JPMorgan is discussing the possibility of buying Argentina’s sovereign debt from a group of dissident bondholders, Dow Jones reported on Thursday, citing sources familiar with the matter. The South American nation is fighting a court decision that determined it must treat all bondholders the same, despite a massive restructuring agreement stemming from its default more than a decade […]
IMF Sees Business-Loan Losses of EU250 Billion in EU Banks
“Banks in Spain, Italy and Portugal face about 250 billion euros ($338 billion) in potential losses on their business loans over the next two years, the International Monetary Fund said. About one-fifth of combined corporate loans is at risk of default in the three economies, which are forecast to contract this year, according to the […]
Germans Hide Cash in Diapers as Swiss Secrecy Crumbles
“Germans who avoided taxes by keeping money in Switzerland are bringing wads of cash home and hiding it in odd places. With Swiss banks the target of an international crackdown against tax evasion, the government wants the industry to stop managing undeclared funds. This requirement, combined with high-profile cases such as Bayern Munich President Uli […]
Gold Investors Seek Alpine Haven in Swiss Army Bunkers
The week after Cyprus said in March it would impose a levy on bank deposits of more than 100,000 euros ($132,000) amid Europe’s debt crisis, Rene Buchwalder’s business boomed. “This bar is one of the best sellers,” said the former UBS AG (UBSN) banker, standing in the vault of his Swiss gold and silver trading […]
Americans Giving Up Passports Jump Sixfold as Tougher Rules Loom
“Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought […]