Bailout

News & Analysis as of

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Grexit: Grief or Gift?

On July 5, the Greeks voted emphatically against their creditors’ proposals. Earlier that week, the IMF released a report in which it recommended a comprehensive recover plan that included a debt relief or a debt moratorium...more

Eurozone Crisis Update: Deadline looms for Greek debt proposals

The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors. Eurozone leaders were disappointed on 7 July when no substantive...more

Austerity's Achilles' heel - The economic landscape looks fairly stark across the eurozone, as public budgets remain stubbornly...

For the past five years, members of the European monetary union have been swinging the axe at public budgets to rebalance their books. Europe’s age of austerity has been grueling and, for some, there is no end in...more

Bank Resolution in Greece

The result of Sunday’s (5 July 2015) referendum which rejected the latest proposed bailout by the European authorities was unequivocal. The next steps in this crisis are far less clear, ranging from a swift renegotiation of...more

A Short Guide to the Implications for the Imposition of Capital Controls in Greece

Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece. Background - Months of negotiations on a deal to restructure Greece’s debts appear...more

Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more

Can Fannie and Freddie Cope Under Pressure?

Last week, the Federal Housing Finance Agency (FHFA) put Freddie and Fannie to the test, and the results were grim. Dodd-Frank mandated “stress tests,” designed to evaluate a financial institution’s ability to withstand an...more

FHA Announces Plans to Lower Mortgage Insurance Policy Caps

Last Friday, the Federal Housing Administration announced that it will reduce the maximum threshold for the high-price mortgages it is willing to insure. This change was called for by the Housing and Economic Recovery Act of...more

Contingent Capital Securities: Evolution Or Disruption?

Long before taxpayer-sponsored bailouts or state-sponsored “resolutions” of financial institutions came to occupy such a prominent place in our collective consciousness, financial institutions relied on hybrid capital...more

Barofsky and Bair on Banks and Bailouts*

As the United States continues to pull itself out of the credit crisis, these two books shed light on the Washington infighting behind the government's response to the crisis and, more broadly, the shape of financial...more

The Consequences of a Failed Banking Union

I told the Blog team that I had sworn off writing about Europe for a while; but really. The FT opinionized last week that the EU ministerial decision to agree on a standard “bail-in” to fix broken European banks was a good...more

Too Big To Fail in the Dodd-Frank Era  [Video]

May 31 (Bloomberg) -- Davis Polk Partner Randall Guynn speaks with Bloomberg Law's Lee Pacchia about how Dodd-Frank's orderly liquidation authority (OLA) gives lawmakers better choices when faced with the failure of complex...more

Cyprus: The Day After - The sun will still shine bright

Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more

Cyprus Agrees to Bailout Terms

Cyprus has come to an agreement with the European Union and the International Monetary Fund (IMF) for a €10bn bailout in an attempt to avoid the collapse of its banking sector and the impact that would have on the wider...more

Orrick's Financial Industry Week In Review - April 2, 2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

Cyprus: Not the Archduke Ferdinand Moment, This Time

Among the more technical topics we cover in this Blog, we keep an eye on Europe as we fundamentally continue to worry that Europe’s disease could infect our markets. As I write this, Cyprus is trying to sort out the terms of...more

Legal impacts of the Cyprus banking crisis

20 March 2013 - Harneys is closely monitoring the evolving situation in Cyprus. Naturally we have, over the past few days, been assisting those of our clients who have accounts in Cyprus or corporate structures which involve...more

Cyprus: Developments following Eurogroup Meeting

Update - Further to our briefing below kindly note that the draft bill for haircut on deposits was rejected by the House of Representatives. Harneys is monitoring the developments. On 15 March 2013 the representatives...more

The Final Geithner Tally: TARP Bailout Pays Big Dividends For Taxpayers

As U.S. Secretary of Treasury Timothy Geithner steps down, Treasury released a January 18, 2012 update on the Troubled Asset Relief Program (“TARP”). This most recent update highlights an often misunderstood reality —...more

Spanish Bailout Dilemma Gets More Acute

Despite the best efforts of the Spanish people and Prime Minister Mariano Rajoy, the European Union will almost certainly need to bail out yet another struggling member state. This time it is Spain, the fourth largest economy...more

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