Thursday, October 27, 2011

Morning Brief: European leaders reach deal to halve Greek debt; Sony buys out Swedish mobile phone partner

European leaders are lauding a new debt deal that will force the owners of existing Greek bonds to take a "haircut" by converting their bonds into new loans, the result of which will halve the outstanding debt of the Greek government. Part of the deal involves a new €100 billion bailout for Greece to be received next year.

The Prime Minister of Greece, George Papandreou.

"A new day has dawned for Greece," the Prime Minister George Papandreou said early today. "We are permanently closing the country's accounts with the past and entering a new course that will be characterized by development and not uncertainties."

"We have reached an agreement which I believe lets us give a credible and ambitious and overall response to the Greek crisis," French President Nicolas Sarkozy is quoted by The Guardian as stating. "Because of the complexity of the issues at stake it took us a full night. But the results will be a source of huge relief worldwide."

Sony Corp. has agreed to take over the Sony Ericsson joint venture. The electronics giant will pay about $1.45 billion to buy out its Swedish partner.

"Its the beginning of something which I think is quite magical," Sony's chairman and chief Executive Sir Howard Stringer said, echoing the words of the late Steve Jobs.

The buyout of its partner may help Sony better integrate its divergent products into one coherent mobile ecosystem. It may be especially helpful if Apple decides to get into the television set business, as has been rumored.

In fact, one could safely say that this is the first impact made by Apple's new business, which is, of course, strictly vaporware at this point.

Lovely story this morning in the NYT about the Madoff's attempted suicide. After living the high life for years the married couple that they just couldn't stand the thought of people being, well, a bit peeved with them for rather impolite act of stealing their live's savings.

So one night the Madoffs took a bunch of pills and awaiting oblivion.

The next morning, Ruth Madoff told the Times that she was “glad to wake up” from her drug induced sleep.

“I’m not sure how I felt about him waking up,” she added. How sweet.