Temat: News.....

tutaj bedziemy zamieszczac newsy ....:)

zapraszam do zamieszczania...:)

Temat: News.....

DJ Soros: Europe Must Make EFSF Into A Treasury, Accept Possible Defaults


DOW JONES NEWSWIRES

Billionaire investor and philanthropist George Soros says the only resolution to the European debt crisis is to turn the region's bailout fund into a treasury and accept the possibility of 'orderly default' by Greece, Portugal and possibly Ireland.
The lack of a common treasury that can tax and borrow is 'a hidden weakness in the construction of the euro,' which prevents Europe from acting as a whole to tackle its crisis, but instead leaves the region at the mercy of national governments, Soros writes in an essay in The New York Review of Books.
Because of this shortcoming, the euro-zone debt crisis 'is more intractable' than the global panic triggered by the 2008 collapse of Lehman Brothers, he says in the essay, posted Wednesday on the review's website and titled, 'Does the Euro Have a Future?'
The European Financial Stability Facility and its successor, the European Stability Mechanism, could form the 'missing ingredient' to begin to solve what is otherwise an inexorable downward spiral, although this would require a new treaty and would be a difficult sell to Germany, Soros says.
'The German public still thinks that it has a choice about whether to support the euro or to abandon it. That is a mistake,' he says. 'A breakdown of the euro would cause a meltdown beyond the capacity of the authorities to contain. The longer it takes for the German public to realize this, the heavier the price they and the rest of the world will have to pay.'
Bank deposits must be protected and some banks in defaulting countries would need to be kept operating, while even if there is no default, the European banking system would need to be recapitalized and put under regional supervision and 'government bonds of the other deficit countries would have to be protected from contagion,' he writes.
Soros calls for allowing orderly defaults of the weakest economies, paid for by the other euro-zone countries and the International Monetary Fund, while the EFSF protects bank deposits and the IMF helps recapitalize the banking system.

Website: http://www.nybooks.com/articles/archives/2011/oct/13/d...

-By William Mallard, Dow Jones Newswires; billy.mallard@dowjones.com
-0-

(MORE TO FOLLOW) Dow Jones Newswires
September 15, 2011 06:15 ET (10:15 GMT)

Temat: News.....

DJ Spain Government To Approve New Wealth Tax - Finance Minister


MADRID (Dow Jones)--The Spanish government Thursday said it will approve a new tax on wealthy citizens, putting an end to weeks of debate over the controversial measure.
Finance Minster Elena Salgado told journalists the tax 'will reinforce budgetary stability.'
The new tax will be applied to people with net assets of more than EUR700,000 and will be applied in 2011 and 2012.

-By Jonathan House, Dow Jones Newswires; +34 619 93 39 52; jonathan.house@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 06:22 ET (10:22 GMT)

Temat: News.....

DJ MARKET TALK: EUR/HUF To Correct After Overselling -Erste

1030 GMT [Dow Jones] EUR/HUF to correct after overselling, says Erste, predicting exchange rates for Thursday. EUR/HUF starts the day at around 288, a one-year high. If the trading mood on global markets improves and there is no domestic news to scare investors, HUF will likely appreciate on the short-term after being heavily oversold in recent days, Erste says. However, the long-term trend still points towards depreciation. Support is at 285, resistance at 290 then 292, Erste adds. EUR/HUF is currently 287.60 from 287.34 late Wednesday. (gergo.racz@dowjones.com)

Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 06:30 ET (10:30 GMT)

Temat: News.....

DJ Bomb Kills Two, Wounds 13 In Northwestern Pakistan - Police


PESHAWAR, Pakistan (AFP)--A bomb explosion during funeral prayers for a local elder killed at least two people and wounded 13 others in northwestern Pakistan Thursday, police said.
The incident took place in the town of Lower Dir, which is 100 kilometers northwest of the Swat valley where the military in 2009 launched a large-scale operation to crack down on Islamist militants.

(END) Dow Jones Newswires
September 15, 2011 06:34 ET (10:34 GMT)

Temat: News.....

DJ UPDATE: European Debt Insurance Costs Fall On Greece Support


-- European CDS indexes continue to tighten on Greek support
-- European Commission cuts its quarterly growth forecast
-- Inflation in line with forecasts, consumer prices rise 2.5% in the year to August

(Updates levels, adds detail.)

