- — Photo Courtesy of http://www.ce-authorizedrepresentative.eu —
After 25 ½ hours of talks in Brussels, the 2014 – 2020 European Union Budget was agreed upon including deeper cut as pressed by U.K. Prime Minister David Cameron to 960 billion euros down for 1.047 trillion euros less than the current budget.
“We simply could not ignore the extremely difficult economic realities across Europe,” EU President Herman Van Rompuy told reporters. “It’s perhaps nobody’s perfect budget, but there’s a lot of it for everybody. This budget is future- oriented, it is realistic and it is driven by pressing concerns.” Read more for details.
U.S. Banks have been intensely practicing financial defensive strategies in preparation for another potential financial crisis and have stepped up contingency plans to diffuse a possible major financial fallout because of the Greek Vote and what may happen because of the Vote.
After witnessing Greece waver as they tried to comply with the March bailout terms to keep Greece in the European Union, the banking industry moved forward with their defensive programs in preparation of Greece exiting the EU and taking all measure to prevent major disaster as a result of the exit including setting up Crisis Teams at banks in New York and London.
Legal implications have been a major consideration because of banking contracts including loans, bonds and other bank instruments and agreements. There is possibility that a contract could end up in the wrong currency because of changes to the currencies as a result of the Vote. And as a precaution some banks are attempting to move their contracts to more favorable venues to hopefully have agreements operating in the more valuable and favorable currency should there be currency issues.
Banking preparations included practice dry runs to handle possible scenarios that may occur if Greece exits the European Union or other countries leaving the EU or even the dissolution of the EU. For instance in the case of a new currency, test runs have been made for Bankers to practice working a potential new currency.
Bankers with large exposure in Euro countries tested to be sure large funds could be readily transferred from one country to another without issues and making sure those payment system were working successfully.
Clients have been demanding communication with their bankers European divisions and branches for financial news updates for direction and to decide what to do next.
Like the rest of the world bankers are waiting to see what happens and this time many are better prepared.
ForexTradeGain.con strategies resulted in profit due to currency opportunities driven by a dramatic panic selling environment because of the surmounting issues within European Union, talk of China coming into the picture, Japan cutting jobs and Spain’s worsening economy and banking problems.
With bearish trending Asian and European markets, the US Dollar is looking strong but only because the EU is performing badly.
There is good gap on most major currencies that occurred over the weekend. Some of them have already been filled and are good areas to plot S/R. Not to mention it can usually be a ‘strong’ indication that if it gapped up ‘over’ a Resistance then we could look for further buying and vice versa for selling.
We’ve hit some major barriers on most pairs and we have some down trend lines being taken out. Could be a time for consolidation or further profit taking.
AAA Rated Forex Brokerage