Piagi reports on the previous week
Posted by Piagis Shoutout on Wed, Jan 25, 2012 @ 10:22 AM
Currency rates and Greek bond negotiations matched by celebrity debt
Greek bond negotiations matched by celebrity debt
In Athens this week, it is reported that , "the finance ministry has revealed that 4,151 Greeks owe €14.9bn to the state – more than the €14.5bn bond repayment Athens has to make in March."
The reported list of tax-evaders includes a slew of Greek celebrities, fifteen of whom owe more than €100m each. Unfortunately there is little chance of the finance ministry collecting its €14.9bn in time for those bond repayments next month.
Greece will therefore have to satisfy the EU and the International Monetary Fund that its austerity measures are appropriately rigorous and that it has negotiated a restructuring of its existing debt. If it fails on either count it will not receive the bailout cash it needs to cover the repayments.
There is still a standoff between the IMF/EU faction, who want to pay 3.5% or less interest on the rescheduled debt, and the private sector bondholders who want a higher reward for their concessions. Investors who had been optimistic about a deal at the start of this week are now less confident.
Economic statistics to note this week include the Canadian leading indicator* (up 0.8% in December), the Euroland consumer confidence survey (less negative at -20.6) and Australia's leading indicator (turning negative at -0.3%). The Bank of Japan confirmed its benchmark interest rate would remain at 0.1%.
US Dollar Zone: US $1 buys (indicative rate and what you get):
Australian dollar (AUD) 0.9543 $ 0.95
Canadian dollar (CAD) 1.0100 $ 1.01
Swiss franc (CHF) 0.9259 Fr. 0.93
Danish krone (DKK) 5.7049 kr 5.70
Euro (EUR) 0.7671 € 0.77
Fiji dollar (FJD) 1.7743 $ 1.77
Pound sterling (GBP) 0.6431 £ 0.64
Hong Kong dollar (HKD) 7.7608 $ 7.76
Japanese yen (JPY) 77.2801 ¥ 77.28
Norwegian krone (NOK) 5.8646 kr 5.86
Polish zloty (PLN) 3.2910 zł 3.29
Swedish krona (SEK) 6.7490 kr 6.75
Singapore dollar (SGD) 1.2695 $ 1.27
Thai baht (THB) 31.4401 ฿ 31.44
US dollar (USD) 1.0000 $ 1.00
South African rand (ZAR) 8.0027 R 8.00
Euro Currency Zone: Euro €1 buys (indicative rate and what you get):
Australian dollar (AUD) 1.2436 $ 1.24
Canadian dollar (CAD) 1.3171 $ 1.32
Swiss franc (CHF) 1.2072 Fr. 1.21
Danish krone (DKK) 7.4382 kr 7.44
Euro (EUR) 1.0000 € 1.00
Fiji dollar (FJD) 2.3118 $ 2.31
Pound sterling (GBP) 0.8383 £ 0.84
Hong Kong dollar (HKD) 10.1120 $ 10.11
Japanese yen (JPY) 100.7710 ¥ 100.77
Norwegian krone (NOK) 7.6413 kr 7.64
Polish zloty (PLN) 4.2883 zł 4.29
Swedish krona (SEK) 8.7973 kr 8.80
Singapore dollar (SGD) 1.6555 $ 1.66
Thai baht (THB) 40.9521 ฿ 40.95
US dollar (USD) 1.3030 $ 1.30
South African rand (ZAR) 10.4290 R 10.43
