Posts Tagged ‘debt crisis’

Euro area summit

Yesterday’s extraordinary EU summit surprised positively. Decisions were broader than generally anticipated. The main measures announced are as follows: Greece: downgrade to selective default very likely  New EU/IMF bail-out programme: EUR109bn for funding up to mid-2014. Private Sector Involvement (PSI): Private bond holders are expected to provide some EUR37bn toGreecethrough voluntary debt exchange or rollover […]

European crisis: The week of living dangerously

The intensity of the eurozone crisis has heightened considerably recently. Contagion has spread towards core countries like Italy and even France. Something has been broken. We can already say that the euro of the first decade is dead. The first proof is spreads (see chart below). When interest rates inside the monetary union are as […]

The Swiss franc under intense stress

The safe-haven Swiss franc has beaten new records on several fronts. Against the single currency, the franc reached 1.15, against the US dollar it is slightly above 0.80 and against the British pound it lies at 1.30. Latest developments in the eurozone crisis saga and disappointing economic data in the US have darkened the global […]

Gold reaches new highs with sovereign debt crisis

Gold peaked yesterday slightly above USD 1594, after Ben Bernanke referred, in his twice-a-year economic report to Congress, to the possibility of resorting to a third quantitative easing plan. This sent the dollar lower and the gold price to a new high in US dollars, as well as in euro and sterling. The price of […]

Greek crisis: an update

Greece’s cabinet yesterday approved the Medium Term Fiscal Strategy (MTFS) after days of acrimonious debate within the PASOK (Prime Minister’s party). It is worth recalling that the adoption of this plan is pivotal for Greece to obtain a new EU-IMF rescue package designed to fulfil its 2012 financing gap. Without this aid extension, the IMF […]

Euro area: Fiscal crisis

To summarise an extensive research note published today, the whole euro area is in a very difficult situation. One year after the €110bn 3-year international aid package had been approved to help the Greek government, doubts about the country’s ability to honour its debt have resurfaced again. With the exception of some short periods of […]

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