betekenis van het woord 2011

Neemt Duitsland destabilisatie eurozone voor lief?

Het IMF en de eurolanden hebben van Cyprus ‘nee’ als antwoord gekregen op de spaardersheffing. Daarmee is het eiland een stap dichter bij een bankenfaillissement en een vertrek uit de eurozone. Volgens Het Financieele Dagblad zijn er nog drie opties: 

De Cypriotische minister Sarris (financiën) vloog gisteren naar Moskou. Rusland zou via de bank van energiegigant Gazprom de Cypriotische banken kunnen overnemen die de bron van de crisis vormen. De gasreserves van Cyprus zouden als onderpand kunnen dienen. Daarmee kan Rusland zijn greep op het euroland nóg verder vergroten. Rusland heeft in 2011 al € 2,5 miljard geleend om Cyprus te helpen.

Bankroet in China roept spook der uiteenspattende kredietzeepbellen op

For the first time, a mainland Chinese company has defaulted on its bonds. SunTech Power Holdings has been clinging on by its teeth but after failing to repay $541mm of notes due on March 15th - and following four consecutive quarters of losses through the first quarter of 2012 and since then having failed to report quarterly earnings - owed to Chinese domestic lenders, the firm is restructuring. As Bloomberg reports, Chinese solar companies are struggling after taking on debt to expand supply, leading to a glut that forced down prices and squeezed profits - and most notably were unable to renegotiate its liabilities and obtain “additional flexibility” from creditors. This is highly unusual and perhaps is the beginning of a trend for Chinese firms. We already know the little discussed but gargantuan size of China's corporate bond market (which dwarves the US relative to GDP) as the mis-allocated credit tsunami of the last few years begins to hit its lending limit - just as Chinese corporate leverage is surging. If Suntech, the world’s largest solar-panel maker as recently as 2011, could not renegotiate its loans, we humbly suggest there are more problem firms out there about to find their friendly local banker a little less enthusiastic - just as Marc Faber warned recently.

Voor alle geschokten, dit is pas het begin: schulden herstructureren

Today, lots of people wake up in shock and horror to what happened in Cyprus: a forced capital reallocation mandated by political elites under the guise of an "equity investment" in insolvent banks, which is really code for a "coercive, mandatory wealth tax." If less concerned about political correctness, one could say that what just happened was daylight robbery from savers to banks and the status quo. These same people may be even more shocked to learn that today's Cypriot "resolution" is merely the first of many such coercive interventions into personal wealth, first in Europe, and then everywhere else.

For the benefit of those people, we wish to point them to our article from September 2011, "The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis", which predicted and explained all of this and much more. What else did the September BCG study conclude? Simply that such mandatory, coercive wealth tax is merely the beginning for a world in which there was some $21 trillion in excess debt as of 2009, a number which has since ballooned to over $30 trillion. And with inflation woefully late in appearing and "inflating away" said debt overhang, Europe first is finally moving to Plan B, and is using Cyrprus as its Guniea Pig.

Het grote plan: goud vloeit van beleggers naar centrale banken

In februari werd er enorm veel geld onttrokken van de goud-ETF's, het meeste sinds januari 2011. Beleggers die via ETF's investeerden in een stijging van de goudprijs verkochten deze ETF's uit schrik dat de goudprijs nog verder zou dalen. Op hetzelfde moment blijven de centrale banken goud kopen. Zou dit onderdeel zijn van

Spaanse staatsschuld stijgt naar recordhoogte

De Spaanse staatsschuld is in de loop van het laatste trimester in 2012 gestegen naar 84,1 procent van het bbp, een nieuw record. Dat kondigde de nationale bank van Spanje aan.

In de loop van 2012 steeg de Spaanse schuld met 14,8 procentpunt. In 2011 bedroeg de schuld nog 69,3 procent van het bbp. Eind 2012 bedroeg de schuld 884,416 miljoen euro. De toename van de staatsschuld is zowel te wijten aan de opgelopen schuld van de centrale overheid als bij de 17 autonome regio's.