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Category Archives: Debt
“Severing ties with sovereigns is easy. Happens all the time here, when a client forgets to take it off…” – anonymous guillotine operator, Paris 1789
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
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…
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
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
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.
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.
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