2011

France and Germany have the greatest exposure to Greece and their banks are expected to be the one’s with the lion’s share of the losses in the voluntary debt exchange deal. Here is a chart from the BBC below, detailing the exposure to…

This step will calm markets – for how long is anybody’s guess. Nevertheless, the budget cuts that this deal requires must be rapid in order to try to calm markets by maintaining the fiction that Greece is not insolvent and that the…

Comstock Partners argues that while the stock market seems ready cheer any agreement that increases the debt ceiling and avoids a default, such cheering may be extremely short-lived as the economy sinks further under the burden of…

The full statement from the EU without commentary

Greece to default as EU agrees €159bn bailout - Telegraph tags: Greece bailout sovereign-debt-crisis Germany and France agree bond buyback plan for Greece, but rule out tax on banks - Telegraph tags:…

The Bank of Japan held a private briefing with a small group of analysts from leading financial institutions in their NY rep office. The Director-General of the Research and Statistics Department led the presentation. This column…

This post is a prelude to a BBC interview on the sovereign debt crisis. I am not going to answer financial Armageddon questions about "what oif it all goes pear-shaped" here because to understand where things are headed you need to know how…

Economic growth warning signs are evident all around in recent data from the US, Europe and China. This should mean negative earnings surprises by Q3 earnings season.

Guilio Tremonti, the Italian Finance Minister, last week compared Germany and its small-minded Chancellor Angela Merkel to a first-class passenger on the Titanic. To repeat: this is not a problem confined to the periphery. The sovereign…

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