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Nov 6, 2011

GATA: THE GATA DISPATCH: European bailout fund reported to want to grab Germany's gold

European bailout fund reported to want to grab Germany's gold

First they'd have to grab it back from the Americans.
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Bundesbank Says Central Bank Reserves Will Not Help Fund EFSF
By Harro ten Wolde
Reuters
Saturday, November 5, 2011

http://www.reuters.com/article/2011/11/05/us-eurozone-bundesbank-idUSTRE...
Germany on Saturday rejected media reports that Bundesbank reserves would be used to fund the euro zone's rescue facility after German newspapers said Group of 20 leaders had discussed the idea of tapping central banks.
The Frankfurter Allgemeine Sonntagszeitung reported that Bundesbank reserves -- including foreign currency and gold -- would be used to increase Germany's contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).

The European Central Bank (ECB) would own the reserves, according to the paper, citing sources at the G20 meeting held in Cannes this week.
The Welt am Sonntag newspaper, citing similar plans, said 15 billion euros would come from special drawing rights (SDR) that the Bundesbank holds.
"Germany's gold and foreign exchange reserves, which the Bundesbank administers, were not at any point up for discussion at the G20 summit in Cannes," government spokesman Steffen Seibert said.
G20 leaders in Cannes discussed the idea that the European System of Central Banks could pawn their total foreign exchange reserves of 50-60 billion euros to a trust of the European crisis fund in the form of special drawing rights from the International Monetary Fund (IMF), the newspapers said.
"We know this plan and we reject it," a Bundesbank spokesman said.
Seibert said several partners had raised the question in Cannes whether SDRs could be used to strengthen the EFSF but Germany had rejected this plan and discussions at Monday's Eurogroup on Monday would not discuss this topic.
The newspapers had said the issue was taken off the agenda at the G20 following Bundesbank opposition but that it would be debated on Monday at a Eurogroup meeting of euro zone finance ministers.

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TWP: Greece & The Markets This Week.

from Trade With Precision - www.tradewithprecision.com

In this weeks videos Nick McDonald discusses the Greek situation, the on-going impact on stock and currency markets, the additional risk it brings and how he is adapting his trading to suit.  Includes key trading levels and direction for the week ahead.
View the videos here.
For those in the US  - See Nick McDonald speaking LIVE at the Las Vegas Traders Expo next week - http://www.moneyshow.com/tradeshow/las_vegas/traders_expo/Speaker_Details.asp?speakerid=834567W. Five seperate talks to choose from!
Regards,
The TWP Team

The Australian | Business Briefing: Greeks to form unity government



Greeks to form unity government
Matina Stevis GREEK PM George Papandreou and the leader of the country's main opposition party have agreed to form a national unity government.
 
Profit forecasts slashed by crisis
Tim Boreham STOCKMARKET analysts have pared their corporate profit forecasts, with more downgrades expected.
 
Rewards to Aussie whistleblowers
Susannah Moran NEW US whistleblower rules could see Australian workers turn sleuths in the hope of discovering corporate wrongdoings.
 
Trade fall threatens surplus promise
Matt Chambers THE slowing Chinese economy and slumping iron ore prices are expected to cause a dramatic slide in the nation's terms of trade.
 
More rate cuts needed, says Kelly
Teresa Ooi WESTPAC chief executive Gail Kelly has thrown her weight behind more interest rate cuts to boost consumer confidence.
 
China key to Gindalbie's success
Sarah-Jane Tasker A QUALITY ore body, a Chinese joint-venture partner and a key location was Gindalbie Metals'  three-part strategy.
 
AGL secures higher gas prices
Matt Chambers and Damon Kitney AGL Energy has snared the east coast's most expensive domestic gas sales contract.
 
Developers to release more lots
Florence Chong DEVELOPERS are expected to release more housing lots over the next five years as the nation's housing market bottoms out.
 
Financial Markets
AGL secures higher gas prices
Matt Chambers and Damon Kitney AGL Energy has snared the east coast's most expensive domestic gas sales contract.
 
Profit forecasts slashed by crisis
More rate cuts needed, says Kelly
 
Financial Markets Coverage
 
Mining & Energy
AGL secures higher gas prices
Matt Chambers and Damon Kitney AGL Energy has snared the east coast's most expensive domestic gas sales contract.
 
Pencil in some great graphite buys
China key to Gindalbie's success
 
More Mining & Energy

ABC News Australia Business: Union slams Qantas over free ticket offer.



Business



Union slams Qantas over free ticket offer

Unions say free tickets are not enough compensation for Qantas passengers who were left stranded when the airline grounded its entire fleet last weekend.
More »


More Business »

Agreement reached on Greek unity government: The Washington Post News Alert

National News Takeover 160x601 The Washington Post
NEWS ALERT

Agreement reached on Greek unity government


Greece’s two main political parties reached an agreement Sunday evening to form a unity government, giving Europe a steadier partner as it works to avert a larger financial crisis on the continent.

Prime Minister George Papandreou will resign after the new government is formed, officials said, although the timing, and his successor, remained unclear.


Read more at:
http://www.washingtonpost.com/world/europe/greece-reaches-agreement-on-unity-government-papandreou-will-resign/2011/11/06/gIQAaNQ6sM_story.html