2013

Spain had an estimated 350 billion euros of debt that it needed to roll over in the three years from 2011 according to analysts at Brockhouse Capital. Add in the likely need to fund regional government deficits and rollovers as well as the…

The Spanish bank run caused by redenomination risk is over. And Spanish bond yields are now back to around the 5% level today. Apparently, the ECB's monetisation scheme has worked - and without Spain's having entered a Troika program yet…

Last night I was on BBC World News and BBC Radio talking about the fiscal cliff. I stressed the fact that the deal being worked out in Washington will still see a hefty rise in taxes for the middle class via the payroll tax and for wealthy…