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Two months ago, after reviewing iRobot's (NASDAQ:IRBT) strong showing in its second-quarter earnings report -- sales steady year over year despite having sold off an entire business division -- my fellow Fool Steve Symington declared "now is an exciting time to own shares of the home robot maker."
Turns out, Wall Street is starting to agree with that assessment.
Bright and early Thursday morning, analysts at Needham & Company announced that they are raising their price target on iRobot stock from $42 to $46, and doubling down on their recommendation to buy the home robot maker. With iRobot shares currently priced just over $40, Needham's latest price target promises a 15% profit for new investors today. But is that profit realistic? Is Needham right in recommending iRobot?
Here are three things you need to know.
1. This is not your father's iRobot
Up until just a few months ago, iRobot was a diversified manufacturer of robots. iRobot made robots that vacuumed floors...and mopped them, too. It built robots to clean pools, de-gunk gutters, offer "telepresence" in homes, and even disarm bombs.
In April, though, iRobot began returning to its roots as a Roomba-maker, first selling off its defense and security division (bomb-bots), then shuttering its telepresence division. As Steve recently explained, "100% of iRobot's resources going forward will be exclusively focused on consumer robotics solutions."
2. iRobot gets grounded
That means that the future for iRobot will depend very much on the success of its Roomba vacuum cleaners and Braava floor moppers -- or as Needham calls it, the "wet-floor category." In a write-up covered on StreetInsider.com today, Needham argues that these rather mundane-sounding businesses could "deliver positive surprises" for investors.
Previously, Needham had predicted that iRobot's sales in home robots would grow 16% in 2016 -- but after meeting with management, the analyst now thinks that estimate may have been too "conservative." Hence the higher price target.
3. How conservative was it?
Last quarter, iRobot reported 27% growth in domestic sales of home robots here in the U.S. Total sales of consumer robots grew only 8%, but mainly because the company is still busy retooling its model for selling home robots internationally, in particular in China and Japan.
Sales abroad, accordingly, declined in the quarter, sapping strength from the domestic growth. But once the international business gets growing again, we could see more and more of that strong domestic growth appear in the company's overall top-line results.
The most important thing: Valuation
But does this hoped-for future good news make iRobot stock a buy? Let's run some numbers.
According to iRobot's latest guidance, the company expects to book as much as $645 million in revenue this year, and earn net profits of up to $1.40 per share. Weighed against the company's $1.1 billion market capitalization, therefore, iRobot stock is selling for about 1.6 times projected full-year sales, and roughly 28.8 times earnings.
Data from S&P Global Market Intelligence show that most analysts are largely in agreement with Needham about iRobot growing at better than 13%. In fact, earnings growth projections over the next three years average about 18.5% annualized. That sounds a bit slow, though, to justify a 28.8 times earnings valuation on the stock. (In fact, even if you give iRobot full credit for its debt-free, cash-rich balance sheet, and value the company on its cash-adjusted market cap of $895 million, iRobot stock appears to be selling for a rich 24.2 multiple.)
So long story short? iRobot appears to me to be yet another in a long string of good companies selling for too-high prices. Needham is probably right that iRobot will grow faster than 13%. It's just wrong about the stock being a buy at the higher growth rate.
Fool contributor Rich Smith does not own shares of, nor is he short, any company named above. You can find him on Motley Fool CAPS, publicly pontificating under the handle TMFDitty, where he currently ranks No. 286 out of more than 75,000 rated members.
The Motley Fool owns shares of and recommends iRobot. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


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When it comes to providing the kind of raw emotions that make for great wedding photos, there is nothing quite like the moment when a couple is finally standing in front of each other and ready to officially tie the knot. As wedding photographers based in Washington, DC, we never know exactly what we are going to get… And that makes it exciting for us! Some brides and grooms cry, others laugh and some just do all they can to remember their "lines."
This bride, however, gave us something unique when face-to-face with her future husband; something that spoke volumes about their relationship and the reasons why they were marrying in the first place. Their road to the altar was long and winding. The couple had been together for years and had even become parents to two young boys. So by the time they said their vows at the University of Pennsylvania Museum of Archaeology and Anthropology in Philadelphia, there were no surprises left. As a result, the expression on the bride's face reflected not unrestrained joy or a bubbling-over of emotions, but instead serene contentment. Visible in her eyes and smile was a deep satisfaction at having reached and passed a significant milestone in her life alongside the man she loves.
Location: University of Pennsylvania Museum of Archaeology and Anthropology, 3260 South St, Philadelphia, PA 19104.

subset: commoncrawl


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THANK YOU Danny for becoming a Premium Titanium Member.
Nice off-roading with ya last week-end.
I haven't either. I think golf has taken him hostage LOL. But when I do it's through JaBoB. Fun guy and he's the only reason I even know about SPMC. Then, I've seen it pop up lately. Matts, Brandon on top the look-out and then you. Just thought it was interesting out of no where that SPMC keeps popping up. Chat later.
You know a riding buddy of mine? Kevin ride's Monkey Pickle or did.
Hey, Thanks for coming out, signing up and hanging out yesterday at the Meet & Greet. It was great meeting you. Hope you enjoy the forum.


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The Food and Drug Administration has given a whistle-blower scientist permission to publish data indicating that as many as 139,000 people had heart attacks that may be linked to Vioxx, the scientist's lawyer said Monday.
Dr. David Graham, who works in the FDA's office of drug safety, has said he was not allowed to publish his data questioning the safety of Vioxx, a pain medication principally used to treat osteoarthritis. Additionally, an FDA official sent e-mail messages to the medical journal Lancet trying to persuade the journal not to publish the data.
Citing its own safety concerns, manufacturer Merck & Co. voluntarily pulled Vioxx from the market in late September.
Graham testified in November before a Senate committee that the FDA fumbled in its handling of safety concerns about Vioxx and had mishandled concerns about five other widely used drugs. He contended that FDA has an inherent conflict of interest that triggers "denial, rejection and heat" when safety questions emerge about products it has approved. The FDA denies the allegations, and controversy over the agency's role continues.
The report will be resubmitted to The Lancet, a British medical journal, which is expected to publish it, said Tom Devine, Graham's attorney.


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|» Products
|» Mint Leaves
|» Mint Tea Leaves
Our company is a well known manufacturer, supplier and trading company of Mint Tea Leaves. It is a great digestive guide that alleviates and quiets the digestive framework when utilized inside or remotely. The offered range is utilized to make my Digestion Tincture, which I use for morning disorder, movement affliction, and stomach hurts. Mint Tea Leaves disposes of gas, acid reflux indigestion,unwinding nerves and enhancing flow. These leaves are made bu utilizing premium grade technology and experienced team of agriculturists.


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|Shoal and Ashleigh
Monday, 3 May 2010
KPE Episode 254: "Fish Tale"
|What did you think?:
5 comments:
Hi ShoalReplyDelete
I really enjoyed that time when we did that podcast.you were a great partner with me.hope you had fun.
Hi Ashleigh and Shoal,ReplyDelete
We really liked your podcast. You spoke clearly and were interesting to listen to. We thought you did a good review.
From Juanita and Maya.
Hi Shoal and Ashleigh,ReplyDelete
I loved your podcast it is so interesting I would like to read that book some time . I would love to see more podcasts from you girls so I can find out what are some other amazing books . Keep up the good work.
- Anonymous26 July 2010 at 11:55 am
From Lorraine Orman: I'm delighted to hear that Fish Tale is a popular book at your school. Many thanks to Shoal and Ashleigh for doing such a great review of my book. It was fun inventing such a grumpy garden gnome - bad-tempered characters are far more interesting to write about than nice ones!ReplyDelete
Hi Lorraine,ReplyDelete
Thank you so much for commenting on our podcast,it means so much to us. We love your books and the adventures in it, that you are writing. You are such a Great Writer!
From Shoal and Ashleigh


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NEWARK, NJ - On a warm spring morning in the heart of Newark, more than 500 students from local schools as well as their teachers and staff gathered to get firsthand accounts of individuals who lived through the horrors of the Holocaust.
The gathering was part of a 30th annual affair, organized to commemorate the 75th anniversary of the events of the Holocaust and World War II.
As part of the proceedings, Mayor Ras Baraka read a proclamation honoring the keynote speaker, a Holocaust survivor Michael Zeiger. In his remarks to the audience, Baraka emphasized the importance of holding this kind of remembrance afternoon, particularly in the politically charged climate that exists today.
"We have to be really careful and mindful of the climate that we live in today," Baraka said. "We are promoting the idea that we are here to help and support one another."
Former New Jersey governor James McGreevey, an invited guest to the commemoration ceremonies, echoed Mayor Baraka's sentiments about the importance of such events for students. He noted that New Jersey was the first state in the country to require the teaching of the Holocaust as part of the curriculum.
"Speaking to a survivor always brings back the searing reality of the Holocaust," McGreevey said. "No matter what our concerns or our thoughts or divisions, there's always a greater good - our humanity."
The first Holocaust remembrance event was held in 1987 through the efforts of former mayor Sharpe James, who was also present at the anniversary celebration. Joining him were over 700 high school students from 15 schools who were treated to lunch inside the ballroom of the Robert Treat Hotel.
Zeiger described his family's experiences to the gathered audience - explaining in great detail the feelings of fear and starvation that he and his family experienced while hiding inside of a bunker built by Polish peasants while German troops searched the house above the bunker. He appreciated the opportunity to share his experience with the students.
"When my generation is gone, who is going to tell the story?" Zeiger said. "They have to know where the hate is coming from."
Miles Berger, chairman of the remembrance event and CEO of the Bergen Organization, expressed gratitude to all of the sponsors that have helped make it a reality.
And though the venue for the remberance has changed over the years, it was always an opportunity for Newark youth to experience something that they would not be exposed to otherwise.
"The students change but the message is always the same," Berger said. "Although they are taught about this in school, their neighbors are not Holocaust survivors and this is a way in which they can get closer to the experience of a tragic event."
As for the students themselves, they came away impressed at the opportunity to speak to survivors who personally lived through these experiences that they are taught about in schools.
Ashanti Belen, a freshman at Saint Vincent's Academy was almost brought to tears by the stories of the survivors.
"It made me feel special - touching history," Bellen said. "Until now, actually seeing it before my eyes and talking to someone who lived through it, I finally see how serious it is and how it could affect, even now, a way to prevent it from happening again."


