2011

The answer is it depends who you ask. The New York Times put the question to five of us and our answers varied considerably. If there was any overlap in answers I would say it was our general agreement that the euro zone periphery will…

In an interview carried on Austrian Television station ORF, Euro Group President Jean-Claude Juncker admitted that the present bailout package for Greece will not stand. The 21% discount worked out just a few months ago will become 50 or…

Equity markets paring back recent gains after one-week recovery ahead of Slovakia EFSF vote. Slovakia is the last country to vote on EFSF enhancement; “Yes” vote is not a done deal. News reports indicate China’s SWF is buying bank shares;…

If you are a shareholder, should you be heartened by this about-face or alarmed? At Hewlett Packard for instance, when the board of directors fired Leo Apotheker, markets were not excited by seeing Meg Whitman in his seat even though the…

Whether the writedowns make investors feel relieved because of the alleged balance sheet transparency remains to be seen. However, the balance sheet woes at Erste highlights how active banks within the EU are in cross-border relationships.

In October 1993, when Andreas Papandreou was re-elected as prime minister, Greece's liabilities exceeded 100 percent of gross domestic product. The national debt was 114 percent of gross domestic product. Inflation was more than 14 percent…

If you recall Global Macro Monitor’s post on Europe's Bank Problem last week, the IMF chart showed very well how banks were struggling to wean themselves from short-term funding sources and increase tangible common equity. The Belgians had…

These numbers are well under the inflation rate and show British consumers becoming victims of stagnating and negative real wage growth.

Muddling through means deepening crisis for the euro zone.

How does manufacturing CPI inflation benefit an economy in which incomes are falling? When inflation rises and incomes are stagnant or falling, the economy rolls over.