In Europe

Treasury

Spain Issues Largest Syndicated Deal In Euro Zone History

MADRID | By Julia Pastor | The same day  Spanish banking system credit line was officially cancelled, the country issued a record 10-year bond amounting €10 bn. The syndicated bond sale was strongly oversubscribed by almost four times the sum on offer,  just beaten by €44bm of EFSF first issue.


Cyprus

A macroeconomic assessment of the Cypriot economy after the haircut

ATHENS|By Marios Zachariadis via Macropolis| The apparently fast adjustment of the Cypriot economy and the private (non-bank related) sector in particular, has helped facilitate a smaller than anticipated drop in consumption and GDP as the impact of reduced nominal salaries on consumption has been somewhat alleviated by falling prices, along with the use of past savings.



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Greece: The improving economy supports a government already in combative mode

LONDON | By Fabrice Montagne at Barclays | Recent economic data suggest that Greece’s economy is improving. While this is not enough to change our current cautious growth forecasts, it does provide some support for the government as it enters a very difficult period, having assumed the EU presidency, and faces troika negotiations and domestic political opposition.


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To Fulfill New Year’s Wishes, France Needs to Boost Revenues

MADRID | By Julia Pastor | France just started to go through its new year’s checklist. President Hollande announced last week budgetary cuts of €50 billion for 2015-2017, in addition to those €15bn revealed in September. The country urgently needs to increase revenues and it could do it via the sale of state-owned companies stakes such as a French and European reference like Airbus.


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Everyone Praises Reforms in Spain But What About Structural Problems?

MADRID | By Jaime Fernández Santisteban | After months at the centre of controversy, Spain is making headlines about recovery and everyone seems to be bullish on the country. Spain is almost back to pre-crisis levels, says IMF’s Lagarde. But is it? What has changed then? Marta Soria and Rebeca Gimeno are a couple of journalist-economists behind Economía en dos tardes, a blog bringing economy and business closer to people. They shared with The Corner TV their outlook for the year that is just beginning. 

 


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European Sovereign Debt, Again No Risk Asset

MADRID | By Julia Pastor | The  ECB confirmed on Wednesday that held-to-maturity sovereign exposures portfolios will not be punished, and consequently marked-to-market, in the financial system stress test to be performed at the end of 2014.


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The EU, the troika inquiry and the big disconnect

ATHENS|By Nick Malkoutzis at The Agora|After almost four years of monumental decisions being taken behind closed doors, without consultation and outside the legal framework of the European Union, the European Parliament is conducting an investigation into how the eurozone bailouts have been constructed and implemented. This will include visits to the countries affected as well as hearings with people involved with Troika decisions.

 



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Paid Corruption In Germany: The Pofalla Case

FRANKFURT | By Lidia Conde | What happens when the supervisory board in a company discovers that its president conceals his intentions of improving the relationship with the political power by hiring Angela Merkel’s “man of confidence”? That’s what has happened in Deutsche Bahn, the German railway, whose supervisory board learned from the press that Ronald Pofalla (Merkel’s cabinet chief barely two weeks before) was joining the governing board.