Copper fell for a third

Shares in Exxon Mobil Corp (XOM.N) fell 0.8 percent to $86.30 in Louis Vuitton handbags premarket trade. The Select Sector SPDR energy exchange-traded fund (XLE.P) lost 0.9 percent to $73.59. Copper fell for a third straight day, pulled lower by a stronger dollar and fears of reduced demand from China, the world's biggest consumer of the industrial metal. Shares in Freeport-McMoRan Copper & Gold Inc (FCX.N) fell 2 percent to $39.63 in premarket trading. Yahoo Inc's (YHOO.O) new chief executive was preparing a significant restructuring of the Internet media company that would include thousands of layoffs, according to a technology blog. The shares fell 1 percent to $14.48 premarket. "There are some very important and damaging ramifications that would result from a disorderly default on Greek government debt," the IIF said in the February 18 document obtained by Reuters. "It is difficult to add all these contingent liabilities up with any degree of precision, although it is hard to see how they would not exceed 1 trillion euros." If Greece misses the March 20 payment without a deal in place, this would be seen as a disorderly default and could be taken as a sign that politicians have lost control of the euro. Investors might then target other Louis Vuitton handbags cheap weak euro zone countries. Spain and Italy might require 350 billion euros in outside support to contain the fallout, the IIF said, while the cost of helping Ireland and Portugal could total 380 billion euros over five years. If the deal fell apart, the European Central Bank would suffer substantial losses because its estimated 177 billion euros exposure to Greece is over 200 percent of its capital base, the IIF said. The bank lobby group, which helped negotiate the swap on behalf of creditors, also said bank recapitalization costs could easily hit 160 billion euros if no swap is agreed. It could threaten the euro and would be a catastrophe for Greek living standards. "Social strains (in Greece) would intensify as the economy reeled and unemployment surged from an elevated level already in excess of 20 percent," the report said. "When combined with the strong likelihood that a disorderly Greek default would lead to the hurried exit of Greece from the euro area, this financial shock to the ECB could raise significant stability issues about the monetary union." JITTERS A dozen major Greek bondholders, all on the IIF steering www.seejun.com committee that helped draw up the deal, said on Monday they would support the swap. They hold about one-fifth of the 206 billion euros of bonds in circulation. The remaining investors are under pressure to sign up.