Sent from my -BlackBerry Phone- -----Original Message----- From: MeLinda MeLisa <[email protected]> Sender: [email protected] Date: Wed, 22 Dec 2010 06:51:10 To: <[email protected]> Reply-To: [email protected] Subject: [StockForex] Moody's Sees No Europe Defaults MOODY's SEES NO EUROPE DEFAULTS LONDON --The euro zone "retains significant financial strength" and has the "resources, incentives, and political cohesion" needed to contain the sovereign debt crisis, Moody's Investors Service Inc. said Tuesday. "We believe that policymakers have sufficient resources and will use them as necessary to restore financial stability," the ratings agency said in a report. Moody's said that all its euro-zone sovereign ratings with the exception of Greece are investment grade, reflecting its view that "the risk of a euro-zone sovereign default is very small." Beginning late October, euro zone sovereign bond markets have experienced a second wave of volatility this year, on worries about the health of sovereign borrowers and about proposals for a post-2013 crisis resolution mechanism that could penalize private lenders. This prompted the European Central Bank to step up purchases of bonds issued by peripheral euro-zone members under its Securities Market Program. Germany has resisted some ideas floated to deal with the crisis, such as increasing the size of European Financial Stability Facility, or issuing common euro-zone bonds. Moody’s Investors Service said it doesn’t foresee defaults or maturity extensions on euro-area debt because the region will likely backstop weaker members, and reiterated that Portugal will likely stay investment-grade. “Moody’s base-case scenario remains that over the medium term, no euro-zone country will suffer a payment default or otherwise impose losses on private-sector lenders through maturity extensions or other forms of distressed exchange,” the company said in a report today. “The collective willingness of the euro zone to support weaker members through the provision of liquidity will remain an important element of investor protection.” Its euro-zone sovereign ratings "reflect a range of factors including high intrinsic economic and financial strength and ready access to financial resources," including those made available by other euro-zone members, Moody's said. Source: http://marketpin.blogspot.com FED EXTENDS DOLLAR LOAN PROGRAM WITH FOREIGN BANKS WASHINGTON — The Federal Reserve on Tuesday extended a program set up during the European debt crisis to make it easier for foreign central banks to get access to U.S. currency to distribute to commercial lenders. The Federal Open Market Committee said it’s extending, through Aug. 1, its U.S. dollar liquidity swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan and the Swiss National Bank. The swap arrangements, established in May, had been authorized through January. Back in May, money markets were rattled by the strains in Greece, which subsequently received 110 billion euros of assistance through the International Monetary Fund and euro-zone nations. Since then, a similar package was arranged for Ireland, and there are worries that Spain and Portugal could need them as well. The swap lines with the European Central Bank, the Bank of England, the Swiss National Bank and the the Bank of Japan will enable the central banks to conduct tenders of U.S. dollars in their local markets at fixed local rates for full allotment, similar to arrangements that had been in place previously, according to the Fed. As the world’s reserve currency, the dollar is highly sought after outside the United States to settle trades — in commodity markets, for example. They are designed to improve liquidity conditions in global money markets and to minimize the risk that strains abroad could spread to U.S. markets, the Fed said. “It is a bond-bullish recognition that back-up liquidity facilities are still warranted in the current environment,” said analysts at CRT Capital. Source: http://marketpin.blogspot.com ------------------------------------ ## StockForex ## _________________ ::Forum:: All about Forex and Stock Trading ; all currency pairs. 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