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Category Archives: PIIGS
Argentina – “Cookie Cutter” for the European Periphery?
“I would not say that Mexico is going to be a cookie cutter for others.” – William Rhodes, Citibank 1989 These were the words of the chairman of Mexico’s Bank Advisory Committee in 1989, just after the country and its … Continue reading
Posted in Black Swan Watch, Bonds, Budget Deficit, Credit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Brady Plan, Europeand Debt Crisis
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Chart of the Day: ECB Bond Purchases
They’ve only just begun…
Merkel Warned EU Germany Could Leave the Euro
The slow motion fracturing of the Eurozone continues as revelations surfaced that German chancellor, Angela Merkel warned the EU her country could abandon the euro. The Guradian reports the threat took place at the EU Summit in Brussels at the … Continue reading
Rogoff on Euro Crisis: “Endgame…a wave of debt writedowns”
One of the best pieces we’ve seen on Europe’s debt crisis is Kenneth Rogoff’s, The Euro at Mid-Crisis, posted today over at Project Syndicate. He doesn’t hold back in criticizing how policymakers, excluding Angela Merkel, are deluding themselves and in … Continue reading
Posted in Black Swan Watch, Bonds, Budget Deficit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Euro Crisis, European Deb Crisis, Sovereign Debt, Sovereign Risk
1 Comment
Chart of the Day: Euro’s Dead Cat Bounce
Our Chart of the Day is the Dead Cat Bounce in the Euro. The currency rallied on rumors of massive QE by the ECB to support the bonds of the PIIGS? Come on! QE of such size would drive the … Continue reading
Posted in Black Swan Watch, Bonds, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Euro, Europeand Debt Crisis, PIIGS, Sovereign Risk
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ECB About to PIIG Out on Bonds. Gold to the Moon.
Just a few short weeks after German Finance Minister Wolfgang Schaeuble criticized U.S. monetary policy with his “with all due respect, U.S. policy is clueless” statement, the FT reports the ECB is contemplating expanding its sovereign bond purchase program. That … Continue reading
Posted in Black Swan Watch, Bonds, Currency, Euro, Fiscal Policy, Gold, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk
Tagged ECB, European Debt Crisis, Eurozone, Sovereign Debt Crisis, Sovereign Risk
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Where is Gold Headed?
In 1996, we visited the Bulgarian central bank at a time when the country was experiencing economic turmoil and a loss of confidence that the government could rollover its maturing debt. After a long discussion on the domestic economy and … Continue reading
Posted in Black Swan Watch, Commodities, Currency, Euro, Fiscal Policy, Gold, PIIGS, Policy, Politics, Sovereign Debt, Sovereign Risk
Tagged ECB, Euro, Gold, Greece, Ireland, Italy, PIIGS, Spain
1 Comment
Chart of the Day: PIIGS Bond Maturities
This is a major factor contributing to the Eurozone stress that just won’t go away. SpiegelOnline charts show the PIIGS must redeem bonds totaling over Euro45o BN in 2011, of which, Euro 128.3BN are Spanish Bonds and Euro264.6 BN Italian … Continue reading
Posted in Black Swan Watch, Bonds, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Soveign Debt, Sovereign Risk
1 Comment
Equity Bulls Battle on Two Fronts
The slow improvement of the U.S. economy, reflected in weekly jobless claims, coupled with QE2 is providing an underlying bid to the equity market, which is surprising to many, given the increasingly ugly global macro picture. On the Western Front, … Continue reading
Posted in China, Commodities, Currency, Equities, Geopolitical, Japan, PIIGS, Rare Earth Elements, Sovereign Debt, Sovereign Risk
Tagged Equity, Jobless Claims, U.S. Economy
1 Comment
Chart of the Day: Banks to Sovereigns to Banks
Great chart from IMF showing feedback loop of Europe’s Sovereign Debt Crisis. A little busy, but stick with it.
Posted in Black Swan Watch, Bonds, Budget Deficit, Credit, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Banking Crisis, Sovereign Debt Crisis
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Global Macro Monitor 