Category Archives: Euro

Quote(s) of the Day: Living in (Sur)reality

Posted on May 18, 2011 by macromon

“Greece is solvent” — Juergen Stark,  ECB Chief Economist ¡Defenderé el peso como un perro! – “I will defend the peso like a dog!” – José López Portillo,  President of Mexico 1976-82 Liquid?  Yes.  Solvent?  No, unless Greece is willing … Continue reading →

Posted in Black Swan Watch, Euro, Quote of the Day, Quotes, Sovereign Debt, Sovereign Risk | Tagged , , , | 3 Comments

Chart of the Day: Europe’s Runaway Sovereign Debt

Posted on May 17, 2011 by macromon

Great chart from the Der Spiegel website:

Posted in Black Swan Watch, Euro, Sovereign Debt, Sovereign Risk | Tagged , , , | 3 Comments

Euro Swan Dives; Eichengreen Nails It

Posted on May 11, 2011 by macromon

The Euro is down big again on debt fears/confusion/politics.   Europe needs a plan and we point to Barry Eichengreen’s (our bet for next year’ Nobel Prize)  article posted on Project Syndicate this morning. There is a fear in Europe and … Continue reading →

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

A Credible & Comprehensive Plan for Europe’s Debt Crisis

Posted on April 25, 2011 by macromon

The following is the Executive Summary of a longer article that offers up a credible and comprehensive plan for the European Debt Crisis, which deals with the periphery debt overhang  and weak balance sheets of Europe’s commercial banks.  It has … Continue reading →

Posted in Black Swan Watch, Bonds, Currency, Euro, Geopolitical, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , | 1 Comment

Euro Fracture: Angry Greeks

Posted on April 20, 2011 by macromon

The following article was posted today on SpiegelOnline and reflects the toxic and fractious politics in the Eurozone.   Whether it is the historic turnout for the True Finns on Sunday or the Angry Greeks suing German newspapers,  Europe is, at … Continue reading →

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

Euro Fracture: Foreign Bank Exposure to GIPs

Posted on April 15, 2011 by macromon

Great chart from the Economist of foreign bank exposure to Greece, Ireland, and Portugal (GIP) and explains why “restructuring” is so taboo with European policymakers. The Greek sovereign credit curve is inverted with the 2-year now yielding around 18 percent … Continue reading →

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

Euro Fracture: Greek Restructuring? – German FinMin

Posted on April 14, 2011 by macromon

German Finance Minister Wolfgang Schaeuble raised the specter of a Greece restructuring in an interview with German newspaper Die Welt.   Yields on Greek 10-year bonds jumped to 13.26 percent and the two-year note yield surged 103 basis points to 17.96 … Continue reading →

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Stronger Euro Will Slaughter the PIIGS

Posted on March 22, 2011 by macromon

The Euro keeps moving higher on expectations of an ECB interest rate hike and what is beginning to appear almost terminal dollar weakness.   The export destination mix of  Ireland, for example, is around 60 percent to the EU 27  and … Continue reading →

Posted in Black Swan Watch, Charts, Currency, Euro, Sovereign Debt, Sovereign Risk | Tagged , , , | Leave a comment

Euro Fracture: A “Tea Party” Revolt?

Posted on March 9, 2011 by macromon

Much has been written about the growing anger and political strife within the highly indebted European periphery.   The FT reports today about the growing anger and resentment in the countries financing the bailouts, Even among Brussels’ tightly-knit cadre of … Continue reading →

Posted in Euro, Fiscal Policy, Geopolitical, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | 3 Comments

Weber’s Exit Highlights Merkel’s Euro Problem – Der Spiegel

Posted on February 15, 2011 by macromon

A must read from Der Spiegel of the inside account of Axel Weber’s resignation. Bundesbank head Axel Weber’s resignation has made one thing clear: The debate about the future of the euro has become intense — and bitter. Indeed, Chancellor … Continue reading →

Posted in Black Swan Watch, Currency, Euro, Monetary Policy, Sovereign Debt, Sovereign Risk | Tagged , , , | 2 Comments