Last week, EUS Euro shifted slightly its course, three degrees to North by Northwest, right in course of collision with the icebergs. 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.
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
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.
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
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