Category Archives: Sovereign Risk

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

Angry Greeks

Posted on October 6, 2011 by macromon

(click here if video is not observable)

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

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

(click here if chart is not observable)

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

ECB’s Bond Purchases: A Game of Cat and Mouse

Posted on October 4, 2011 by macromon

A little dated but an informative graphic nonetheless. (click here if chart is not observable)

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

Brazil’s Roussef warns Europe on austerity

Posted on October 4, 2011 by macromon

(click here if video is not observable)

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

Spiegel: Obama “like a doctor caught prescribing performance-enhancing drugs”

Posted on October 3, 2011 by macromon

Go no further than the Der Spiegel piece, Why Europe Is Right and Obama Is Wrong, to understand the fundamental differences between American and German thinking on fiscal and monetary stimulus. Michael Sauga, the author, writes, American economists, central bankers and fiscal … Continue reading →

Posted in Black Swan Watch, Fiscal Policy, Geopolitical, Monetary Policy, 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

(click here if video is not observable)

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

Angry Greeks Protest Arrival of Trioka

Posted on September 29, 2011 by macromon

(click here if video is not observable)

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