November 22nd, 2010 11:20:30 GMT

ECB’s Nowotny: Important to contain Ireland problems

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  • There are problems with individual states, not the euro (that’ll help!!)
  • Possible credit for Ireland will have very strict conditions

Sometimes it’s probably best to just say nothing.

EUR/USD down at 1.3715.

Funny, I thought it would go down eventually once I saw the BIS selling up at 40/45.  You know they’re almost always right in the end.  :P

I’m just joking…….  Having a little laugh.

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November 22nd, 2010 10:25:27 GMT

EU Rehn: Irish Economic Situation Very Different To Portugal

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BRUSSELS (MNI) – Olli Rehn, the European Commissioner for Economic
and Monetary Affairs, on Monday downplayed contagion fears by drawing a
distinction between Ireland and Portugal.

“The nature of the problems in Ireland are very different from, for
instance Portugal,” Rehn told reporters on the sidelines of a European
Commission conference in Brussels. “In Ireland it’s a matter of very
fundamental weaknesses in the banking sector, which now have to be
addressed in a decisive manner. Meanwhile, Portugal’s challengers are
rather related to the rate of potential growth and private debt,” he
said.

“Portugal has taken very bold decisions concerning fiscal
consolidation and is intensifying fiscal reforms,” Rehn added.

Ireland confirmed late Sunday that it has requested formal talks
with the IMF, ECB and EU to negotiate the terms of an aid deal, which
will come with strict conditionality. Some policymakers have expressed
concern that, if not addressed, market fears about Ireland could spread
to other high debt and deficit Eurozone countries, such as Spain or
Portugal.

“I am usually quite hesitant in commenting on the markets…But I
repeat what I said: the cases are very different and it is now essential
to calm the turbulence which is centered around Ireland,” Rehn said,
when asked about contagion fears.

Slower than expected growth and the cost of bailing out its banking
system will push Ireland’s budget deficit to 32% of its GDP this year.
The Irish government has committed to getting the deficit below the EU’s
3% limit by 2014. Stripping out the banks, the deficit will be around
11.9% this year, still one of the largest in the Eurozone.

“The EU/IMF programme is going to be based on strong
conditionality. The four-year fiscal plan and next year’s budget decided
by the Irish government form a sound basis,” Rehn said.

“It is evident that after what has happened during the present
decade, Ireland will cease to be a low-tax country and will become a
normal tax country in the European context,” he said. “Which kind of
specific tax increases is, in the first place, in the hands of the Irish
government,” he added.

He said the work on an aid package for Ireland would be completed
by the end of the month.

–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com

[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]

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November 22nd, 2010 10:25:26 GMT

Germany Sells E2.900 Bn 12-Month Bubills, Wtd Avg Yld 0.8716%

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FRANKFURT (MNI) – The German federal government sold E2.900 billion
in new twelve-month bubills at a weighted average yield of 0.8716%, the
Bundesbank announced Monday.

The weighted average yield was higher than the 0.8521% yield at the
last twelve-month auction October 25.

The average price of today’s auction was 99.12641 and the highest
accepted yield was 0.8740%. 75% of bids at the highest accepted yield
were accepted.

There were E9.525 billion in bids for the bubills, including E1.100
billion in non-competitive bids. 100% of the non-competitive bids were
accepted.

The bid/cover ratio (excluding retention) was 3.3, higher than the
1.8 b/c at the October 25 auction. The government retained E100 million
of the issue (or 3.3%), bringing total issue volume to E3 billion, as
planned.

The bubills will settle on Wednesday, November 24 and mature on
November 23, 2011.

–Frankfurt newsroom: +49-69-720142; frankfurt@marketnews.com

[TOPICS: M$G$$$,M$$FI$,MGX$$$]

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November 22nd, 2010 10:19:24 GMT

Cable having a good day, so far; sell orders noted

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Cable up at 1.6077 from around 1.6015 when I started.  Talk of sell orders now clustered up at 1.6085/95.  The 1.6095 level was the recent high on Friday and I suspect they’ll be stops parked not far North of there, but haven’t confirmation of such as yet.  There is talk of stops through 1.6105 though.

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1 11,732 11,733 11,734 11,735 11,736 11,737 11,738 11,739 11,740 11,741 11,742 15,943

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