Full text: Moody’s downgrades Italian banks
On the heels of a sovereign downgrade, the following press release was issued by Moody's Investors Service today in conjunction with its ratings review of several Italian banks.
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Browsing Tag
sovereign debt crisis
The euro disaster is about more than just current account imbalances
The problem cannot simply be a problem of current account imbalances—we’ve got them all across the US states. And the US, itself, runs a chronic current account deficit. But the US federal government is sovereign, it issues its own…
Following the US bailout model will create losses for Spanish bank preferred and sub debt
In Spain, it is well-known that many of the financial institutions need more capital. However, the question is how much capital. Spain has run dubious quality stress tests that say the banks need less than 40 billion euros. Others believe…
Why the Spanish Memorandum of Understanding is a disaster for Spain and Europe
We now know that Spain has received a standard bailout package like Greece, Portugal and Ireland before it despite attempts by the Spanish government to dress this bailout up as something different. Below is a quick analysis of just what…
Rajoy’s humiliating defeat to Merkel narrows options to sovereign bailout, monetisation or…
German Chancellor Angela Merkel is a brilliant political tactician. After the latest EU Summit, it seemed she had capitulated after being rounded on by France's Hollande in an effort by Italy's Monti and Spain's Rajoy to prevent the market…
European banking union done properly
The EU Summit decision on banking union is being questioned by some economists in Germany. This column argues that a banking union is a critical step in ending the EZ crisis and building a more stable EZ financial architecture. It is a…
Ireland is the biggest winner from last European summit
Last week's newsletter focused on Monti and Rajoy forcing Europe into true EuroTARP as the chief headline coming out of the latest European summit. A lot of other commentary focused on the agreement to let the ESM/EFSF buy up sovereign…
Daily: Euro Summit Post-Mortem, Minsky’s legacy and Apple’s patent wars
I have a ton of links so I am going to break them up into groups. Here's the first bunch from late last week. Three topics are most interesting.
Global manufacturing index hits three-year low
Much like the US manufacturing index, the global manufacturing index has hit three year lows. The numbers indicate a contraction in global manufacturing activity, with the JPMorgan Global Manufacturing PMI now below 50% at 48.9% for June…
Weekly: Monti and Rajoy force Europe into true EuroTARP
This week's newsletter will focus on Europe again as this morning the European summit has produced significant changes in European economic policy. Spanish Prime Minister Rajoy and Italian Prime Minister Monti threatened to 'block…