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Eastern European currencies crumble as fears of debt crisis grow
- Text size
Ambrose Evans-Pritchard
Telegraph
February 17, 2009
Hungary’s forint fell to an all-time low on Monday, and Poland’s zloty slumped to the lowest in five years on plunging industrial output. Half of all loans to the private sector in Poland are in foreign currencies so borrowers face a severe debt shock after the 40pc fall of the zloty against the euro since August.
- A d v e r t i s e m e n t
“We’re nearing the level were things could get out of hand,” said Hans Redeker, currency chief strategist at BNP Paribas.
The mushrooming crisis has already started to spill over into Germany’s debt markets, lifting credit default swaps on German five-year bonds to a record 70 basis points. The gap between French and German CDS spreads has narrowed abruptly for the first time since the credit crisis began.
“Investors are beginning to ask whether Germany is going to have to pay for the rescue of Eastern and Central Europe,” he said.
A report by Moody’s released on Tuesday said the region’s banks were coming under severe stress as the property bust combines with a rising debt burden. “Local currency depreciation is a major risk to East Europe banks,” it said.
There are contagion worries for Western banks that have lent $1.74 trillion (£1.22bn) to the ex-Soviet bloc — split between $1 trillion in foreign loans and $700bn in local currency debt through subsidiaries.
Austria’s banks are the most exposed with the share of risk-weighted assets tied to the region reaching 54pc for Raffeisen and 38pc for Erste Bank. The exposure of Germany’s Bayern Bank is 48pc, Italy’s UniCredit is 45pc, and Swedbank is 29pc.
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February 17th, 2009 at 3:47 pm
BEHOLD! THE BEAST!
http://www.youtube.com/watch?v=6rRdQ0Lx47E
Silvanus Reply:
February 17th, 2009 at 6:22 pm
WTF why register at your site?????? Donk
Jordan Reply:
February 19th, 2009 at 2:45 am
The latest computer viruses have infected 1 in every 15 computers worldwide, but no one knows what they do exactly as of yet, but a timer was found in one of the viruses. What is ringing the alarm bell is that all Banks and Financial Institutions also are infected and if all information was lost with such a virus there would be billions unable to get to their money and all transactions would be lost causing trillions in damage worldwide. Riots, chaos, and violence would result. Now, who would the only ones to gain from such a worldwide disaster? The New World Order.
Interesting to say the least that this happens when the world is on the verge of economic collapse and what better way for the New World Order to make it happen with a final blow than with a virus that destroys entire financial institutions hard drives including all trade transactions.
February 17th, 2009 at 4:31 pm
http://www.youtube.com/watch?v=UGn_E3nywr0
1EyE Reply:
February 17th, 2009 at 5:40 pm
Waste of time, and unoriginal. Go spam other blogs/forums.
Jones Reply:
February 17th, 2009 at 6:01 pm
I thought that his nose looked like Jesus’s.Dont you think?
living0history Reply:
February 17th, 2009 at 8:50 pm
you’ve seen Jesus? If so, don’t you have to power to time travel and stop the NWO?
EJ Reply:
February 18th, 2009 at 9:03 pm
Well….since Jesus was just a myth, made up by Constantine based on a *then* 1000 year old formula…here to save the world, virgin birth end of December, etc., and cameras and news crews didn’t exist, I would guess now, just guess mind you, you have no idea what you are talking about.
February 17th, 2009 at 4:37 pm
On September 15, 2008, $550 BILLION disappears from the American banking system in a matter of hours and Congress is choosing to NOT look into this theft? Why?
Let’s narrow down the suspects. We can leave Iran, Syria and North Korea off the list, since if any of those states had been in on this heist, Bush would have went on national TV, addressing the nation about the actions of one of these “rogue” nations and said he had directed the Pentagon to take any and all necessary actions to recover the purloined loot.
That has not happened, either with Bush or Obama.
So, what other nation would have the balls to steal that much money from Americans?
It would be a nation that attacked one of our ships in broad daylight, firing rockets, large caliber machine guns and dropping napalm on the ship in a brutal and savage attack that lasted 75 minutes.
They would be so sadistic that they would machine gun survivors trying to escape, even shooting up the life rafts.
An attack that murdered 34 of our people.
It would be a country that has sent an army of spies to steal sensitive military info and financial data from the USA, at the same time, always proclaiming that the USA is their “best friend.”
A country that, thru the use of tremendous amounts of money and threats, has taken over the US Congress.
A country that sent some of its intelligence operatives to a New Jersey state park on 9/11, to “document” that tragic event.
A country who’s leaders said that 9/11 was very good for them.
A country that is well known for its use of “false-flag” attacks against its allies, to get those allies enraged and fighting wars for that nation.
A country that is so paranoid, it thinks the entire world is out to get them, and has threatened to nuke the entire world, using their “Sampson” option.
Hmmm, wonder what nation could be so depraved, sadistic and immoral? Any guesses?
