Spain

Here's Roger Bootle talking to Bloomberg's Maryam Nemazee about the deal hammered out yesterday to 'save Greece.' He is quite sceptical. First, the 120% debt to GDP figure that the deal is predicated on reaching is still high and assumes a…

Markets’ initial reaction to the latest EU emergency summit has been positive. Risk assets are trading up, risk-sensitive currencies are up, European bank stocks are up, and the broader stock market is as well. This relief rally is…

The auxiliary objective of QE by the Fed is to weaken the USD. Herein lies the rub. Quite simply, with the recent announcement by the BOE of another round of QE worth £75 billion, with the ECB now willingly or unwillingly being forced into…

Madrid, October 19, 2011 -- Moody's Investors Service has downgraded the long-term ratings of nine Spanish regions, two Basque provinces and five government-related ratings by one or two notches. The outlook on the ratings is negative. At…

"Moody's Investors Service has today downgraded the long-term senior debt and deposit ratings of five Spanish banks by one notch. These rating actions follow yesterday's downgrade of the Kingdom of Spain's government bond rating to A1 from…

Equity markets are mostly positive after strong gains overnight; supported by euro zone crisis plans. EUR firms despite Spain’s rating downgrade by Moody’s; Norges Bank expected to remain on hold. Japanese and South Korean policy makers…

Spain continues to be vulnerable to market stress and event risk. The already moderate growth prospects for Spain have been scaled back further. Lower economic growth in turn will make the achievement of the ambitious fiscal targets even…

On Friday, I asked why CAM’s credit default swaps were soaring. This is why? Clearly someone had inside information.

Here are a few charts from the credit default swaps market based on 5-year CDS. Here’s what I see.

The full text of S&P's downgrade of Spain