Top Interest Rate Headlines 11-07-2011: Euro-Zone Ministers Discuss Ways To Rapidly Implement EFSF Changes

Euro-Zone Ministers Discuss Ways To Rapidly Implement EFSF Changes 
Euro-zone finance ministers were meeting Monday to discuss ways to accelerate the implementation of decisions reached last month by the currency bloc's leaders that aim to build firewalls to stop contagion from the escalating sovereign debt crisis.
http://jlne.ws/vvvAaa

Generation Jobless: For Those Under 24, a Portrait in Crisis
The U.S. labor market is in a malaise, but young adults are in crisis.Though workers of all ages face economic headwinds, teens and adults under the age of 24, especially those with little or no college education, are faring the worst, economists say. The 16.7% unemployment rate among Americans in that group is more than twice the rate for workers 25 and older.
http://jlne.ws/u3S5hk

FDIC Declines Extension of Timeframe for $7B WaMu Bankruptcy 
The Federal Deposit Insurance Corp. has balked at extending the termination date for a three-way deal at the heart of Washington Mutual Inc.'s Chapter 11 plan, company attorney Brian Rosen said Monday.
http://jlne.ws/s7uLcg

Challenger: Holiday Retail Hiring Could Be Lower Than 2010
By Ben Fox Rubin, WSJ.com
Holiday retail hiring is off to a relatively strong start, with 141,500 jobs added in October, but overall hiring for the season may be a bit slower than last year, layoff consultant Challenger, Gray & Christmas Inc. said.
http://jlne.ws/sVCnVz

SEPA: the opportunity for non-European Banks 
Celent
I’ve read with interest the press release from Wells Fargo this week stating the expansion of their Global Treasury Platform into Europe. I’ve long pointed out that SEPA (Single Euro Payments Area) creates an opportunity not just for European banks but any bank who wants to make payments in or out of Europe.
http://jlne.ws/rLKtCO

Euro zone governments rush to placate bond markets 
Reuters
Euro zone governments rushed to placate feverish bond markets on Monday as the currency bloc's debt crisis threatened to accelerate out of control, with Italy overtaking Greece as the prime threat to stability.
http://jlne.ws/u7Ng2H

Italy: Berlusconi denies resignation rumors 
globalpost
There was speculation that Italy's Prime Minister Silvio Berlusconi would resign Monday morning after two senior journalists reported he would quit within hours. The prime minister quickly denied the reports, but the rumor sent Italy's stock soaring.
http://jlne.ws/tyzvg8

Eurozone crisis piles pressure on credit default swaps 
FT.com
http://jlne.ws/u98dD8

French government unveils more budget savings 
By Polya Lesova, Reuters
The French government announced plans on Monday to save an additional 18.6 billion euros ($25.5 billion) in 2012 and 2013 in an effort to lower its deficit in the face of slowing economic growth and ongoing turmoil in the euro zone, according to media reports.
http://jlne.ws/ttEFR9

Revised govt formula shows new poverty high: 49.1M 
Associated Press
A record number of Americans - 49.1 million - are poor, based on a new census measure that for the first time takes into account rising medical costs and other expenses.
http://jlne.ws/rN4FHd

CFTC's Gensler Said to Recuse Himself From MF Global Probe on Corzine Ties
Bloomberg
U.S. Commodity Futures Trading Commission Chairman Gary Gensler will recuse himself from the agency's investigation of MF Global Holdings Ltd. (MF) amid concern that his ties to the bankrupt firm's former chief executive may give the appearance of a conflict of interest, two people with direct knowledge of the decision said.
http://jlne.ws/tDv5ZV

Financial Stability Board Reports To G20 Leaders On Progress In Implementing Financial Regulatory Reforms
Press Release
The Chairman of the Financial Stability Board (FSB) reported to the G20 Leaders today atthe Cannes Summit on progress in the implementation of the G20 recommendations on financial regulatory reforms. Prior to the meeting the Chair set out in a letter a number of issues in this regard.
http://jlne.ws/sCdTme

IMF Launches New Training Course To Promote Understanding Of The Linkages Between Macroeconomic Statistics
Press Release
The International Monetary Fund (IMF) today completed its first course on
http://jlne.ws/umc3w2

Statement By IMF Managing Director Christine Lagarde On The G-20 Cannes Summit
Press Release
http://jlne.ws/u8HQdO

MF Global Customers Lament Safeguards as Regulators Work to Unfreeze Money
By Matthew Leising, Bloomberg
Customers of MF Global Holdings Inc. whose money is still trapped at the futures broker almost a week after filing for bankruptcy protection say the safeguards meant to protect them failed as exchanges and regulators work to move client positions.
http://jlne.ws/thFfe1

CME Temporarily Reduces Margin to Ease MF Global Account Shift
By Matthew Leising, Bloomberg
CME Group Inc. is reducing the initial margin required to back futures trades to ease the bulk transfer of accounts held by MF Global Holdings Inc. customers.
http://jlne.ws/uyMl3L

CME Group Statement on Transfer of MF Global Customer Accounts
Press Release
CHICAGO, Nov. 4, 2011 /PRNewswire/ -- On November 3, 2011, CME Group successfully transferred nearly 5,300 MF Global customer accounts and more than $410 million of CME Clearing-held collateral to other qualified clearing firms. CME Clearing continues to hold MF Global proprietary and customer collateral that will be distributed upon instructions from the Trustee and the bankruptcy court.
http://jlne.ws/cjpXe7