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Merkel profile dominant in Germany but politics still in flux
The latest opinion polls in Germany show Angela Merkel at her most popular. But her governing coalition partner FDP will almost certainly miss the 5% hurdle in Germany's general election, leaving the political landscape very uncertain.
Buiter expects writedowns on Dutch mortgages, recommends debt jubilee
The Dutch press is reporting that Willem Buiter, the Dutch-born Chief Economist of Citigroup, believes that we are going to witness a slew of writedowns in the Netherlands unless the Dutch can right the economy and stop the fall in house…
The IMF wants even more austerity in Portugal
The IMF has told Portugal that the draconian austerity budget it has passed for 2013 will not be enough a nd has asked for more austerity. Portugal needs to make up a 4 billion euro gap and to do so the IMF wants to see cuts to government…
Converting Irish debt controlled by Troika
Back in October of last year the Irish Finance Minister Michael Noonan said that his government's goal is to be able to complete the three-year Troika bailout on time and resume normal operation late in 2013. Now that Ireland has regained…
Spanish bond auction is a success
This morning, the Spanish government initiated its bond auction process this year. The auctions were a success with the yield on 10-year government bonds falling to 4.95%, below 5% for the first time since March 2012.
Ireland regains market access for both government and bank bonds
In yesterday's links, I pointed to two links showing that Ireland had regained bond market access. Here is more evidence that Ireland is regaining bond market access.
Belgian apartment prices fell 3.1% in 2012, largely because of weakness in Flanders
The Dutch-language press in Belgium is reporting that belgium experienced a 3.1% decline in apartment prices nationwide, largely because of weakness in the Dutch-speaking region of Flanders.
German industrial output for Q4 2012 likely below Q3 output
Today the Wall Street Journal is reporting that German industrial output for the 4th quarter of 2012 likely fell below the output for the 3rd quarter, making it possible that Germany could lapse into recession.
Fiscal timetable for US likely debt ceiling first, then spending cuts
My position since October 2009 has been that the United States could not hold off deficit hawks for more than three or four years. 2013 is the deadline for that prediction to be fulfilled and we are right on schedule with the fiscal cliff…
Chart of the Day: Euro area unemployment rate hits a record 11.8%
The unemployment rate in the euro zone hit 11.8% in November according to the numbers released by the EU this morning. That is a record. The EU-27-wide unemployment rate was 10.7%. This contrasts very unfavourably to the unemployment levels…