Category Archives: Euro

Greece Private Bondholders to Reduce Claims by 50%

Posted on October 26, 2011 by macromon

The FT reports, European leaders reached a deal with Greek debtholders on Thursday morning that would see private investors take a 50 per cent cut in the face value of their bonds, a deep haircut that officials believe will reduce … Continue reading →

Posted in Black Swan Watch, Economics, Equities, Euro | Tagged , | Leave a comment

The Creeping and Coming Eurozone Credit Crunch

Posted on October 26, 2011 by macromon

Here’s a very informative chart via Morgan Stanley showing the deterioration in the Eurozone’s key credit indicators.  Banks will no doubt sell assets, at least in part, as a way to meet their required capital targets. During the 1997 Asian … Continue reading →

Posted in Black Swan Watch, Credit, Economics, Euro, Sovereign Debt, Sovereign Risk | Tagged , , | 1 Comment

Flash Eurozone PMI Lowest Since July 2009

Posted on October 24, 2011 by macromon

                      (click here if charts are not observable)

Posted in Economics, Euro | Tagged , , , , , | 4 Comments

Norway’s Sovereign Wealth Fund May Help Eurozone

Posted on October 24, 2011 by macromon

This may the rabbit the Euros pull out of the hat.  Sovereign wealth funds to compliment EFSF.  Our sense Lagarde is working on something. (click here if video is not observable)

Posted in Euro, Fiscal Policy, Sovereign Debt, Sovereign Risk | Tagged , , , | 1 Comment

Markit Flash German PMI Shows Modest Rise

Posted on October 24, 2011 by macromon

(click here if chart is not observable)

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Markit Flash France PMI Contracts Sharply

Posted on October 24, 2011 by macromon

(click here if chart is not observable)

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Most Important Spread in the World

Posted on October 23, 2011 by macromon

Given the bank recapitalization plan announced over the weekend,  the France national government may be on the hook to help recapitalize and backstop its banking system.  The markets will be full of noise in the next few days and we … Continue reading →

Posted in Credit, Euro, Monetary Policy, Sovereign Debt, Sovereign Risk | Tagged , | 2 Comments

Is the Euro Driving the S&P500?

Posted on October 22, 2011 by macromon

In case you haven’t noticed recently the Euro and S&P500 seem to be moving together almost tick for tick.   Here are the daily moves in futures over the past month.  Makes you think they’re both dancing to the same … Continue reading →

Posted in Black Swan Watch, Charts, Equities, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | 1 Comment

Losses expected for holders of Greek debt

Posted on October 22, 2011 by macromon

Do they mean banks need to write down or reserve against their Greek bonds by 60 percent or is it that bondholders will reduce their claims on Greece by 60 percent?   We are not confident that the EU policymakers … Continue reading →

Posted in Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

Europe’s Undercapitalized Banks

Posted on October 20, 2011 by macromon

We’ve posted several pieces recently about Europe’s over banked and undercapitalized financial system.   The markets have pounded European bank equities this year and forced the eurozone political leaders to cobble together a bank recapitalization plan, which we all wait for … Continue reading →

Posted in Black Swan Watch, Charts, Euro, General Interest, Geopolitical, Sovereign Debt, Sovereign Risk | Tagged , | 4 Comments