Economy

Spain is on a bad course, with recognised debt about to surge rapidly, while investor confidence in the current administration is slipping. Time for another “game changer” I think, since otherwise this car is about to crash.

For some time we have maintained that the economy, following the severe 2008 credit crisis, would grow at an exceeding slow and uneven pace, and this is the way it is playing out. This is unlike the garden-variety post-war inventory…

This was the question put to the ECB's Klaus Masuch by one persistent Irish journalist. The answer from Masuch was a complete dodge, a non-answer, because everyone knows that the Irish government has heaped what rightfully should be…

Portugal's aid package assumes it can return to the capital markets in the second half of last year. This seems less likely with each passing day.

For entities not awarded illusory funding by the ECB, U.S. Treasury Department, or the State of California, reality pounces like a thief in the night, sometimes literally.

According to their own public comments, the EU, ECB and IMF do not have much confidence that their agreement with Greece will avert default. Instead they are apparently trying to isolate Greece, delay its eventual default, prevent…

There have been four noteworthy developments today that will shape the investment environment.

In 2008 and 2009 I argued that the crisis we were undergoing would affect every major economy in the world, but not necessarily at the same pace. I said that China would be the last major economy to emerge from the crisis. Why? Because the…

Note all components are above the 10-year Treasury yield.

The US dollar is advancing against the majors and most EMs as the “sell the fact” theme prevailed following the approval of the Greek bailout. Note, of the €130 bln aid package, the vast majority (roughly 85%) is being used to bail out…