http://online.wsj.com/article/SB40001424052748704398804575071832506621038.html?mod=djemITPE_h
“ATHENS—A controversial currency swap undertaken by the Greek government in 2001 had no bearing on the country’s eligibility for entry into Europe’s common currency because Greece was already a member at the time, Greek officials said Wednesday.
“This was just an ordinary swap,” said Yannos Papantoniou, who was Greek minister of national economy and finance between 1994 and 2003. “It was simply to even out the servicing of our debt so as to avoid any jump in our debt burden as a result of currency movements.” Earlier in the day, Greek Finance Minister George Papaconstantinou defended the deal before Parliament, saying the “transaction was completely legal and compliant with Eurostat”—the statistics agency for the 16-nation currency bloc…”
http://online.wsj.com/article/SB40001424052748703444804575071352329954616.html?mod=djemITPE_h
“ROME—Derivative contracts taken out by Italian municipalities could jeopardize local public finances for decades, even though the global financial crisis has softened the blow in the short term, Italy’s Audit Court said…”
http://online.wsj.com/article/SB40001424052748703444804575071442496568512.html?mod=djemITPE_h
“MADRID—When Spanish Deputy Finance Minister José Manuel Campa goes to the U.S. Thursday on a fund-raising tour, he will come face to face with investors alarmed by a country with a double-digit budget deficit and an unemployment rate of nearly 19%.
But in a key test of sentiment, the Spanish treasury completed the sale of €5 billion ($6.9 billion) of 15-year bonds. The treasury offered a hefty premium on the deal, but received offers to buy more than €13 billion of the new bonds…”
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Forklarende note:
Derivatives er er art investerings-talonner, der sætter aktiekurser på væddemål.
Vi har hørt om to store danske kommuner, der har spekuleret på aktiemarkedet og tabt…og folkepensionen væk…., men dette her er en tand værre.