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The theme of this pack of cards is "What's the Point?" I picked it up inside a $7.99 Fairfield repack box on Friday after work. The reason I was at Target was to pick up a birthday present for my daughter to give to a kid whose party was today. However, my daughter put herself in a horrible mood right before the party and didn't want to go. Long story short, we walked into the party, dropped off the gift, turned around, and headed home. To reiterate, "What's the Point?"
Let's tear in.
Top to Bottom:
BPP77 Matt Davidson
TP-JB Javier Baez
What's the point of inserts in a set like this?
40 Stephen Strasburg
Really, what's the point of this?
BPP19 Byron Buxton
My Twins fan brother-in-law has actually traveled to see Buxton play in the minors. I didn't have the heart to tell him that Buxton will eventually play a huge part in knocking the Twins out of the playoffs as a member of the New York Yankees at some point in the future. Again, what's the point?
Saturday, March 21, 2015
1 comment:
Subscribe to: Post Comments (Atom)


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Jimmy McDonald Election Serires 52mm 100A
$29.00 Sold Out
Vote with your dollar! Support you neighborhood pusher this election-year! This 52mm regular-cut wheel is poured in our premium blend 100A that we have come to be known for. A classic width to diameter ratio, slides when you want it to, grips when you want it to, and its opaque white pour stays whiter longer than anything else out there.


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Beauty Trends & Ideas For Fall
Bold Beauty Trends
Bold Brows I cannot be more in love with this! It's absolutely stunning, very natural and almost effortless! The great thing about wanting bold brows is that you can honestly just make sure that you are plucking appropriately. For example, all you want to do is clean up your brow area and not necessarily shape it.
Do you feel like maybe your brows are too sparse or you just need a little bit of definition? Find a slanted makeup brush and grab a color of eyeshadow just a tad lighter than your natural shade. You can define and fill in your brows with a couple easy steps and you don't have to worry about looking like you fought with a sharpie! Keep it as natural as possible, but still be defined!
Fierce Lashes Having volume has always been something on the minds of women across the world. However, stand-out lashes are really taking the lead this season. Move over eyeshadow- it's time for some serious lash power! Whether you are more into the separated "doll" look on the right or into a more vintage cat eye lash both are incredibly hot this season!
If you want your lashes to have a bit more separation you have two options layer different types of mascara; one just for volume, let it dry and then one specifically for definition or you can pick up cluster eyelash falsies. The falsies are my preference because you can definitely be a bit more effective without running the risk of getting a different look. The wispy vintage inspired cat eye look can be done by purchasing regular lashes and then trimming them along the edge so that the ends have the most oomph! The great thing about this is it will help you completely avoid the awkward eyelash touching eyelid scenario that falsies can sometimes cause.
Black Cherry Lips Move over red, there is a new vixen in town! I absolutely ADORE black cherry lipstick. Almost every beauty brand is busting out with their own version from Dior to even cheapies like Revlon, with such a selection there is no reason to not own this trend. It definitely can make even the sweetest girl edgy and add a little bit of a sultry sass to your everyday attire. Just make sure that you've got your white strips ready to prime your teeth to pearly white before you rock this trend, the contrast is a beautiful thing! Also, whenever you go with red lipstick, remember it tends to bleed- always grab a great liner to go with it. You can also set it with translucent powder and reapply so that your pout stays coated all night!
How brilliantly do these three trends go together?!


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Home Loan is offered to individuals who wish to buy his/her dream home. Its the money none of which can take borrowed from the bank or financial institution to help purchase or construct a house. We know how to manage or arrange the finance for an individual home. We provide finance for the home or land or any other real estate at nominal rate of interest with long term and short term period. We understand the consequence of the customers. we provide all type of home loan service at any time at nominal cost. We always try to give best service to our client.
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- 3 year I.T.R. ( in case of income tax payee)


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Back in November 2004 Malaika Brooks was tazered after refusing to get out of her car because she wouldn't sign a ticket. She wasn't a threat but she didn't comply with their request to get out of the car and be arrested. Arrested for not signing a stupid ticket.
In his testimony, the Taser officer said he pressed the prongs of the muzzle against Brooks' thigh to no effect. So he applied it twice to her exposed neck.
Afterward, he and the others testified, Ornelas pushed Brooks out of the car while Jones pulled.
She was taken to the ground, handcuffed and placed in a patrol car, the officers testified.
That's a lot of force from two officers against an 8 month pregnant woman, especially considering the crime in question was just a speeding ticket that she refused to sign.
The Seattle PI has the story.


