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(+34) 93 626 47 75
Torres Sarrià, Carrer de Can Ràbia, 3-5, 4ª Planta BCN 08017
(+34) 91 794 19 82
Pº de la Castellana, 93 2nd floor MADRID 28046
We look after your interests
Torres Sarrià, Carrer de Can Ràbia, 3-5, 4ª Planta BCN 08017
Pº de la Castellana, 93 2nd floor MADRID 28046
We had already warned of this in the first part of this article. It has been a masterstroke, not because it has outmanoeuvred Merkel and her reluctance to let the ECB assume the country risk of the periphery, but because it has squared the circle at a political and pseudo-economic level. It is called LTRO (Long-Term Refinancing Operations). This move is nothing other than the ECB opening the floodgates for European banks to borrow € (and $) without limit. But the secret of the potion lies in the repayment term, as the funds have been lent on demand, at a ridiculously low rate, but for a whopping three years. That is the key. And consequently, a second round has been announced for February this year, for those who were too slow off the mark to catch the first train to the paradise of infinite and cheap liquidity. (more…)
We have already pointed this out in previous articles this year's , by all means y passively, and also in 2010, Solvency – that precious and increasingly scarce treasure that will preserve our wealth over time – has deserted the fixed-income markets of developed countries and companies. The big question is: if we can no longer trust the creditworthiness of European bonds or of companies on this side of the globe with debts as colossal as those of the very states to which they belong, then where on earth has creditworthiness gone? (more…)
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the article published today in Expansión, which translates the original published By David Enrich, Deborah Ball, Alistair MacDonald and Francesco Guerrera on the front page of the Wall Street Journal online. Here is the full text, because it is not to be missed, in this countdown to the re-founding or collapse of the Eurozone. And don't miss the commentary and the graph we have added at the end of the article: (more…)
Whilst we Europeans eagerly await 9 or 12 December to see the outcome of what appears to be brewing in Chef Merkozy’s secret kitchens, the latest unemployment figures have been published in the US. Now that the technical recession has, at least officially, been left behind, US unemployment appears to be trending more clearly downwards. The following chart from Chartoftheday.com It’s quite simple and speaks for itself. Although the fall in US unemployment is not happening at the same pace as in previous recessions, there’s no denying that it is happening. (more…)
The secret will not be revealed until Monday 12 December. But given what we have seen in terms of the cowardice, mediocrity and financial incompetence of the EU’s politicians and bureaucrats, coupled with the conflicting interests of the Merkozy duo, it cannot be ruled out that the eagerly awaited announcement on 9 or 12 December will amount to yet another ineffective stopgap measure. Nevertheless, hopes are pinned more than ever on these statements, which will do nothing more than make public the agreements that have been secretly being hatched since the finance ministers of Germany, the Netherlands and Finland met discreetly last week. (more…)
Italy’s debt alone is greater than the combined debt of Ireland, Greece, Portugal and Spain. Germany cannot pay off the PIIGS’ debt, and the other economies still afloat (namely France, Belgium, Austria, etc.) have their hands full simply trying to feign a solvency that is deteriorating more and more with each passing day. The only way to repay the market (institutional and private investors and speculators) the money owed by Italy and the other PIGS is to print it in the purest banana republic style. (more…)
These days we are seeing how the moment of truth is slapping Eurozone politicians in the face. The risk premium, i.e. the market's disdain for Italian debt is throwing the country, and therefore the rest of the Eurozone, into bankruptcy. Watching the Italian giant teetering on debt feet worth more than 120% of its vast GDP, Greece's bankruptcy may seem like child's play. (more…)
If I were a Greek and a businessman, it would be clear to me. My business would have a very dark future in the Eurozone with a wildly recessionary economy. With rising taxes aiming at desperate tax collection and consumption collapsing, my sales and chances of survival would be nil. And if my business had the capacity to export, I would also not be able to support it with a euro as expensive as the current one, as my competitiveness would be and will be at rock bottom in a foreign exchange environment that only German productivity will withstand. (more…)
Algunos vaticinan que estamos viviendo una semana crucial para el futuro de la Eurozona. Unos días en los que se decidirá cómo y de qué manera se financia sin coste el EFSF, que a su vez debe apagar los fuegos de una periferia absolutamente en llamas y propagante. Además, y ligada a esa búsqueda de la cuadratura del círculo, parece que se va a cuantificar el default griego, al menos este primero.
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Torres Sarrià, Carrer de Can Ràbia, 3-5, 4ª Planta BCN 08017
Pº de la Castellana, 93 2nd floor MADRID 28046
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