By Sarka Halas
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)-- The cost of insuring European corporate and sovereign debt against default continued to tighten Thursday as markets put aside the news of a $2 billion loss from alleged rogue trades at UBS, and instead took comfort from support offered to Greece.

A solid Spanish debt auction secured reassuring demand, the country was forced to pay higher interest rates, just below the maximum targeted amount to raise EUR3.95 billion.

German Chancellor Angela Merkel and French President Nicolas Sarkozy expressed their support for Greece and its future within the euro-zone on Wednesday.

The leaders attempted to stop rising speculation that the country would soon default on its debts and be forced to abandon the euro.

However, according to Evolution Securities, Greece's CDS
are now being quoted at 60 points upfront, and that is an indication that default is still very much on the minds of dealers, the company said in a report.

Signs of pressure on economic growth continued, as the European Commission cut its quarterly growth forecast for Europe amid the bloc's intensifying sovereign debt crisis.

Growth projections for the European Union are now at 0.2% in both the third and the fourth quarter, both were revised down by 0.2 and 0.3 percentage points, respectively.

Euro-zone inflation is in line with forecasts and was above the European Central Bank's target rate in August.

According to Eurostat, consumer prices rose 2.5% in the year to August, just above the ECB's target of just under 2.0%. Employment in the euro-zone rose by 0.3% in the second quarter, the largest rise since the first quarter of 2008, the agency said.

At around 1020 GMT, the SovX Western Europe index, which investors can use to buy or sell default protection on a basket of 15 sovereign borrowers, was nine basis points tighter at 332/337 basis points, according to index owner Markit.

The iTraxx Europe index of 125 high-grade borrowers, including 25 banks and insurers, was seven basis points tighter at 177/178 basis points, while the Crossover index of 40 mostly sub-investment grade European corporate borrowers was 19 basis points tighter at 721/725 basis points.

-By Sarka Halas, Dow Jones Newswires, +44 (0) 207 842 9236;
Sarka.Halasova@dowjones.com
(Alex Brittain in London, Frances Robinson and James Fidler in Brussels, and Emese Bartha in Frankfurt contributed to this report).

(END) Dow Jones Newswires
September 15, 2011 06:40 ET (10:40 GMT)

Temat: News.....

DJ UPDATE: ECB Says Growth, CPI Risks Relate To Market Tensions


(Adds quotes and details in fourth to sixth paragraphs and from the ninth paragraph.)

By Margit Feher
Of DOW JONES NEWSWIRES

FRANKFURT (Dow Jones)--Persisting financial market tensions pose a downside risk to economic growth and could have a negative impact on price stability, the European Central Bank said Thursday, while defending the renewal of its sovereign bond purchases.
Economic growth in the euro zone is set to grow moderately, subject to 'Particularly high uncertainty,' the ECB said in its Monthly Bulletin.
'Downside risks mainly relate to the ongoing tensions in some segments of the financial markets in the euro area and at the global level,' the ECB said.
The ECB reiterated its latest projections that President Jean-Claude Trichet disclosed after the ECB left rates unchanged Sept. 8. ECB staff revised downwards its euro-zone GDP growth forecast to a range of between 1.4% and 1.8% in 2011 and between 0.4% and 2.2% in 2012, and Trichet stressed that the Governing Council has revised its outlook on growth risks to downward versus its previous assessment for growth risks being balanced.
The ECB also noted Thursday that 'the precariousness' of the fiscal positions in some advanced economies constitute the primary downside risk to growth.
'In the absence of credible medium-term fiscal consolidation plans, this could lead to further disruptions in global financial markets as well as economic activity,' it said.
The ECB also said Thursday that price stability could come under threat should financial market tensions deepen and monetary liquidity tighten.
'While an orderly adjustment of monetary liquidity through redemption of credit and further slow money growth may thus still be required, a disorderly adjustment in combination with further sharp asset price movements could lead to adverse effects on price stability over the medium term,' the ECB said.
The ECB defines price stability as maintaining inflation below but close to 2% over the medium term. The ECB's governing board also changed its outlook on inflation risks on Sept. 8 and now sees those balanced compared with its previous assessment of seeing inflation risks on the upside.
The ECB defended its buying of sovereign government bonds and other liquidity-providing financial operations, saying that central banks' must weigh whether the additional financial risk they take is acceptable and is in the public interest.
'Risks are constantly monitored and assessed against available financial buffers at the Eurosystem level. The efficiency of that risk management framework is also evaluated on an ongoing basis,' the ECB said, noting that its non-standard measures--such as the bond buys--are 'temporary in nature.'