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The Eurozone Sovereign Debt Crisis
Henry C.K. Liu
Part I:
A Currency Union Not Backed by Political Union
Part II: The Role of the IMF
/ECB/EC Troika
The International Monetary Fund (IMF), along with European Central Bank (ECB) and the European Commission (EC), form the so-called Troika that holds the key to the resolution of the Greek sovereign debt crisis and also sovereign debt problems facing other eurozone member states.
The generation and actual release of bailout funds for European sovereign debts require an agreement among all three independent supranational entities in the Troika, each responding to markedly different mandates and incentives. The rescue funds will be channeled through the
European Financial Stability Facility (EFSF), the emergency
bailout fund for heavily indebted eurozone member state governments in financial distress.
German approval of expanding the EFSF is a critical hurdle. On
September 29, 2011
, the German Bundestag (Parliament), by a vote of 523 to 85, with three abstentions, approved the expansion of the
€440 billion ($600 billion) EFSF.
The EFSF is a Special Purpose Vehicle (SPV) created by the 16 member states that use the euro as common currency on
May 9, 2010
and incorporated in
's law on
June 7,
, with the objective of preserving financial stability of
's monetary union by providing temporary financial assistance
to eurozone member states in financial difficulty. As a SPV, liabilities in EFSF assumed by the eurozone member states do not appear on the balance sheet of the treasuries or central banks of eurozone member states.
In order to reach its objective, the EFSF can, with the support and assistance of the German Debt Management Office (DMO), issue bonds or other debt instruments on the market to raise the funds needed to provide loans to countries in financial difficulties. Issues would be backed by guarantees given by eurozone member states of up to €440 billion on a pro rata basis, in accordance with their share in the paid-up capital of the European Central Bank (ECB).
is the largest capital contributor by far with €119.39 billion of the €440 billion; next is
with €89.65 billion; next is
with €78.78 billion; next is
with €52.35 billion; next is the
with €25.14 billion.
contributes €12.39 billion, ahead of
with €12.24,
with €11.04 billion,
with €7.91 billion,
€4.37 billion and
with €2.07 billion.
The EFSF is a very lean organization. It will have a maximum staff of about a dozen people. The lean structure is possible because the German DMO (front office) and the
European Investment Bank (back office) will provide operation support to the EFSF. Additionally, the European Commission will ensure consistency between EFSF operations and other assistance to euro area Member States.
The EFSF Chief Executive Officer is Klaus Regling, a former Director General of the
European Commission's Directorate General for Economic and Financial Affairs who also worked at the International Monetary Fund (IMF) and the German Ministry of
Finance and has professional experience of working in financial markets.
The board of the EFSF comprises high level representatives of the 16 euro area
Member States i.e. Deputy Ministers or Secretaries of State or director generals of national treasuries. The European Commission and the European Central Bank (ECB) each have observers on the EFSF board. The EFSF board is headed by the Chairman of the EU's Economic and Financial Committee.
There is no specific statutory requirement for accountability to the European Parliament. However, the EFSF will have a close relationship with the relevant committees.
IMF Funding for the European Financial Stabilization Mechanism (EFSM)
The EFSF is part of a wider safety net to preserve financial stability within
. The full financial resource of the EFSF would be combined with loans of up to €60 billion coming from the European Financial Stabilization Mechanism (EFSM), i.e. funds raised by the European Commission and guaranteed by the EU budget, and up to €250 billion from the International Monetary Fund for a financial safety net up to €750 billion, inclusive of its own €440 billion.
The EFSF would provide loans by issuing bonds or other debt instruments guaranteed by eurozone member states. In the Greek package eurozone member states have provided bilateral loans which are pooled by the European Commission and then paid out in tranches to the Greek government. Together with financial aid from the IMF the support for
Greece reached
€110 billion.
EFSF Framework Agreement
All eurozone member states have signed the EFSF Framework Agreement that makes the special purpose vehicle operational.
Furthermore, the EFSF has received 13 commitment confirmations from among the 17 eurozone member states. Excluding
, such confirmations represent 94.9 % of the total guarantee commitments (minimum necessary 90 %). Therefore, according to the Framework Agreement, the obligation of eurozone member states to issue guarantees entered into force on
August 4
The EFSF, a Special Purpose Vehicle, is not a preferred creditor. Unlike the IMF, the EFSF will have the same
pari passu
standing as any other claim on the borrowing country. This is because private investors would be reluctant to provide loans to the country concerned if there were too many preferred creditors.
EFSF bonds will be eligible for ECB repo facilities. I
n case of issuance, EFSF bonds would be eligible as collateral to the ECB.
All three major credit rating agencies (CRAs) have assigned to date the best possible credit rating –
Standard & Poor's "AAA"; Moody's "Aaa"; Fitch Ratings "AAA" - to the EFSF.
According to the CRAs, the long-term issuer rating as well as the top rating for
EFSF's possible future individual debt issues reflect the strong shareholder support
and credit enhancements such as an over-guarantee of the amount borrowed by 120 %
and cash buffer which will be deducted from the cash amount remitted to a borrower
from each loan. The rating outlook was qualified as stable.
Any downgrade of a member state would not affect EFSF or necessarily lead to a downgrade of EFSF securities, as various credit enhancements are used under the Framework Agreement which constitutes the EFSF.
The EFSF will not default if one of its member states defaults, because the credit enhancement mechanisms under the Framework Agreement are designed to avoid such an eventuality. Should a member state defaults on its payments, guarantees would be called in from the guarantors, and payments could be made from the cash buffer. If a guarantor did not live up to its obligations, guarantees from others could be called in to cover the shortfall.
If several countries ask for assistance simultaneously,
he volume of the EFSF, together with the
European Financial Stabilisation Mechanism
EFSM) and the IMF, is large enough to
provide temporary liquidity assistance to several member states of the euro area simultaneously.
is an emergency funding program reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to member states of the European Union in financial difficulty.
The Commission fund, backed by all 27 European Union member states, has the authority to raise up to €60 billion. A separate entity, the EFSF is authorized to borrow up to €440 billion.
The EFSM is rated AAA by Fitch, Moody's, and Stadard & Poor's.
The EFSF provides loans to member states in financial difficulties. But it could be agreed with a member state that receives funds to use them partially for financial support to banks in accordance with the agreed country program.
If there is no financial operation by the EFSF, it would close down after three years, on
June 30
. If there is a financial operation then, the EFSF would exist until its last obligation has been fully repaid.
EFSF Funding
EFSF funding will be done by the German DMO (Bundesrepublik Deutschland –
Finanzagentur GmbH),
's benchmark issuer with a funding volume of € 275 billion in 2011. The German Finance Agency is a service provider for and controlled by the German Federal Ministry of Finance, managing the German Federal Government's issuance activities, debt and liquidity
, but with the EFSF,
the Special Purpose Vehicle of the
as the issuer.
The funding strategy is still under
discussion and will be decided soon. Funding instruments shall however have in
general the same profile as the related loans to the country in difficulty.
The funding strategy will be closely coordinated between EFSF and EFSM under each country program which will be agreed upfront by finance ministers. While it is accepted that the EFSM will be in the market first, both mechanisms could raise money at the same time
Unlike the EFSM which only issues debt in euro, the EFSF does not have any currency limitation for its funding activities. However, it is expected that the majority of funds would be raised in euro.
There has been a clear political decision by finance ministers not to access financial markets until a euro member has submitted a request for support. There will be no pre-funding by the EFSF.
The EFSF is not expected to reduce liquidity for other borrowers in the market by driving up net funding demand in the eurozone. If the EFSF borrows, the country that receives the funds will borrow less, thus leaving no impact on aggregate liquidity, provided an efficient market continues to operate, which is a big provision. Recent experience has shown that sudden market volatility exacerbates market disequilibrium and reduces market efficiency.
Funds raised by the EFSF will be released as loans to qualified eurozone member states that requested financial support. However the cash buffer, which is retained by the EFSF, will be invested in top rated liquid assets. Some asset-liability management will therefore be necessary and will be conducted by the German Debt Management Office.
EFSF Lending Conditions
EFSF can only lend after a support request is made by a eurozone member state that has negotiated a country program with the European Commission and the IMF and after such a program has been accepted by the eurozone finance ministers and a Memorandum of Understanding (MoU) has been signed. EFSF loans would only be granted when the borrowing country is unable to borrow on markets at acceptable rates.
It will take three to four weeks to draw up a support program including sending experts from the Commission, the IMF and the ECB to the applying country. After eurozone finance ministers have approved the country program, the EFSF would need several business working days to raise the necessary funds and disburse the loan. The process may hamper emergence needs in avoiding a sovereign default.
Any financial assistance to a country in financial need would be linked to very strict policy conditions which would be set out in a Memorandum of Understanding (MoU) between the country in need and the European Commission. Decisions about the maximum amount of a loan, its price and duration, and the number of installments to be disbursed would have to be taken by the finance ministers of the 16 eurozone member states unanimously.
The loan disbursements and the country program could be interrupted until the review of the country program and the MoU is renegotiated. In such cases the conditionality still exists.
Competition Among Eurozone Member States for EFSF Rescue Funds
Competition from eurozone member states with sovereign debt difficulties are beginning to surface. The first shot was fired by
on October 5, when press reports headlined a statement by Irish Deputy Prime Minister Eamon Gilmore saying that
will capitalize on any moves by euro-zone governments to use the EFSF to shore up their banks. "We just want to make sure that if any additional measures develop to deal with the crisis that they work to
's benefit," Mr. Gilmore reportedly said.
The possibility of widespread recapitalization of euro-zone banks was pulled into focus as fears of a default by
intensified in October. In France,
Autorite Des Marches Financiers (AMF),
the market regulator, released a statement on October 5 that 15 to 20 banks in Europe needed additional capital, although no French ones was in that group "at this stage". It was reported the same day that BNP Paribas was attempting to raise capital funds in
's banks are heavily exposed to Greek government debt and would have to write off substantial losses in the event of a sovereign default. Shares in BNP, Société Générale and Crédit Agricole, have fallen by more than 5% over the past three months as
's sovereign debt crisis intensified. Their shares rallied yesterday on speculation that the French government will take steps to bolster their capital and might seek to raise funds from the EFSF.
can also be expected to make similar demands on the EFSF in a wave of political contagion. A Greek sovereign default is now considered increasingly likely. Citibank warned on the same day as the Irish statement that "we now expect a substantial and probably coercive debt restructuring of the Greek sovereign by the end of 2012 at the latest and likely much sooner." Citibank's European economics team warned the same day that lower global growth and Greece's inability to comply with the terms of its bailout, combined with increasing opposition in key countries such as Germany to further bailouts, made a default likely by the spring of 2012 or even December this year. "In order to reduce the debt-to-GDP levels from 80% to 60% by 2012, it would require debt haircuts (ex-IMF) of 67 %, (54%) in
, 53% in
and 34% in
," the Citibank team added.
Irish Minister for Finance Michael Noonan offered a more positive view of
's prospects at the World Bank/IMF annual meetings in
on September 23-25, telling IMF officials and international bankers that
"has a plan, is on target, and is actually surpassing some goals." Mr Noonan pointed out that Bank of Ireland raised €1.7 billion in risk equity in the summer, and that Irish banks broke their reliance on the Central Bank by raising €4.5 billion in term financing on the markets, using residential mortgage-backed securities as collateral. He also highlighted statistics released on September 15 showing that Irish GDP grew 1.6% in the second quarter of 2011. The funds raised by Bank of Ireland are particularly significant, Mr. Noonan reportedly said. "It's really positive that the € 1.7 billion came from private sector investment, because people took out their own cash and invested it. We want to get that across, as well as the fact that our banks are actually accessing money markets." Bank of Ireland shareholders invested €600 million, and five large North American investment funds invested €1.123 million in risk equity, without State guarantees.
EFSF Credit Rating
The EFSF has received the best possible credit rating off all major rating agencies (Standard & Poor's "AAA"; Moody's "Aaa"; Fitch Ratings "AAA"). This was achieved through credit enhancements foreseen in the agreement between the participants (framework agreement): an over-guarantee of 120 per cent on each bond, an up-front cash reserve which equals the net present value of the margin of the EFSF loan, a loan specific cash buffer.
Together these credit enhancements ensure that all loans provided by the EFSF are backed by guarantees of the highest quality and sufficient liquid resource buffers. The available liquidity will be invested in securities of the best quality.
The extent to which such credit enhancements affect the maximum lending capacity depends on a number of variables, and cannot be exactly calculated up front. The structure of guarantors, interest rates, maturities and other loan conditions will determine the lending capacity. Further options of credit enhancement, which could expand the margin of available lending, are currently discussed and could be specified for individual loans. Calculations of lending capacity and specific credit enhancements will be fully transparent to investors and markets once a country program is concluded and loan terms and conditions for each country will be defined.
Eurozone member states will provide guarantees for EFSF issuances up to a total of
€ 440 billion allocated pro rata according to their participation in the capital of the ECB. The available amounts under the EFSF will be complemented by those of the European Financial Stability Mechanism (€ 60 billion) and of the IMF. They are sufficient to deal with possible needs.
The Framework Agreement does not contain any maturity limitations for the loans nor for the funding instruments. However, in line with the experience under the Greek program, loans and bonds are envisaged to have an average maturity of three to five years.
The blueprint for EFSF support - although not binding - is the financial aid package to
Greece where, for variable-rate loans, the basis is three-month Euribor, while fixed rate loans are based upon the rates corresponding to swap rates for the relevant maturities. In addition there is a charge of 300 basis points for maturities up to three years and an extra 100 basis points per year for loans longer than three years. A one time service fee of 50 basis points is charged to cover operational costs.
There is no binding agreement with member states outside the eurozone. However two non-eurozone member states,
, have indicated that they are prepared to consider contributing additional financial resources on a voluntary basis, in parallel to the EFSF.
For member states outside the eurozone, other European Union support mechanisms exist. For member states that are not members of the eurozone, there is the Balance of Payments facility. For countries outside the EU, there is the Macro-Financial Assistance program. Furthermore, the EFSM could support all European Union member states.
The concept of precautionary credit lines does not fit with the approach of the EFSF. Eurozone finance ministers decided that the EFSF will only provide financial support if a eurozone member is unable to access markets.
has its own rescue package. Therefore it is not envisaged that
could expect support by the EFSF.
Leveraging Up EFSF to Help Eurozone Deleverage
European officials are reportedly working on a scheme to build a Special Purpose Vehicle that would lever up existing EFSF funds 8 to 1 to buy up European sovereign debt and then use the sovereign debt as collateral to issue bonds.
The scheme relies on the private sector to lend to the EFSF in times when the private sector is least likely to be lending and banks are in distress. Private sector loan will require higher yield that ECB financing, or EFSF's own triple-A bond market funding, to push up funding costs for the leveraged EFSF, which will be passed on to countries being rescued. The EFSF is an off-balance-sheet Special Purpose Vehicle, with no recourse beyond the guarantees that the euro-zone countries pledge to it. When the size of the EFSF's bond and loan portfolios exceeds those guarantees, creditor exposure will jump exponentially. The ECB, as the parent of the SPV, would have the same problem, too, if it financed a leveraged EFSF. But losses on the ECB's own balance sheet are ultimately the responsibility of the euro-zone nations. The size of a privately leveraged EFSF will be smaller than an ECB-leveraged EFSF, the feasibility for which is remote at best.
The German Bundestag enabling vote in September 15 also agreed to grant the EFSF new powers, including the authority to issue liquidity loans to eurozone member states in sovereign debt difficulties. This was considered by eurozone government officials as the most important step in a tortuous process that has unsettled financial markets and raised doubts about the ability of eurozone governments to resolve the expanding sovereign debt crisis and curb its contagion.
The palliative effectiveness of this key event in German domestic politics on the market will be tested in a matter of weeks, if not months, should a Greek sovereign debt default become the unhappy outcome as anticipated by many market participants.
IMF/ECB/US Troika Reopened Talks with
Officials of the Troika of IMF, ECB and UC reopened stalled talks in
immediately after news of the German Bundestag September 15 enabling vote. The talks centered on the progress of the government of
in pushing through an austere fiscal budget target that would be required before EFSF could release the next
€8 billion
tranche as part of the
€110 billion on-going recuse program.
If an agreement is not reached by the Troika in these talks, the needed €8 billion payment will be delayed, leaving the Greek government with no cash in October to meet its obligations on pension, civil servant salaries, and interest payments. Further, it may cause a renegotiation on the second €109 billion rescue package already committed by the EFSF in July, 2011.
German legislators have made clear that should there be an unexpected wider financing gap in Greek sovereign debt payments, it cannot be filled with more public money, especially from German taxpayers. Private creditors would have to take a bigger writedown (known in workout circles as a haircut) in the value of distressed Greek sovereign debts they hold, and suffer bigger financial loss at the time when European banks are not in good financial shape.
In Greece, where social instability has been turning violent in recent months over proposed government austerity measures, a new government proposal in September to cut an additional 30,000 public sector jobs within two months to help reduce the mounting fiscal deficit was met with fierce opposition in an emergency cabinet meeting.
The German Bundestag enabling vote on expanding the EFSF also represented a narrow but significant political victory for Chancellor Angela Merkel, as fewer lawmakers (15) than expected from her own coalition broke away to join the opposition vote. The majority included votes from both major opposition parties: the Social Democrats and members of the Green Party.
Several eurozone member state governments are quietly calling for a review of the harsh terms of the July 21 package with international banks on rollover and buyback of Greek sovereign debt.
Greece received a three-year, €110 billion rescue in 2010 from the European Union and International Monetary Fund that anticipated the country returning to financial markets in 2011. With its 10-year bond yielding about 18%, financing in the markets proved unrealistic and the EU was forced to draw up a second rescue package to fully fund Greece for three years
There is also the question of whether an expanded EFSF with new bond issuing powers can be fully operational by October, in time to deal with a possible Greek sovereign default or even debt rescheduling.
Also, some analysts are questioning even with the expanded EFSF borrowing capacity of
€440 billion, it would not be large enough or felxible enough to counter a new wave of contagion and speculative attacks in financial markets.
German Domestic Politics turning towards Economic Nationalism
has the largest national economy in the eurozone and is the only eurozone member state with the financial resources and fiscal space to pull fellow eurozone member states out of pending sovereign default. The German government of Chancellor Merkel is doing its best to move the unpopular rescue plan for
through the convoluted German political process, but many analysts are of the opinion that
, given the limits of its domestic political dynamics, could offer only temporary relief rather than anything approaching a permanent structural solution.
Chancellor Merkel's September 15 Pyrrhic victory in the Bundestag on the Greek rescue plan merely provided breathing room for the crisis. Yet it came only after a politically costly divisive debate within Merkel's own parliamentary bloc. The contentious vote has weakened her political leadership at a critical moment. Opposition politicians, citing the vocal opposition within her own political ranks, suggested that Chancellor Merkel had lost full control of her fragile political coalition and needed to dissolve the government for a new election.
But in the end, the measure passed without needing opposition support, giving her the needed "chancellor's majority", which had been uncertain in recent weeks up to the final moment of the vote. As it turned out, Chancellor Merkel received 315 votes within her coalition, four more than needed for the chancellor's majority. The vote allowed
to agree to an increase in its share of the EFSF guarantees to
211 billion ($285 billion), from
123 billion.
Demands Collateral for Loans to
Even with German Bundestag approval, another 6 of the 17 eurozone legislatures still need to ratify the agreement reached in the July 21 package. A significant hurdle was overcome when
on Wednesday, September 28, voted for the expanded EFSF bailout fund despite strong domestic political objections and an unresolved dispute over
's demand for collateral from
for additional loans.
Finland's demand for collateral on new Greek loans left European leaders with a Hobson's choice: accept AAA rated Finland's terms and risk jeopardizing the rescue plan, or reject its demand for collateral to risk the collapse of the pro-euro Finnish government to be replaced
by Finnish euro-skeptics.
Luxembourg Prime Minister Jean-Claude Juncker, who also chairs eurozone finance meetings, reportedly said on August 29 he was "confident" an agreement could be reached by mid-September, while criticizing the Finnish demand for collateral. "I don't like this mechanism and I don't like the bilateral arrangements," he told the European Parliament's economic committee in Brussels.
Collateral accords would be "fatal" for further bailout aid, said Michael Meister, the senior finance and economy spokesman for German Chancellor Angela Merkel's Christian Democrats, said in Berlin on August 30. Eurozone governments "must talk to Finland" about its demand for collateral, Meister added.
The collateral flap reflected the bailout fatigue that had been spreading in the more fiscally prudent countries of northern Europe, fueling popular support for political parties opposed to aid to the eurozone's more profligate member states. National politics has been increasingly at odds with efforts to forge European unity, complicating a comprehensive response to the sovereign debt crisis that now also threatens Portugal, Ireland, Spain, Italy and even France.
