Should Irish Voters Follow the Example Set by Icelandic Voters?
Voters in Iceland have rejected their government’s attempt to foist on them the costs of bailing out foreign creditors. Should voters in Ireland too?
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Browsing Tag
sovereign debt crisis
Details of the 78 billion euro bailout for Portugal
Below is a PDF copy of the Portuguese Memorandum of Understanding for the EU - IMF bailout. Portuguese interest rates have fallen somewhat on the news of the bailout, to the lowest levels in fifth months.
ECB and Portuguese Deal Keep Euro Firm
The euro continues to surge this morning, trading ahead of $1.49, despite some US short covering against some of the majors and a mixed tone in risk appetite, buoyed by a combination of drivers. For one, many see the risk premium in the…
Catalysts for Change in the FX Driver
The main driver that has led to a persistent decline in the US dollar through the last several months is the divergent thrust of monetary policy. It has left the Federal Reserve as a laggard in the global cycle and, in turn, has left the…
A Credible Solution to Europe’s Debt Crisis
In April 1989, Mexico's external debt negotiator, Angel Gurria, asked his country's commercial bank creditors for a 55 percent haircut. This was the opening pitch of the newly created Brady Plan, which finally addressed both the debt…
Win Thin: Bernanke is giving a green light to the risk-on trade
Win Thin of Brown Brothers Harriman was on Bloomberg talking to Tom Keene and Michael Cloherty, head of U.S. rates strategy for fixed income and currencies at RBC Capital Markets, about the global markets for a good fifteen minutes today.…
Is The EMU Debt Crisis Morphing into a Euro Positive Force?
We argue that a key driver lifting the euro has been the divergent monetary policies of the Federal Reserve and the ECB.
Thinking about Haircuts
What a cruel month April has been to the peripheral debt markets. Greek 10-year yields have risen 349 bp, more than the cumulative increase over the previous 11 months. Portugal's 10-year yield has risen 180 bp this month and 190 bp over…
More cautious optimism?
Overall, I would say that the exogenous shocks have added to downside risk. I would expect economic weakness in the second half of 2011.
If economic weakness does materialize in the US, I would expect lower long-term interest rates. Many…
Taiwanese Animation: S&P downgrades US debt
As usual, NMA has a pretty funny animated version of the latest business news. This time it's on the S&P ratings downgrade. Take a look.