Opening Bell: 06.28.11

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Dollar seen losing global reserve status (FT)
The US dollar will lose its status as the global reserve currency over the next 25 years, according to a survey of central bank reserve managers who collectively control more than $8,000bn…UBS surveyed more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions with more than $8,000bn in assets at its annual seminar for sovereign institutions last week. The results were not weighted for assets under management. The results are the latest sign of dissatisfaction with the dollar as a reserve currency, amid concerns over the US government’s inability to rein in spending and the Federal Reserve’s huge expansion of its balance sheet.

Greek unions start Athens austerity protests (Reuters)
Thousands of demonstrators began gathering in front of the Greek parliament on Tuesday at the start of a two-day strike to protest against painful cuts demanded by international lenders as the price for more financial aid.

EU has Plan B if Greece rejects austerity (Reuters)
The sources said planning had been going on for several weeks and was designed to ensure Greece gets the liquidity needed to avoid default in the absence of the next, 12 billion euro tranche of its emergency loan package, due by mid-July.

Ailing Greece Tries National Tag Sale (WSJ)
For the taking: four wide-body Airbus jets, a state lottery, a state horse-racing concession and sports book, stakes in a casino, several ports, a national post office, two water companies, a nickel miner and smelter, a munitions maker, electricity and gas monopolies, a telecommunications operator, shares in a half dozen banks, hundreds of miles of roads, a defunct airport, old Olympic venues and thousands of acres of land, including magnificent stretches of Greece's famed coast.

U.S. Money Funds Risk Losses From Europe Crisis (Bloomberg)
U.S. money funds eligible to buy corporate debt had about $800 billion, or half their assets as of May 31, in securities issued by European banks, Fitch Ratings estimated. European lenders held more than $2 trillion at year-end in loans to Greece, Portugal, Ireland, Spain and Italy, the most indebted European countries, the Bank of International Settlements estimated.

Debt deadline unlikely to deviate much (Reuters)
U.S. Treasury Secretary Timothy Geithner is not expected to significantly shift the August 2 date when the government will have exhausted all of its emergency measures to stave off default, a source familiar with the administration's efforts said on Monday.

Credit Suisse CEO owes ex $750K for late payment‎ (AP)
Brady Dougan owes his wife more than $750,000 in interest for being 12 days late with a $7.5 million divorce-related payment, the state Supreme Court ruled Monday. The high court unanimously upheld a section of the Greenwich resident's divorce settlement dealing with interest on late payments that he argued shouldn't be enforced. Justices noted that Dougan is a "financially sophisticated" businessman and had agreed to the terms.

Exit Further Thins U.S. Regulatory Ranks (WSJ)
Jeffrey Goldstein, a top Treasury official overseeing implementation of the Dodd-Frank financial-regulatory overhaul, will step down next month, adding to about a dozen empty seats President Barack Obama has to fill among the government's top financial-policy-making agencies.

SEC Broadens Probe Into Stifel Financial (WSJ)
U.S. securities regulators have broadened their probe of mortgage bonds sold by Stifel Financial Corp. to include whether the securities were suitable for five Wisconsin school districts that suffered steep losses on them, according to people familiar with the situation.

Greek woes may eclipse Lehman: Ackermann (Reuters)
"If it is Greece alone, that's already big. But if other countries are drawn in through contagion, it could be bigger than Lehman," the Deutsche Bank chief said at a Reuters banking event on Monday.

Chasing Business, Moelis Adds Advisers (DealBook)
Moelis & Company said on Tuesday that it had appointed five senior directors to a new advisory board in an effort to win new clients and work with corporations and governments.

$1 Billion That Nobody Wants (NPR)
Unused one-dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007. And even though the neglected mountain of money recently grew past the one billion mark, the U.S. Mint will keep making more and more of the coins under a Congressional mandate. The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year.

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