PrefBlog

More news from the discount aisles of Greece, where burning Sappho lunched and swum:

European Union officials said they are ready to rescue Greece if needed as Fitch Ratings cut the country’s credit rating to the lowest investment grade and economists at UBS AG said that a bailout may be imminent.

Germany restated its opposition to below-market rate loans to Greece as officials in Brussels hammered out details to the framework calling for joint EU-International Monetary Fund aid.
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The premium investors demand to buy Greek 10-year bonds instead of German bunds jumped to 442 basis points yesterday, the highest since the introduction of the euro. Prime Minister George Papandreou has said borrowing at those levels is unsustainable. Greece will need to seek emergency funding now to make debt repayments of more than 20 billion euros ($27 billion) in the next two months, UBS economists said in a note.

Yesterday I mentioned how Ontario is limiting pharmacists’ access to the trough; it appears that this action has been taken because they’ve been elbowed away by much sexier sucklings:

Residential customers in Ontario will pay $300 more a year on average for electricity by the end of 2011, an increase of 25 per cent, according to energy consultants. And the rate increases won’t end there. Investments of more than $8-billion in green energy projects unveiled by the Ontario government Thursday will add another $60 a year to hydro bills by 2012.
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The Ontario Power Authority announced Thursday that it has approved 185 wind, solar and biomass projects capable of generating 2,500 megawatts of electricity, enough to power 600,000 homes.
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Electricity consumers will pay another $5 a month by 2012, when the projects are up and running.

Let that be a lesson to everybody! University is useless! Go to charm school!

It was another counter-trend day for the Canadian preferred share market, as PerpetualDiscounts gained 74bp and FixedResets were down 11bp on continued heavy volume. To drive the point home, the volume highlights table was dominated by PerpetualDiscounts.

This entry was posted on Friday, April 9th, 2010 at 7:31 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.