bailout

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.

The US dollar is broadly weaker ahead of tomorrow’s 3-year ECB tender (LTRO).

The US dollar is broadly weaker ahead of tomorrow’s 3-year ECB tender (LTRO).

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…

Great chart from the recently released Economic Report of the President. We suspect the Great Depression housing bust didn’t have the government props to soften the blow as we do today, which, therefore, on a relative basis, makes the…

So Greece has finally been awarded a second bailout. One may wish the country will live to tell the tale. According to IMF DG Christine Lagarde, speaking at the post agreement press conference, “It’s not an easy (program), it’s an…

The official creditors won the battle. Greece will be given the money so that they can service their debts. They will have an EC task force embedded into Greece to push for compliance and the escrow-like account ensures a priority to debt…

The just announced 2GB — Second Greece Bailout — is a misnomer. We wouldn’t exactly call a deal where private creditors reschedule all maturing bond payments for the next ten or so years into a 30-year bullet with a 50+ percent effective…

The combination of a 50 bp cut in China's required reserve ratios and anticipation that the European finance ministers sign off on the second aid package for Greece has lifted equity markets and most of the non-US dollar currencies.