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Merkel likely to complain?

Greece The case continues to keep alive the attention of traders as well as financial the political world, the reflections that a default would have on economic and monetary balances in the euro .

As reported here economist German Joachim Starbatty, a professor at the University of Tubingen , promised to appeal, along with 3 colleagues, the German High Court for breach of the Maastricht Treaty, as soon as Berlin would have helped Athens.

As reported by the site Wallstreetitalia the complaint would be imminent, although because the initiative would be more that supported by the German population, which according to polls is convinced that Greece never return the loans is about to receive from Germany and other countries in the 'EU .

the wake of this news the stock markets have reversed the uptrend because gain a complicated scenario, in light of the points made yesterday in my post .

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Greece out of the euro? It would be the ideal solution for both

What has been bitterly defined the last "Greek tragedy" continues to hold counter enlivening both stock markets and those bond not counting speculative raids between credit default swap , or the cost of 'insurance contro l'eventuale mancato rimborso dei titoli governativi ellenici.

Ricapitoliamo i fatti principali.

La Grecia per entrare nel sistema euro " aggiusta il suo bilancio" tramite i derivati con l'aiuto (e la regia) dell'immancabile Goldman Sachs .

Per far parte dell'accordo s'impegna a rispettare determinati ratios patrimoniali e di bilancio che non riesce a mantenere anche in virtù della crisi (come peraltro quasi tutti gli altri paesi), ma in proporzioni molto amplificate, also because of fiscal policy Tutt 'anything but rigorous.

Since all nodes come home to roost sooner or later, then is forced to declare his difficulties to seek help from fellow (mis) fortune in Europe, but in the meantime the figures of government debt grew at a rate so hyperbolic as to doubt the accuracy of the information dates just days before.

We know that markets do not like uncertainty and punish those who do not just tell , and especially in the dramatic day yesterday, are systematically bonds sold off the crumbling Greek nei prezzi raggiungono per chi si volesse avventurare nell'acquisto un rendimento record del 20% !! per le scadenze a 2 anni (sempre che non vada in default).

Intanto il premier Papandreu fa il giro del mondo per chiedere aiuti magari a tassi bassi (dopo che solo 1 mese fa sbandierava incautamente che i greci ce l'avrebbero fatta da soli) e gli Stati europei più indebitati (dopo di loro) naturalmente si dicono favorevoli ai soccorsi, se non altro in quanto timorosi un giorno di fare la stessa fine.

All'accorato appello del Premier greco, che comincia a perdere la sua sicurezza anche perché entro il 19 maggio deve trovare un acconto di 9 miliardi , finora ha risposto chiaramente solo il FMI mentre l'UE è imballata dalla posizione tedesca che non sa come districarsi dall'incomodo, in quanto la popolazione ha chiaramente dimostrato nei sondaggi di non voler mettere mano al portafoglio.

Oltretutto la Merkel ha le mani abbastanza legate dalle prossime elezioni, che non vorrebbe perdere a causa di una decisione contro la volontà popolare, ma viene a sua volta pressata da mezza europa che in assenza di un consenso tedesco al piano di aiuti la riterrebbe co- responsabile di un eventuale default greco e dei conseguenti danni per l'intero sistema.

Nel frattempo l'euro si avvita su se stesso e si avvicina alla soglia psicologica di 1.30 contro dollaro, pagando i rischi di un contagio finanziario che colpirebbe gli altri paesi dell'area più indebitati, Portogallo in primis.

Considerazioni .

La vicenda greca ha purtroppo molte analogie con quella Argentina , finita come sappiamo con un'insolvenza del debito pubblico e una crisi pesantissima.

Come l'Argentina, la cui valuta all'inizio del millennio era legata al dollaro, anche la Grecia si trova con grosse difficoltà economiche, un debito pubblico devastating and no solutions to the euro currency as a cast in a system of fixed exchange rates.

In this situation any measure of the monetary policy is foreclosed, because it can no longer decide on its own but depends on Brussels.

Therefore it can not devalue the currency to make its sluggish economy more competitive it nor print money and not act on the lever of interest rates lowering them further.