Political concensus among the eurozone member states is needed to resolve the issue, Austria's Finance Minister Maria Fekter said in Vienna on August 30, adding: "It is emerging that the civil servants alone aren't coming up with a solution."
EU leaders initially agreed to the demand for collateral protection by Finnish Prime Minister
Jyrki Tapani
Katainen, who was
chosen on July 22, to head a new Finnish government coalition of 6 of the 8 political parties, two months after his party, the National Coalition Party won parliamentary elections, and only one day after
the July 21 European summit
in Brussels
that hashed out the 159 billion-euro ($231 billion) rescue for Greece.
The Finnish National Coalition Party is center-right, strongly pro-European and is a member of the center-right European People's Party (EPP), the largest party represented in each of the institutions of the European Union (EU), and also the largest in the Council of Europe.
Spanish and Italian bond yields surged on July18, 2011, putting market pressure on European officials to address the sovereign debt crisis quickly. Spain and Greece sold €6.08 billion ($8.6 billion) of bills on July 19. The Treasury in Madrid said it sold €3.79 billion of 12-month bills at an average yield of 3.702%, compared with 2.695% the last time the securities were sold on June 14. The yield on 10-year German government bonds, the region's benchmark, increased six basis points to 2.71%.
EU Summit Statement
The July 21 EU summit in Brussels issued a statement of obligatory rhetoric
reaffirming the leaders' commitment to the euro and "to do whatever is needed to ensure the financial stability of the euro area as a whole and its member states,"
admitting that the
the initial bailout to Greece, with its high interest rates and short payment period, was impossible for Greece to cover.
The statement then called for
lengthening the maturity of future EFSF loans to Greece to the maximum extent possible from the current 7.5 years to a minimum of 15 years and up to 30 years with a grace period of 10 years. "We will provide EFSF loans at lending rates equivalent to those of the Balance of Payments facility (currently approx. 3.5%), close to, without going below the EFSF funding cost," the statement added.
Political l
eaders at the EU summit acknowledged that Greece's is "an exceptional and unique solution". Between the lines is a message that the second bailout of Greece is in fact designed to reduce the cost of saving Italy and Spain, admitting that decisions taken at the just-ended EU summit were not part of a well-worked, long-term, system-wide strategy, but constituted yet another ad hoc measure, just like all the previous measures that have proven to be failures. The press was calling the approach "kicking the can down the road" without knowing where it should end up.
Then upsetting news of the details of a collateral deal Finland negotiated with Greece emerged in August, triggering a backlash and demands for similar treatment from other eurozone creditor nations, including Austria and the Netherlands, threatening to delay or torpedo the Greek recuse plan.
Far from resolving the debt crisis, contagion continued after the July 21 EU summit . The ECB began buying Spanish and Italian bonds to help bring down yields that reached euro-era records. Divisions over the collateral matter contributed to a further market slump for Greek bonds with the yield on the country's two-year notes topping 45% in August.
Understandably, leading politicians in
were highly critical of the terms of the rescue agreement for
, with a division in the governing coalition in the Slovak capital of
over whether to help
, with a 2010 nominal per capita GDP of
, which is much richer than
, with only
. Why should a poor country spend its tax money to help a rich country with no fiscal discipline?
S&P Downgrade of
Sovereign Debt
As a sign of the seriousness of the sovereign debt problem, Italy, with the third-largest economy in the eurozone after those of Germany and France, had to pay a sharply higher rates when she went to the credit market on Thursday, September 29, for its first sovereign debt auction of
7.9 billion since the September 19 Standard & Poor's downgrade of its
unsolicited long- and short-term sovereign credit ratings
A+ to A, with an outlook negative
S&P in a statement said the downgrade "reflects its view of Italy's weakening economic growth prospects and its view that Italy's fragile governing coalition and policy differences within parliament will likely continue to limit the government's ability to respond decisively to the challenging domestic and external macroeconomic environment."
The S&P statement went on:
Under our recently updated sovereign ratings criteria, the "political" and "debt" scores were the primary contributors to the downgrade. The scores relating to the other elements of our methodology--economic structure, external, and monetary--did not contribute to the downgrade.
More subdued external demand, government austerity measures, and upward pressure on funding costs in both the public and private sectors will, in our opinion, likely result in weaker growth for the Italian economy compared with our May 2011 base-case expectations, when we revised the outlook to negative.
We believe the reduced pace of Italy's economic activity to date will make the government's revised fiscal targets difficult to achieve. Furthermore, what we view as the Italian government's tentative policy response to recent market pressures suggests continuing future political uncertainty about the means of addressing Italy's economic challenges. (Emphasis by S&P)
The political uncertainty concern identified by S&P applies to all eurozone member state governments.
Short of Escalating Needs
Under the anxious watch of nervous investors, the torturously meandering approval process for sovereign debt rescue has revealed even more political fissures, decision-making layers and complex geopolitical dynamics in
that adds up to a worrisome inability or weak political will to react quickly and decisively to fast-moving financial market volatility. Analysts are already reportedly suggesting that the expanded EFSF, even if it receives final political approval in time, will in all likelihood be too small to defend against speculative attacks on deeply indebted eurozone sovereign governments, particularly as the political delays have been enlarging the size of the needed rescue by the week. What was adequate in July is no long sufficient for September as the financial crisis spins rapidly further out of control.
No Long-term Solution
Further, long-term structural solutions are nowhere insight, as European politicians, including German Chancellor Merkel, have been forced by domestic politics to resist calls for converging fiscal union for eurozone member states, or the issuance of common sovereign debt referred to as euro bonds, backed by the full faith and credit of the eurozone as a fiscal union. Many eurozone governments simply cannot politically survive years of open-ended fiscal austerity in a recession that could run a whole decade. Without a fiscal union, the sovereign debt crisis of the eurozone cannot be solved fundamentally.
German Resistance
German protesters are labeling the EFSF derisively as "Europe Finance Suicide Fund", because of public concern on limitless exposure
faces in covering
's mounting distressed sovereign debt and later other eurozone member states with bigger sovereign debt problems. There is widespread worry among German taxpayers that
is being asked to throw good money after bad, and that
cannot be saved in its current fiscal shape and trying to save it will only drag
down into a bottomless financial abyss.
German Finance Minister Wolfgang Schäuble tried to assure concerned Bundestag members as well as the anxious public during a debate that a positive vote on expanding EFSF did not represent a blank check, and that any additional funds would still have to be approved by the Bundestag and that oversight monitoring will be required and not up for debate. While such categorical assurance helped secure the Bundestag vote, it did not sit well for financial markets as investors know the sum approved so far will not be enough by a long shot to bail Greece out of its sovereign debt hole, let alone the other sovereign debtor states in the eurozone.
Klaus-Peter Willsch, a member of Chancellor Merkel's Christian Democrats who in the end voted with the Chancellor, nevertheless complained: "We have to borrow the money from our children and grandchildren — as we don't have it."
German Leadership Wavering
While the vote finally passed in the Bundestag, Merkel's government has been politically weakened by it. Without a reliable majority to push though unpopular legislation going forward, the chancellor could be reduced to a toothless and ineffective figurehead. Unlike in the
, where a similar legislative victory would be hailed as a bipartisan success story, in the German parliamentary system, power rests on the Chancellor's ability to hold together the members of the coalition that make up the majority. Political parties in
have much more control over their members. Candidates are nominated by the party rather than competing in primary elections. Without strong and decisive political leadership from
, the European sovereign debt crisis will quickly turn into a chaotic quagmire in the market that will lead to a global financial disaster in short order.
Democracy against Global Market Capitalism
The irony is that the democratic form of government in
is serving as the grave digger of global market capitalism, the ideological claim of the symbiotic link between political democracy and market capitalism notwithstanding. The same scene had been played by the liberal democratic/capitalistic market economy
in 1933, a fact that few Germans will ever forget.
New IMF Leader Tackles Old Problem
Two weeks earlier, the annual meeting of the International Monetary Fund and World Bank in Washington on September 17-18 featured a new IMF head in the person of highly respected Christine Lagarde of France, and a year-old challenge of how to stem a sovereign debt crisis that threatens to spread through Europe and beyond in the event of a intergovernmental political impasse.
Christine Lagarde, a former Minister of Finance for France and a former director of the IMF, where her leadership position of the
is not quite three months-old, and she is already facing a boisterous debate over whether the IMF can stage-manage a
seemingly inevitable Greek sovereign debt default to prevent it from
turning into an eurozone-wide and global financial crisis that will put the last nail in the coffin for any hope of a quick recovery for the global economy.
At a news conference on Thursday, September 15, IMF head Largarde skirted any specifics but complained that the financial markets, which had been falling, were ignoring "bold" efforts by EMU members to deal with the Greek sovereign debt crisis, adding that the multi-government process needed "collective momentum".
Still, a growing number of market analysts are expressing doubt on whether
will ever be able to pay back all its huge sovereign debt. Even if the fundamentals of the Greek sovereign debt situation provide for an arguable scenario that the Greek economy can ultimately repay its sovereign debt, the market has passed the stage of concern for fundamentals to the stage of exposure hydraulics in which each creditor sees each exit by another creditor as an increase in the remaining credit exposure and potential loss for those creditors still holding Greek sovereign debt. Creditor exposure hydraulics will generate a negative "collective momentum" for mass exit to cause a global credit market failure.
World Stock Markets in Bear Market Mode
Bloomberg reported that global stocks officially entered secular bear market territory the week ending September 16, as the benchmark
MSCI All-Country World Index of 45 nations fell more than 20% since July 22 into bear market mode for the first time in more than two years, after the worsening European sovereign debt crisis and heightened threat of a US double-dip recession erased more than $10 trillion from market value of equities since May, 2011. The index tumbled 4.5% to a 13-month low of 277.38.
The MSCI World Index of shares in developed nations led the fall into bear market mode, plunging 4.2%. The index fell after Standard & Poor's cut the US sovereign credit rating following a Congressional standoff over raising the nation's legal borrowing limit, as speculation that Greece will default intensified, and troublesome news of Chinese inflation accelerating to a three-year high. The slump pushed the price-earnings ratio for the index down to 11.4, the lowest since March 2009 and 46% less than the 16-year average.
The Standard & Poor's 500 Index extended its drop since its peak on April 29 to 17%. As one of the most commonly followed equity indices, it is considered a bellwether for the American economy, and is included in the Index of Leading Indicators. Many mutual funds, exchange-traded funds (ETF), and other funds such as pension funds, are designed to track the performance of the S&P 500 index The gauge has retreated even as analysts raise projections for 2011 corporate profit to a record $99.34 a share this year from $98.73 on April 29. The market seems to know that corporate profits are from Fed quantitative easing money, not from economic vitality.
The 15 national stock gauges with the biggest losses since the MSCI All-Country World peaked on May 2 are for European countries. Greece's ASE Index has lost 42%, Italy's FTSE MIB Index has plunged 40% and Hungary's Budapest Stock Exchange Index has retreated 38%.
The Euro Stoxx 50 Index has tumbled 28% since July 22 as Greece edged closer to defaulting on its sovereign debt and the cost of insuring western European countries' loans rose to new record levels.
The MSCI Emerging Markets Index has also retreated 27% since its 2011 high on May 2. The MSCI Asia Pacific Index has fallen 19.7% since its 2011 high on the same date. China's Shanghai Composite Index has tumbled 23% since its peak in November, and Japan's Topix has slumped 25% since April 2010.
The 20% decline in global equities in 2011 ended the bull market driven by government quantitative easing money that began in March 2009. The MSCI All-Country World Index climbed as much as 107% during the liquidity rally. The measure avoided a bear market in 2010, when it fell 16% between April 15 and July 5.
A bear market is a prolonged period of falling prices. A bear market in stocks is usually brought on by the anticipated of declining economic activity and a bear market in bonds is caused by rising interest rates. Technically, a bear market is defined by traders as a 20% or greater decline in value for a major stock market index from its last high.
A secular bear market is
a decline in the major stock averages of at least 40% - and considerably more in secondary stocks - where the decline lasts at least three to five years during which each rebound fails to reach the previous high. The fall is then followed by a long hangover that drags on for a number of years as the excesses are purged.
"bear" is a trader who believes the trend of stock prices is down and trades with that trend by selling his stocks to buy back later at a lower price or by selling short. A "bear spread" is a strategy in the options market designed to take advantage of a fall in the price of a security or commodity. This is done by buying a put of short maturity and a put of long maturity in order to profit from the difference between the two puts as prices fell. A bear trap is a situation that confronts short sellers when a bear market reverses itself into a bull market. Anticipating further declines, the bearish trader continues to sell, and then is forced to buy at higher prices to cover.
The MSCI All-Country World Index rebounded after Federal Reserve Chairman Ben S. Bernanke hinted, at the Fed's annual meeting on August 27, 2010, in Jackson Hole, Wyoming, a $600 billion quantitative easing in bond purchases meant to prevent deflation and stimulate growth.
In the previous bear market, the Dow Jones Industrial Average dropped 38% from
January 14, 2000
(11,723) to
October 9, 2002
(7286.27). The NASDAQ dropped even further, falling 78% from
March 10, 2000
(5048.62) to
October 9 2002
Financial stocks posted the biggest losses in that bear market. Financial stocks are leading declines again in late summer and early fall of 2011 amid growing concern that European banks will have to write down their holdings of government debt. At this writing (early october), banks, brokerages and insurers in the MSCI All-Country World Index have collectively lost 31% since May 2.
By early October, Société Générale
SA of
has retreated 66% since May 2, the second-biggest loss among financial stocks in the MSCI All-Country Index, behind Athens-based EFG Eurobank Ergasias, the shares of which fell from 52 week high at
€5.26 to 52 week low at €0.88 in 2011.
EFG Eurobank Ergasias
is third largest bank in Greece, with more than 300 branches throughout the country
EFG Eurobank Ergasias
EFG Eurobank Ergasias,
a European banking group headquartered in Athens that operates in 10 countries mostly in eastern Europe, with total assets of €81.9 billion, employing more than 20,000 people and offers its products and services through its network of 1,600 branches, business centers and points of sale, as well as through alternative distribution channels.
In 2006,
EFG Eurobank Ergasias acquired 100% of Nacionalna štedionica – banka in Serbia, 70% of Tekfenbank in Turkey, 99.3% of Universal Bank in Ukraine, 74.3% of DZI Bank in Bulgaria. In 2008, with gross revenue of
€3.277 billion ($4.456 billion), it could not pay one single cent of dividend. It is forcasted to have gross revenue of €2.567 billion in 2012, yet with a projected loss of 1.74 cents euro per share. Most of the loss was from debt writedowns.
Pursuant to Laws 3723/2008, 3756/2009 and 3844/2010, banks participating in the Greek Economy Liquidity Support Program were prohibited by the Greek Government from declaring a cash dividend to the ordinary shareholders for the years 2008 and 2009. In view of this and in the context of current economic conditions, the Directors do not consider that the distribution of a dividend for 2010 would be appropriate. In June 2010, and following the Annual General Meeting's approval, the 10% preference dividend for 2009, amounting to €59 million, was paid to the
At year-end 2010, EFG Group, through merger and acquisition, had total consolidated shareholders' equity of €6.7 billion, total assets of €104 billion and over 25,000 employees in more than 40 countries worldwide. Listed on the Athens Exchange, Eurobank EFG has a diverse shareholder base, including over 210,000 private and institutional investors.
Eurozone Banks Hit by Market Restreat
UniCredit SpA, based in Milan, has retreated 62%. Banks in Europe hold
98.2 billion ($132 billion) of Greek sovereign debt,
317 billion euros of Italian sovereign debt and about
280 billion euros of Spanish sovereign debt.
Financial companies whose shares are in the MSCI All-Country World Index sank 77% during the bear market in 2008 as government bailouts rescued the biggest U.S. banks from collapse after Lehman Brothers Holdings Inc., once the nation's fourth-biggest securities firm, was forced to file the nation's largest bankruptcy in September 2008 when an arranged takeover by Brtish bank Barclays failed to receive regulatory approval from London.
More than $37 trillion was erased from global equity values in the bear market that lasted for 16 months after the MSCI All-Country World Index peaked on Oct. 31, 2007. The index fell as much as 60% amid the first global recession since World War II and more than $2 trillion in losses and writedowns at financial companies worldwide after housing prices collapsed.
The current sell off—which pushed markets from
into bear territory—came as
fears of a Greek default escalated
and economic data around the globe hinted at the likelihood of a worldwide double-dip recession.
Dow Jones Industrial Average
will be affected by 10% to markets in other developed nations. Sixteen of the Dow 30 industrial companies all receive more than 25% of their revenues from
. The crisis of 2008 showed that developed economies do not de-couple from each other, not even from emerging economies.
The Dow hit its post-crisis bull market high on April 29, closing at 12,810.54. The benchmark on Friday, September 23, was about 17% off from that high after its worst week in almost two years.
The MSCI World Index encompasses the equity performance of 24 developed markets. Following eight 20% pullbacks for the index since 1987, the measure, on average, goes on to fall another 9%. Technical analysis shows that about 80 more days of weakness are ahead with a bottom at the start of December 2011. Nineteen of 29 major world markets—both developed and emerging
are now in bear markets.
stock benchmarks ended the week of September 23 down about 23% for the week.
also breached the 20% mark as well.
were already well into bear market
territory entering the last week of July and down more than 30% by September.
While global contagion from the euro sovereign debt crisis has began, European policymakers are working to project an image of quickening their preparations to cope with an escalation of the eurozone sovereign debt crisis as talk of a possible Greek default gained momentum on Friday, September 23. Finance ministers from around the world have turned up the heat on their eurozone colleagues to do more to prevent
's sovereign debt difficulties from infecting other eurozone governments and the world economy via contagion.
example, official strategy of eurozone member states in
now appears to be turning towards safeguarding the European banking system more than rescuing the greatly impaired economy of
, as international lenders increasingly lose patience with
consistently missing fiscal and financial reform targets due to domestic political and social unrest.
British Finance Minister George Osborne reportedly said on the sidelines of semiannual policy discussions in
that the eurozone needed to gain control of the sovereign debt crisis by the time leaders of the Group of 20 economies meet in
on November 3 and 4, as
assumes the rotation presidency of G20. That gave the Greek rescue problem six weeks from mid September to cut through the complex network of hurdles.
World stock markets, which had plunged to a 14-month low on fears about the expanding scale of the eurozone sovereign debt crisis, steadied after European Central Bank officials said they would use more firepower to help the European banking system withstand financial strains.
Pressure is growing on European governments for a recapitalization of the region's banks to strengthen them in the event of a Greek default. At the same time, European policy-makers seemed to be warming to the idea of giving more resources to EFSF, the SPV bailout fund, which would be severely tested if
Greek Finance Minister Evangelos Venizelos was quoted by two newspapers as saying an orderly default with a 50% haircut for bondholders was one way to ease his government's cash crunch.
's negotiation position appears to be that if the Troika pushes
into a corner, it may leave
with no option except to default, in which case
would not be worse off than an austere Troika workout, but the eruozone will face massive damage, more than what it would cost to bailout
on reasonable terms.
is reportedly in tense talks with the International Monetary Fund/ECB/EC Troika to secure an urgently needed next
8 billion installment of its rescue package to avoid bankruptcy in mid-October.
Greece had originally expected a review by the country's debt inspectors from the Troika of IMF/ECB/EC, to be completed in September and approve the sixth installment of €8 billion of the €110 billion ($149 billion) loan commitment from EFSF, the SPV bailout fund.
But inspectors from the Troika suspended their review in August amid talk of missed targets and budget shortfalls by Greece. Venizelos said the Troika would return to Athens in the last week of September, and that the disbursment of the next bailout tranche of €8 billion would be approved in time as there were several eurogroup meetings in early October during which the other eurozone countries could approve the payment.
In return for emergency aid, Greek officials pledged more austerity measures, but Troika negotiators have expressed frustration at what they say is
's slow reform pace. Reports said Venizelos met new IMF head Largarde on Sunday, September 25, to what one official characterized as "going over again measures they had agreed to months before … with a sense of deja vu."
While the October payment from EFSF is still widely expected to be made to
, the next installment due in December is much less certain. ECB President Jean-Claude Trichet reportedly urged authorities to take decisive action, saying risks to the financial system had "increased considerably." Three officials of the ECB reportedly suggested the ECB could revive its one-year liquidity lines to shore up European banks.
The IMF, which has been pressing aggressively for an immediate recapitalization of
's banks, estimates the debt crisis has increased the banks' risk exposure by
300 billion. In a sign
was coming to terms with the idea of a bank recapitalization, The Autorité des marchés financiers (AMF),
's financial market regulator, announced that 15 to 20 banks needed extra capital.
The growing talk of a Greek default met with stiff opposition from German Chancellor Angela Merkel. She told a meeting of her political party members that default was not an option because it might trigger a domino effect with other struggling eurozone economies. "The damage would be impossible to predict," Merkel warned. She meant damage to the euro as a currency, the eurozone economies and specifically
"It's not a question of [financial] ability for the eurozone," Bank of
Governor Mark Carney pointed out the obvious. "It is a question of political will," he added.
October 7, 2011
Globalization vs National Sovereignty


