sovereign debt crisis

In October 1993, when Andreas Papandreou was re-elected as prime minister, Greece's liabilities exceeded 100 percent of gross domestic product. The national debt was 114 percent of gross domestic product. Inflation was more than 14 percent…

Muddling through means deepening crisis for the euro zone.

As we reported on Friday, Dexia, the troubled Franco-Belgian bank, has been nationalised over the weekend. At the time, I indicated this would be a negative for the sovereign’s creditworthiness. Moody’s, the ratings agency, agrees and has…

US dollar broadly weaker as risk appetite returns; correction across asset classes. Merkel and Sarkozy promise comprehensive plan to shore up banks and give closure on Greece in early. US fixed income markets closed today. Canadian markets…

This is an interesting way of looking at it. I have been under the same impression a lot of people are, that the system is teetering on the edge and policy makers are being pushed by markets to save/reform it. But what if what Soros here…

Moody's Investors Service has today placed Belgium's Aa1 local and foreign currency government bond ratings on review for possible downgrade, while affirming its short-term ratings at Prime-1.

Franco-Belgian bank Dexia is being officially nationalised according to two Belgian newspapers.

This is a Friday night massacre over in Europe. Fitch, the ratings agency, first downgraded Italy one notch, from AA- to A+, following in Moody's footsteps for earlier this week. Then, just a few minutes later, Fitch cut Spain's credit…

Last night, I posted a video of Robert Shapiro warning that the EU needed to address its banking crisis promptly and thoroughly. I agree 100%. I also mentioned a New York Times piece I wrote on Wednesday. I had anticipated my NY Times…

This video is explosive. Dr. Robert Shapiro, an advisor to the International Monetary Fund, is saying in no uncertain terms that the dithering approach that Europe has taken will lead to crisis in a very short period, two to three weeks.…