-By Margit Feher, Dow Jones Newswires; +49 69 29725 509; margit.feher@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 06:42 ET (10:42 GMT)

Temat: News.....

DJ Germany's Merkel: Stabilizing Euro In Germany's Interest


By Mary M. Lane
DOW JONES NEWSWIRES

BERLIN (DOW JONES)--After several days of market turbulence in the wake of a debate about allowing Greece to default, German Chancellor Angela Merkel has launched a counter attack, arguing that Germany remains committed to the common currency and that the euro is in Germany's self-interest.
'Germany, as Europe's largest economy, has the duty and responsibility--and it's in our interests--to contribute towards securing the future of the euro and strengthening Europe,' said Merkel in a speech at the Frankfurt Auto Show on Thursday.
'Everything that serves this goal should be done, and everything that does not serve it should be left behind,' she added.
Merkel's comments come after a telephone call Wednesday between Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou, which aimed to calm markets after several days of volatility.
Following the call, the German chancellery said in a statement that it was 'more than essential' to carry out an expansion of the European Financial Stability Facility (EFSF) and issue further Greek loans, as agreed upon by EU leaders at a summit in July. 'The Chancellor and [Sarkozy] are confident that the future of Greece lies in the euro zone,' the statement said.
Financial markets had been nervous all week, fearing that Germany was preparing to back out of further bailouts for Greece following remarks from Economy Minister Philipp Roesler that Europe might need to put Greece through an insolvency procedure to stabilize the euro.
'There should be no taboos,' Roesler wrote in the German newspaper Die Welt on Monday.`
Roesler's comments, and subsequent volleys from other senior officials in his Free Democrat party, caused the euro to tumble this week and sparked a row between Merkel and the FDP, her junior coalition partner.
The tripartite statement on Wednesday bouyed the euro and lifted European banking shares and broader financial markets. Merkel and senior members of her Christian Democrat party are now trying to harness the wave of positive sentiment in the financial markets.
Finance Minister Wolfgang Schaeuble on Wednesday also reaffirmed the government's position that it was in Germany's interest to help fund a stabilization of the euro.
'We profit the most,' Schaeuble said. 'We are only acting in our own well-understood self-interest.'
Michael Meister, deputy parliamentary leader of Merkel's CDU, dismissed the idea of a Greek euro zone exit Thursday.
'The question of an exit from the euro zone would be an absolutely lethal development for Greece,' Meister said.

-By Mary M. Lane, Dow Jones Newswires; +49-30-2888-4129; mary.lane@dowjones.com
(Andreas Kissler contributed to this story.)

(END) Dow Jones Newswires
September 15, 2011 07:02 ET (11:02 GMT)

Temat: News.....

Italy's Confindustria Cuts GDP Forecast, Urges 'Shock Therapy'

ROMA -(Dow Jones)- Italy's powerful Confindustria business lobby Thursday slashed its forecasts for economic growth in the euro-zone's third-largest economy and called for 'shock therapy' to boost activity.
Italian gross domestic product is likely to expand by only 0.2% next year, economists at Confindustria's research center said in a report. That's down from a 0.6% growth forecast made as recently as June.
The government said over the summer that Italian GDP would grow by comfortably above 1.0% in both 2012 and 2013.
The new forecasts, released a day after parliament gave definitive approval to a EUR54 billion austerity package aimed at eliminating the budget deficit by 2013, also said that overall tax pressure in Italy would rise to 44.1% of GDP next year from 42.8% this year and higher than the all-time record set in 1997 when Italy took draconian fiscal measure to qualify for membership of the euro.
Confindustria decried what it said was a 'lost decade plus three more years,' saying that GDP per capita, a key measure, is back at the level of 1999 and 7% below the level of 2007.
Household consumption is likely to grow only 0.1% next year, according to the new forecasts. Even that miserable increase is wholly dependent on tapping savings as real disposable income will fall 0.8% this year and by 1.1% in 2012, Confindustria said.
Growth-boosting structural reforms and an infrastructure investment program could lift next year's GDP growth to 1.5% and add a further percentage point to the expansion in 2013, according to Confindustria's analysts.
'We need to forge a new social contract in the next few days,' said Confindustria President Emma Marcegaglia.
All social parties and interest groups need to converge on a slew of measures, she said, citing a wealth tax, sales tax hikes and pension reforms as possible examples. 'We either have to do all of this together or the country is going to have problems,' she said.

