Eurozone principles dashed by Greek deal
MADRID | July 14, 2015 | By JP Marín Arrese | The Greek deal has dashed any hopes the eurozone might evolve into a more inclusive area.
debt
Greek debt restructuring: the mother of all battles
BRUSSELS | July 7, 2015 | By Alexandre Mato | When euro leaders and their finance ministers meet with the Greek government later today for a fresh round of negotiations to agree on a new economic assistance programme, the debt issue will still be the mother of all battles. Over the last few days, some economists in Brussels have gathered together ideas for putting Hellenic public finances in order.
Markets consolidate ahead of EU summit
The Corner | June 25, 2015 | As EU finance ministers are meeting for a second scheduled summit today, European equities opened lower: markets are cautiously optimistic for a deal between Greece and its creditors.
Better red than dead
MADRID | June 21, 2015 | By JP Marín Arrese | Bertrand Russell coined this famous phrase when the cold war nuclear escalation threatened the survival of the human race. A useful tip for intractable confrontations where sanguine sentiments lead conflicting sides to prefer collective ruin rather than reaching a compromise. The Greek imbroglio is a good example.
Greece: Reform or perish
PARIS | June 19, 2015 | By Francesco Saraceno | Very busy period. Plus it is kind of tiresome to comment on the daily ups and downs of the negotiations between Greece and the Troika Institutions.
Debt now a key risk in the emerging world
HONG KONG | June 18, 2015 | By Alicia García-Herrero via Caixin | Brazil’s economy is burdened by debt and China is leveraging at an unsustainable level, situations that could be exacerbated by Fed tightening.
Greece rides the ghost train
ATHENS | June 15, 2015 | By Nick Malkoutzis via MacroPolis | Greece’s negotiations with its lenders over the last few days have been more like a ride on the ghost train than a roller coaster, producing moments of sheer panic punctuated by brief spells that allow the palpitations to subside.
Tsipras’s realpolitik moment approaches
LONDON | June 15, 2015 | Barclays | The banking system has lost nearly 23% of its deposits since November 2014.
Greece plays its last winning cards
MADRID | June 9, 2015 | By JP Marín Arrese | From the very moment Ms Merkel vowed to put an end to the Greek crisis, she filled the Hellenic sails with hopes of snatching extra concessions. Athens seems well aware that the German Chancellor is under heavy pressure to secure a deal before the G-7 meeting, and that it will profit from this unexpected manna. It will play these winning cards until they become obsolete.
Average cost of Spanish debt down to 1.46% in 2014
The Corner | May 26, 2015 | The improvement of financial markets in 2014 allowed the issuance average cost of the Spanish public Treasury to go down to 1.46%, about 100 basis points below 2013 levels. Spanish premium risk fell by 114 basis points to reach an average of 120 points in December, according to the Bank of Spain. (Chart above: Spain Generic Govt 10Y Yield; Source: Bloomberg)