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Full Text: Moody’s Downgrades Argentina’s Foreign Law Bonds to Caa1, Affirms B3 Issuer…
Moody's issued the following press release yesterday in relation to Argentina's foreign-law sovereign obligations.
The Cyprus Bank Deposit Bail-in
This morning we learned that after hours of tense negotiation, Europe has hammered out a 10bn euro "bailout" of Cyprus. I put the term bailout in quotes because the key feature of this deal is the bail-in of Cypriot depositors to the tune…
Europe gives Portugal ‘time to adjust’ and lets fiscal targets slip
It is not at all clear where things in Portugal are headed. The economy is in a deep depression. Yet, sovereign bond yields have come down. The Troika is even relaxing Portugal's austerity target, hoping this will drive yields down further.…
Where Krugman went wrong: IS-LM economic modeling failure (part 2)
Now the bad times are back, Paul Krugman is trying resuscitate IS-LM, a model published by John Hicks in 1937 that seeks to explain the relationship between interest rates, and real output in goods and services and money markets. I argue…
Netherlands: Poor economy prompts Moody’s to change outlook on three Dutch banks to negative
Moody's released the following statement in conjunction with a ratings action it took earlier today on three Dutch banks
Amazon and the benefits of low prices
I have been meaning to write a blurb about Amazon ever since I saw a great article on the benefits of Amazon's low-price strategy a month or so ago. But a recent article in the Wall Street Journal about huge price cuts on Amazon's…
On Ireland’s bond success
I listed Ireland in two of my surprises for 2013. I wrote that Ireland’s government bonds do not outperform again. Greece outperforms this year. I also wrote that Ireland goes to OMT. The first prediction is probably more controversial…