February 17th, 2009 at 4:39 pm
He beez da man devil
February 17th, 2009 at 5:19 pm
martial law is “classified” ???? watch the video….even rep John Haller(r) Pennsylvania does a double take as he reads this,,, watchthe video
http://www.youtube.com/watch?v.....c&NR=1
iamfree Reply:
February 18th, 2009 at 12:48 am
LOL, dude thats onion news network. its fake…
February 17th, 2009 at 5:32 pm
Get involved with a local group in your area. If there isn’t one, MAKE ONE! I know of a local group that attends all parades and forms different groups to go to different places to talk with people (Joe Public) and hand out DVD’S. To date over 30,000 DVD’s have been handed out. Thats Thirty thousand!!! The whole group pitches in financially and to do the foot work. The last I heard they had mailed a DVD and some news print to every firestation in the area I think it was 56 of them…So tell me arm chair warriors, what have you done or what are you doing besides typing on this site?
Here is a great place to start no matter where you live. http://9-11.meetup.com/boards/
February 17th, 2009 at 5:43 pm
GAWD, I sometimes wish Jones+ lot would look more at prophecies instead of the people that represent Xian faith over anybody else…..
Of course the Euro is owning any currency left right and center; after the dust settles the EU is to be the superstate it has been prophesied over and over and over again.
I am happy that Alex does always note the European link in all this US banking stuff; but some of the ramifications that the current crisis has is just ye good ole prophecy fulfillment at work.
Clark Reply:
February 17th, 2009 at 6:30 pm
I think there is already a sufficient number of people out there talking about prophecy without Alex Jones throwing his hat in the ring.
Liberty Links:
http://clarkbrown1.angelfire.com/
living0history Reply:
February 17th, 2009 at 8:51 pm
I thank God Jones doesn’t preach, otherwise he would never have woken up so many people, including myself!!
February 17th, 2009 at 6:12 pm
All these goddamn materialists are getting on my nerves , they are spiritually useless , and
even the most basic needs are becoming a challenge to come by , in other words , they are
screwing up in every way , shape n’ form !!! Piss off out of my life !!!
February 17th, 2009 at 10:05 pm
Hey no problem just get your currency supply from China. Everything else comes from there.
NAFTA, GATT, and the free trade union clearly originated this financial crisis in the United States, and surprisingly no one in the U.S. government mentioned that these initiatives originated the whole problem.
Here is a pizza O<<<<, cut a piece left, cut a piece left, cut a piece left, cut a piece left, till there ain’t none pizza left. Ho! Go get another pizza where there ain’t no more.
February 18th, 2009 at 2:06 pm
and they want to blame all this on George Bush!! I thought he was stupid, it seems to me you would have to be pretty smart to bring down the whole worlds economy! ooh yeah the world looks at him like professor Clusoe. it just happened because of circumstances, well then it wouldn’t be his fault would it?
February 19th, 2009 at 2:43 am
The latest computer viruses have infected 1 in every 15 computers worldwide, but no one knows what they do exactly as of yet, but a timer was found in one of the viruses. What is ringing the alarm bell is that all Banks and Financial Institutions also are infected and if all information was lost with such a virus there would be billions unable to get to their money and all transactions would be lost causing trillions in damage worldwide. Riots, chaos, and violence would result. Now, who would the only ones to gain from such a worldwide disaster? The New World Order.
Interesting to say the least that this happens when the world is on the verge of economic collapse and what better way for the New World Order to make it happen with a final blow than with a virus that destroys entire financial institutions hard drives including all trade transactions.
Something to look into.
February 19th, 2009 at 10:40 pm
Make your own fliers and spread the word! Here is my flier and I put them on cars, in books, at college campuses, magazines, every!!!!!! It works!!!!!!!!!!
Care about the loss of your constitution and know what your government is up to!
Watch these videos (youtube) and spread the word
Eisenhower warns us of the military industrial complex
JFK Blows The Whistle on Secret Societies!
America freedom to fascism Clinton Chronicles Patriotism by Ron Paul
Loose change 9-11 Alex Jones / Dark Secret Inside the Bohemian Grove Part 1
Bilderberg exposed – Part 1/6 Blackwater: Shadow Army The Truth & Lies of 9/11
We Are Change Interviews 9/11 Whistleblower part 1 of 6
Exposing the Illuminati from Within Part 1
Those who gave their lives for these stories deserve to be heard!
March 17th, 2009 at 11:08 pm
О, это что-то, недавно где-то уже о таком слышала. Ваше мнение имеет основание быть. Вы понимаете то, о чем пишите. Немного почитав, хотелось бы узнать больше.
March 20th, 2009 at 11:32 pm
Привет всем. Хочу также выразить глубокую благодарность людям, которые создали этот познавательный блог. Я поражён тем, что столько времени не пользовался им. Уже более недели не могу оторваться от огромного количества невероятно полезной информации. Сейчас рекомендую этот блог своим друзьям, чего советую и вам. Хотя и нашёл случайно ваш блог, но уже сразу понял, что останусь тут надолго. Интуитивно понятый интерфейс – главная заслуга для меня, т.к. моя специальность не требует больших знаний персонального компьютера и знаю основы работы лишь поверхностно.