Source: BIS; consolidated ultimate risk basis. EA includes AT, BE, DE, ES, FR, IE, IT, NL, PT
Interestingly, US and UK banks have been increasing their Greek exposure again, since March 2013, reaching back to levels not very far from those of end 2009 /early 2010. US banks’ exposure to Greece as of September 2014 was in fact 8 billion (down from 13 billion in June) and UK banks’ exposure was 10 billion. Euro area banks have behaved very differently and total exposure to Greece has in fact continued to decline in almost all countries. Even more interestingly, the only country where banks have been continuously increasing their exposure to Greece since 2013, is Germany. German banks’ foreign claims on Greece in fact reached 32 billion in March 2010, dropped to as low as 3.9 billion at the end of 2012 and were back to around 10 billion in June 2014. Therefore the recent increase is small compared to the historical level, but it has been continuous (at least until September 2014)....
This shows clearly how between 2010-2013, about 120 billions in euros of public debt, mainly in the form of greek securities held by eurozone banks were transferred to loans held by official creditors. Greece “rescue” was the rescue of eurozone banks (already in a weak position) at the expense of eurozone taxpayers, mainly german, and french. This has been well known by NC readers but this post gives us the maths. By transferring that amount of debt, the Troika not only rescued eurozone banks but introduced a new element of conflict in eurozone policy: financial confrontation amongst taxpayers in different countries. This is just another step in the neoliberal agenda. First, europeans were reduced to be treated as consumers that have to compete in labour markets with low mobility amongst countries (Bolkestein directive etc.), and now as financial competitors. Tax transfers not only take the shape of financial debt transfers. The absence of fiscal and labour armonization and tax heavens do an important part of the job. Everybody knows who are the winners. Not large corporations and banks, just the 0,1%
2--Income inequality soars in every US state, wsws
3--Stranger gave mum £10 to piss off,
OTHER of three Nikki Hollis was given £10 by a stranger to leave her local pub and take her kids with her.
She has since launched a public appeal to track down the stranger so she can shout at him about it being a free fucking country.
The man is described on Hollis’ Facebook appeal page as “Early 40s, medium build, and possibly muttering ‘for ‘Christ’s sake’ under his breath”.
Pub regular Wayne Hayes said: “She was just texting her mates as her little ones were arsing about putting peanuts into the fruit machine when this gent pressed a tenner into her hand and pointed at the exit.
“Manners seem a thing of the past these days so it’s good to see somebody stand up for those wanting a quiet pint without being overwhelming by the desire to commit infanticide.”
The unnamed man also gave Hollis a note, handwritten on the back of a beer mat saying, “Have a drink on me, somewhere else, far away.
“I have a daughter your age and you are setting a great example by turning yours into the sort of person I would write out of my will.”
“PS: The eldest one has a smile like somebody threw a handful of Tic Tacs at putty. How does he brush his teeth? With a belt sander?”
4--Commodity prices collapse to lowest in 12 years, Telegraph
The US dollar index, which tracks the price of the US dollar against the worlds currencies, has increased by more than 18pc within the past six months as the economy strengthens and on market expectations of an increase in interest rates this year.
5--Europe Stocks Head for Best January Since 1989, bloomberg