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As daily life turns more to the Internet, businesses with a desire to succeed have to have a strong presence on the Internet. However, when a website doesn't work right, the business suffers. Continue reading to learn everything you can about web design.
Make sure that you include efficient search capabilities when you're designing a large website. Place a search box visibly on your homepage that helps your visitors search single terms that may appear anywhere on your site. FreeFind and Google both have these capabilities for a website.
Do not have pop-up windows on your site. Pop-ups are an irritating distraction, at best, for most web surfers, and the possible benefits you could reap with them are extremely modest. When you have pop-ups, the chances increase your visitors may get frustrated by them and choose to leave your website with no interest in returning.
Refrain from including frames on your site. Information within frames cannot be read by search engines. This will preclude you from having a positive ranking. Your ranking is often what determines the number of visitors you have.
When you design your site, you can make some independent CSS pages. This will allow web browsers to use conditional loading. These techniques will make it easier to test and maintain your site. All websites will have to be maintained, and this will help make it easier to change things.
If you plan to have multiple websites down the road, then consider reserving their domain names, now. Come up with something inventive, something that people will remember. However, reserve it right away, because these names go fast. There may be others thinking along the same line. We are all stimulated by the same media and social events.
Using a development platform can make it easy to code your web page, but they are not necessarily reliable. The reason for a platform is to design all the features of the site, so that you can then paste the code that is generated. To minimize errors and work with the code in a more hands-on way, choose a standard text editor.
If you are serious about website design, then Adobe Dreamweaver is one program you need to consider. This program is very user friendly, even for beginners. You can make many layouts and templates, include many awesome features and even see how your site is going to look when loaded onto a server.
Write content based on the literacy level of your readers. If you want everyone to be able to understand your website, use language they can understand. If you wish to expand your audience, you must first produce content that they can comprehend.
Remember, just because your site is launched, doesn't mean you are done with designing. Maintain your site and keep it up-to-date. Although there is no reason for you to constantly update your site, it will need to be updated on a regular basis. That is particularly the case if you host videos or deal with current events. Updating a site isn't like updating a blog. You will have to put work into it.
Competency with multiple platforms will come in handy if you intend to set up multiple websites. Other skills to add would include Java and similar platforms, as well as MySQL and PHP. You need to develop multiple talents if you're going to be a successful web designer.
You always want to take site security seriously. Purchase a SSL certificate if you handle payments or other person information. In addition, check with your website host for any offered security packages.
Search Box
You should not only place your search box close to the top of the page, but should allow visitors to type 27 or more characters into the box. You want to be sure the button leading to your search actually says 'search' and not something like 'submit' or 'go'. This will ensure your search box can be easily seen, used, and assist your visitors in discovering what they're searching for.
The first thing you want to ensure is on your site is the always loved site map. A site map facilitates two different goals. First, it helps your site be easier to understand. Next, the user should be able to find what they want fast. In addition, site maps are useful for SEO purposes. Search spiders crawl site maps for information about what is on your site.
If there is a logo placed on your site, that logo needs to link back to your homepage if someone clicks on it. This type of clickable logo has become a standard expectation from most Internet users. A static logo can irritate your users, because that makes them hunt for a separate "Home" link. Making your logo clickable is just good design.
For most websites, choose neutral backgrounds. Backgrounds with texture can make the site look too busy; sometimes it actually makes the site look like it was developed by an amateur. Use a background that is white or some other neutral hue. Neutral colors have been shown to make reading easier when used as a background.
Ask for feedback about the design of your site. What one web designer and you assume is a great web page design, many others may find cluttered, confusing or a pain to navigate very easily. Ask some of your website visitors to review your website and report their opinions back to you.
All the links on your site should be checked regularly. A well-designed website should always be user-friendly. Broken links are not part of a user-friendly interface. Check weekly to see if each link on the site works.
As you have learned, designing a website doesn't have to be difficult. Once you have the basics down, you can build a site that visitors enjoy and learn from. Try using the tips here.


