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 given related to the saving banks. Continue reading

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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, there are real-life graphics incomparably more hilarious than any cartoon I can draw. Just check out these prices! Continue reading

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The twitter financial reforms

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. Continue reading

Posted in Banks, Politics | Tagged , , , , , , | 1 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. Continue reading

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

If you can’t beat them… feed them!

On February 4th, the Treasury published its 2010 annual “Foreign Exchange Report” to Congress, where, according to the law that mandates it, it must consider “whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade.” Continue reading

Posted in China, Exchange Rates, Growth, Tim, Trade, Uncle Sam | Tagged , , , , , , | 1 Comment

German bondage

The European Heads of State and Government who convened last Friday in Brussels for a leaders’ summit found a nasty surprise in their folders, courtesy of the Franco-German de facto presidency of the EU. Our spies in Brussels give us an unofficial report of the events, not much publicised in the press: Continue reading

Posted in Angela, Carla, Eurotrash, The tenpins, Toreador | 1 Comment

Green Wave

New WaveDefinitely, Europe is going through a rough patch. It hasn’t started celebrating the “end” of the Euro crisis and a new catastrophe might well be coming at full speed. Continue reading

Posted in Angela, Carla, Eurotrash, Leprechaun, Politics, The tenpins, Toreador | Tagged , , , , , , | 2 Comments

An old stripe of water

In my last post, I did something unusual for me, which is talking geopolitics. Since I did it, though, I have to break another golden rule (make fun of anything and everything) and follow-up in this post, which doesn’t even have a cartoon at the start. I am awfully sorry, it won’t happen again. Continue reading

Posted in Politics, Trade | Tagged , , , , , | 1 Comment

Growing pains

A typical European childhood is marked by regular torture sessions at the hands of this most overrated of French writers: Saint-Exupéry. His “Little Prince” is so overwhelmingly praised above its squalid merits that any resistance becomes futile. One just has to go through it. Continue reading

Posted in Fiscal policy, Growth, Monetary policy | 1 Comment

High Expectations


What a difference three little letters can make: from Europhobic to Euphoric in little more than a week. Continue reading

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