Browsing Tag

austerity

The ECB is on Mars

Collapsing credit demand ultimately leads to a loss of banking capital, which is the exact opposite of what the LTRO program was set up to achieve. Interestingly, as the charts below show, banks seem to think that there will be a slowing of…

Dutch Government Collapses

Seven weeks of government negotiations in the Netherlands to agree on new austerity measures failed on Saturday suggesting the German-led program for Europe is about to take head of another government and this is on the eve of the first…

Spain is in big trouble

This week's weekly commentary on markets and the economy features Spain. In my view, the potential for downside economic and portfolio risk has increased markedly as we realise that Spain is at risk and there is no plan B in the euro zone.…

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