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Michelle Obama Hilariously Breaks Down Why Melania Trump's Inauguration Gift Exchange Appeared So Awkward
The former FLOTUS also explained to Ellen Degeneres how Barack stepped in and saved the day.
Sisters With Voices, or SWV, came onto the scene in the early 1990s and grew to be a multi-platinum-selling R&B group before fading away with the end of the decade. Coko, Lelee and Taj have now been touring and working on new material since 2005 and recently sat down with the Huffington Post to talk about the changes they've made over time, their new album, I Missed Us, and motherhood.
First off, listeners will discover that lead singer Coko will be sharing the mic more on this record and get to hear what the entire trio brings to the group vocally.
"With this new SWV, where everybody is just used to hearing me sing lead on everything, everybody is singing lead," Coko says. "You get to hear everybody's vocals. Lelee didn't sing as much, but she's come out a lot and she's singing on this record — she's doing a great job."
All three are currently mothers and shared how they juggle parenting with their music careers. Coko, who's married to drummer Mike Clemons and has two boys, says she and her husband travel a lot for their jobs, but they make sure the family is taken care of first and foremost and they make sure to spend their weekdays at home tending to their children.
Taj, who appeared on her own reality TV show called I Married a Baller with her husband, NFL running back Eddie George, says her life is just like every other working parent's. Lelee on the other hand, has the added stress of doing everything herself since she's had to raise her son and daughter, who are now in their 20s, on her own.
"I'm single and a parent so everything falls on me. I've never experienced a boyfriend or a husband taking care of me in any kind of way — it's always me doing everything," she says. "And when you live a cash-only lifestyle it gets tough. You have your regular bills to live and function, lights, car note, gas, rent, then you have your personal bills, tithes, taxes, doctor, clothing, etc. It can get over your head sometimes. I'm thankful that I'm able to do it, but Lord knows I can't wait 'til the day when my wallet and account can get a rest!"
Lelee admits that having had her two kids at such a young age and going into the music industry without a complete education made things a bit harder for her. "[Twenty] years ago I was an 18-year-old with two children, so my life was a little different. I would have told myself to finish my education before I went full-time into the music industry. Having something to fall back on is very important," she says. "I would have told myself to get to know God and build a personal relationship with him so that he could have prepared me for the life that lay ahead. I would have also told myself to hold on, be strong and believe that there is power in prayer. I'm so happy I know God now, but I totally regret not being a praying mom over my kids. I was just too young."
Taj also shared some advice with her younger self, saying, "I would have told myself that the only person able to deter you is you! Since no one was there to nurture you, you're strong enough to nurture yourself. Everything that you think of yourself was filtered to you through people who feel that same way about themselves. It only matters if you believe it yourself."
As for the fact that girl groups faded from the scene back in the '90s, SWV hopes that they promote the trend by coming back to continue where they left off.
"I believe that some of the older girl groups will be inspired to make a comeback after seeing us," Lelee says. "That's a good thing though because we're always on the road with the guys."
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The former FLOTUS also explained to Ellen Degeneres how Barack stepped in and saved the day.
"When my teacher asks me a question thinking I'm not paying attention, but I get it right."


