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http://www.theguardian.com/business/live/2015/nov/09/greece-battles-with-creditors-bailout-eurogroup-live
2m ago
19:17
Evening Summary: Greece gets a little more time
So, to recap...
Greece has been given until the end of the week to deliver on the outstanding measures agreed with its creditors, so new bailout funds can be handed over.
At a eurogroup meeting in Brussels today, eurozone ministers decided that Athens has not done enough to qualify for its next aid tranche.
That money, including up to €10bn to recapitalise its banking sector, won’t be released until various outstanding measures have been taken.
In particular, the eurogroup insists that Greece must bring in new rules for banks to handle non-performing loans, such as bad mortgage debts.
Alexis Tsipras’s government wants to protect poorer citizens from losing their homes - but without new foreclosure rules, Greece’s creditors won’t hand over the funds to rebuild its banks.
Eurogroup president Jeroen Dijsselbloem told tonight’s press conference that Greece has made “a lot of progress” towards meeting the conditions of its third bailout, agreed this summer.
But:
The next thing to do is have all the financial sector measures in place before the completion of the recapitalisation process.
Our Greek colleague, Euclid Tsakalotos, gave his commitment that this will be done.
The eurogroup has thus given Greece until the end of the week to tackle these measures around household insolvency and non-performing loans, so that aid funds can be handed over early next week.
Pierre Moscovici, EU commissioner, says that these bad loans need to be cleared up so that the Greek banking sector can return to health.
A Greek official has told Reuters that Athens is confident that these issues will be resolved in time, so that aid - including €2bn of loans for Greece - can be disbursed.
But the delay has raised fears that Greece’s 3rd bailout, hammered out this summer, could hit problems if Athens continues to struggle to meet the terms of the deal.
With a 24-hour strike scheduled for Thursday, to protest against austerity, Greece’s government is coming under more pressure...
http://www.ekathimerini.com/203264/article/ekathimerini/business/france-wants-deal-between-greece-and-lenders-at-eurogroup
France wants euro zone finance ministers to reach an agreement on non-performing loans at Greek banks at a meeting in Brussels later on Monday, French Finance Minister Michel Sapin said.
"Greece is making considerable efforts. They are scrupulously respecting the July agreement," he told reporters.
"One thorny issue remains: the seizure of homes for households who can't pay their debts. I want an agreement to be reached today. France wants an agreement today."
Greece is seeking to unlock rescue funds from its euro area creditors under the terms of a July 13 agreement at a meeting of the bloc’s finance ministers today in Brussels. The group remains at loggerheads about whether Greece has done enough to meet its own committments under that accord, on issues ranging from household insolvency to the pricing of generic drugs.
Sapin pressed fellow finance ministers to support Greece, saying he “understands” the country’s position on dealing with involvent households and that its current plans are in line with those of other European countries.
“Greece has made considerable efforts,” Sapin said. “It’s a bit strange that we’re always asking more of Greece.”
http://www.ekathimerini.com/203255/article/ekathimerini/news/greece-told-to-break-bailout-deadlock-by-wednesday
A Euro Working Group held via teleconference on Sunday failed to result in an agreement between Greece and its lenders ahead of Monday’s Eurogroup.
A high-ranking European official told Kathimerini's Brussels correspondent Eleni Varvitsiotis said it was agreed that the two sides would try to settle the outstanding issues by Wednesday so that another Euro Working Group, possibly with officials meeting in person, could be held on Friday.
During Sunday’s teleconference it was made clear to the Greek participants that Athens is already three weeks behind schedule, Kathimerini understands.
The key stumbling block is primary residence foreclosures. Greece has put forward stricter criteria that protects 60 percent of homeowners, while suggesting that this is then gradually reduced over the next years.
Greek officials will continue deliberating with their eurozone colleagues over the next hours in a bid to ensure that Monday’s Eurogroup does not end in a negative manner.
Currently trading at .82
National Bank of Greece offers debt swap following stress tests
http://www.ekathimerini.com/203042/article/ekathimerini/business/national-bank-of-greece-offers-debt-swap-following-stress-tests
National Bank of Greece SA became the last of the nation’s four major lenders to offer a debt exchange as they seek to cover 14.4 billion euros ($16 billion) of capital shortfalls.
