Category Archives: Debt

Severing Ties

“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

Posted in Banks, Debt, Eurotrash, Fiscal policy, Toreador, Uncategorized | Leave a comment

Collect call – a visit by creditors goes horribly wrong

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 , , , , , , | Leave a comment

Euro debt relief relay race: last runner crashed by the baton!

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.

Posted in Debt, Trichet | Tagged , , , , , , | Leave a comment

Euro debt haircuts: a question of style

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 , , , , , , , , | Leave a comment

Spanish saving banks: the dark night of the (faithless) souls

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 , , , , , , , | Leave a comment

The gain of Spain goes mainly down the drain

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

Posted in Banks, Debt, Toreador | Tagged , , , , , , , | Leave a comment

Portugal bluffs a call

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.

Posted in Debt, Eurotrash, The tenpins, Trichet | Tagged , , , , | 2 Comments

New year’s race

It’s a lean year, so they have been holding back, waiting for a moment when better bargains can be found. They have everything figured out, what they’ll buy; sizes, colours, shops and departments.

Posted in Carla, Debt, Eurotrash, The tenpins, Toreador | Leave a comment

Profits for the people!

I still have to be convinced that more than 1% of the population understands the concept of risk. That’s for individuals. Public opinion is an entity of very small rationality, and no coherence, memory nor any or the other attributes … Continue reading

Posted in Banks, Debt, Tim, Uncle Sam | Tagged , , , , | 2 Comments

Bail out who?

Once upon a time, a leprechaun found a cauldron full of gold coins in the woods. A troll explained to him that whoever found it was free to take the gold in it, but for each coin he spent, he … Continue reading

Posted in Banks, Debt, Eurotrash, Leprechaun | Tagged , , , , , | Leave a comment