HOUSE OF THE DAY: An Insane Chateau On Central Park Is Listed At $12.5 Million

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A former 19th century chapel-turned-cancer hospital-turned-nursing home-turned-apartment is back on the market for $12.5 million (via Curbed).

The apartment is being billed as an investment opportunity. Someone (a renter) is currently living there, but will move out if he has to.

Sitting on Central Park West, the apartment features neo-French Renaissance Chateauesque style Prewar design, five bedrooms, five bathrooms, spanning 5,000 square feet.

The home has an interior private elevator, a chapel great room with vaulted ceilings and peaked chapel windows.

There's a library and balcony sitting room, as well as stone columns, an arched gallery, paneled rooms, antique French stone floors, gold-leafed, plaster walls, gas and wood-burning fireplaces.

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Former Argentine Central Banker Says "Greece Should Default, And Default Big"

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The guy who managed Argentina's default in 2001, Mario Blejer, says Greece should follow suit.

He told Bloomberg:

“This debt is unpayable. Greece should default, and default big. A small default is worse than a big default and also worse than no default.”

“It’s totally ridiculous what is going on. If you assume that these countries do everything that is in the program, they do all these adjustments and privatizations, at the end of 2012 debt-to-GDP will be bigger than this year.”

Default and currency devaluation actually worked for Argentina in 2001. After shrinking 11% in 2002, the economy boomed for nine years thanks to rising commodity prices and regional growth.

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Chinese Central Bank Chief Speaks On Yuan Convertability In London

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Chinese officials told European Union members that the yuan would be fully convertible 2015, but the Chinese central bank's governor Zhou Xiaochan said there was no deadline for convertibility, according to Bloomberg. 

Zhou said the offshore yuan market was developing faster than imagined. China has agreed to give the UK formally support to make London a key yuan trading center, for now, Hong Kong remains the most important player in the offshore yuan market.

Achieving full convertibility has been a condition for the yuan entering the IMF reserve currency basket, but Zhou has said that he sees no 'urgency' in including the yuan in the IMF currency basket.

The yuan's power in international markets is however growing. For one, Africa's biggest oil producer Nigeria, said it is diversifying its foreign exchange reserves to include the yuan, and will have yuan-denominated trade settlements in oil deals.

Meanwhile, China's central bank has injected 1.778 trillion yuan through its open market operations this year, but has also raised reserve requirement ratio six times in 2011 to curb inflation, a move that drained 2.2 trillion yuan from the financial system according to Reuters.

Don't Miss: 5 Reasons Doomsayers Are Wrong About China >

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Grand Central Station -- Empty

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