-By Christopher Emsden, Dow Jones Newswires, +39 06 6976 6921;
chris.emsden@dowjones.com
(Daria Contrada of MF-Dow Jones in Rome contributed to this report.)

(END) Dow Jones Newswires
September 15, 2011 07:44 ET (11:44 GMT)

Temat: News.....

DJ Austria's Green Party: We Will Not Vote Against The EFSF


VIENNA (Dow Jones)--Austria's Green Party said Thursday that it will not stand in the way of ratifying the budget proposal to fund Austria's contribution to an enhanced European Financial Stability Facility when it comes up for approval, adding that there was no reason that the vote could not take place by the end of September.
'We will be louder and stronger [in our support] than the government', Green Party economics spokesman Werner Kogler said.
However, Kogler said his party wanted more information and transparency about how the additional funds would be used before voting on any increase to EFSF funding.
On Wednesday, the Austrian Greens along with fellow opposition parties, FPOe and BZOe, voted against adding the EFSF budget proposal to a parliamentary finance committee meeting's agenda, asking for more time to discuss details. An addition to the agenda required a two-thirds majority.
A special session of parliament will now be needed to ratify the budget proposal, which could take place as early as next week or as late as the beginning of October.
Ratification of the proposal for increased funding to the EFSF requires only a simple majority, which the coalition government easily has as it holds 108 out of the 183 seats in parliament.

-By Nicole Lundeen, Dow Jones Newswires, +43 1 513 69 2210;
nicole.lundeen@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 07:46 ET (11:46 GMT)

Temat: News.....

Poland Finance Minister Sees No Reasons To Cut '11 GDP Forecast

WARSAW -(Dow Jones)- Poland's Finance Minister Jacek Rostowski sees no reasons to lower the country's economic growth forecasts for 2011.
'I'm very glad the European Commission has maintained the 4% growth forecast for this year,' Rostowski said Thursday ahead of an Ecofin meeting starting Friday.
He added that, in the context of the economic slowdown in the euro zone, the fact that Poland's growth forecast hasn't been downgraded confirms Poland's economy stands out from other countries in the region.
In the second quarter of 2011, Poland's gross domestic product rose by 4.3% on the year, from 4.4% in the first quarter.
Rostowski declined to comment on the weakness of the zloty, saying that the reasons for that are external ones and 'Poland's fundamentals are sound.'
'I can't see any threats for Poland's stability,' Rostowski said.
-By Malgorzata Halaba, Dow Jones Newswires, +4822 447 2430; malgorzata.halaba@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 07:51 ET (11:51 GMT)

Temat: News.....

DJ Greece's Recession To Enter Fourth Year - FinMin


ATHENS (Dow Jones)--Greece can expect a fourth year of recession, the country's finance minister said Thursday, even as he defended fresh austerity measures against criticism from the main opposition party.
Finance Minister Evangelos Venizelos attacked the center-right New Democracy party--which has loudly objected to the government's austerity measures--for its unrealistic proposals to boost economic growth.
'The depth of the recession has to be understood,' Venizelos told a parliamentary committee. 'It has to be grasped that the Greek people are paying a cost, that there is a cumulative recession of three years, which will now be four years.'
'It is not possible for all of us to say we believe in growth and support the real economy without taking the recession into account,' he added.
The recession has been made worse by a raft of spending cuts and tax increases the government has taken in the past two years to cut the deficit, in exchange for a EUR110 billion bailout from its eurozone partners and the International Monetary Fund.

-By Alkman Granitsas, Dow Jones Newswires; +30 210 331 2881; alkman.granitsas@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 09:00 ET (13:00 GMT)

Temat: News.....

DJ Polish 8-Month Central Government Budget Deficit PLN20.74 Bln


WARSAW (Dow Jones)--Poland's central government budget posted a deficit of 20.74 billion zlotys [$6.51 billion] after eight months, or 51.6% of the full-year target, the finance ministry said Thursday.
Budget revenues totaled PLN181.17 billion through the end of August, or 66.3% of the full-year target. Of that total, value-added and other indirect taxes brought in PLN120.24 billion, or 66.9% of the annual plan.
January-August budget expenditures amounted to PLN201.91 billion, or 64.4% of annual target.
The ministry reported PLN29.02 billion on account at the central bank as of August 31.
In a separate statement the ministry said at the end of August it had EUR6.06 billion in foreign currencies.

