficit of 2pc to 3pc of GDP a year. ...
Russia faces 'perfect storm' as reserves vanish and derivatives flash default warnings   image
.... BNP’s Tatiana Tchembarova said the situation is more serious than in 2008, when Russia had to spend $170bn to rescue its banks. This time it no longer has enough reserves to cover external debt, and it enters the crisis “twice as levered”. ...
Greek fears push euro to nine-year low against dollar image
Source : Independent [Read Article] Monday 5th of January 2015 10:44:52 AM
....The leader of Syriza, Alexis Tsipras, has threatened to stop co-operating with the terms of Greece’s eurozone bailout if his party forms the next government, which could result in the country’s effective expulsion from the single currency. He has also called for a restructuring of Greece’s large external debt to its eurozone partners. ...
Volatile Russia could be bad news for everyone image
Source : Telegraph [Read Article] Saturday 20th of December 2014 03:54:07 PM
.... That covers over a year of imports, four times the usual three-month safety threshold. Moscow has reserves equivalent to around five years of external debt payments, compared with the recognised 12-month benchmark. ...
Fed calls time on $5.7 trillion of emerging market dollar debt image
Source : Telegraph [Read Article] Wednesday 17th of December 2014 09:27:06 PM
.... Private debt morphs into state debt since governments cannot allow key pillars of their economies to collapse. Does anybody believe that the Kremlin can walk away from $50bn of external debt owed by its oil giant Rosneft? Or that the $170bn debt owed by Brazil's Petrobas is a purely private matter? Standard & Poor's says the only reason it has not yet slashed Petrobras to junk is because of implicit state support. ...
Russia's long night is only just beginning image
Source : Independent [Read Article] Wednesday 17th of December 2014 12:18:35 AM
.... “Russia has one of the strongest sovereign debt profiles of any country globally,” according to Alexander Moseley  of Schroders. Yet the country’s total external debt – which includes private sector borrowing – is far from negligible. ...
Russia risks Soviet-style collapse as rouble defence fails  image
Source : Telegraph [Read Article] Tuesday 16th of December 2014 08:59:49 PM
.... It is clear that the authorities are guarding their reserves jealously after burning through $100bn this year to little avail. BNP’s Tatiana Tchembarova said what remains no longer covers external debt, unlike 2008 when there was still ample cover. ...
To save itself, Greece must exit the euro image
Source : Telegraph [Read Article] Tuesday 16th of December 2014 07:46:00 PM
.... Despite five years of crisis induced macro-economic adjustment and recalibration, debt imbalances within the Eurozone have actually got worse, not better. S&P estimate that Spain, Italy, Greece, and Portugal - the eurozone’s top-four external debtor nations - will owe a total of €1. ...
Russia hikes interest rates to 17pc to stop rouble collapse  image
Source : Telegraph [Read Article] Monday 15th of December 2014 11:52:39 PM
...." . The Institute of International Finance says Russia's reserves are not as large as they appear, given the levels of external debt and a chronic capital deficit of 2pc to 3pc of GDP a year. ...
Russian crisis turns systemic as rouble crashes 13pc image
Source : Telegraph [Read Article] Monday 15th of December 2014 08:16:16 PM
...." . The Institute of International Finance says Russia's reserves are not as large as they appear, given the levels of external debt and a chronic capital deficit of 2pc to 3pc of GDP a year. ...
Capital controls feared as Russian rouble collapses image
Source : Telegraph [Read Article] Monday 1st of December 2014 08:58:50 PM
. The Russian rouble has suffered its steepest one-day drop since the default crisis in 1998 as capital flight accelerates, raising the risk of emergency exchange controls and tightening the noose on Russian companies and bodies with more than $680bn (£432bn) of external debt. ...
Why oil importing economies could become the new BRICS image
Source : Telegraph [Read Article] Saturday 15th of November 2014 03:30:21 PM
.... The countries with a commodity tailwind are also broadly-speaking the countries which have started to prepare their economies for a shift from export dependence to domestic demand- driven models. Since the wake-up call of the currency crises of the late-1990s, the better-run Asian countries have boosted their reserves, avoided the temptation of taking on too much external debt. ...
Ukraine faces economic breakdown as war returns image
Source : Telegraph [Read Article] Friday 14th of November 2014 05:00:09 AM
.... . Ashoka Mody, a former top bailout official for the IMF in Europe, said it was clear from the start that Ukraine would need “very deep debt relief” to return to viability, given the collapse in exports and external debt of 75pc of GDP. ...
Russia braces for long economic war with the West image
Source : Telegraph [Read Article] Monday 10th of November 2014 08:45:02 PM
Oil slump leaves Russia even weaker than decaying Soviet Union  image
Source : Telegraph [Read Article] Wednesday 22nd of October 2014 07:48:47 PM
.... It is not a stretch to say that American regulatory power has never been so far-reaching, or imperial. The result is that Russian banks, companies and state bodies are shut out of the global capital markets, unable to roll over $720bn of external debt. ...
Water firms use 'unacceptable' debt collection tactics image
Source : BBC [Read Article] Tuesday 14th of October 2014 11:01:45 PM
....More than half the UK's water suppliers have been sending their customers "unacceptable" debt collection letters, the BBC has learned. The letters appear to be from an external debt agency, but are actually from the water companies themselves. ...
Europe risks, U.S. caution could delay British rate rises image
Source : Reuters [Read Article] Thursday 9th of October 2014 12:41:36 PM
.... The minutes of last month's meeting suggested growing concern at the situation in Europe. In September, MPC members saw only a modest direct impact of the euro zone's slowdown, but minutes of their meeting showed they felt "a prolonged period of poor growth and very low inflation could have a larger impact if it led once again to uncertainty about the sustainability of euro-area public and external debt". ...
The IMF is resisting calls to offer Zimbabwe new loans image
Source : BBC [Read Article] Saturday 27th of September 2014 12:14:24 AM
....Zimbabwe remains frozen out of the international lending markets because it has fallen behind with repayments to institutions like the IMF. Since last year the Fund has been guiding the government through a programme aimed at helping it either clear or push back repayments of about $9 billion in external debts, which would give it access to much-needed international credit. ...
Investigation into how energy companies chase debts image
Source : Telegraph [Read Article] Tuesday 23rd of September 2014 12:48:23 PM
.... . The regulator found that energy firms commonly used alternative branding as a "last resort" for customers before they are passed off to an external debt collector. ...
Energy companies face fines over threatening debt collection letters image
Source : Telegraph [Read Article] Tuesday 23rd of September 2014 11:52:39 AM
.... . The discovery of the threatening letters came after Ofgem asked for evidence on suppliers using letters that purported to be from external debt collection companies, when they were in fact from the supplier itself using different branding. ...
The solution to Italy’s woes is quite simple – leave the euro image
Source : Telegraph [Read Article] Sunday 21st of September 2014 07:37:03 PM
.... This is largely true – so far as it goes. Admittedly, because Italy is not a big external debtor there is limited risk of a crisis of international indebtedness of the sort that periodically afflicts various emerging markets. ...
Argentina in latest debt default crisis pits 'motherland' against 'vultures' image
....According to the judge, Thomas Griesa, of the New York district court, the clause of pari passu stipulates that all holders be treated as equal. While a majority of Argentina's creditors accepted a vastly reduced payout, or "haircut", on their bonds when the external debt was restructured in 2005 and again in 2010, a minority of "holdouts" made no such agreement. ...
If it is hard for the west to confront Russia, it can still support Ukraine image
.... They will no longer be able to raise funds in western financial markets and will not be able to borrow in the west's wholesale money markets. Russian banks and non-financial companies have external debts of $80bn (£47. ...
Argentina is not solely to blame for its latest debt default image
Source : Guardian [Read Article] Friday 1st of August 2014 11:12:39 AM
....The shift favours hardline creditors in bond issuances governed by US law. With emerging-market growth slowing, and external debt rising, new legal interpretations that make debt future write-downs and reschedulings more difficult do not augur well for global financial stability. ...
Argentina on the brink as debt talks collapse image
Source : Telegraph [Read Article] Wednesday 30th of July 2014 11:05:05 PM
.... “This was a situation of extortion,” he said in New York. “We will not just sign anything that could lead to more external debt for Argentina . ...
Russia ordered to pay $51bn over Yukos 'destruction' image
Source : Telegraph [Read Article] Monday 28th of July 2014 07:51:56 PM
.... . The award raises the external debt of the Russian state, banks and companies to $770bn at a stroke. ...
Lloyds 'misleading' letter to borrowers published by MPs image
Source : BBC [Read Article] Thursday 17th of July 2014 12:02:58 PM
...."We were that upset we came off holiday early to see what was going on," the couple told You and Yours on Radio 4. The letter from Sterling Collections mentioned in the small print that it is a trading name of Scottish Power but the couple were convinced the matter had been passed to external debt collectors. ...
The Revenue doubles use of bailiffs to recover unpaid tax image
Source : Guardian [Read Article] Saturday 17th of May 2014 06:00:35 AM
....UHY Hacker Young said HMRC spent £14. 8m on external debt collection agencies in 2013 – up from £12. ...

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