The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.

Cotización de las Principales divisas en tiempo real

Cotización de las Principales divisas en tiempo real
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Agenda Macro

Calendario económico en tiempo real proporcionado por Investing.com España.

sábado, 31 de agosto de 2013

La Burbuja de Renta Fija Prometida, Cuidado con Riesgo Mercado

2 comentarios:

El Genio dijo...

With approximately $18 billion in outstanding liabilities and a shrinking tax base, Detroit’s finances are unsustainable and estimates suggest that the city will begin missing payments by the end of the year. While the city’s bankruptcy filing is not a surprise, Michigan residents were hopeful that the state-appointed emergency manager would be able to negotiate a deal to avoid the messy legal proceedings.

Unfortunately, those discussions hit an impasse and both sides quickly moved to secure the legal high ground. The Detroit pension funds sought a ruling that would invalidate the emergency manager’s threat of bankruptcy by blocking any such filing, but the emergency manager submitted the bankruptcy filing before the judge ruled on the pension funds’ request.

Before the city’s bankruptcy filing, bonds tied to Detroit’s retirement obligations were trading at 38.5 cents on the dollar. By the following day, those bonds had fallen another 1.5 cents. Even general obligation bonds, which are backed by the city’s tax powers and usually considered among the safest municipal bonds, were trading less than 90 cents on the dollar.

geniopolis.net dijo...

Moody’s has put 15 California transit agencies on credit watch for a possible downgrade because of a decision by the Department of Labor to hold up federal transportation grants.

The move this week affects more than $6 billion in securities, issued by agencies including the Los Angeles County Metropolitan Transportation Authority, the San Francisco Bay Area Rapid Transit District and the Sacramento Regional Transit District.

The Department of Labor, under newly confirmed secretary Thomas Perez, says pension reforms enacted by the state last year are in conflict with federal rules because they provide less-generous pension formulas for new hires, the Sacramento Bee reported.

Moody’s noted that:

“Loss of federal operating grants could create significant financial strain for transit agencies and force them to cut service which would reduce fare revenues that in some cases are pledged to bondholders.”

In addition, “Loss of federal capital grants may lead some transit agencies to increase leverage of dedicated sales taxes or of general obligation bonds, reducing debt service coverage and resulting in less residual tax revenue available to support operations.”

State agencies fear that if exemptions from the reforms are carved out for transit employees, other government workers will also demand exemptions, gutting California’s efforts to contain its growing pension obligations.