So is linked to the European bandwagon, which emerge in different situations that badly be reconciled with each other.

then provide billions in loans to Greece in this situation will only delay the moment the default but you can not see what effect it may have also decisive because the interest due on the loan will only magnify the economic deficit.

Meanwhile the EU is losing credibility and precious time.

Then the least harmful way would be to drive an output of the euro in Greece so as to enable those measures monetary and foreign exchange transactions that are still made of Germany (through the EU) are currently barred .

In short, the single currency will certainly be affected , but the storm passed, the euro strengthened and Greece will be able probably would be saved, though suffering but this is now inevitable.

Also because it would induce an important precedent for the nations belonging to finally make a serious and rigorous fiscal policy , from which one can not ignore to try to heal in time, the battered western banks of sovereign states.

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Il piano cottura della cucina solare. Come migliorare l'appoggio di pentole e tegami.

The "cooking" the purchase of solar cooking as it appeared in the photo below. The grids thus did not allow large pans to cook with more time or simply use a coffee maker for making coffee that was difficult to balance.

With a perforated aluminum support now the coffee can be left safely to the kitchen. Most likely, efficiency was slightly decreased but now you can simultaneously cook with more pans without the risk of capsizing on a parabola. Since we simply placed the shelf can be removed in case of use della cucina con pentole di grandi dimensioni. Nella foto iniziale il nuovo piano al lavoro con le ricette della Lo .

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Obama rejects the allegations have triggered the SEC against Goldman Sachs

In a television interview Obama talks about Sec and intentions on the reform of finance:

"Since 2007 there was talk of placing the financial system and we have absolutely interfered with Sec in case Goldman Sachs .

The amount received during the election campaign by the investment bank ($ 1 million - ed) I do not feel embarrassed because have always been transparent.

banking activities do not impair the country, indeed we have to finance our development, however, we must create a system of rules to protect people from the excesses.

Even in the 30's there were difficulties, Roosevelt said, we set the rules, we now need to update them and if rebuild the trust that has failed will return.

The vast majority of Americans do not accept more bailouts of banks if the same were to act in a reckless , we have saved from worse damage but will not do it anymore.

derivatives have been defined by Warren Buffett financial weapons of mass destruction, we must regulate use, we do not want us in the crisis as a year and a half ago.

Let us be clear, the derivatives should be traded in a transparent, such as equities, so that everyone knows what is happening.

We need transparency and reliability and we propose a reform to give greater transparency to these tools. "

on the budget then stated:

" We have to be disciplined on the fiscal front, we must put ourselves in line with expenses.

We can not cut taxes further, it is essential to reduce the deficit and reduce our heavy debt.

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Stock Exchange: the bull is too strong, even if the Goldman Sachs scares

When the bull pawing groped can be dangerous to stop him.

In the past a story like that of Goldman Sachs (Sec struggling with a particularly aggressive and unusually ) would have overwhelmed the markets or at least annoyed, but now the American Stock Exchange ago shrug.

The title of largest U.S. investment bank has been penalized only Friday, dragging the prices of other banks and the U.S. index downward, while yesterday, the Dow Jones, after a thoughtful start , closed even higher.

at this time European stock markets are too 'they positive in the wake of future overseas.

What reflections can do in this situation?

stock markets are clearly very difficult to set and , long as you keep this framework, investors' optimism may be cracked.

elements that give life to this trust are: low inflation, expectations of economic recovery and the yield curve set correctly.

We therefore yet another confirmation that q hen these 3 parameters match the bags run , everything that happens around counts for little.

Not to mention the famous adage increasingly popular in Wall Street , " trend is your friend."

And the trend now appears to be highly favorable.

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The use of currency markets to defend themselves from the turmoil in the stock market

After a long period of rises, the U.S. stock market and also because of the story especially Goldman Sachs , began what could be a correction.

This hypothesis is strengthened by some macro economic data below expectations, particularly the unemployment ever expanding, and one from the technical analysis sees several indicators that run warning signals ( rsi - stating that there is overbought, fibonacci , vix ).

recent periods of stock markets have demonstrated the utility of a small geographical and sectoral diversification , because when Wall Street drops also involves other stock markets that look to you to set the operation and actually end up amplify the trend, given the smaller size and consequent greater volatility.

