Category Archives: PIIGS

Irish Opposition Balks At Bank Bailout, Moody’s Downgrades

Posted on February 11, 2011 by macromon

The Irish Times is reporting this morning that the two main opposition parties, Fine Gael and Labour, want to delay the banking system’s recapitilasation until April, when the stress testing of lenders is complete. The Labour Party is taking an … Continue reading →

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

Trichet Says Bond “Haircuts” Would Reward Short Sellers

Posted on February 8, 2011 by macromon

A few week ago ECB President, Jean Claude Trichet, torched the short sellers of the Euro and he is now warning Members of the European Parliament (MEPs) that demanding “haircuts” from bondholders in Greece and Ireland would reward the short … Continue reading →

Posted in Credit, Economics, Euro, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

PBS: How Severe Is Europe’s Intertwined Debt Crisis?

Posted on January 24, 2011 by macromon

The PBS NewsHour ran this piece tonight titled, How Severe Is Europe’s Intertwined Debt Crisis? Note how Iceland is rising as the model debtor and listen carefully for the “politics of bailouts,” “Germany does not have pockets deep enough to … Continue reading →

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

Cartoon of the Day

Posted on January 13, 2011 by macromon

Irish Prime Minister, Brian Cowan, is under fire for playing golf with Seán FitzPatrick, former CEO of Anglo Irish Bank — “the dynamo behind the breathtaking rise and spectacular crash of Anglo Irish Bank, is arguably the country’s most loathed … Continue reading →

Posted in Cartoon of the Day, PIIGS | Tagged , , | 1 Comment

The [First] Week in Review: A Capital Flows Sandwich?

Posted on January 7, 2011 by macromon

Not a bad start to the year if you were in the right space.  A Frenchman with a long position in “Apple the Sovereign” was up over 8 percent in Euros.   Note, Apple rose another $2.00 to $338 after Friday’s … Continue reading →

Posted in Apple, Bonds, Charts, China, Commodities, Currency, Economics, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , , , | Leave a comment

House Budget Chief Ryan Channels His “Inner” Angela Merkel

Posted on January 7, 2011 by macromon

Bloomberg is reporting Angel Merkel Rep. Paul Ryan, Republican “Young Gun”and new House Budget Committee chairman,  says he and his party won’t bailout states who are facing potential defaults.   Just after the November election we posted this was coming. Listen … Continue reading →

Posted in Budget Deficit, Economics, PIIGS, Sovereign Debt, Sovereign Risk, State and Local Government | 2 Comments

A spectre is haunting Europe

Posted on December 22, 2010 by macromon

This is what’s  going to blow up the Europe.   All the cash and backstopping in the world is not going to solve the political problem.   Jim Corr, a member of one of our favorite Irish bands, The Corrs,  nails … Continue reading →

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

Rollover Risk 2011- Sovereign Financing Needs

Posted on December 17, 2010 by macromon

Sovereign rollover risk will be one of the major issues to monitor for 2011.   The following are some key data tables and charts produced by the IMF.   The most vulnerable countries to a rollover shock and/or failed bond auctions … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Economics, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , | 1 Comment

Europe’s Big Fail…

Posted on December 15, 2010 by macromon

One lesson we have learned during the financial crisis is that a country’s banking system is an indirect liability of the sovereign.  That is, unless the government is willing to allow banks to fail and let the domestic financial sector … Continue reading →

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

Rollover Risk: Moody’s Warns on Spain

Posted on December 15, 2010 by macromon

“Rollover risk” will be a major theme in 2011 and Moody’s is getting an early start.  Bloomberg writes, Spain had its Aa1 local and foreign currency government bond ratings placed on review for possible downgrade by Moody’s Investors Service. The … Continue reading →

Posted in Bonds, Budget Deficit, Euro, Fiscal Policy, PIIGS, Sovereign Risk | Tagged , , , | Leave a comment