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The dollar looks set to begin the week higher against the majors and EMs over lack of progress in Greece. European stocks are down 0.6%, with the EuroStoxx 600 trimming its 6-month high; EZ banks down 1.3%. German manufacturing orders…

Cyprus is not an important player on the world's financial stage but it does bear noting that banking and sovereign debt problems run both wide and deep in the European Union. The latest news underscoring these difficulties comes via Fitch,…

Even if the private sector participation sufficiently high, will it be enough to put Greece's debt on a sustainable path? This seems unlikely and there is increasing risk that the ECB forgoes getting anything but its initial investment…

The market has been focused on the negotiations over the private sector involvement in reducing Greece’s debt burden. Yet, the PSI is so yesterday. There are many moving parts and the PSI, which has dominated the market’s attention, is…

Portugal appears to be headed down that same road. While we have warned in the past of risks that Portugal would need a second aid package, it is only since S&P joined the other major rating agencies on January 13 that more market…

The ECB's hand though could be forced if there is a credit event, a non-voluntary debt restructuring. Under such conditions, it would be more difficult to show some bond holders (ECB) preferential treatment over other holders of the same…

I am not at all optimistic about the euro zone in terms of policy makers fashioning a solution to the problem. The euro leaders have the diagnosis all wrong. They keep harping on government debt and deficits as if that's the problem. And…

n the short term, one of the only remaining stumbling block in the form of the ongoing default proceedings in Greece seem to be no match for the ongoing positive animal spirit of the equity market. Only a week ago, we got news that talks in…

Roubini said that the "probability of a recession in the United States is lower than 60 percent right now." On Europe, he said that even if an agreement is reached on Greece, "there are going to be so many holdouts that then they’ll have a…

Below is the link to my latest appearance on BNN with Howard Green and Ryan Avent. Quick thoughts here