For example, yesterday against a U.S. index falls S & P 500 1 .61%, our Ftse Mib left field on the 2.26%.

This raises the problem of finding ways to cushion the impact of these effects on the value of the portfolio , perhaps trying to increase the value as financial markets generate, in any situation, risks and opportunities.

do so for the defense of asset in which they committed the daily responsible trading in major banks as well as Hedge Fund .

A solution is represented use of the exchange channel, as some foreign currencies can be used as cover equity investments since their progress against the euro is inversely correlated with the stock market.

The main currencies in question are the Swiss franc, the dollar and the yen especially .

In fact, the Japanese currency, to always remain at odds yesterday, reported an increase of 1, 3% sul'euro. This, therefore, largely offset by the decrease of the bag.

Looking at the period of autumn 2008, the time of the collapse, we note that the ' appreciation of the yen was 30%, who therefore had time assets in that currency, mainly in bonds, could therefore defend brilliantly its portfolio.

A similar movement, although less violent, we can find in going the U.S. dollar, which tends too 'it to increase in value in times of increased risk perception by investors .

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SEC accuses Goldman Sachs and paves the way for reform of financial markets

Powerful Goldman Sachs , a leading U.S. investment bank , was accused by Us Securities and Exchange Commission di frode . Si tratta dell'accusa peggiore che può essere mossa ad una banca , che basa sulla fiducia tutta la sua attività di intermediazione del denaro.

Le contestazioni si riferiscono ad operazioni di derivati sui mutui sub-prime, che dal 2007 in poi hanno agitato i mercati finanziari sino al loro crollo del 2008, e vengono mosse proprio nel momento in cui l' Amministrazione Obama si appresta a varare la riforma con la quale intende regolamentare la finanza speculative.

The timing, I must say, it's perfect.

As was the perfect coincidence, in September 2008, when in full campaign failed (hit!) Lehman Brothers , giant world and the 4th U.S. bank, sparking known reaction Chain international markets , such as to bring the crisis in the banking system and then throughout the economy.

thus offering the 'opportunity the Democrats to launch a powerful offensive by calling the election moralization of Wall Street .

The results are known: Obama won the election in a landslide .

Returning to the present, these accusations heavy certainly lead to a process that will run its course over time even because the investment bank has already announced that it will defend itself vigorously . Meanwhile

is legitimate to think that the thrust of public opinion will be a powerful encouragement for the ' approval by the Congress, a reform that until a few days ago seemed all but a foregone conclusion.

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The annuity loan, a loan to persons age 65 years or

A seguito della Legge 2 dicembre 2005, n. 248 che ha previsto anche per l'Italia una forma di prestito già affermata nei mercati anglo-sassoni, alcune banche stanno distribuendo un nuovo prodotto, il prestito vitalizio.

La prima condizione per poterne fruire è di essere over 65 e la seconda essere proprietari di un immobile , da dare in garanzia ipotecaria.

Entrambe questi requisiti non sono negoziabili.

Il vantaggio consiste nel fatto che il contraente non dovrà rimborsare personalmente ne la quota capitale I share interests, because the debt will be repaid to his death. At that time the heirs will be allowed to deduct the amount due from the axis hereditary repay it personally, request financing or sell another property holding the remaining share. This funding

particularly suited for elderly that, although holders apartment, benefiting from a low income is therefore not sufficient to demonstrate the daily sustenance, such as minimum pensions.

Alternatively you can use to help their children and grandchildren, anticipating essentially a part of the heritage senza perdere la titolarità dell'immobile oggetto di garanzia.

Con l'aumento dell'aspettativa di vita e le basse e tendenzialmente decrescenti pensioni, questa forma di prestito potrebbe assicurare un miglioramento delle condizioni economiche.

La particolarità è nell'importo finanziabile che, contrariamente ai mutui tradizionali , aumenta in base all'età del contraente , variando da un minimo del 15% al 50% del valore di perizia dell'immobile.

Per concludere è caldamente raccomandata , prima di firmare il contratto, un'attenta lettura di all the clauses and a weighted assessment on the interest rate charged by banks, which generally technique for this form is higher than average. For

approndire : "The loan annuity" by Paolo and Claudio Pacella Buzzonetti - Edizioni Il Sole 24 Ore.