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  • Western Union Business Solutions - Can joint eurobonds save the common currency?
    poorer members Germany believes that eurobonds backed by the whole entity will make it too easy for countries like Greece to dig themselves into unsustainable fiscal situations The upside of such a bond would be lower borrowing costs as the combined responsibilities would help countries like Greece and Portugal which face ruinously expensive costs for just rolling over their existing debt in conventional sovereign debt auctions Investors jittery about repayment demand higher interest rates which make it more expensive for debt laden nations to fund their expenses This vicious negative cycle can bring down a government The required solution is a combination of a haircut for debt holders debt guarantees for stable countries and the limited introduction of European wide bonds in the medium term accompanied by more aligned fiscal policies wrote Frank Walter Steinmeier and Peer Steinbrück former German foreign minister and former minister of finance respectively in a Financial Times op ed These measures would only work together none alone would restore stability Both Steinmeier and Steinbrück are members of the nation s opposition Social Democratic Party of Germany They emphasized the importance of ensuring that Spain and Italy will not be drawn into the downward spiral of financial speculation Chancellor Angela Merkel vehemently opposed the creation of jointly backed eurobonds to fund public debts Others including ardent supporters of the common bonds downplay internal differences There are no divergences between the member nations of the euro group or between Mrs Merkel and me Jean Clade Juncker Luxembourg s prime minister and minister of finance told InfoRadio Berlin Brandenburg according to Bloomberg News I am very much in favor that we succeed in combining solidity with solidarity Eurobonds would help assuage fears that the currency union isn t sustainable because they would tighten the ties that hold together the zone s disparate economies As long as the French and German governments are staunchly opposed though that seems like a far fetched hope Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Shared currency performs strongly as analysts investors anticipate weekend summit The common currency of the European Union gained in value for a second consecutive session on Wednes South Korean government warns banks on currency derivatives trading Western banks violated South Korean law when trading currency derivatives the Korean government all Shared currency drives higher amid regional meetings Monday saw the common currency of the European Union increase in value when compared with the world Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Can-joint-eurobonds-save-the-common-currency.aspx (2012-12-22)
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  • Western Union Business Solutions - The China Trap
    the dollar yuan exchange rate A constant rate allows Chinese and American firms doing business with each other to keep their international payments steady The massive trade surplus that China runs translates into massive deficits in the United States Under normal circumstances all yuan denominated goods that the U S buys would translate into a more expensive Chinese currency which would give the Chinese consumer more purchasing power abroad Instead every month the People s Bank of China effectively prints billions of yuan and uses them to buy U S dollars and Treasury notes countering the flood of American liquidity with its own If Bernanke fires up the printing presses in the United States the PBOC has to respond in kind to maintain the exchange rate The more yuan China prints the more it devalues its currency and the more expensive things get for the Chinese people As the economist Milton Friedman pointed out Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output China s growing fast and in order to keep that growth happening China has to grow its monetary supply even faster Forbes recently pointed out that while the yuan has slightly appreciated against the dollar in the past few months likely in response to international pressure it s actually lost value against pretty much every other major currency Against the Australian dollar a major provider of raw materials to China it s lost almost 9 percent in three months against the New Zealand dollar and the Swiss franc about 6 5 percent and against the Swedish krona about 5 4 percent Hence the China trap Inflation means social unrest making poverty harder on millions of laborers and raising costs All the yuan China is printing also flow into bubbly investments like real estate and commodities Countering inflation would be easy stop printing yuan to buy dollars and maintain the peg But if it does that Chinese exports will get more expensive reducing growth and possibly leading to further social unrest It s a tricky choice and it s one that China s hybrid command capitalism economy will have to navigate with extraordinary care Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Domestic backlash likely if China invests in Europe State media in China published a column stating it will not be the euro zone s white knight indicat China continues back and forth on inflation The implementation of another round of quantitative easing in the United States doesn t appear to ha U S seeking responsible policy from China on currency U S Secretary of State Hillary Clinton weighed in Thursday on the currency debate saying that qu Industry News 1486