-By Malgorzata Halaba, Dow Jones Newswires; +4822 447-2430; malgorzata.halaba@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 09:06 ET (13:06 GMT)

Temat: News.....

DJ MARKET TALK: Erste Raises 3-mo EUR/USD To 1.40 On USD Liquidity Pump

1353 GMT [Dow Jones] Erste Bank revises its EUR/USD forecast on a three-month horizon to 1.40 from 1.35 previously, after the ECB, in coordination with the Fed, the BOJ, the BOE, and the SNB, announced new USD liquidity measures. 'Most likely, tensions which are to be counteracted by the liquidity provision have also contributed to the latest dollar strengthening,' Erste says, adding this is why it revises its forecast. (emese.bartha@dowjones.com)

Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 09:52 ET (13:52 GMT)

Temat: News.....

DJ MARKET TALK: BNP Paribas Favors Long NOK/SEK Trade

1403 GMT [Dow Jones] BNP Paribas favors a long NOK/SEK trade, saying robust oil prices will support NOK, while rate cuts are more likely in Sweden than Norway. Now at 1.1863, the bank has a target of 1.24, a level not seen since May 2010, with a protective stop below 1.1660 on a New York closing basis. (gary.stride@dowjones.com)

Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 10:03 ET (14:03 GMT)

Temat: News.....

PRESS RELEASE: Moody's Assigns Definitive Ratings To Five Cmbs Classes Of Fremf 2011-K703



The following is a press release from Moody's Investors Service:


Approximately $1.13 Billion of Structured Securities Affected


New York, September 15, 2011 -- Moody's Investors Service has assigned
definitive ratings to five classes of CMBS securities, issued by FREMF
2011-K703 Mortgage Trust, Multifamily Mortgage Pass-Through Certificates,
Series 2011-K703.

Cl. A-1, Definitive Rating Assigned Aaa (sf)

Cl. A-2, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned A3 (sf)

Cl. X-1, Definitive Rating Assigned Aaa (sf)

Cl. X-2, Definitive Rating Assigned Aaa (sf)

RATINGS RATIONALE

The ratings are primarily based on the quality of the collateral and the
structural and legal integrity of the transaction, without taking into
account the Freddie Mac Guarantee. The ratings for classes A-1, A-2, B,
X1, and X2 will be subject to on-going monitoring, upgrades, downgrades,
and any further assessment by Moody's after its date of issuance.

The Certificates are collateralized by 71 fixed rate loans secured by 71
properties. The ratings are based on the collateral and the structure of
the transaction.

Moody's CMBS ratings methodology combines both commercial real estate and
structured finance analysis. Based on commercial real estate analysis,
Moody's determines the credit quality of each mortgage loan and
calculates an expected loss on a loan specific basis. Under structured
finance, the credit enhancement for each certificate typically depends on
the expected frequency, severity, and timing of future losses. Moody's
also considers a range of qualitative issues as well as the transaction's
structural and legal aspects.

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely driven
by each loan's DSCR, and 2) Moody's assessment of the severity of loss
upon a default, which is largely driven by each loan's LTV ratio.

The Moody's Actual DSCR of 1.33X is higher than the 2007 conduit/fusion
transaction average of 1.31X. The Moody's Stressed DSCR of 0.92X is the
same as the 2007 conduit/fusion transaction average of 0.92X.

Moody's Trust LTV ratio of 103.9% is lower than the 2007 conduit/fusion
transaction average of 110.6%.

Moody's also considers both loan level diversity and property level
diversity when selecting a ratings approach. The pool's loan level
(includes cross collateralized and cross defaulted loans) and property
level Herfindahl Index is 45. The transaction's loan and property level
diversity is higher than the band of Herfindahl scores found in most
multi-borrower transactions issued since 2009.

All of the loans are represented by multifamily properties which
historically exhibit lower severity rates than other commercial property
types.

Moody's also grades properties on a scale of 1 to 5 (best to worst) and
considers those grades when assessing the likelihood of debt payment.
The factors considered include property age, quality of construction,
location, market, and tenancy. The pool's weighted average property
quality grade is 2.26, which is in-line with the indices calculated in
most multi-borrower transactions since 2009.

The principal methodology used in this rating was 'Moody's Approach to
Rating U.S. CMBS Conduit Transactions' published in September 2000.
Please see the Credit Policy page on http://moodys.com for a copy of this
methodology.

