- EU / CROATIA : Zagreb Now Set To Become EU Member #28...In 2013.
- COSTA RICA: Currency Intervention Predicted As Colon Surges Vs USD.
- PHILIPPINES /USA : Stranded US Naval Warship Finally Dismantled.
- ITALY: 12 Dec UPDATE: Is Silvio's 'Friend'...Key Sex Trial Witness Ruby The Heart Stealer...On The Run? Ruby Finally Surfaces...In Mexico!
- PERU: Sand Fly Bite...Morphs Into Horror Story For American.
- SERBIA / LIBYA : Are Serbian Mercenary Pilots Bombing Protestors In Tripoli?
- BRASIL : Dilma Wins Port Privatization Approval From Congress.
- MUSIC FOR MONDAY: From SWEDEN / AZERBAIJAN : Eurovision Winner Loreen Sings "Euphoria."
- GUATEMALA : Court Throws Out Rios Montt Genocide Conviction; Trial Restart Ordered.
- VENEZUELA :6 March UPDATE: Shooting At Caracas Opposition Rally Wounds Capriles Supporter.
15 November 2011
Morgan Stanley predicts that western European lenders will cut balance sheets by as much as E2.5tn to meet capital requirements...and much of those funds will come from Eastern Europe... bringing a credit squeeze.
Italy’s UniCredit...the largest lender in eastern Europe...just reported a massive E10.6bn/ $14.3bn quarterly loss...and must now raise over E7bn.
Especially hard hit will be Hungary, Bulgaria, Serbia and Romania.
Currencies there have already been hit.
Hungary's forint...down 8.8%...and Czech's koruna...down 5.9%...are the world’s two worst performers in the past month. Serbia's dinar is the third-weakest, off 4.8%...while the fourth...Poland’s zloty dropped 4.5%.
Hungary may soon face a debt downgrade to 'junk' status...as it has scaled back...for the 3rd time...short term bond sales.