Eurobonds

By Marc Chandler There are many voices that continue to clamor for a European bond; one that is backed collectively by the various members. Germany and the other creditor nations are understandably skeptical especially without greater…

The ECB is seen to be the key protagonist and the pressure is more acute on it to act. Yet it steadfastly refuses. The other solution that has been advocated is a joint European bond. It is not going to be forthcoming any time soon. Such…

The British decision to veto the proposed new EU treaty is not surprisingly provoking an avalanche of commentary this weekend. Among journalists, at least, there seems to be a consensus that David Cameron committed some kind of major…

The probability of a German-led fiscal union in Europe is greater than the consensus suspects given its arguments that only an ECB backstop and a European bond will prevent the end of the greater experiment. In addition, the argument is…

Mario Draghi has become explicit about what it will take for the ECB to have a more active role in the European sovereign debt crisis.

I anticipate a large enough move toward limited fiscal integration in the coming days that enables the ECB to move toward a full monetisation euro area national debt by the end of the year. Interestingly enough, the initial reaction by…

Given the flurry of activity this past weekend in the euro zone, it seems clear that the Europeans have pushed the panic button. I anticipate that some sort of systemic response is likely in order to deal with Italy (and Spain), two large…

“It is categorically not true,” said a spokesman from the party, which is led by Mariano Rajoy. The spokesman was commenting on a report by Reuters on Friday that the PP had discussed plans to seek a rescue package. -Spain 'will not…

Foreign news links for 27 November 2011. We have a variety of links here today with most focused on the European sovereign debt crisis. Protest and terrorism are two other topics of great interest.

Almost exactly one year ago I wrote the following: In practice, you could have sovereigns conduct a ‘sovereign debt swap’ whereby the ECB buys an agreed-upon portion of the existing debt from the sovereigns and then uses these funds…