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Tag Archives: sovereign debt crisis
Europe’s Sovereign Debt Crisis Hasn’t Gone Away
It’s surprising that the banking crises facing Ireland and Portugal, and the wider European banking sector - have not been more contagious. While the risk of Ireland and Portugal defaulting soars, other Europe sovereign bond yields remained fairly flat in the third quarter, and Greece even enjoyed a rally of 140bp to 775bp. This calm is not likely to last long though, before more questions are asked of the banks which own the dodgiest euro-zone debt.
Posted in Bond markets, Currency Markets, Economy, Politics, Uncategorized Also tagged banks, dollar, Greece, Ireland, Portugal, UK Leave a comment
Update: Germany Heads into the Double-Dip Zone
As the Angry Analyst warned, the fiscal austerity being implemented in Greece and the other Club Med countries would soon be felt because Germany has been relying on exports to these countries – not China – for growth. Economic sentiment, as measured by the ZEW institute, collapsed in September. This is particularly significant, because as can be seen from the accompanying chart, it leads the other key indicator produced by the IFO institute. And where this indicator leads, German industrial output is sure to follow.
Posted in Bond markets, Companies, Economy Also tagged banking, bond market, Deutsche Bank, Deutsche Postbank, double-dip, Germany, Greece, manufacturing Leave a comment
More Evidence of German Banking Untruths
As if further evidence was needed that the German banks have been lying about the true state of their balance sheets, and that a German banking crisis is in the offing, we learn that German mortgage lender Hypo Real Estate will receive another €40 billion of state guarantees.
Posted in Bond markets Also tagged banks, Germany, Hypo Real Estate, Ireland, stress tests Leave a comment
The Second Wave of Europe’s Banking Crisis is Crystallizing
As the crisis in the European financial sector deepens, trading patterns are indicating a major sell-off within the next month, if the market breaks out of the flag patterns forming in the MSCI European Financials Index. After all, the ECB’s extension of its liquidity safety net for vulnerable euro zone banks – and the guarantees for troubled banks in Ireland – can only fuel suspicion about skeletons in the closet.
Posted in Bond markets, Stockmarket Also tagged banks, BIS, ECB, EU, Euro, financials, Germany, ishares, US Leave a comment
Running Faster to Stand Still, Ireland is Going Nowhere Fast
Standard & Poor’s cut to Ireland’s credit rating is hardly a surprise given that Irish debt is estimated to peak at 137% of GDP, against government estimates of about 94%, despite austerity that will have seen the economy contract by around 15% since 2008 by the end of 2010. Many more downgrades can be expected [...]
Eyes Wide Shut as Spain’s Banking System Collapses