Finland’s got a [redacted]
‘Greece Pays Finland Collateral Money,’ goes the Bloomberg headline.Well, that’s broadly true we suppose. Technically, Greek banks which cannot be named have...
When PSI is futile (but then again, Cyprus)
Here’s a nice, Portugal-themed chart from Gabriel Sterne of Exotix.Only 15 per cent of a eurozone sovereign’s debt not held by senior creditors or by banks whose...
Sovereign debt stats in the stocks
It’s all about stock-flow adjustments, or SFAs — the curious cases when a government’s stock of debt increases without a corresponding change in its deficit to explain it....
The (crumbling) walls of Nama: another Irish accounting reel
God, but Ireland must simply hate Eurostat. The pesky statistics agency keeps forcing it to recognise all of those expenses it would otherwise prefer to ignore.And the agency is at it again....
De-euroisation is (still) de problem
Or, imagine foreign holdings of eurozone sovereign debt turning back the clock some 15 years… to before there was a eurozone.A few charts from Rabobank on Friday (click to enlarge):...
Normalising subordination, in Portugal
Something you will never ever read in an IMF report on Greece…But there it was on page 25 of the Third Review for Portugal, out a week or two back.It’s the kind...
Normalising subordination, in Portugal
Something you will never ever read in an IMF report on Greece…But there it was on page 25 of the Third Review for Portugal, out a week or two back.It’s the kind...
Masochism
And yes — broken transmission mechanism on display here. Still.Related link:Masochism – FT Alphaville (2011)
Collateral withdrawal symptoms
The Spanish bonds mini-crisis continues this week, so we thought we’d mention an excellent note penned by JPMorgan’s Flows & Liquidity team last week.It touches...
