Nov 01

See also:

The European (Non-)Bailout Explained (Video) … And Why Europe ‘Is Screwed’: ‘Dumb Money’ Refuses To Play Along: China State Media Says It Won’t Rescue Europe

Jim Rogers Says New Greece Deal Can’t Save Europe

Nigel Farage On Freedom Watch: Eventually Events Will Be Too Big For Any Bailout (Video – Oct. 26, 2011)

- Bilderberg Merkel Warns Of War In Europe If Euro Fails – EU Summit Seals 1 Trillion Euro Deal – Banks Agree On 50% Write-Off Of Greek Debt


Eurozone debt crisis: Markets dive on Greek referendum (BBC News,Nov. 1, 2011):

US and European markets have fallen following Monday’s announcement of a Greek referendum on the latest aid package to solve its debt crisis.

Eurozone leaders agreed a 50% debt write-off for Greece last week as well as strengthening Europe’s bailout fund.

But the Greek move has cast doubt on whether the deal can go ahead.

New York’s Dow Jones ended the day 2.5% lower, after a mid-afternoon rally on hope that Greek MPs may block the referendum proved short-lived.

One of Mr Papandreou’s MPs, Milena Apostolaki, resigned from the ruling Pasok parliamentary group on Tuesday, leaving the government with a two-seat majority in parliament.

Six other party members have called for Mr Papandreou to resign, according to the state news agency.

There are doubts whether the government will last long enough to hold the referendum, pencilled in for January.

A confidence vote is due to take place in the Greek parliament on Friday.

Banks down

Earlier in the day, London’s FTSE 100 had ended trading down 2.2%, while the Frankfurt Dax fell 5% and the Paris Cac 40 some 5.4%.

Shares in French banks saw the biggest falls, with Societe Generale down 16.2%, BNP Paribas 13.1% and Credit Agricole 12.5%.

Other European banks also fared badly for the second day, with Germany’s Commerzbank and Deutsche Bank and the UK’s Barclays and Royal Bank of Scotland all 8% to 10% lower.

In the US, Bank of America fell 6.3%, while Morgan Stanley was down 8% at the close of trading.

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Oct 26

london-stock-exchange

FTSE 100 chief executives have received inflation-busting pay rises averaging 7.4 per cent over the past year, almost making up for a 29 per cent drop in their bonuses, according to a report published Monday.

Incomes Data Services, the pay research group, said company chiefs’ salaries were growing twice as fast as the pay of shop-floor workers.

Related article: Pay boon for FTSE firm chiefs as salaries and bonuses remain high despite economic crisis (Daily Mail)

Their total remuneration fell just 1.5 per cent in spite of collapsing profits in one of the deepest postwar recessions, it said. Chief executives were still earning, on average, as much as in 2006, when the economy was booming.

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