“Severing ties with sovereigns is easy. Happens all the time here, when a client forgets to take it off…” – anonymous guillotine operator, Paris 1789 Advertisements
The markets payed a call on Europe but the masters of the house, Cindeurella and the Prince, were both on vacation at different low cost beaches. They were ushered to a waiting room by the doorman, an impressive gentleman of … Continue reading
Posted in Cindeurella, Debt, Fiscal policy, Monetary policy, Politics, Trichet
Tagged debt, ecb, EFSF, euro, Europe, monetization, SMP
After an heroic resistance, the ECB has finally had to capitulate and reach (once again) beyond its constitutional mandate, by restarting its Securities Markets Program, this time to acquire Spanish and Italian bonds in the market.
Cindeurella needs a radical change of lifestyle and, as any girl worth her iphone knows, the crucial hurdle is getting the right haircut. A properly styled girl will come by anything she needs, effortlessly. And a girl can need a lot…
Posted in Angela, Cindeurella, Debt, Eurotrash, The tenpins, Trichet
Tagged argentina, bond, debt reduction, euro, Greece, Greek debt, haircuts, imf, rescue
The tragedy at Fukushima has sunk a territory named the “island of fortune” into a dark futuristic nightmare, compounding three other catastrophes that successively hit the region (a monster earthquake and a tsunami, followed by an unseasonal blizzard)
Esau sold his birthright for a dish of lentils. It seems we will throw it to the garbage against a false promise of somewhat cheaper electricity.
Knowing that much depends on confidence on the side of the markets, the Bank of Spain took a much protracted measure on February and lifted a bit the veil that covers the assets of Spain’s financial system. Some details were … Continue reading
Posted in Banks, Debt, Growth, Toreador
Tagged debt, financial reform, growth, real estate, reform, rescue, saving banks, spain
OK, you got me: I know I am by my own rules supposed to start these posts with a (supposedly) funny cartoon, but it so happens that drawing takes a lot of time. Sometimes it cannot be found and, worse, … Continue reading
From Egypt to Italy, autocrats in the Mediterranean fringe are being challenged by risings dubbed by the media the “Twitter revolutions”. I, for one, have serious doubts about the decisiveness of Twitter and the social networks in organizing these movements.
On February 11th, Portugal announced that it would buy back up to 9,4 bn of it’s own bonds in a reverse auction to be held this week.