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90 seconds at 9am with BNZ: Ireland, Portugal and Greece in European debt spotlight; Chinese government targets inflation

90 seconds at 9am with BNZ: Ireland, Portugal and Greece in European debt spotlight; Chinese government targets inflation

Gareth Vaughan, sitting in for Bernard Hickey, details the key news overnight in 90 seconds at 9 am with Bank of New Zealand, including news that concerns are continuing to mount over Europe’s sovereign debt crisis with the spotlight on Ireland, Portugal and Greece overnight.

Speaking in Brussels European Union (EU) President Herman Van Rompuy said: “We’re in a survival crisis.”

Irish bond yields rose and the euro fell as Ireland negotiates with the EU and International Monetary Fund about aid to bolster its state finances and secure capital for its banks.

Against this backdrop the prospect that Portugal could also require an international bailout was raised as were concerns Spain could face speculative pressure.

And Austria’s Finance Minister said his government was considering withholding Austria’s share of the next slice of Greece’s 110 billion euro rescue package, because the Greek government had missed a revenue-raising target. This news hit Greek bonds pushing the extra yield over 10-year German bonds up by 12 basis points to 898 basis points.

German Chancellor Angela Merkel raised the possibility of the euro collapsing, warning: ''If the euro fails, then Europe fails.”

Meanwhile, in China Premier Wen Jiabao said the country’s cabinet was drawing up plans to counter inflation. China recorded 4.4% inflation in October and a report yesterday suggested the Government might impose price limits on food and introduce tougher punishment for people caught speculating on agriculture futures such as corn and cotton.

In the currency markets the New Zealand dollar fell to US76.60 cents from US 77.25c yesterday, its lowest level since November 1.

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50 Comments

Not going to be a Melly Clismas for many........by next weeks end we should see SAVE recommendations in full swing ......and the ripples will build toward xmas.

Good morning Garreth..

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What've you got in your stocking, Christov?

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Generally PDK I keep a pair of legs ready to go in em.......but I have been stockpiling vasectomy kits for the needy. 

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apologies that should have read SAFE......oh the crust sets in.

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Drat, I was betting on "Students Against Violating the Economy", but then again I suppose I could find an F-word to replace violating.

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Top of the morning to you Christov.

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Vasectomy kits?  Nuts to that.

My old man reckoned Hitler had the right idea re population, but that he was far too narrow in his targeting.....

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PDK you know very well that all such mention of that persons name is taboo here at int. That aside.....the numbers simply have to come down........ah the complexity of growth and the perception of what that actually is.

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Tell us about it  -- you should see the blackberry round here...

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Blackberry...eh how very posh.....a must in your line of work.

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Me 'n Obama, we're just like that.

We get along vine

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But but it's ok to have heaps of Hobbits right!....let's just get rid of all the big tall humans what eat so much and use up twice the resources as wee Hobbits.......

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I'm all for a cull on the Hobbit as well Wally.......in short I don't discriminate.

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Swine....if it weren't for the Obbits where would we be....!

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We would be a bit closer to what the actual unemployment figure are without misleading the public about ..."short'..... term occupations

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You just put your big foot on it Christov...one of them anyways!

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AND YETI feel no closer to debunking the gnats.

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Interest rates will rise on this piigs fiasco...but the banks here are facing declining demand for credit as well and they sit on a mountain of losses hidden in the mortgagee listings kept off the balance sheets and the market...this is why Bollard and the bank bosses are screaming out for people to borrow and binge again....

Hard bloody luck....the peasants are waking up to discover the banks are parasites and both the RB and govt are married to the banks. Pay down debt as fast as you can. Do not take out a loan. You and all the other peasants have the ability to drive down prices on property and retail stuff.

Oh and you need to realise govt and govt depts run on the principle of 'spin whatever is needed' to influence you.

Now start organising the chookhouse and get with the gardening. Get with the mates and buy a 'predator' so you can all share in catching your fish. Ride a bike. Use the bus or train. Stop buying shite you don't need.

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"PSA was this morning confirmed on two orchards in the Hawke's Bay, two in the Bay of Plenty towns of Edgecumbe and Whakatane, east of Te Puke, as well as three more Te Puke orchards." herald......

Shite hitting the fan...bloody awful for the growers...think about the economic impact on the regions.....think about the storm damage down south....the earthquake.....the possible return to drought on the eastcoast....the cost to taxpayers of supporting the growers....remember this is no quick fix situation.....Now tell us the SCF QE bailout for all was a great move!

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But the Dow Jones Index fell ............". crashed " .  I should've said .............. 178 points last night !

How come we're not all of a tiss-wold and having a panic attack ? ........... Is Hickey not here today ?

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Bernard's down on the Mainland for a couple of days GBH. I expect he'll post a top 10 later on.

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I'll grab the bugger as he goes past and give him a few old daggy ewes to clean up. Then Walter can have a go...get BH to knock off some paintings maybe.....

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maybe just sign paintings done by someone else.........or has that been done before?

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Now there's an idea Walter...you knock up some wet ones and we can get BH to scribble 'Goldie' at the bottom.....then flog them to the party members down from Beijing for a taste of Noddy.

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Bernhard is not Helen.

By the way - so far I couldn’t spot Bernhard’s new green "NZ110%Pure" - party lemonusine in "towndown" Kaikoura. I’m wonder who the driver is.

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Brian Spondre ! He blocks the blows aimed at Bernard . ............ Nice to be so very  loved !