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/The-China-Trap.aspx (2012-12-22)
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  • Western Union Business Solutions - Loonie's benefit from Obama re-election pulled down by Draghi remarks
    or any questions around it executive director of foreign exchange sales Don Mikolich with CIBC World Markets told the news source Draghi said the ECB forecasts the economy of the 17 nation region to stay weak in the short term while also noting that inflation was being addressed by the financial institution The Canadian Press reports Obama prevailed by a large margin in the electoral college but the popular vote was significantly closer as polls had indicated the race would be Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Aussie benefits from re election of Obama The Australian dollar gained in value Wednesday against the world s reserve currency pushed up by t Obama re election tugs down dollar The re election of U S President Barack Obama dragged down the value of the U S dollar on Wednesda Bloomberg Canadian Dollar Reaches Strongest Since May After Draghi Remarks From Bloomberg Businessweek Canada s dollar climbed to the strongest since May versus its U S Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar after policy makers overwhelmingly supported end of intervention Tag cloud AUD Australia CAN Canada CHF China CNY EUR Foreign Exchange news FX Risk Management news GBP Germany Greece International Payments news Ireland Italy Japan JPY MXN New Zealand Portugal Spain United

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Loonies-benefit-from-Obama-re-election-pulled-down-by-Draghi-remarks.aspx (2012-12-22)
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  • Western Union Business Solutions - Euro falls as Italy emerges as debt scourge flashpoint
    to worry about Bond yields suggested the market is pretty nervous and quite rightly so Reuters reports Monday saw the yield of Italian 10 year government bonds touch its widest amount since 1997 which likely does not bode well for the parliamentary vote Berlusconi faces on Tuesday Italy s debt trouble presents a very troubling scenario for the euro zone as its borrowing costs have skyrocketed it is 1 9 trillion euros in public debt and is believed to hold a debt burden too large to bailout according to Reuters Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Spain becoming flashpoint of debt scourge as euro swoons Government bonds of two euro zone nation s long rumored to be on the cusp of being snared by the tal Euro drives higher as Italy acts to confront debt scourge Thursday saw the euro recover from steep losses on Wednesday dragging down the value of the globe s Demand for Italian debt will decide whether euro rises or falls On Tuesday the euro approached an 11 month low against the dollar suggesting that the European sov Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar after policy makers overwhelmingly supported end of intervention Tag cloud AUD Australia CAN Canada CHF China CNY EUR Foreign Exchange news FX

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Euro-falls-as-Italy-emerges-as-debt-scourge-flashpoint.aspx (2012-12-22)
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  • Western Union Business Solutions - South Pacific currencies fall as credit services wield slashes to euro zone
    at Commonwealth Bank of Australia in Sydney told the news source Germany is likely to retain its unblemished AAA credit rating issued by Standard Poor s an official with a European government told the news source The Herald Sun reports the Australian dollar s initial performance on Friday was stronger amid a brighter outlook following a meeting in Europe European Central bank President Mario Draghi said efforts to address the damaging tendencies of the sovereign debt crisis appeared to be working Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts South Pacific currencies fall to U S dollar The Australian dollar dropped to its lowest value in six months against the U S dollar after a poll Credit slashes to Italy Spain pull down euro The shared currency of the European Union dropped in value on Friday dragged down by credit rating Loonie slips amid threats to euro zone credit ratings The value of the Canadian dollar dropped on Friday against the world s reserve currency amid reports Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar after policy makers overwhelmingly supported end of intervention Tag cloud AUD Australia CAN Canada CHF China CNY EUR Foreign Exchange news FX Risk Management news GBP Germany Greece International Payments news Ireland Italy Japan JPY MXN New Zealand Portugal

