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FT reports: Siemens parked 4 to 6 bn euros at ECB - withdrew 500 million+ from either SocGen or Credit Agricole 2 weeks ago

FT reports that Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank two weeks ago and transferred it to the European Central Bank, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis.

In total, Siemens has parked between €4bn ($5.4bn) and €6bn at the ECB’s facilities, mostly through one-week deposits, this person said. Only a handful of large companies have the banking licences that allow them to deposit cash directly with the ECB.

German exports in July 2011: +4.4 % on July 2010

Germany exported commodities to the value of Euro 85.9 billion and imported commodities to the value of Euro 75.4 billion in July 2011. As further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 4.4 % and imports by 9.9 % in July 2011 on July 2010. Upon calendar and seasonal adjustment, exports fell by 1.8 % and imports by 0.3 % compared with June 2011.

The foreign trade balance showed a surplus of Euro 10.4 billion in July 2011. In July 2010, the surplus amounted to Euro 13.6 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 10.1 billion in July 2011.

Losses suffered by banks in the crisis as a percentage of RWAs (2007- 2010)

Losses suffered by banks in the crisis as a percentage of RWAs (2007- 2010)

As published in today's Independent Commission on Banking - final report

IASB letter to ESMA - Banks Warned on Write-Downs for Greek Debt

Following media reports of a letter from the IASB to ESMA on 4 August 2011, the IASB has decided to make available the letter regarding the accounting for Greek government bonds.

A United States of Europe is coming - via a revamped EFSF - whether we like it or not

The crunch time is here again. Zarky and Merkel agreed the terms of the Greek Bailout 2.0 last night. During the course of the day we will find out more of the details as the other eurozone countries have to be presented with the results of the negotiation where France had to convince Merkel of what in practice may be political suicide. It's about legacy of Merkel, not re-election.

As usual the plans were circulated by the European Commission yesterday evening, where all owners of Greek bonds that come due in the next eight years will be urged to swap their holdings for new bonds that do not mature for another 30 years. The silly bank tax, a 0.0025 per cent levy on all assets held by eurozone banks, was scrapped as Merkel won the skirmish against Sarkozy.

Ratings agencies criticised by European Commission

This is what my wife and I have been discussing the last few days: The European Commission has strongly criticised international credit ratings agencies following the downgrade of Portugal by Moody's. The Commission said the timing of the downgrade was "questionable" and raised the issue of the "appropriateness of behaviour" of the agencies in general. Earlier, Greek Foreign Minister Stavros Lambrinidis said the agencies' actions in the debt crisis had been "madness".

HTML 5 Websocket implementation for the R language

With popular CMS systems such as Drupal 7, you can now make them HTML 5 compliant and integrate with R!

R/Websockets Package

Get the R package from CRAN here: http://cran.r-project.org/web/packages/websockets/index.html

Get the development code here: https://github.com/bwlewis/R-Websockets

The reference vignette is available here (sorry, it's pretty basic): websockets.pdf

Secret Euro Finance Ministers meeting in Luxembourg - discussing Greece and possible exit from the euro

There are unconfirmed reports of a secret finance ministers meeting in Luxembourg today to discuss Greece and its possible exit from the euro. A reporter at Spiegel insists that this is the case.





... he broke the story of the appointment of Draghi (below) ..


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