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Radisys and Metaswitch
Metaswitch is powering the transition of communication networks to a cloud-based, software-centric, all-IP future. As a leading network software provider, Metaswitch designs, develops, delivers and supports commercial and open-source software solutions for network operators and large enterprises. The Metaswtich Clearwater IMS solution for VoLTE, VoWiFi, WebRTC and VAS uses our MediaEngine products for IP media processing.


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With UK retailers currently issuing profit warnings at a rapid rate, it was encouraging to see one with good news on Monday. Shoe Zone issued an update saying trading in the year to September 29 was strong.
With UK retailers currently issuing profit warnings at a rapid rate, it was encouraging to see one with good news on Monday. Shoe Zone issued an update saying trading in the year to September 29 was strong.
Sears Holdings on Monday filed for Chapter 11 bankruptcy, following a last minute ditch effort from the U.S. department store retailer's CEO to contribute towards a financing package.
Eddie Lampert has stepped in to contribute towards a financing package of between $500 million and $600 million that the U.S. retailer was close to securing on Sunday to fund operations during bankruptcy proceedings.
Walmart Inc said on Friday it has acquired online lingerie retailer Bare Necessities for an undisclosed amount, its second apparel-focused acquisition in less than two weeks as it seeks more inroads into online fashion.
The accessories retailer announced on Friday that it has successfully completed its financial restructuring and exited from Chapter 11 bankruptcy, having eliminated around $1.9 billion in debt.
Amazon could face a threat other than just EU antitrust scrutiny after a key EU lawmaker announced proposals aimed at curbing online marketplaces' use of merchants' data to boost sales of own brand products.
Following predictions from industry observers indicating Chinese company Icicle as the favourite to take over Carven, the French brand has confirmed that the premium fashion group is indeed the new owner of the house.
Sears Holdings Corp is planning to close up to 150 of its department and discount stores and keep at least another 300 open as part of a plan to restructure under U.S.
H&M has quietly folded its Nyden brand into its main hm.com website but the company is still committed to the label, despite the exit of some staffers from the LA office.
German start-up Fashion Cloud has said that it is joining forces with Dutch buying tool developer Nyon. The company will operate under the Fashion Cloud name from offices in Hamburg and Amsterdam.
After the presentation of the new collection at Tom Tailor's Hamburg headquarters, CEO Heiko Schäfer talked to FashionNetwork.com about future plans and climate change, among other things.
In 2017, the fragrance market in the UAE was worth $403 million, and it is expected to grow at an annual rate of 9% until 2023.
We know times are hard in UK retail, but BDO's latest High Street Sales Tracker (HSST) really summed it up Friday with its release saying "the UK high street is suffering the worst year on record."
StockX, which describes itself as "the world's first stock market for high-demand consumer goods such as sneakers, streetwear, watches and designer handbags," is expanding to the UK and Europe.
The Chinese streetwear empire Yoho! Group recently announced that it has raised tens of millions of US dollars in its E+ round financing and will use the funds to develop its omni-channel strategy.


