News Links 11/24/2011
Egypt downgraded by S&P | beyondbrics | FT.com
In a move that will shock no one, Standard & Poor's has downgraded Egypt for the second time in five weeks. S&P lowered Egypt's foreign and local currency sovereign…
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Jim Chanos on China, Hong Kong and Australia
Famous shortseller Jim Chanos was in Hong Kong and Australia and reported back on what he saw to Bloomberg Television. Copy provided below including a link to the video.
News Links: ECB lending to eurozone banks hits high
ECB lending to eurozone banks hits high - FT.com Eurozone banks raised sharply their borrowing from European Central Bank on Tuesday, with lending hitting a new high for the year amid signs banks are…
Foreign News: Commerzbank capital, Portuguese bailout, Franco-Belgian problems
Here is the second version of this foreign news links post that I am starting. The feedback yesterday was good. You all said it makes sense to see what the press in country are saying in Europe since that is the locus of the sovereign debt…
What the German bond auction disaster means
This morning the German government held an auction for 10-year money at just under 2 percent. The auction failed disastrously with a bid-to-cover ratio of just 1.1. The Germans wanted to issue 6 billion euros of 10-year bunds but managed to…
PIMCO’s Mohamed El-Erian: US recession odds are 50%
Pacific Investment Management Co.’s Chief Executive Officer Mohamed A. El-Erian told Bloomberg TV’s Betty Liu and Dominic Chu this morning that U.S. economic conditions are “terrifying” as the nation struggles to recover from recession.…
Foreign News: Belgian banks, Spanish yields, Austrian prices
I have been reading a lot of Western European and Spanish-language press recently. These articles give me a good sense of what the local press is thinking about the euro crisis (and the developing situation in Argentina) in addition to what…
Running through unilateral Italian euro zone exit scenarios
A unilateral exit would be a devastating event for Italy and the euro zone. Inflation would be high but bank and national solvency issues would recede. If the exit were done under these nationalistic pre-conditions of redomination, most of…
News Links: Downgrade watch begins as debt panel concedes defeat
Downgrade watch begins as debt panel concedes defeat - The Hill's On The Money
Credit rating agencies reiterated Monday that the U.S. is at risk of a downgrade following the announcement that the supercommittee has failed.…
Why France will be forced out of the eurozone
"Faced with a choice between permanent slump and rising debt burdens (as economic contraction and deflation leads to inexorable increases in debt), countries will elect to quit the currency union. At least that route will allow them to…