Bad loans continue to rise in Spain and Italy
Spain and Italy reported today that the share of bad loans have continued to rise. There is nothing to suggest that this is the peak. In fact, further deterioration is likely.
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Browsing Tag
Italy
On predicting the US and European cyclical economic outlook
As I mentioned in an earlier post on Europe, a slew of manufacturing data was released today. When I wrote the first post, Europe and Asia had been released but the US had not. SInce then, the US numbers came out showing a shock…
Chart of the day: Debt deflation in the eurozone periphery
Just to follow up on the last post, which was relatively optimistic about the eurozone, I want to show you this chart of non-performing loans in the periphery. I believe it tells a story of debt deflation and explain why the contraction in…
Europe is now officially in back-loaded austerity mode
As I have ben predicting here for months, the problems in individual large European economies have become to large to bear for the prevailing European policy mix. Therefore, today, in releasing the next year's country specifici…
On Italy’s decoupling from the periphery and Merkel’s electoral losses
I have been trying to break up the links posts because I have so many. So I have been writing brief theme posts to go with the links as I used to do when I had more time. I want to make this one short here and I have two topics to…
Enrico Letta’s Italy
The first left-right coalition in Italy since 1946 has survived its first confidence motion in both chambers. As difficult as it may have been to break the political logjam, the hard work lies ahead for Prime Minister Letta.
On the Italian Prime Minister’s view of austerity
Italy's new Prime Minister Enrico Letta is touted as a man who could change the politics of the EU. The Daily Telegraph in the UK even headlines his initial policy speech as "Italian PM Enrico Letta urges move from austerity to growth". But…
Europe again
I am not going to say a whole lot here in this post because I have been writing non-stop about Europe of late. I just want to share the European links with you. I think what the links show is that the European paradigm is in transition from…
Chart of the Day: What British GDP growth since 2007 says about austerity and Reinhart-Rogoff
Osborne has said in the past that his austerity approach is the right one and has pointed to a 2010 paper on government debt and growth by Carmen Reinhart and Kenneth Rogoff as evidence his approach is the right one. Given the recent furore…
Some thoughts on what’s next for Italy
Italy is getting closer to putting together a grand coalition government. This has always seemed to us the most likely scenario, but the route to it has been circuitously torturous. Three considerations have led to President Napolitano…