Thursday, March 12, 2015

Economic News and Views ( March 12 , 2015 ) - Euro crashes through 1.05 to USD , Greece still the word , Ukraine has a new debt slavery program with the IMF , South Korea cuts rates ( becoming Central Bank number 24 to do so - just this year ) , China massive local government debt should scare the socks off folks , Japan master class in manipulations in view , gold becoming that mere relic that certain folks claimed it was ?



Teleconference btwn and the today to discuss ELA

State employees' pension fund notifies Labour Ministry it won't be able to pay any dividend to pensioners beyond March ~

's Coeure: Average maturity of bonds bought by is 9 Years. 's 30yr yields drop to record low.


Executive member of Cyprus Central Bank resigns accusing Governor of blackmailing MPs with their loans

They get bang for their bucks. 's Coeure say ECB has bought €9.8bn in 3days under QE program.

Time for a short squeeze: bounces back above $1.06 after 12yr low of $1.0495.

Crazy Dollar: Dollar Index DXY briefly hits 100 in early trade for first time since 2003. Now retreats from 12yr high

The Daily Shot; March 12, 2015: Global Macro Currents -

Chart: 6 months of currency declines against USD; JPY: -11.9%, CAD: -13.4%, AUD: - 16.0%, EUR -18.5% -

The EUR fell closer to parity with the USD yesterday, chart

IMF new 4y programme for Ukraine has "debt operation" as "key consideration to proceed with the first program review"

| BOK unexpectedly cuts to record low ...down, down, deeper & down...

Varoufakis on Mega: Schäuble told me I lost the confidence of the German government. I told him I never had it

may post longest losing run since 1998 on ‘Crazy’ .

Crazy Dollar or melting Euro? At current downward pace (56 pips/day) will hit zero on Jul22 this year.

briefly drops below $1.05 for 1st time since Jan03 as Draghi snaps up bonds. Now $1.0511

Korea Hops on Rate-Cut Bandwagon With Move to Record Low. BOK is 24th cenbank that has cut rates this year.

BREAKING: Gisele Bundchen demands to be paid in dollars.

As a reminder, the BOJ stepped in to stabilize the market 143 times, with 76% of interventions to prevent selling

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Essentially, Düsselhyp is a German bank with more exposure to the Hypo Group Alpe Adria than capital. Rating: c (one above default)

If you don't know what Düsselhyp is, you might want to check it out. report (in German):