As the first European country France has reached an agreement with its banks and insurance companies on the reinvestment of 70% of the current debt of Greece to France. It is intended that more European countries will follow. Today in Rome, the package will be discussed at a meeting of the Institute of International Finance (IIF), the global organization of financial institutions. In addition to large European banks, government officials, representatives of the ECB, the EU and European insurance companies will attend this meeting.
Last weekend the Basel Committee has reached an agreement on the additional capital requirement for large banks. Large banks will need to maintain between 1% and 2.5% more capital than "ordinary" banks. The committee hopes to prevent a new financial crisis in this manner.
After all the disappointing macro economic data in recent weeks it was revealed last Friday that orders for durable goods in the U.S. have increased. Despite of this, the stock exchanges of the U.S. met with losses last Friday. The Dow Jones closed 1% lower, the S&P500 lost 1.2% and the Nasdaq fell by 1.3%.
The 6M Euribor has remained the same at 1.77% and the 10Y Euro has decreased with 3 basis points to 3.28%.
In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: firstname.lastname@example.org.
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Kurt Winkelmann (MSCI) on macro risk, trend growth and pension schemes
pension schemes, macro risk
corporates, financing, interest rate
treasury management, SAP, BAT
credit risk, cash management, ratings, sustainable, greenpeace