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can PSA get into grapes,  they are both vines? Im hoping no. Kiwi fruit growers net 100k a hectare, this is looking like a worst possible senario for those in the industry. I guess if PSA is in HB then we will soon find out if it can affect grapes.

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I hope not!!!

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Bloody well hope that the PSA doesn't get into grapes . Fecking lazy parasites have done enough damage to the wider community over the years ........... 'Ang on a mo' , we are talking about the Public Serpents Association , aren't we ?

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.......... and Gold crashed $US 30 over-night  !

OK , so it's not a safe haven against daily market chaos . Must add that to the notes they gave me at the seminar ............ Meebee the guy was bull-shitting , and it's not a hedge against PSA in kiwi vines too ?

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After the Hobbit debacle the "financial services hub" is now looking for tax breaks.

http://static.radionz.net.nz/assets/audio_item/0008/2434247/mnr-20101117-0817-Report_calls_for_Hobbit-style_tax_breaks_for_finance_jobs_hub-m048.asx

Hmmm, might try to get a handout for my widget factory...

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Gummy Bear: And then look at the change in our exchange rate, a month ago was a very good time to get out of Gold.

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More on Kiwifruit & PSA from Seeka:

Seeka Kiwifruit Industries Limited updates the market on the current situation with Pseudomona Syringe PV Actinidiae (PSA) and, in particular, its current understanding of the impacts on Seeka.

As at 10.00am 17 November 2010, 25 orchards across the New Zealand kiwifruit Industry had been infected by PSA. Te Puke appears to be the epicentre with 21 confirmed cases. There have also been confirmed cases in the Hawkes Bay (2), Edgecumbe (1) and Whakatane (1). All confirmed orchards are of the gold variety (which represents approximately 25% of the NZ kiwifruit crop by volume), and there are no reported impacts on the green variety (which represents approximately 75% of the NZ kiwifruit crop).

Seeka has 105 hectares of long term leases growing some 1.2m trays and in total handles 4.8m trays across 484 hectares for all supplying orchards.

In Seeka’s case, 6 orchards supplying Seeka have been confirmed as having PSA, all in the Te Puke region and totalling approximately 39 hectares. If all supply was lost from those orchards, it would represent approximately 8% of the gold kiwifruit handled by Seeka, or 2% of Seeka’s total kiwifruit supply.

Of the 6 orchards, 2 orchards are under Seeka long term lease totalling 7.46 hectares. Based on current knowledge, the symptoms on these particular orchards are considered light and action has been taken to remove infected plants.

Seeka advises that it will provide its six month report by November 29, 2010 along with the current year guidance.

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Chris Martenson - puts it well.

http://www.energybulletin.net/stories/2010-11-16/interview-chris-marten…

More homework Andrew J - no play after lunch until you've finished.

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The horrible truth starts to dawn on Europe's leaders

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100008667/t…

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so good I said it twice

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It seems highly probable that as peak oil really starts to impact on our societies it will create work for the many who are almost un employable at present due to a lacking of useful skills.  This will be due to an increase in many and varied manual labours as oil will become too expensive to power many of its current uses.  

History shows us that those in power (in the authoritarian sense) will most certainly not sully their hands with hard labour.  Laws will be introduced to ensure that suitable sections of our populations are sufficiently desperate to do whatever is needed.  

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Cristov can be a gravedigger. It's on his CV.

And I thought he was just a plotter.

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Sexton ...s'il vous plaît

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yeah - I'll bet. I know your kind

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Who was it posted some drivel some time back about property being a safe investment...wasn't it POP....whomever it was, perhaps they would like to comment on this from tv.co

 "More than 50 properties will be seriously affected if a proposed route for a new highway north of Auckland gets the green light"

Needless to say a heap more properties will get no compensation and can expect to be well within range of the drumming bloody noise...and the owners will have the pleasure of knowing their place is worth a dam sight less.

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Ireland could be bailed out by the EU to the tune of 100 billion euros, the Wall Street Journal reports - http://www.theaustralian.com.au/business/news/bailout-of-irelands-banks…

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The ECB hasn't got 100 billion euro...they have a keyboard which replaced the printer.

The whole situation has turned to porridge. Which is what most of the pollys and bankers should be doing for the next oh sixty odd years, each.

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The sky is black with PIIGS coming home to roost. In 100% pure English explained what happen currently in Europe:  

http://gonzalolira.blogspot.com/2010/11/is-europe-coming-apart-faster-t…

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Yes - this guy is smart - a combination of Iain’s and Wolly’s view zh, zh almost !

 please read.

http://gonzalolira.blogspot.com/2010/08/how-hyperinflation-will-happen.html

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Here more - WOW - have a look the guy with the bike : http://gonzalolira.blogspot.com/p/cartoons-doodads.html - great site in general.

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 "The PSA disease has spread to kiwifruit orchards in the South Island"..herald

Jeez that was quick.........

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so you import pollen from a country with a prevalence of psa infections but you don,t have mandatory testing regime for the same and you are surprised at what has occurred--how did davo get this job with maf--common sense not one of his strong points obviously 

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10688159

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DRYWALL DANGER

* Chinese drywall used in some US homes has been blamed for the failure of air-conditioning systems and wiring and pipe corrosion.

* It is said to produce a rotten-egg smell and Americans with the drywall have complained about coughs, eye and skin irritation, breathing problems and asthma attacks.

* Complaints in the US surround houses built in 2006 and 2007. Many of those affected were built after the 2005 Hurricane Katrina disaster and homes in Louisiana, Florida and Texas are affected.

Herald!

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