Low rates help Spanish companies’ P&L
MADRID, February 20, 2015 | By Fernando G Urbaneja | The Government and Spanish companies are taking advantage of low interest rates as a means of reducing overall indebtedness.
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NPLs continue to decline in Spanish banking sector
MADRID, February 20, 2015 | The Corner | Non-performing loans in Spain continue to decline, with the total ratio of bad debts now standing at 12.5% of total outstanding loans. The figures represent the fourth consecutive decline in non-performing loans and now stand at the lowest level since September 2013. The figure is over 100bps less than the 13.6% recorded in December 2013, in spite of overall lending falling by -4.6%.
“Grexit risk cut to 25%”
MADRID, February 23, 2015 | By Sean Duffy | Friday´s deal was a relief for all involved, yet it remains to be seen if a frantic weekend of number cruncing from Greek officials will meet the strict criteria outlined in the agreement. German bank Berenberg cut the chances of a Grexit to 25% from 35% on Monday.
European credit vs equity relative value: what a difference a month makes
MADRID | By Soren Willemann at Barclays | European credit markets have been outperforming equities persistently since October 2014. However, following the recent ECB announcements, this relationship has shifted dramatically, with credit spreads now trading wide vs equities on a historical basis.
Greece granted bailout extension
By Alexandre Mato in BRUSSELS & Sean Duffy in MADRID | A day of hard negotiations finally produced a positive outcome.Greece will work throughout the weekend to ready proposals for Monday´s meeting, but politicans were visibly relieved after an arduous week.
A different kind of crisis, a different kind of reform
By Barry Eichengreen via Caixin | The reform response to the financial crisis was mild compared to that of the Great Depression, but all is not lost.
You’ve heard the Greek crisis myths, now here are some truths
Via www.macropolis.gr | By Yiannis Mouzakis & Nick Malkoutzis | With talks surrounding a bailout extension ongoing, it is time to set the record straight about some of the myths that surround the Greek narrative.
Spanish bond yields remain low
MADRID| The Corner | Yields on ten-year government bonds remain close to historically low levels.
Face off
MADRID | Sean Duffy | Today´s meeting of the Eurogroup brings Finance Ministers Varoufakis and Scauble head-to-head. Germany are unimpressed with Greek proposals,meaning that the Greeks face the prospect of being cut off from extra bailout funding.
Capital controls in Greece? A response to Professor Sinn
ATHENS | By Marios Zachariadis via MacroPolis | While capital controls might be an appropriate intermediate solution for Greece as argued by Professor Sinn in his recent Financial Times note, Professor Sinn misses or misrepresents the picture on a number of counts.