Europe

This is a gold-level post for members only. The EU is deathly afraid of either Spain or Italy getting into trouble and will do almost anything these countries ask. On the other hand, Hungary is expendable. This has clear investing…

Naturally austerity isn’t popular, and evidently it doesn’t work as intended, but then this was already known before we started on this course, so it isn’t really a surprise. But what alternative do the Euro Area’s imprisoned periphery…

This is a bronze level post. These are the links with my daily commentary for 9 Mar 2012 on the Greek PSI deal and the renewed urgency this makes for Spain and Portugal.

Here is a video of my latest appearance on Capital Account with Lauren Lyster. We spoke specifically about the situation in Europe; and that means Greece in the first instance. We also talked a lot about the ECB's LTRO program which I see…

This is a gold level post. So we've got a deal on the Greek restructuring. Everyone is talking about it. Here are the things to pay attention to.

The Greek government said PSI went through with a 95.7% participation rate after CACs were activated. Before the CACs, however, that rate was only 85.8%. ISDA’s determinations committee will decide today at 08:00 EST whether a credit event…

The dollar is weaker against most major and EM currencies with Greece still the major focus. The euro broke above 1.32 against the dollar in the European morning as it becomes evident that the Greek PSI deal will likely go through, as we…

The chart below tracks the economy of the United States and selected European economies, demonstrating the varying impact of the financial crisis there. March 2007 is the reference point where Real GDP is re-based at 100.

In an entirely fraudulent paper chase, the banks that borrowed LTRO money put some of it to work in sovereign carry trades. The banks have borrowed at 0.25% from the ECB and are buying sovereign bonds with much higher yields. Intesa…

This will be a bronze level post. Everyone is talking about the Dutch Freedom Party these days. Geert Wilders, the head of the Freedom Party, is a bit like Marine Le Pen in terms of his appeal: anti-immigrant, nationalist and right wing. He…