text: I've reported on this before. It's the case of a Southern Indiana farmer that wants to replant some of his soybean crop as the seed for next year's crop. Monsanto says no. Court says no. Appeals court says no. Let's see what the Supreme Court says. As soon as someone patents water, we're all screwed.


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text:
Friend's Email:
Subject: I have found a CD that I think you would enjoy
Landshark/Where the Wild Things Are
Genres: Alternative Rock, Pop, Rock
Larger Image
Listen to Samples
CD Details
CD Reviews
Ahead of its time
Nav | NYC | 11/30/2000
(4 out of 5 stars)
"Upon reading the other reviews of this band I got the feeling that the reviewers were saying this band was some sort of offensive and silly punk thing... like they were a joke band or something. musically, they weren't. They were totally ahead of their time... especially if you're into dirge, melvinsy, blacksabbathy type punk. FANG's music is slow, down-tuned and HEAVY. The sound is fat, fuzzy and dark. The best album in my opinion is "landshark"... great production on all the instruments with a heavy bottom that I actually haven't heard in a long time. They were released on BonerRecords very early in the 80's and I actually think that the recording they got on this "landshark" album is fatter, fuller and better than later recordings of even heavier, slower bands like the MELVINS. whoever was working in the studio that day knew what they were doing. a must get."
East bay punk
stu138 | colorado | 11/18/2000
(5 out of 5 stars)
"Anyone that was around the east bay punk scene in the early 80's knows that fang was a great band. They sang anthems for the whole east bay...berkley heathen scum, I am one! They were also a great live band, so if you want to see what bay area punk was like before gilman st. pick this up. The bay use to have alot of bands that played music like fang..bands like sick pleasure or the f...ups or condemmed to death."
For the love of FANG..
Tim McDuff | Indianapolis, IN | 02/11/2001
(5 out of 5 stars)
"This band was without question one of the most unique and all- around fun bands of the early to mid 1980s. Not only was Fang's Landshark ep one of the greatest "get drunk at punk rock party" records of all times. Their shows were amazing.. These guys played at bar in Broadripple, Indianapolis to a coven of hard-core Fang lovers that by the end of the set half the audience was on the stage, at the mic singing - "Skin Heads Smoke Dope" with Sammy. I must have seen a 1000 bands, but nothing has held a candle to that incredible show with Fang. This CD is must for any comprehensive Punk Rock collection. The contribution Fang made to the genre is a worth while musical commentary on the Punk scene in the 1980s.."


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PART TIME! JOIN OUR TEAM $500 REFERRAL BONUS! What would you do if you were blessed to care for your elderly parents or grandparents? First, you'd give them high quality care and safety. You'd help them get up and go to bed when they wanted. You'd plan and cook their favorite foods and eat a meal with them. You'd do fun things with them like games, puzzles, or spa day, and take them to the mall, park or a ball game. You'd make sure they had clean clothes and a clean house.
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text: Eldorado starts '98 campaign Published on February 12, 1998. General Motors Corp.'s Cadillac Motor Car Division launches its 1998 Eldorado sedan Feb. 12 on national TV, the start of an estimated $25 million push for the year. D'Arcy Masius Benton & Bowles, Troy, Mich., created a single 30-second spot. It shows a woman driving a 1959 Eldorado convertible who imagines herself driving a passing '98 Eldorado. The car's tag remains "Live without limits." A half-page spread will run in lifestyle magazines, including Flying, Boating and Skiing. More than 20,000 Eldorados were sold last year.Copyright February 1998, Crain Communications Inc. Most Popular In this article: News


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Will Apple's Low Cost iPhone For Emerging Markets Ring The Bell With These Top Institutional Shareholders?
Apple Inc. (NASDAQ:AAPL) has begun to work on a low-cost iPhone for emerging global markets, such as China, which will launch in 2013, according to DigiTimes, who cited sources in Apple's supply chain. The sources claim that the iPhone will feature a large display, but will have a revamped design and will be less expensive than the current handset.
Will Apple Inc.'s shareholders increase their holdings? They reported owning a total of 1.318 million shares on 12/31/2012. The shares closed at $532.17 on 12/31/2012.
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Here are the ten largest positions in Apple Inc. at the end of December 31st, 2012.
Cornerstone Investment Partners LLC. held 434,491 shares on 12/31/2012 worth $231,223,068. This brought the portfolio total to 4.36%.
Navellier & Associates Inc. held 121,627 shares on 12/31/2012 worth $64,726,239. This brought the portfolio total to 1.99%.
First Citizens Bank & Trust Co. held 91,445 shares on 12/31/2012 worth $48,664,284. This brought the portfolio total to 1.69%.
Huntington National Bank held 88,669 shares on 12/31/2012 worth $47,186,980. This brought the portfolio total to 1.18%.
Neville Rodie & Shaw Inc. held 79,371 shares on 12/31/2012 worth $42,238,864. This brought the portfolio total to 5.46%.
BB&T Corp0. held 64,216 shares on 12/31/2012 worth $34,173,828. This brought the portfolio total to 1.49%.
Swarthmore Group Inc. held 64,205 shares on 12/31/2012 worth $34,167,974. This brought the portfolio total to 4.41%.
Haberer Registered Investment Advisor Inc. held 38,952 shares on 12/31/2012 worth $20,729,085. This brought the portfolio total to 4.48%.
Fulton Bank N.A. held 26,927 shares on 12/31/2012 worth $14,329,741. This brought the portfolio total to 1.88%.
Stock Yards Bank & Trust Co. held 25,716 shares on 12/31/2012 worth $13,685,283. This brought the portfolio total to 2.48%.
Knowing which stocks have institutional support will help improve your investing skills, and teach you how to ride the waves of strong moves. In fact, "S = Support is Provided By Institutional Investors & Company Insiders" is a core component of our CHEAT SHEET investing framework for this very reason. Don't waste another minute — click here and get our CHEAT SHEET stock picks now.