Category Archives: PIIGS

The 18-year Round-trip Journey of Greek Bond Yields

Posted on October 9, 2011 by macromon

(click here if chart is not observable)

Posted in Black Swan Watch, PIIGS, Policy, Sovereign Risk | Tagged , | 1 Comment

Italians Protest Austerity

Posted on October 9, 2011 by macromon

(click here if video is not observable)

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

Italy and Spain Downgraded by Fitch

Posted on October 7, 2011 by macromon

The ratings agencies are a complete joke, the last to the party, and usually a contrarian signal, but the Fitch downgrade did cause some market volatility today.   What concerns us more is that Moody’s has put Belgium on watch for … Continue reading →

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

Hang Seng Confirming

Posted on October 6, 2011 by macromon

Granted there is still a few hours of trading in Hong Kong but the Hang Seng is confirming the moves in the U.S. and Europe, up 9 percent in just a little less than 1 1/2 trading sessions.  The S&P … Continue reading →

Posted in Equities, PIIGS | Tagged , , , | 1 Comment

Europe’s Bank Problem

Posted on October 6, 2011 by macromon

Another informative chart from the IMF showing the fundamental problem in Europe’s banking system –  excessive leverage and dependence on wholesale funding.  Add to that  overexposure to highly indebted sovereigns with deteriorating credit fundamentals.    It also illustrates why the German … Continue reading →

Posted in Black Swan Watch, Euro, Global Stock Performance, Global Trend Indicators, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | 3 Comments

Why Moody’s cut Italy’s credit rating

Posted on October 5, 2011 by macromon

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

Spain and Italy Services PMI Continue to Contract

Posted on October 5, 2011 by macromon

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Posted in Economics, Employment, Euro, PIIGS | Tagged , , , , | Leave a comment

Brazil’s Roussef warns Europe on austerity

Posted on October 4, 2011 by macromon

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

Greek Haircuts: A Clarification

Posted on October 3, 2011 by macromon

The media and some pseudo-analysts,  and, surprisingly,  even some investors,  still don’t understand what the 21 percent haircut in the Greece bond restructuring is all about.   The 21 percent touted about is simply the hypothetical secondary market discount of the … Continue reading →

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

Sarkozy: Europe “morally obliged” to help Greece

Posted on September 30, 2011 by macromon

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Posted in Black Swan Watch, Bonds, Budget Deficit, PIIGS, Sovereign Debt, Sovereign Risk, Video | Tagged , , | Leave a comment