The lender intends to exchange 803 million euros of senior and junior bonds for shares, according to a statement released on Monday. There’s no cash alternative in the debt swap, which covers euro, dollar and sterling notes.
National Bank, Piraeus Bank SA, Eurobank Ergasias SA and Alpha Bank AE have announced bond exchanges totaling 3.4 billion euros of debt as they seek to recapitalize following the Greek economy’s near-collapse. The European Central Bank identified a 4.6 billion-euro shortfall at Athens-based National Bank, under stress tests designed to see how the four lenders would perform if the economy deteriorated further.
Under National Bank’s debt exchange, investors can swap senior notes for shares equal to 100 percent of the bonds’ face value, according to the statement. There’s a 75 percent ratio for Tier 2 notes and 30 percent for Tier 1 securities. The stock price in the swap will be equal to the issue price in an upcoming sale of new shares.
The ECB announced the results of the stress tests on Saturday. The 14.4 billion euro total capital gap includes a less-than-expected 4.4 billion-euro hole under baseline macroeconomic assumptions, which will probably be covered by private means, the central bank said.
The remaining 10 billion euros may all be provided by the Greek government’s Hellenic Financial Stability Fund, with 25 percent from the purchase of common shares and 75 percent via contingent convertible bonds, according to a statement.
[Bloomberg]
Be careful of what you read or the "source" of your info!!!!!
ATHX is closed today, national holiday.
Frankfurt: http://www.bloomberg.com/quote/NAG1:GR
ATHEX will be closed tomorrow. National holiday.
http://www.ekathimerini.com/202905/article/ekathimerini/business/athex-banks-index-up-76-percent-on-optimism
LOL.
I'm in Dubrovnik, Croatia. Heading to Budva, Montenegro this weekend for a month, then to Crete for 3 months.
Takes time with NBG and the other 3 as well.
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National Bank of Greece is reviewing takeover bids for Finansbank that value its prized Turkish subsidiary at about €3bn. A sale could help the crisis-hit Greek lender meet eurozone demands to raise fresh capital.
http://www.ft.com/intl/cms/s/0/1c0e2acc-6830-11e5-a57f-21b88f7d973f.html#axzz3nK3wu9Nd
Nice and thanks! Certainly more info than mine.
National Bank of Greece (ADR) (NBG) To Receive Support After Elections
International lenders are expected to provide further assistance to banks in Greece after the country's upcoming general elections
http://www.bidnessetc.com/52259-national-bank-of-greece-adr-to-receive-support-after-elections/
Greek Economy Minister George Stathakis said on Wednesday steps are taken to ease bank restrictions and normalize imports and exports, adding that capital controls will be lifted “very soon”.
http://en.enikos.gr/politics/34064,Greek-economy-minister-says-banking-restrictions-will-be-lifted-very-soon.html
And here's where you can look it up. Forgot to post.
http://www.secform4.com/
Here are the rest:
Transaction
& Date Reported
Date Exercisable
Expiration Company Symbol Insider
Relationship Shares
Traded Conversion
Price Shares
Ownership Filing
2015-01-02
Option Award 2015-01-02
7:10 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX Gorgas Gregory D.
(Senior VP, Commercial) 622,800 $0.58 622,800
(Direct) View
2015-01-02
Option Award 2015-01-02
7:07 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX EMANUELE ROBERT MARTIN
(Senior VP, Development) 500,250 $0.58 500,250
(Direct) View
2015-01-02
Option Award 2015-01-02
7:04 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX Culley Brian M
(CEO and Director
Director) 2,100,550 $0.58 2,100,550
(Direct) View
2015-01-02
Option Award 2015-01-02
6:58 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX Roberts Brandi
(Chief Financial Officer & SVP) 722,800 $0.58 722,800
(Direct) View
2015-01-02
Option Award 2015-01-02
6:56 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX Keran Patrick L
(President & COO) 2,100,550 $0.58 2,100,550
(Direct) View
2015-01-02
Option Award 2015-01-02
6:52 pm N/A
2025-01-02 Mast Therapeutics, Inc. MSTX Parsley Edwin L.
