Tag Archives: Sovereign Risk

Sovereign Risk and Debt Crises

Posted on April 2, 2017 by macromon

We received some interesting pushback on our recent post, Is the U.S. Government Bankrupt?  Not Even Close. The purpose of the post was to remind readers to not ignore the left side of a government’s balance sheet — assets —  … Continue reading →

Posted in Black Swan Watch, Bonds, Euro, Eurozone Sovereign Spreads, Italy, Japan, Uncategorized | Tagged , | Leave a comment

Dollar Yen Pierces Long-Term Downtrend Line

Posted on January 24, 2012 by macromon

Our friends over at Lighthouse Securities posted a nice chart and great analysis on today’s $/Yen’s break of its two-year downtrend line.    We’re sensing this could be one of the big macro trades of 2012. As Europe works through … Continue reading →

Posted in Dollar, Sovereign Debt, Sovereign Risk | Tagged , , , | Leave a comment

The Haunting (of the Sovereign Bonds)

Posted on December 29, 2011 by macromon

A consistent theme we have heard over and over this year is that there is no credit risk for a sovereign borrower that has an independent central bank and can resort to debt monetization.   Even Martin Fedstein in his excellent … Continue reading →

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

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

The Weekend Read

Posted on January 29, 2011 by macromon

Money Quote of the Week: On China: “Real estate is the dragon head that drives industry, design, construction, steel and cement companies along”…Lending is not a problem. Banks need to lend money out and the top 10 property developers will … Continue reading →

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Chart of the Day: ECB Bond Purchases

Posted on December 6, 2010 by macromon

They’ve only just begun…

Posted in Black Swan Watch, Bonds, Budget Deficit, Charts, Credit, Currency, Economics, Euro, Fiscal Policy, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

Merkel Warned EU Germany Could Leave the Euro

Posted on December 4, 2010 by macromon

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 →

Posted in Black Swan Watch, Bonds, Budget Deficit, Euro, Fiscal Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , | 3 Comments

Rogoff on Euro Crisis: “Endgame…a wave of debt writedowns”

Posted on December 2, 2010 by macromon

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 , , , | 1 Comment

Chart of the Day: Euro’s Dead Cat Bounce

Posted on December 1, 2010 by macromon

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 , , , | Leave a comment

ECB About to PIIG Out on Bonds. Gold to the Moon.

Posted on November 30, 2010 by macromon

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 , , , , | Leave a comment