Category Archives: PIIGS

Greece: Where “Tax Evasion is a National Sport”

Posted on September 5, 2011 by macromon

(click here if video is not observable)

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

Get Them to the Greek (Writedowns) – IASB

Posted on August 29, 2011 by macromon

Wow! Just came across this piece from the FT about the concerns of the International Accounting Standards Board  (IASB) of how European financial institutions have not reserved enough against potential credit losses on their Greece sovereign bond holdings.  Are these … Continue reading →

Posted in Black Swan Watch, Bonds, PIIGS | Tagged , , , , | 1 Comment

Greece is the Word

Posted on August 26, 2011 by macromon

The Greeks are starting to play hardball on their private sector debt swap warning the deal could crater if the 90 percent participation is not met.  We think there are other reasons why it is trouble. According to various news … Continue reading →

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

Spiegel Unloads on Hedge Funds and the Markets

Posted on August 23, 2011 by macromon

Nasty article in Der Spiegel, Out of Control: The Destructive Power of the Financial Markets, which helps explain what’s behind the financial transactions tax that was recently introduced by Angela Merkel  and Nicolas Sarkozy.  The article opens, The enemy looks … Continue reading →

Posted in Black Swan Watch, Economics, Euro, Fiscal Policy, General Interest, PIIGS, Policy, Sovereign Debt, Sovereign Risk | Tagged , , , | 1 Comment

Dangerous Merkel-Sarkozy Spin

Posted on August 16, 2011 by macromon

Interesting read by some traders on the Merkel/Sarkozy nonevent.   Their take away is both leaders sent a message to the PIIGS to either get on board with fiscal adjustment or leave the Euro. Hmmmm.    Now what would that do to … Continue reading →

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Credit-Anstalt 2.0?

Posted on August 12, 2011 by macromon

If there is any doubt what is spooking the global markets look to the IFR piece, Credit taps run dry for European lenders, setting scene for liquidity crisis.   This is a must read over the weekend. Remember,  Chairman Bernanke, … Continue reading →

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

Time’s Cover: The End of Europe

Posted on August 11, 2011 by macromon

This makes you wanna buy.  Naw…. not until a resolution is in sight.   Hat tip to King David! (click here if chart is not observable)

Posted in Black Swan Watch, Euro, PIIGS | Tagged , | 1 Comment

Analysis of Greece’s “Trichet Plan” Restructuring

Posted on July 22, 2011 by macromon

We’ve done some quick analysis of Greece’s commercial bank “Trichet Plan” restructuring announced late last night (click here for term sheet) by the Institute of International Finance (IIF).   The IIF is a consortium of the world’s largest banks. Interestingly, the … Continue reading →

Posted in Black Swan Watch, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 5 Comments

Greece’s Brady Plan, Finally

Posted on July 21, 2011 by macromon

The International Institute of Finance, a consortium of the largest global banks,  just released a  term sheet for a Brady-type Plan for Greece. The menu of options include Par and Discount Bonds, with principal collateral,  and a buyback option.  The … Continue reading →

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

Chart of the Day: Ireland’s Silent Bank Run

Posted on July 20, 2011 by macromon

We found this great chart posted over at New N Economics by Rebecca Wilder.  She points out the non-financial corporates have been fleeing Irish banks since 2007 and households 2010 to the tune of 14 percent of GDP.    Irish … Continue reading →

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