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Ireland hit hard by spring slowdown; markets don’t show it yet It
It seems that the markets are discounting many of the risks that have plagued Ireland's economy in recent years. Ireland's stock market has significantly outpaced the S&P500 in the last few months - ISEQ is up 20% over the past year.
Outside of US housing, the global economic data are weak
This is a second daily commentary today to give some weight to what's happening in the US after a slew of European-themed posts. I have three or four topics to cover here and I want to begin with the US economy including some thoughts on…
Beyond their ken: The Spanish contraction machine is well-oiled
The current crisis – which is arguably no longer a crisis but rather a way of life – has all now gotten so complex that the issues involved are almost certainly, and in principle, “beyond their ken.” Spain’s economy will continue to march…
Who’s been buying Spanish debt?
Spain's 10-year bond yield has fallen 108 bp this year. Just above 4%, the yield is the lowest Q4 2010. The 2-year yield has fallen 93 bp this year. The yield is slipping through 1.70%, for the first time Q2 2010. Recent data suggested that…
The ECB will act to avoid a deflationary spiral
Whatever the case, the ECB will have to act in order to avoid the dangers of a deflationary spiral, which could take the Eurozone years (or even decades) to exit.
On Latvia and Ireland as austerity models
Earlier in the week, ECB German board member Jörg Asmussen delivered a speech on the challenges of the economic crisis for countries in Central and Eastern Europe. The part which caught most people's eyes was his commentary on Latvia and…
Enrico Letta’s Italy
The first left-right coalition in Italy since 1946 has survived its first confidence motion in both chambers. As difficult as it may have been to break the political logjam, the hard work lies ahead for Prime Minister Letta.
Slovenia cut to junk by Moody’s; outlook negative
Moody's Investors Service released the following statement in conjunction with a ratings action it took today on Slovenian sovereign debt.