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The Hellenic Radio (ERA): News in English, 08-12-16

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <>


  • [01] World Impact from Madoff Scandal

  • [01] World Impact from Madoff Scandal

    European Central Bank. Jean-Claude Trichet appears concerned over prospect of new drop in eurozone interest rates. In parallel, German Chancellor Angela Merkel is drawing a new rescue plan with emphasis on infrastructures. The US, which has just started assessing losses from Madoff scandal, realizes the tenuity of the structure that has caused the heaviest financial crisis in post war history. The loads of money lost in the US pyramid are scaring.

    French group "Credit Mutuel" announced on Tuesday that it had exposure of up to 90 million euros making it one of the victims of the alleged $50 billion fraud masterminded by former Nasdaq chairman, Bernard Madoff. In its official announcement "Credit Mutuel" says that there would be collateral damages from the drastically undervalued bonds mounting to 90 million euros. We will do whatever possible to reduce final losses."Swiss Life" insurance company also announced today that it could suffer losses over 57.2 million euros in indirect exposure to the same fraud. Our losses will come from our close cooperation with private banks "Reichmuth", "UBP", "RMF".

    Bank losses in Madoff Scandal A rising number of banks across Europe detailed their potential losses from Madoff who allegedly set up a so called Ponzi scheme, in which existing investors are paid out with money from new clients not from actual investment returns. Spanish Santander : $3,1 billions British HSBC: $1 billion French Natixis: $605 millions British RBOF: $601 millionsFrench BNP Paribas: $ 460 millions Spanish BBVA: $400 millions JapaneseNomura: $ 225 millionsApart from banks several prominent personalities and organizations are among Madoff's victims, Steeve Spielberg, Mort Zokerman, New York Mets, Philadelphia Eagles .While the US is trying to reverse economic collapse with drop in Central Bank interest rate, IMF chairman Dominique Strauss Khan fears that poverty will trigger social unrest unless governments take economic measures. OPEK president in a television interview ask for rise in oil prices. Europe is stormed by lay offs. In Italy, 200.000 people working in auto industry are laid off. In Britain 50.000 people in post offices fear lay offs. The White House announced on Tuesday that it continues looking into all possibilities to rescue automakers, underlining that all sides must agree on compromises.

    News item: 16798

    The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article
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