Moody's analysis employs the excel-based CMBS Conduit Model v2.50 which
derives credit enhancement levels based on an aggregation of adjusted
loan level proceeds derived from Moody's loan level DSCR and LTV ratios.
Major adjustments to determining proceeds include loan structure,
property type, sponsorship and diversity.

The V Score for this transaction is assessed as Low/Medium, the same as
the V score assigned to the U.S. Conduit and CMBS sector. This reflects
typical volatility with respect to the critical assumptions used in the
rating process as well as an average disclosure of securitization
collateral and ongoing performance.

Moody's V Scores provide a relative assessment of the quality of available
credit information and the potential variability around the various
inputs to a rating determination. The V Score ranks transactions by the
potential for significant rating changes owing to uncertainty around the
assumptions due to data quality, historical performance, the level of
disclosure, transaction complexity, the modeling, and the transaction
governance that underlie the ratings. V Scores apply to the entire
transaction (rather than individual tranches).

Moody's Parameter Sensitivities: If Moody's value of the collateral used
in determining the initial rating were decreased by 5%, 15%, or 24%, the
model-indicated rating for the currently rated Aaa classes would be Aa1,
Aa2, A1, respectively. Parameter Sensitivities are not intended to
measure how the rating of the security might migrate over time; rather
they are designed to provide a quantitative calculation of how the
initial rating might change if key input parameters used in the initial
rating process differed. The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint. Qualitative factors are
also taken into consideration in the ratings process, so the actual
ratings that would be assigned in each case could vary from the
information presented in the Parameter Sensitivity analysis.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this
announcement provides relevant regulatory disclosures in relation to each
rating of a subsequently issued bond or note of the same series or
category/class of debt or pursuant to a program for which the ratings are
derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider, this
announcement provides relevant regulatory disclosures in relation to the
rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings, this
announcement provides relevant regulatory disclosures in relation to the
provisional rating assigned, and in relation to a definitive rating that
may be assigned subsequent to the final issuance of the debt, in each
case where the transaction structure and terms have not changed prior to
the assignment of the definitive rating in a manner that would have
affected the rating. For further information please see the ratings tab
on the issuer/entity page for the respective issuer on http://moodys.com.

Information sources used to prepare the rating are the following: parties
involved in the ratings, parties not involved in the ratings, public
information, and confidential and proprietary Moody's Investors Service
information.

Moody's received and took into account one or more third-party
assessments on the due diligence performed regarding the underlying
assets or financial instruments in this transaction and the assessments
had a neutral impact on the rating.

Moody's considers the quality of information available on the rated
entity, obligation or credit satisfactory for the purposes of issuing a
rating.


Moody's adopts all necessary measures so that the information it uses
in assigning a rating is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent
third-party sources. However, Moody's is not an auditor
and cannot in every instance independently verify or validate information
received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process
page on http://moodys.com for further information on the meaning
of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on http://moodys.com
for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time
before Moody's ratings were fully digitized and accurate data may not
be available. Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the information
that is available to it. Please see the ratings disclosure page
on our website http://moodys.com for further information.

Please see http://moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.

Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653


© 2011 Moody's Investors Service, Inc. and/or its licensors
and affiliates (collectively, 'MOODY'S'). All rights reserved.




CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S ('MIS')
CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,
CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES.
MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL,
FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS
IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER
RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK,
MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE
NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO
NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS
ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR
SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF
AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT
(MORE TO FOLLOW) Dow Jones Newswires
September 15, 2011 10:05 ET (14:05 GMT)

Temat: News.....

DJ MARKET COMMENT: Banks Soar In Europe After Liquidity Move


By Simon Kennedy

LONDON (Dow Jones)--European stock markets finished sharply higher Thursday, with financial shares soaring after major central banks announced a coordinated plan to provide dollar loans to banks, while UBS AG slumped after uncovering $2 billion of losses from unauthorized trading.

The Stoxx Europe 600 index rose 2% to close at 228.69, outpacing recent gains for shares on Wall Street.

Shares of BNP Paribas SA rallied 13.4%, having briefly soared as much as 22% after the European Central Bank and other major central banks said they would conduct new operations to provide dollar liquidity, in coordination with the U.S. Federal Reserve.

Worries over the ability of European banks to borrow dollars have hammered stocks recently, and Moody's Investors Service on Wednesday said it was growing increasingly worried about liquidity when it downgraded ratings Societe Generale SA and Credit Agricole.

