Draghi Offers Bleak Assessment of Global Economic Conditions

---

• Draghi Offers Bleak Assessment of Global Economic Conditions
• ECB Stark: Soft Patch Or Double-Dip Is The Key Question
• Portugal’s Gaspar Says to Regain Mkt Access by End-2013
• Greece FinMin Venizelos Transcript:’Substantial Progress’Made
• Fighting leverage with leverage
• German FinMin: Troika Dictates If Greek Bailout Terms Change
• Portugal’s economy contracts more than expected
• Hildebrand: Tensions Highlight Need To Complete Fin Mkt Reform
• US’s Geithner/Devel Comte: Growth Slows While Famine Spreads
• He’s goooone!
• He’s baaack!
• US’s Geithner: Govts/ECB Must Give Peripherals More Time

Draghi Offers Bleak Assessment of Global Economic Conditions Posted: By Jack Duffy WASHINGTON (MNI) – Mario Draghi, the president-designate of the European Central Bank, drew a fairly bleak assessment of the global economy at the IMF/World Bank meetings on Saturday. In a speech, Draghi said that, “We are in a less positive mood than we were in April. The expectations we had then did [...]

ECB Stark: Soft Patch Or Double-Dip Is The Key Question Posted: By Johanna Treeck WASHINGTON (MNI) – Economic growth in the Eurozone will likely be less positive in the second half than previously expected there and a double-dip in the mature world can no longer be excluded, European Central Bank Executive Board Member Juergen Stark said Saturday. “The pace of economic growth has slowed down globally [...]

Portugal’s Gaspar Says to Regain Mkt Access by End-2013 Posted: By Jack Duffy WASHINGTON (MNI) – Portuguese Finance Minister Vitor Gaspar said Saturday that the government expects to fully comply with the term’s of the country’s E78 billion bailout and that Portugal should regain access to international markets by the end of 2013. “It is very clear that one of the characteristics of this government [...]

Greece FinMin Venizelos Transcript:’Substantial Progress’Made Posted: WASHINGTON (MNI) – The following is a Greek Embassy transcript of an interview Saturday with Greek Finance Minister Evangelos Venizelos on Greek Public Service TV: Question: What is the conclusion that you draw from the meetings you had earlier today in Washington D.C.? Venizelos: IMF’s annual meeting takes place at a time of great fluidity [...]

Fighting leverage with leverage Posted: It appears increasingly likely highly leveraged Eurozone governments will be bailed out by a moderately leveraged bailout fund. Germany is reluctant to add any more funding to the EFSF, so European officials are looking to leveraged the fund in an attempt to ward off a deeper contraction in Europe. China and the US have banded [...]

German FinMin: Troika Dictates If Greek Bailout Terms Change Posted: By Chris Cermak WASHINGTON (MNI) – German Finance Minister Wolfgang Schaeuble Saturday said the Troika’s mission to Greece will dictate whether the terms of Greece’s second bailout program will have to be revisited. The Troika, due in Greece next week, is expected to report on whether Greece has done enough to receive the next EUR [...]

Portugal’s economy contracts more than expected Posted: Will shrink 2.3% as the global economy stalls. Earlier estimates were for a 1.8% contraction. The deeper the economy contracts, the more difficult it becomes to service Portugal’s bailout debt.

Hildebrand: Tensions Highlight Need To Complete Fin Mkt Reform Posted: WASHINGTON (MNI) – Current financial market tensions underline the importance of pursuing financial market reforms, including Basel III rules, Swiss National Bank chairman Philipp Hildebrand said Saturday. Speaking at a press briefing at the World Bank and IMF Annual meetings, Hildebrand dismissed talk that current weak position of banks may require postponing such reforms. “Current [...]

US’s Geithner/Devel Comte: Growth Slows While Famine Spreads Posted: WASHINGTON (MNI) – The following is U.S. Treasury Secretary Tim Geithner’s statement Saturday morning to the Development Committee of the International Monetary Fund and World Bank: We meet at a time of new challenges to economic growth and development. These challenges require governments working together with international financial institutions. In the advanced economies, growth has [...]

He’s goooone! Posted: UBS CEO falls on sword, taking responsibility for rogue trader scandal…

He’s baaack! Posted: Putin shoulders Medvedev aside and will “run” for president in 2012 unopposed by his protege.

US’s Geithner: Govts/ECB Must Give Peripherals More Time Posted: WASHINGTON (MMNI) – The following is the statement of U.S. Treasury Secretary Tim Geithner Saturday to the International Monetary and Financial Committee: Twenty-Fourth Meeting of the International Monetary and Financial Committee The world economy is facing new challenges to growth. It is in the midst of the second slowdown of this recovery from the financial [...]