internal devaluation

By Claus Vistesen It would have been hard to believe only a few weeks ago that the euro zone could be the source of any good news, let alone news to help push the market forward. Yet, with last week’s successful bond auctions and the…

By Edward Hugh “If you know your Thucydides and the Melian dialogue you know that small countries rely most on everyone following the rules. That’s why we follow the rules. If there are no rules, then the big will do what they want,”…

I was on the CBC's hour-long primetime finance show Lang & O'Leary last week talking about the European financial crisis. Prior to my appearance I wrote "The European Sovereign Debt Crisis" to give a full accounting of the…

Tonight I should be on the Lang & O’Leary Exchange, the CBC’s prime-time national business program, at 7PM ET. We are going to be discussing the European sovereign debt crisis for about 5-7 minutes. Canadian readers, tune in. For…

from the BBH Currency Strategy Team The European financial crisis is of historic proportions and it remains unresolved as the year draws to a close. The resolution remains elusive, but there seems to be a finite number of ways that the…

The recent sequence of reassurances from various eurozone policymakers suggests we are in the early, not latter, stages of the euro crisis. Only an Anglo-Saxon style QE will prevent dissolution of the euro. Such a radically un-German…

The decision by EU Commissioner Olli Rehn to appear before the world's press today, and inform the assembled throngs that, as far as the EU Commission could see, Spain will not be sticking to its 6% of GDP fiscal deficit commitment next…

This is an analysis of the remaining options in the euro zone post-Ireland bailout. This period in Europe reminds me very much of the period after the Indy Mac failure in the U.S. after which markets were in a permanent state of stress.…

Along with the EU and IMF we can be in no doubt: the reform programme evidently is on track. The only issue which seems to divide everyone – and especially those office-bound Fund employees from their more financially savvy…

I think this trio of videos from Latvia really puts the whole Irish crisis in perspective. After a spectacular property bubble, Latvia imploded in 2008. I was calling the Baltics the next Argentina. Indeed, by early 2009 we eventually saw…