Shares of the two French banks rose by 5.4% and 5.9%, respectively, helping lift the CAC 40 index to end at 3,045.62 in Paris.

Banks were also higher across the rest of Europe, with Deutsche Bank AG rising 5.8% in Frankfurt and leading a 3.1% gain for the DAX 30 index, which settled at 5,508.24.

'It's yet another step in what I have coined 'maximum intervention'--the final phase where politicians and policy makers throw everything they've got at a problem which is potentially getting out of control,' said Steen Jakobsen, chief economist at Saxo Bank.

'This is now a game, again, of buying enough time to find a better, more long-term solution. I doubt this is more than a step toward further measures to 'support' the market through liquidity,' he added.

European markets had already been trading higher following a conference call Wednesday among the leaders of France, Germany and Greece. French President Nicolas Sarkozy and German Chancellor Angela Merkel insisted Greece will remain part of the euro zone and reportedly received assurances from Prime Minister George Papandreou that the country is determined to meet its obligations.

The comments from Merkel and Sarkozy suggested Greece is likely to receive the next tranche of bailout funds, giving the country more time--though Greek credit-default swaps indicate a default is still almost inevitable at some point.
'This is the latest attempt to solve the European crisis through words rather than action,' said David Miller, partner at Cheviot Asset Management.
'The term 'emergency' is being used in a fast and loose fashion to cover yet more indecisive murmurings around the Greek bailout,' he added in emailed comments.

UBS routed

Swiss giant UBS AG, however, slumped 10.8% after the bank said it discovered a $2 billion loss due to unauthorized trading by someone in its investment-banking arm, which could result in the bank posting a loss for the third quarter.
London police said they had arrested a 31-year-old man on suspicion of fraud. The Wall Street Journal named him as Kweku Adoboli, a trader for UBS's exchange-traded funds desk.

Retail stocks were also among the top European performers Thursday following a couple of strong trading updates.

Home-improvement retailer Kingfisher PLC rose 4.8% in London after reporting a 28% rise in first-half profit and saying it will create more than 1,200 new jobs across the U.K.
The stock helped drive the FTSE 100 index up 2.1%, finishing at 5,337.54.
Further adding to the London market's rise was BP PLC, shares of which continued to rise after a U.S. report Wednesday found the oil heavyweight wasn't solely to blame for the 2010 Deepwater Horizon accident in the Gulf of Mexico

Among other stocks in focus, Swedish fashion retailer Hennes & Mauritz AB rallied 7.1% after reporting that comparable sales held steady in August, while analysts had been expecting a 7.2% decline.
Trading sharply lower, shares of semiconductor equipment firm Aixtron SE dropped 11.5% after the company sharply lowered its revenue guidance for the year.

-By Simon Kennedy; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 12:32 ET (16:32 GMT)

Temat: News.....

DJ MARKET TALK: Is ECB Move Part Of Greece Endgame?

12:44 (Dow Jones) Prof. Steve Wyatt at the Farmer School of Management at Miami University, thinks the ECB's big reveal might signal the long-awaited 'endgame' for allowing ailing Greece to get out from under its debt pile, while insulating banks at the same time. 'If we grant there will be some sort of default with Greece, this move would indicate that the central banks around the world are preparing the banking system for that shock.' (javier.david@dowjones.com)
Call us at (212) 416-3100 or email patrick.sullivan@dowjones.com
(END) Dow Jones Newswires
September 15, 2011 12:44 ET (16:44 GMT)

Temat: News.....

Merkel Cites German Interests To Strike At Euro Doubters

BERLIN -- Angela Merkel is striking back at euro doubters from within her own government and the investment community, insisting that Germany's interests are best served by ensuring that Greece stays in the euro club.
For days, the German chancellor has been hounded by a growing chorus of rebels within her ruling center-right coalition that has been trying to establish Greek default as a workable alternative to yet another bailout.
The possibility that Germany could renege on its commitments to save Greece has riled financial markets and weakened Merkel politically ahead of a crucial parliamentary vote on expanding the European Financial Stability Facility on Sept. 29.

Merkel's new strategy is to convince Germans that their best interests lie not only in Europe, but in the euro, and that means rescuing Greece.
'Germany, as Europe's largest economy, has the duty and responsibility-and it's in our interests-to contribute towards securing the future of the euro and strengthening Europe,' said Merkel in a speech at the Frankfurt Auto Show on Thursday. 'Everything that serves this goal should be done, and everything that does not serve it should be left behind.'

