Category Archives: PIIGS

The ECB Show

Posted on November 9, 2011 by macromon

It all comes down to this.  Will the ECB provide the exit bid for those fleeing Italian bonds and, more importantly, will their action instill enough confidence to allow Italy to roll over existing maturities?  If it doesn’t bring back … Continue reading →

Posted in Black Swan Watch, Budget Deficit, Euro, PIIGS, Politics, Sovereign Debt, Sovereign Risk | Tagged , , | 1 Comment

Exit Berlusconi

Posted on November 9, 2011 by macromon

(click here if video is not observable)

Posted in PIIGS, Politics | Tagged , | Leave a comment

Russia reluctant to help euro zone bailout

Posted on November 7, 2011 by macromon

(click here if video is not observable)

Posted in Black Swan Watch, BRICs, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 2 Comments

SocGen Takes €333 M Hit on Greek Exposure, Increases Loan Loss Reserves to 60%

Posted on November 7, 2011 by macromon

The European banks are finally starting to face reality.   Provisioning against potential losses is the first step toward a comprehensive restructuring and final solution to the European debt crisis.   Taking losses,  suspending dividends, and limiting bonuses are painful for … Continue reading →

Posted in Black Swan Watch, Equities, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , | Leave a comment

Mr. (Bond) Market Prepares to Take Down Silvio

Posted on November 7, 2011 by macromon

Remember the 1997 Asian Financial Crisis?   The bond and currency markets took down Indonesia’s Suharto regime, which survived three decades of student protests, attempted coups, and external pressure.   What tanks couldn’t do, markets did. With G-Pap now gone Club Med … Continue reading →

Posted in Black Swan Watch, Bonds, Euro, Geopolitical, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 2 Comments

Berlusconi fading

Posted on November 4, 2011 by macromon

Gone by Monday? (click here if video is not observable)

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

Europe’s Tower of Terror

Posted on November 4, 2011 by macromon

The circus continues in Europe.  No big bazooka EFSF coming out of G20 to put a firewall around Greece and save Italy.   Greece is a sideshow and the Italy-Germany bond spread is what you need to watch as an indicator … Continue reading →

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

Stiglitz: Lessons from Iceland’s Economic Crisis

Posted on November 3, 2011 by macromon

Interesting take from Nobel prize economist, Joe Stiglitz, on Iceland’s response to its debt crisis, which is becoming a model for some in European periphery.    Austerity is so passé! (click here if video is not observable)

Posted in Black Swan Watch, Economics, Euro, PIIGS, Policy, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

BNP Paribas Increases Reserves on Greece Exposure to 60%

Posted on November 2, 2011 by macromon

BNP Pariabas,  Europe’s largest bank in terms of total assets,  took a €2.1 billion hit to earnings after increasing reserves on its Greece exposure to 60 percent,  up from 21 percent last quarter.  The European banks are finally getting serious, … Continue reading →

Posted in Black Swan Watch, Equities, Euro, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk | Tagged , , , | Leave a comment

Papandreou punt turns drama into crisis

Posted on November 2, 2011 by macromon

(click here if video is not observable)

Posted in Black Swan Watch, Euro, PIIGS, Politics, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment