Category Archives: Sovereign Debt

Merkel: euro crisis can’t be solved overnight

Posted on October 30, 2011 by macromon

(click here if video is not observable)

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The Creeping and Coming Eurozone Credit Crunch

Posted on October 26, 2011 by macromon

Here’s a very informative chart via Morgan Stanley showing the deterioration in the Eurozone’s key credit indicators.  Banks will no doubt sell assets, at least in part, as a way to meet their required capital targets. During the 1997 Asian … Continue reading →

Posted in Black Swan Watch, Credit, Economics, Euro, Sovereign Debt, Sovereign Risk | Tagged , , | 1 Comment

Euros Playing w/ Fire

Posted on October 25, 2011 by macromon

(click here if video is not observable)

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The Pain in Spain – 3.302% 6-month Bills

Posted on October 25, 2011 by macromon

The NY Times reports, The Treasury said in Madrid that it had sold bills valued at €3.48 billion, or $4.9 billion, of short-term paper — substantially all of the €3.5 billion it had been targeting. It sold three-month securities priced … Continue reading →

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Norway’s Sovereign Wealth Fund May Help Eurozone

Posted on October 24, 2011 by macromon

This may the rabbit the Euros pull out of the hat.  Sovereign wealth funds to compliment EFSF.  Our sense Lagarde is working on something. (click here if video is not observable)

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

World’s Highest and Lowest Growth Economies

Posted on October 24, 2011 by macromon

Here is the list we promised of the high/low growth economies ranked by 2011 GDP estimates.    As we posted last night,  the table illustrates that, of the large non-oil exporting economies, Argentina is the second fastest growing economy in the … Continue reading →

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Most Important Spread in the World

Posted on October 23, 2011 by macromon

Given the bank recapitalization plan announced over the weekend,  the France national government may be on the hook to help recapitalize and backstop its banking system.  The markets will be full of noise in the next few days and we … Continue reading →

Posted in Credit, Euro, Monetary Policy, Sovereign Debt, Sovereign Risk | Tagged , | 2 Comments

Is the Euro Driving the S&P500?

Posted on October 22, 2011 by macromon

In case you haven’t noticed recently the Euro and S&P500 seem to be moving together almost tick for tick.   Here are the daily moves in futures over the past month.  Makes you think they’re both dancing to the same … Continue reading →

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

Losses expected for holders of Greek debt

Posted on October 22, 2011 by macromon

Do they mean banks need to write down or reserve against their Greek bonds by 60 percent or is it that bondholders will reduce their claims on Greece by 60 percent?   We are not confident that the EU policymakers … Continue reading →

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Europe’s Undercapitalized Banks

Posted on October 20, 2011 by macromon

We’ve posted several pieces recently about Europe’s over banked and undercapitalized financial system.   The markets have pounded European bank equities this year and forced the eurozone political leaders to cobble together a bank recapitalization plan, which we all wait for … Continue reading →

Posted in Black Swan Watch, Charts, Euro, General Interest, Geopolitical, Sovereign Debt, Sovereign Risk | Tagged , | 4 Comments