Finance Minister Wolfgang Schaeuble on Wednesday also reaffirmed the government's position that it was in Germany's interest to help stabilize the euro.
'We profit the most,' Schaeuble said. 'We are only acting in our own well-understood self-interest.'
Germany's export-fueled economy largely depends on a competitive currency and a potential euro breakup could see it battling with a strong national currency like neighboring Switzerland.
Comments from Economy Minister Philipp Roesler on Monday suggesting that Greece should be allowed to default have had both economic and political consequences for Merkel.

Roesler wrote in the German newspaper Die Welt on Monday that 'there should be no taboos' when speaking of a possible default, a comment that has caused market turbulence and pushed the euro down. The rare incident of a senior member of Merkel's government openly contradicting her policy raised doubts about the stability of the coalition of Merkel's Christian Democrats (CDU) and the liberal Free Democrats (FDP).
Though the dispute is unlikely to affect parliament's vote later this month, 'this could hinder further cooperation between the parties and could hurt Merkel's image of a unified coalition,' said Gerd Langguth, a political science professor at Bonn University.
The FDP has long sought a way to assert power in their union with the CDU. The newly-appointed Roesler, in particular, is known for calculatedly adhering to the party line and may have been looking to stretch his political muscles, says Langguth.
'But the FDP is playing a dangerous game' by picking the euro's stability as a bone of contention as they have a reputation for being 'very pro-Europe' he says.
Meanwhile, Merkel's efforts to reassure investors have not been particularly successful.
Wednesday evening Merkel and French President Nicholas Sarkozy held a telephone call with Greek Prime Minister George Papandreou aimed at reassuring markets and Greece of Franco-German support.
Following the call, the German chancellery said in a statement that it was 'more than essential' to carry out an expansion of the European Financial Stability Facility, the currency bloc's rescue fund, and issue further Greek loans, as agreed upon by EU leaders at a summit in July.
'The Chancellor and [Sarkozy] are confident that the future of Greece lies in the euro zone,' the statement said.
Although markets initially reacted positively to Wednesday's statement, investors still have doubts about whether Greece can avoid a default.
Without concrete progress from Greece to cut its budget deficit and implement structural reforms, investors will remain wary and remarks from Merkel 'don't fundamentally set a new tone in the market, says Joerg Kraemer, chief economist at Commerzbank.
'The topic remains the same, the problem remains the same: Greece is not delivering change.'
-By Mary M. Lane, Dow Jones Newswires; +49-30-2888-4129; mary.lane@dowjones.com
(Andreas Kissler contributed to this story.)

(END) Dow Jones Newswires
September 15, 2011 12:45 ET (16:45 GMT)

Temat: News.....

ECB's Stark Sees Consequences If Greece Doesn't Meet Obligations

VIENNA -- There must be consequences should Greece fail to meet its obligations, European Central Bank Executive Board Member Juergen Stark said Thursday.
'Now Greece must also meet its obligations and rigorously implement its economic and structural adjustment program,' said Stark, adding this was the only way for the extension of aid agreed by the heads of government July 21 to be implemented.

He said at the moment Greece, Ireland and Portugal were benefiting from aid programs from the European Union and International Monetary Fund.
Although common euro-zone bonds have been presented as a possible solution to the currency bloc's debt problems, such a proposal is particularly problematic, Stark said.

'Euro bonds imply a transfer from solid states that before profited from low interest rates to states that because of unstable budget policies had to pay higher interest rates until now,' said Stark, adding that such bonds wouldn't absorb the costs of the budget crisis, but would only hide problems.
Stark further said he is concerned common euro-zone bonds would remove the incentive for countries to follow a policy of budget discipline.

'What seems to be advocated as a quick solution to the euro-zone crisis would considerably damage the long-term stability of the euro zone,' he said.
Stark warned the ECB must keep in mind that maintaining low interest rates and providing liquidity over the long term could potentially be dangerous. The accommodative policy could delay necessary adjustments by banks, companies and public budgets as it provides a negative incentive, he said.
However, such measures had been implemented in line with the ECB's central goal of ensuring price stability, Stark said, adding that the ECB would continue with its liquidity measures as long as necessary to ensure the functionality of money markets.
-By Nicole Lundeen, Dow Jones Newswires; +43 1 513 69 2210, nicole.lundeen@dowjones.com

(END) Dow Jones Newswires
September 15, 2011 13:05 ET (17:05 GMT)