EXOGEN December 8, 2014 USA GOVERNMENT SHUTDOWN SCHEDULED AROUND THE 12TH AND ABADI ASKED FOR BUDGET EXTENSION UNTIL THE 12TH...................
ABADI WAS SCHEDULED TO PRESENT THE BUDGET ON DECEMBER 10TH BE HE NOW SAYS HE NEEDS 2 MORE DAYS WHICH WILL PLACE HIM AT DECEMBER 12TH
OMEGA MAN December 8, 2014 at 1:35pm FIRST GOOD NEWS FROM PLATFORM
Felix has gotten for THREE WEEKS!
The funds have been released for our trading…Things are happening
okdad > OMEGA MAN Were they released today, and once released is there a time frame for our exchanges? Having to wait a couple of days.
R.V. / GCR > okdad Thursday....As of right now the cheese looks like Thursday at bank opening....
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OilRat December 8, 2014 at 10:30am
@JCR3758: Good Morning all. Well we are waiting to hear the results from meeting with Iraq and IMF today. Also there is a pending announcement to WTO.
G T December 8, 2014 at 11:09am New Clues......
Wells Fargo exchange centers in Atlanta and Wichita are working & Mirroring each other
Still a Coinflip for 2014 / 2015 exchange
Bank Tellers have received Memos of new Electronic Systems with NEW CURRENCIES Available
Should see these NEW CURRENCIES on Forex
BGG My take - things are in overdrive right now...Abadi appears to be working overtime to get all kinds of reforms and elimination of the old guard put in place...there are some points of contention within his political structure - but he seems to be having some success up until now...
He has promised (and delivered) change in the Army, Intelligence, CoM, Judiciary, CBI (coming)...Currency reform was a very public topic... shortly after the elections...
However it appears they are balancing the government (and maybe going to deal with Allaq) before they are able to address the Dinar but to me it's all moving at "break-neck" speed...
[forget Allaq do the dinar first.]
He's the Gov of CBI - he's the trigger man...
Aggiedad77: Hello Family, I can remember these same talks last year (See Article Below) and the big difference, aside from the obvious issues with the price of oil today.....there was a "sea" of differences in the Iraqis and IMF's thoughts on the Iraqi budget for 2014.....
Today they are saying their "views are close together"....I take that as a big positive.....sure they need to tighten some belts, they have already started to talk about making cuts in certain areas....the cuts that Abadi is making from the corruption and graft that was ongoing will have a positive impact as well.
I also see them talking sensibly for a change about borrowing from the World Bank or the IMF as being a last resort.....this to me is a sign of a nation that knows it has an economic problem but are taking the situation and issues very gravely and not just saying "oh well we can just borrow more money"......they for once are being responsible. This can only help them....and us....IMO. Aloha Randy
walkongstick : Iraq and the International Monetary Fund are discussing the budget deficit in 2015
Search Finance Minister Hoshyar Zebari, with the International Monetary Fund problem the shortfall in the Iraqi budget for 2015.
In remarks to a number of Iraqi media between Zebari said recent security developments and financial burdens resulting from the government to support the military effort to fight al "Daash" significant decline in oil prices and a negative impact on the budget.
He said Zebari, he and his accompanying delegation discussed at the meetings in the past two days in the Jordanian capital Amman with IMF experts how to overcome the crisis, and said that the views were close to each other, as it was agreed that fills happening in the budget deficit through internal sources, if there are funds in Trade Bank of Iraq, and there SDR of Iraq from the International Monetary Fund, an Iraqi funds to reduce the deficit to reasonable levels, as well as a package of reforms in the country, even to find alternative sources of oil resources, such as raising taxes and fees and to encourage investment.
Zebari pointed out that the question of borrowing from the World Bank and the International Monetary Fund on the table by the government, but they have not reached a decision yet on this subject, and this will be the last solution solutions in case you can not deficit from internal sources coverage.
The finance minister said that the Iraqi delegation rejected the request of the International Monetary Fund and the lifting of fuel subsidies and ration, noting that the Iraqi government is obliged to provide the needs of the citizen.
The Iraqi delegation included Minister of Finance and representatives from the ministries of oil, planning and the Central Bank of Iraq.
Bandit » December 8th, 2014, 11:15 am
BIS warns strong dollar could add to countries’ debt burdens
Is the dollar too strong?
LONDON (MarketWatch) — With the dollar marching closer to an eight-year high, the impact of a solid greenback has started to worry traders and economists.
The Bank for International Settlements, referred to as the central bankers’ bank, warned in its quarterly review that the strengthening dollar could “have a profound impact on the global economy,” and particularly on emerging markets.
“Should the U.S. dollar — the dominant international currency — continue its ascent, this could expose currency and funding mismatches, by raising debt burdens. The corresponding tightening of financial conditions could only worsen once interest rates in the United States normalize,” Claudio Borio, head of the monetary and economic department at BIS, said in a briefing about the quarterly review, which was published on Sunday.
The comments come at a time when investors are speculating when the Federal Reserve will introduce its first rate hike and lift the benchmark interest rates from its record low of close to 0%.
A stellar U.S. jobs report on Friday furthered the expectation that the first tightening will come earlier than the mid-2015, helping the ICE Dollar Index DXY, +0.01% log its largest weekly gain in five weeks. On Monday, the index continued to climb and was flirting with levels not seen since 2006.
While the appreciating dollar might be attractive for Americans traveling overseas, it seriously affects other parts of the world economy, and in particular countries and companies that have taken out loans in dollars. In this regard, emerging markets could be facing a major setback, as they pay back and service the debt they’ve taken out in the U.S. currency.
BIS estimated that since the financial crisis, international banks have continued to increase their cross-border loans to emerging-market countries, amounting to $3.1 trillion. Most of this debt is in U.S. dollars. That means if the local currency continues to weaken against the dollar it “could reduce the creditworthiness of many firms, potentially inducing a tightening of financial conditions,” BIS said in the quarterly report.
Outstanding loans to China alone have more than doubled to $1.1 trillion since 2012, making the country the seventh largest borrower world-wide and sensitive to large swings in foreign currencies. Additionally, Chinese individuals have borrowed more than $360 billion through international debt securities, according to BIS.
“Any vulnerabilities in China could have significant effects abroad, also through purely financial channels,” Borio said in his remarks.
The health of the Chinese economy is already closely monitored by investors, as the country is a major driver of global growth. Trade data out on Monday missed expectations, reigniting fears of a wider economic slowdown.