Otto’s revenge
- Parachuted in by the great powers of the time- Specifically, parachuted in by the great powers of the time to ensure Greek payment on their sizeable official loans- Subordinating...
The preferred, puzzling, ESM
Eurozone states signed the final version of the treaty establishing the European Stabilisation Mechanism on February 2.(Click the image for the full document)The ESM treaty...
The Italian bid, redux
We’re sticklers for this stuff — but it’s an important point by Societe Generale’s analysts on Tuesday: (click charts to enlarge)There’s your...
The Portugal enigma
Something to note about these Portuguese bond prices… (via Reuters)(Other than that they dropped like nothing else on Monday)The difference between the bid price and the ask price —...
Portugal, back in the frame
Felix and Arianna want to move Davos to Patmos, but what about the Azores?Have a look at the yields on the Portuguese 3-year…… the widest flavour of paper at...
Bilaterally — yours?
The FT’s James Mackintosh recently pointed out an interesting provision in the loan agreement Greece has with its bilateral official creditors – its fellow eurozone states....
There are official creditors, and there are “official” creditors
The unstoppable force…“If the level of Greece’s privately held debt is not sufficiently renegotiated, then public creditors, holders of Greek debt, will also have to...
UK debt: £1,003,900,000,000
Blame whoever or whatever you want, but net British debt, “excluding the temporary effects of financial interventions,” topped a trillion pounds sterling in December....
Death sanitised through credit
Or, what kind of risk the ECB’s three-year LTROs are putting on.Two charts — click to enlarge:They’re from the European Central Bank’s latest monthly bulletin,...
Flight of the kangaroo
Back in December, we wrote about an interesting little ripple effect in the Australian bond market from the fragility of AAA ratings in the eurozone. Top-quality euro ‘supranationals’...
