Belgium will nationalise Dexia this weekend
Franco-Belgian bank Dexia is being officially nationalised according to two Belgian newspapers.
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Browsing Tag
banks
On the IMF’s warning of a European sovereign debt and bank meltdown
Last night, I posted a video of Robert Shapiro warning that the EU needed to address its banking crisis promptly and thoroughly. I agree 100%. I also mentioned a New York Times piece I wrote on Wednesday. I had anticipated my NY Times…
Why is a bank that failed the stress tests in Spain getting bought at a 31% premium?
I don’t follow the Spanish banking sector well enough to know what hidden value Banco Pastor has but I find it curious that it is the subject of a takeover bid at a 31% premium by Spain’s fifth largest bank, Banco Popular.
IMF: Europe Risks Sovereign Debt and Bank Meltdown
This video is explosive. Dr. Robert Shapiro, an advisor to the International Monetary Fund, is saying in no uncertain terms that the dithering approach that Europe has taken will lead to crisis in a very short period, two to three weeks.…
Europe’s Bank Problem
Another informative chart from the IMF showing the fundamental problem in Europe’s banking system - excessive leverage and dependence on wholesale funding. Add to that overexposure to highly indebted sovereigns with deteriorating credit…
The End of the Fake Recovery
This is going to be a relatively long post. But I think it’s important. I have been meaning to update my thinking about the “Fake Recovery” which I heralded in early 2009 as the economy in the US began to turn. My view is that without…
Sentiment Improves on Hopes for Bank Recapitalization
Sentiment continues to improve ahead of NY open off the back of possible EU bank recapitalization plan. For sentiment to continue to improve markets are likely to need a bold policy response and better economic data. Poland’s is expected…
Lenders now suing for mortgage debt after foreclosure
The statute of limitations is five years for default. That means banks still have until the beginning of 2012 to sue a strategic defaulter from early 2007.
On Greek Haircuts
Most of the writers whose work appear on this blog have long warned that the extend and pretend strategy in Europe would fail. Now, it seems that Europe is moving to a hard restructuring for Greece and recapitalisation for bank creditors.…
Don’t Forget the Pain in Spain Because of the Dance in France
Spain appears to have dropped off radar screens. In part, a disorderly outcome of the Greek crisis continues to be threatened. Italian bond yields and CDS prices have risen above Spain's. Yet, ironically, earlier this week, Spain's central…