Tag Archives: Spain

Did Trichet Hear the PIGs Squealing?

Posted on May 5, 2011 by macromon

Wow, what a swan dive!  The Euro fell a rare five handles and 3 percent against the dollar in just twenty-four hours as ECB President,  Jean-Claude Trichet, seemed to back away from his previous hawkish rhetoric at the Bank’s press … Continue reading →

Posted in Black Swan Watch, Bonds, Charts, Commodities, Crude Oil, Currency, Sovereign Debt, Sovereign Risk | Tagged , , , , , , , | 2 Comments

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

Where is Gold Headed?

Posted on November 30, 2010 by macromon

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 , , , , , , , | 1 Comment