#3
Speaking of defaults, here's an article from last Friday, which has gotten no coverage: The International Swaps and Derivatives Association (ISDA) said a restructuring credit event occurred after Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount of up to 90 percent earlier this month.
A credit event is financial industry jargon for default on payment, breach of bond covenants or other event that casts doubt on an issuer's ability to service its debt.
#4
Default occurs when the issuer fails to pay the coupon (agreed interest at set date).
The price the bond trades at is immaterial.
Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount of up to 90 percent earlier this month.
Interesting. I wonder what persuaded the bondholders to sell. 90% is a big haircut.
[Al Jazeera] Thousands of Spain's "indignant" protesters - including hundreds who crossed the country on foot - marched through Madrid and once again filled the downtown Sol square to demonstrate against high unemployment and the economic crisis.
Six columns of more than 500 protesters who marched for weeks from cities across Spain formed the core of Sunday's demonstration.
The protesters who call themselves the "indignados" meaning the indignant or outraged, began converging on Madrid a day earlier, two months after they launched their movement.
A more accurate term would be "idiots who continuously vote for socialism". But that doesn't fit well on a t-shirt.
They hiked across the country for two months? All that fresh air and sunshine, the camaraderie and freedom from care... We can only envy the experience.
It's awfully hot on the central plateau in Summer, tho.
On Sunday, they were joined by protesters who arrived in Madrid by bus from over 30 cities as well as residents of the Spanish capital.
"Politicians don't represent us! No! no! No!" the crowd chanted, with some waving handmade banners reading "It's not a crisis, it's the system that's wrong".
So true...
Some protesters began their march 34 days ago and walked 650km from the southwestern city of Cadiz.
Physiotherapists and masseurs accompanied demonstrators to treat them for aching legs and blistered feet.
I thought these were the poor and unemployed? Massage therapists cost $65/hour around here, and physical therapists considerably more. D'you suppose Moses and the Israelites took masseuses with them when they fled the flesh pots of Egypt? And they wandered forty years, not a mere month or two.
Protesters outraged
Protesters said they were outraged with politicians for failing to solve Spain's high unemployment and accuse them of being uncaring, corrupt and inept.
They first began demonstrating before the regional elections in May in response to the perceived failure of politicians to represent the electorate.
Demonstrators had set off from cities across the country at the end of June, including Barcelona, Malaga, Valencia and Bilbao.
Many used the opportunity to stop on the way to Madrid by holding public meetings to spread their message of outrage.
On Saturday, several dozen demonstrators stopped outside Prime Minister Jose Luis Rodriguez Zapatero's official residence just north of Madrid to wave banners and chant slogans.
I see no mention of giant puppets. It isn't a proper demonstration without giant puppets.
"We're here to keep up the momentum of the protests," said Ivan Gracia, a student who came by bus from the northern city of Zaragoza and planned to spend the night in the square.
The protesters have won broad public support in their fight against austerity measures introduced by the Spanish government, with 200,000 people attending rallies across the country.
Too vague
The movement, although it has been able to gather large numbers of supporters, has been criticised for being too vague in its demands - but demonstrators say there are issues that everyone agrees on.
"In two months, we have had some good responses," said demonstrator Fernando Carasa."We have stopped about 60 expulsions, created social pressure and achieved a bigger mobilisation than any political party."
Golly. Congratulations on putting off the inevitable for a little longer. Don't forget, you all need ponies: pretty pink ponies with sparkly tails!
The politicians of the eurozone's fourth largest economy have worked hard to convince investors the country will not follow Greece, Portugal and Ireland in needing a bailout.
But Spaniards say while this has been happening, their own worries are being ignored.
Unemployment has soared to 14-year highs and almost half of under-25s are out of work.
Banks have cut off credit lines, consumer prices are rising faster than the regional average, investment has been slashed and house prices have plummeted.
Earlier this month, the socialist government set new limits on the amount of money that banks can reclaim from mortgage defaulters in what was seen as an effort to appease the protesters.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
