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Author Topic: Slovenia may seek aid for banks, central bank says  (Read 1246 times)
Alpaca Bob
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October 08, 2013, 01:27:41 PM
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http://www.reuters.com/article/2013/10/08/us-ecb-jazbec-idUSBRE9970DX20131008

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Slovenia may seek aid for banks, central bank says

By Marja Novak

LJUBLJANA | Tue Oct 8, 2013 8:15am EDT

(Reuters) - Slovenia will consider seeking outside help for its ailing banks if the country's funding costs remain high, the head of its central bank said on Tuesday.

Bostjan Jazbec also slashed the GDP forecast for this year, saying the economy is expected to contract by 2.6 percent rather than by the bank's April forecast of 1.9 percent.

Slovenian banks, mostly state-owned, are struggling with some 7.9 billion euros ($10.7 billion) of bad loans, equivalent to 22.5 percent of GDP and the source of speculation that the country may be next in line for a euro zone bailout.

"That (asking for aid) is possible if yields on Slovenian securities (bonds) remain high," Jazbec told a news conference, adding that everything Slovenia was doing at the moment was aimed at bringing its funding costs down.

"If that is not successful then there is a possibility to ask for help within various programmes," said Jazbec, who also sits on the European Central Bank's governing council.

He said he believed Slovenia can still solve its financial problems by itself although that will depend upon the results of external stress tests of most of its banks, which are due at the end of November, and upon the economic recovery.

The government has laid aside 1.2 billion euros which it plans to use to recapitalize its three largest banks but analysts expect the tests might show significantly larger capital needs.

Prime Minister Alenka Bratusek said in an interview with the state-owned news agency STA earlier on Tuesday that the country will not ask for aid, saying: "We are very intensively preparing measures that are needed so as to avoid asking for help."

The central banks sees Slovenia's economy contracting further next year, by 0.7 percent, having earlier forecast 0.5 percent growth. In 2015 it still expects growth of 1.4 percent.

(Reporting by Marja Novak; Editing by John Stonestreet)

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
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October 08, 2013, 02:44:18 PM
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Slovenia needs to get that money fast before Greece takes it all with bailout 3

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Secret IMF Report Shows Greek Bailout Worries

Even while the International Monetary Fund in 2010 was agreeing to dubious plans to bail out the faltering Greek economy – a joint effort with the European Union and European Central Bank in what became known as the Troika – secret documents at the agency showed there was deep worry and anger over whether the monies could be repaid, with some members urging a deep cut of the Greek debt instead.

The naysayers turned out to be right as austerity measures demanded in return for $325 billion in two bailouts deepened the country’s recession, created record unemployment, closed 110,000 businesses and did little to cut the debt while imposing big pay cuts, tax hikes, slashed pensions and the coming firing of thousands of public workers.

The IMF in June this year admitted austerity had failed – and said it would keep on demanding more and more in a desperate bid to keep Greece from going under. Minutes of IMF  board meetings held in May 2010 and published by the Wall Street Journal have highlighted the concern of many country representatives that the Greek bailout was not sustainable.

One of the key criticisms expressed during meetings held before Athens agreed its first bailout with its Eurozone partners and the IMF is that the design of the bailout favored European banks at the expense of Greece.

The absence of debt restructuring at the beginning of the program also met with opposition, according to the extracts from confidential documents reported on by the paper.

“The risks of the program are immense … as it stands, the programs risks substituting private for official financing. In other and starker words, it may be seen not as a rescue of Greece, which will have to undergo a wrenching adjustment, but as a bailout of Greece’s private debt holders, mainly European financial institutions,” said Brazil’s IMF Executive Director Nogueira Batista at a board meeting on May 9, 2010. He was reprimanded by his country earlier this year for raising new doubts that Greece could ever repay its loans.

According to the Journal, IMF records show that nearly a third of the board’s members, representing more than 40 non-European countries, raised major objections to the bailout’s design at the meeting.

“The alternative of a voluntary debt restructuring should have been on the table…The European authorities would have been well advised to come up with an orderly debt restructuring process,” said Argentina’s Executive Director Pablo Andrés Pereira. “The bottom line is that the approved strategy would only have a marginal impact on Greece’s solvency problems … it is very likely that Greece might end up worse off after implementing this program.”

However, approval from US and most European directors mean accounted for more than half of the IMF’s voting shares and paved the way for the first Greek bailout, worth 110 billion euros, to be signed. It failed, and Greece needed a second, for 130 billion euros.

That has failed too and now there is growing talk a third will be needed along with Greece not paying its loans in full – except to the IMF, which has demanded full payment while endorsing a plan to let the country stiff the EU and ECB and let taxpayers in the other 16 Eurozone countries  pick up the tab for generations of wild overspending by the Greeks.

http://greece.greekreporter.com/2013/10/08/secret-imf-report-shows-greek-bailout-worries/
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October 08, 2013, 02:45:57 PM
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Slovenia needs to get that money fast before Greece takes it all with bailout 3

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However, approval from US and most European directors mean accounted for more than half of the IMF’s voting shares and paved the way for the first Greek bailout, worth 110 billion euros, to be signed. It failed, and Greece needed a second, for 130 billion euros.

That has failed too and now there is growing talk a third will be needed along with Greece not paying its loans in full – except to the IMF, which has demanded full payment while endorsing a plan to let the country stiff the EU and ECB and let taxpayers in the other 16 Eurozone countries  pick up the tab for generations of wild overspending by the Greeks.

http://greece.greekreporter.com/2013/10/08/secret-imf-report-shows-greek-bailout-worries/


Ohhhh Shizzle, That emboldend final line of text is such a kick in the Nads

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October 08, 2013, 04:58:20 PM
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Slovenia needs to get that money fast before Greece takes it all with bailout 3

Hey, second Portuguese bailout is first!  Cheesy

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October 08, 2013, 06:24:17 PM
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In the currency war's race to the bottom, neither China nor US want the Euro to fail.  The Euro's don't want it either I suppose due to the chaos they'd have to deal with, so the Too-Big-To-Fails are all playing this game of pick-up-sticks trying not to be the one that tumbles the pile, while each pulling out pieces for themselves.
With each central bank's fiat currency increasingly backed by other central bank fiat the game gets increasingly more complex and interwoven.  Every once in a while there are these little games played that devastate a nation or two where a bank and its associated economy fail, and the centrals place bets on which will be next and use political and ecoomic influence to push their bets chances.

Our little Bitcoin project hums alongside all of this, the innocent bystander, and a place of refuge for those weary of the games.
My heart goes out to our Slovenian friends.  I hope some more of them reach the Bitcoin safe-house in time.

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October 08, 2013, 06:53:09 PM
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Don't forget that Cyprus may need another bailout too.

Slovenia needs to get that money fast before Greece takes it all with bailout 3

Hey, second Portuguese bailout is first!  Cheesy
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October 08, 2013, 09:48:38 PM
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Don't forget that Cyprus may need another bailout too.

Slovenia needs to get that money fast before Greece takes it all with bailout 3

Hey, second Portuguese bailout is first!  Cheesy

Eurozone really is crumpling from the outside in. Can the debts of these outliers really get assumed or written off by the stronger economies (well, Germany), or will this just build into a tidal wave of unpayable debt? At what point does the bond market really start reacting to it all, or is this whole financial system too much of a circle jerk for that to happen? Slightly concerned that everyone in Europe will wake up to martial law at some time in the next year or two, it appears that the financial system is a dead man walking, but refuses to accept it.

Vires in numeris
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