currencies

Dollar is little changed ahead of today’s ECB meeting and ADP report; stocks/commodities are steady. BoE holds steady, ECB is expected to deliver a 25bps rate hike; market focus likely to be on comments. Brazilian policy makers focus on…

Apparently, market professionals are willing to accept short-term government paper at auction with no discount through four weeks.

For ideological reasons, one might believe that limiting or reducing government is better. However, it does not follow that doing so is a painless exercise.

We have been closely monitoring the firewall that has appeared to protect Spain from the other Portugal (Ireland and Greece). Recent developments appear to be weakening that firewall and pressure is mounting on Italy now as well. It is…

Dollar is broadly firmer for the second day on euro zone periphery issues; China hikes rates by 25bp. Safe havens are bid again as downgrade of Portugal fuels concerns over status of Ireland’s rating. Brazil Finance Minister Mantega…

Dollar is broadly stronger amid concerns over Greek debt rating, China tightening; stocks mixed. S&P warns plan for Greece is likely default; ECB to accept collateral unless all agencies rule default. RBA on hold, Riksbank hikes by…

As a result of the two great wars in the 20th century, the UK’s national debt soared such that by the end of World War II, public net debt was well over 200% of GDP.

Evangelos Venizelos is dispatched to consider how to prevent the government from sacking tens of thousands of workers in order to prevent the Greek from defaulting on its debt. He suggests that California’s previous IOU issuance is a model…

Japan is set to release a slew of economic data on July 1. Of these the jobless rate is probably the least important. It is lagging indicator, though softness in the job-to-applicant ratio would warn of no quick improvement. On the other…

The following is an outline for a proposed new Greek government bond issue to provide all required medium term euro funding for Greece on very attractive terms. The new bond issue includes an addition to the default provisions that…