(Chief Medical Officer & SVP) 938,300 $0.58 938,300
(Direct) View
Gold Rises as Swiss Bank Introduces Negative Rates
The Swiss National Bank said it would charge banks 0.25% to deposit overnight funds with it, starting Jan. 22. The measure aims to cool the strength of the Swiss franc and keep deflation at bay.
Gold prices surged about $15 in response to the announcement. Negative interest rates are designed to slowly erode wealth and would likely prompt Swiss investors to shift from holding cash to holding gold, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.
“The fact that that’s the environment in Europe, and now Switzerland, is going to spur safe-haven demand,” Mr. Haberkorn said.
http://www.wsj.com/articles/gold-rises-as-swiss-bank-introduces-negative-rates-1418915601
Gold Rises as Swiss Bank Introduces Negative Rates
The Swiss National Bank said it would charge banks 0.25% to deposit overnight funds with it, starting Jan. 22. The measure aims to cool the strength of the Swiss franc and keep deflation at bay.
Gold prices surged about $15 in response to the announcement. Negative interest rates are designed to slowly erode wealth and would likely prompt Swiss investors to shift from holding cash to holding gold, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.
“The fact that that’s the environment in Europe, and now Switzerland, is going to spur safe-haven demand,” Mr. Haberkorn said.
http://www.wsj.com/articles/gold-rises-as-swiss-bank-introduces-negative-rates-1418915601
Gold Rises as Swiss Bank Introduces Negative Rates
The Swiss National Bank said it would charge banks 0.25% to deposit overnight funds with it, starting Jan. 22. The measure aims to cool the strength of the Swiss franc and keep deflation at bay.
Gold prices surged about $15 in response to the announcement. Negative interest rates are designed to slowly erode wealth and would likely prompt Swiss investors to shift from holding cash to holding gold, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.
“The fact that that’s the environment in Europe, and now Switzerland, is going to spur safe-haven demand,” Mr. Haberkorn said.
http://www.wsj.com/articles/gold-rises-as-swiss-bank-introduces-negative-rates-1418915601
Gold Rises as Swiss Bank Introduces Negative Rates
The Swiss National Bank said it would charge banks 0.25% to deposit overnight funds with it, starting Jan. 22. The measure aims to cool the strength of the Swiss franc and keep deflation at bay.
Gold prices surged about $15 in response to the announcement. Negative interest rates are designed to slowly erode wealth and would likely prompt Swiss investors to shift from holding cash to holding gold, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.
“The fact that that’s the environment in Europe, and now Switzerland, is going to spur safe-haven demand,” Mr. Haberkorn said.
http://www.wsj.com/articles/gold-rises-as-swiss-bank-introduces-negative-rates-1418915601
Gold Rises as Swiss Bank Introduces Negative Rates
The Swiss National Bank said it would charge banks 0.25% to deposit overnight funds with it, starting Jan. 22. The measure aims to cool the strength of the Swiss franc and keep deflation at bay.
Gold prices surged about $15 in response to the announcement. Negative interest rates are designed to slowly erode wealth and would likely prompt Swiss investors to shift from holding cash to holding gold, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.
“The fact that that’s the environment in Europe, and now Switzerland, is going to spur safe-haven demand,” Mr. Haberkorn said.
http://www.wsj.com/articles/gold-rises-as-swiss-bank-introduces-negative-rates-1418915601
Janet Yellen: Gold Rally Catalyst?
http://news.goldseek.com/GoldSeek/1418748613.php
Janet Yellen: Gold Rally Catalyst?
http://news.goldseek.com/GoldSeek/1418748613.php
COLUMN-India shows link between crude oil and gold: Russell
http://www.cnbc.com/id/102238104
COLUMN-India shows link between crude oil and gold: Russell
http://www.cnbc.com/id/102238104
Certainly. Also JDST is the opposite of JNUG or triple leveraged bearish Junior Miner ETF (NYSEARCA:JDST).
Here's another link for you:
http://seekingalpha.com/instablog/6143431-robert-edwards/3201615-creating-a-game-plan-for-trading-the-junior-miners-leveraged-etf-jnug
You have to factor in the DXY Index (US Dollar Index) - see link below:
http://www.kitco.com/kitco-gold-index.html
Central banks suppressing gold price to rig currencies: GATA
http://video.cnbc.com/gallery/?video=3000335209&play=1