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/South-Pacific-currencies-fall-as-credit-services-wield-slashes-to-euro-zone.aspx (2012-12-22)
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  • Western Union Business Solutions - Spain becoming flashpoint of debt scourge as euro swoons
    against the U S dollar since the middle of March During the past week the 17 nation monetary unit has lost 1 2 percent of its value distinguishing itself as the worst performing developed nation currency of 10 monitored by Bloomberg It reflects a growing unease in Europe over Spain s finances and that s a good part of the euro weakness chief dealer Thomas Molloy with FX Solutions in New Jersey told Blooberg There s definitely some concerns starting to come to the fore in Europe specifically about Spain The Guardian reports international concerns for Spain s economic outlook are gaining momentum In addition to finding itself in peril Spain also poses a threat to less established neighbors in the euro zone The International Monetary Fund a Washington based regulator specifically noted the hazardous situation that Spain now finds itself in amid budgetary restraints that ought to be implemented We will point to the need to ensure compliance with the new target not just at the central level also at the regional government level IMF spokesman Gerry Rice told the news source Clearly the challenges Spain is facing are severe Market sentiment remains volatile A large part of the danger posed by Spain stems from its economy being twice as large as the combined economies of Greece Ireland and Portugal Spain already has acknowledged its debt is likely to expand to its highest level in roughly 20 years which did not bode well in anticipation of the Thursday bond auction We re increasingly worried about Spain on the back of the sovereign s rising yields and the potential for contagion analysts at Société Générale told The Guardian Spanish corporates are feeling the heat with clear daylight between them and their Italian counterparts in recent sessions Reuters reports director of research Dan Dorrow with Faros Trading in Connecticut told the news source that Spain is significantly larger than Greece the most recent nation to receive a bailout from its sovereign debt troubles He said watching Spain s bond yields is of key importance and absolutely merits scrutiny and action by the European Central Bank The euro zone firewall set up is not big enough to save Spain Darrow said If the ECB were the Fed right now they would be embarking on quantitative easing or lowering rates but the ECB is more passive in its approach which is dangerous and I think they are walking a tight rope Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Euro falls as Italy emerges as debt scourge flashpoint The common currency of the European Union dropped in value on Monday against the U S dollar and the Euro dives as Spain Italy prepare to sell debt and Brussels summit awaits The value of the shared currency of the European Union

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Spain-becoming-flashpoint-of-debt-scourge-as-euro-swoons.aspx (2012-12-22)
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  • Western Union Business Solutions - Euro gains following strong German economic data, healthy bond sales in Italy, Spain
    Sartoris with HSBC Trinkaus told Reuters The economy is stabilizing Italy the host of the euro zone s third largest economy auctioned the equivalent of 7 9 billion worth of bonds set to mature in November 2014 as yield dropped to its lowest rate since March of last year Spain another beleaguered nation under the spell of the sovereign debt crisis also experienced a measure of success when selling its 12 month bills as the average rate was 1 899 percent according to Bloomberg The average rate was the lowest since October of 2010 Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Euro climbs against dollar following strong economic data The value of the shared currency of the European Union notched its top value in seven days against t Euro climbs against dollar following strong Italian bond sale The value of the shared currency of the European Union climbed against its southerly rival on Monday Pound gains against euro falls against greenback The English pound climbed in value against the shared currency of the European Union on Tuesday but Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar after policy makers overwhelmingly supported end of intervention Tag cloud AUD Australia CAN Canada CHF China CNY EUR Foreign Exchange news FX Risk Management news GBP Germany

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Euro-gains-following-strong-German-economic-data-healthy-bond-sales-in-Italy-Spain.aspx (2012-12-22)
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  • Western Union Business Solutions - Italian prime minister discusses vulnerable euro zone
    noting the issues have to be solved quickly now so that there s no further uncertainty about the euro zone s ability to overcome the crisis Italy has been struggling to stay afloat as the noose of sovereign debt turmoil tightens around it Spanish Prime Minister Mariano Rajoy took a Monday phone call from U S President Barrack Obama to discuss the European nation s experience with the sovereign debt crisis according to Reuters which cited the website of the Rajoy administration Category Industry News Share Foreign Exchange Services for Business With a focus on payment services Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions See our available FX payment services Related posts Euro rises as Italian senate approves prime minister s plan The common currency of the European Union rose in value against the U S dollar on Wednesday as the Euro zone leaders advocate for Greece European Union Leaders in Europe must merge efforts to counter the ill effects of the sovereign debt crisis by esta Spanish Italian bond auctions bolster euro zone optimism The euro rose sharply against the dollar on January 13 after both Spain and Italy held successful de Industry News 1486 Media Coverage 305 News Releases 24 Past Events 28 Recent Posts Aussie hovers as U S leaders struggle with negotiations Loonie benefits from better than expected Canadian U S data Euro rises after stronger than expected U S data released Yen notches top gain in six weeks Peso dips as Obama Boehner encounter snag Pound climbs against dollar after policy makers overwhelmingly supported end of intervention Tag cloud AUD Australia CAN Canada CHF China CNY EUR Foreign Exchange news FX Risk Management news GBP Germany Greece International Payments news Ireland Italy Japan JPY

    Original URL path: http://business.westernunion.sg/resource-centre/articles/post/Italian-prime-minister-discusses-vulnerable-euro-zone.aspx (2012-12-22)
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