Germany is preparing for Greek bankruptcy
The mood in Germany is still about cutting Greece loose to save Italy and Spain
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Europe
The euro zone is coming apart at the seams now
Clearly, Stark sees the monetisation path the ECB is on as not at all compatible with thee ECB’s mandate. Separately, the noises coming out of the German governing coalition show exasperation with the progress in Greece. Edward Hugh writes…
High Noon Approaching for Greece?
The Greek tragedy in several acts would appear to be approaching a climactic moment. The warnings coming out of Berlin all week have been hard to ignore: “Greece either puts up or shoves off” would seem to be the blunt message being…
Why a breakup of the euro zone is likely
The ruling by the German Constitutional Court does allow the EFSF to operate as planned. Most commentators have focused on this. However, the language of the decision means there can be no eurobonds and no “supra-national” fiscal agent…
The euro zone double dip is almost here
This does not augur well for the euro zone. In the past few months, I have become negative on the euro zone’s chances of survival. I no longer believe the political imperatives for the euro zone will be enough to overcome the politics of…
The Euro Clears One Political Hurdle
Markets continued to be dominated by the EZ sovereign debt crisis and the uncertainty surrounding key political events this month, which are likely to shape the market response in the months ahead. Of the key political events that take…
UBS: Euro break-up – the consequences
The following is excerpted from today’s UBS research note by Stephane Deo, Paul Donovan and Larry Hatheway on the consequences of a euro break-up. The full note is embedded below.
Chart of the Day: European bank funding starting to dry up
Today, it is euro banks that are the problem. For example, Goldman Analyst Alan Brazil suggests that euro banks need $1 trillion in additional capital. This has created distress in funding markets, particularly because of US money market…
Risk sentiment has soured sharply in the run-up to the NFP report
Dollar is mostly firmer against the majors as recent risk rally stalls; US NFP is major focus today. Euro zone jitters pick up after troika suspends Greek talks temporarily; Italy also back in focus. EM sentiment remains poor after Brazil…
Is the Euro Zone Debt Crisis Sapping Economic Growth?
Dollar firmer across the board amid month end repositioning; US futures suggest modest decline. Markets likely to remain sensitive to DM economic data; Case-Shiller & FOMC minutes are key today. EM continues trade directionless for now…