Highlights

October 2018

Opinion Italy’s expansionary budget goals add to growing risks to sovereign rating

Italy’s announcement of a tentative budget deficit goal of 2.4% of GDP over 2019-2021 could compound the country’s existing debt sustainability challenges. This represents a significant risk to Italy’s A-/Negative Outlook (...)

Opinion

Greece: referendum reaction

Opinion

Europe – The darkest hour is just before the dawn

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August 2011

Opinion Today’s European country in the sovereign debt crisis spotlight is…France

Russell Investments’ Chief Investment officer – Client Investment Strategies Erik Ristuben explains why the European sovereign debt crisis is spilling over into France

August 2011

News Record purchase of bonds by the ECB

The European central bank revealed on Monday it bought for 22 billion € of sovereign debt last week as part of its plan of bond purchasing program, activated to stop the debt crisis contagion to other countries in the Euro (...)

August 2011

Kiosk Crisis, stock market crash and risk management in 2011

Turmoil around sovereigns’ solvency and the strong market drop currently observed raise many questions and misunderstandings. Taking a short break to look back at some analysis and themes developed throughout the year seems then (...)

August 2011

Strategy Nordic Sovereign bonds, the last safe investment in Europe?

The yield of the Swedish 10 year notes fell to a new historical low. A move which indicates that Sweden is viewed by Investors as a new hedge…

August 2011

News Rumors were close to destroy the Société Générale

4 Billion losses related to ETFs, losses in its Greek subsidiary and ECB rescue amounting € 5 Billion...this is an anthology of the rumors that ran in the markets about Société Générale.

August 2011

News ECB to buy Italian and Spanish bonds

The European Central Bank, which has announced strong intervention on the markets, will buy Italian and Spanish debt according to a source close to the bank

August 2011

Opinion Investors and sovereign debt: a love-hate relationship?

Rarely has the relationship of investors with sovereign debt been more ambivalent. The Western media tell us that we face a debt crisis, with debt-to- GDP ratios approaching 100%

August 2011

Opinion Greece rescue - Behind the scenes

Debt rescheduling, monetary policies questioning and EFSF bond purchases in the secondary market. These are the key steps of a plan that should not significantly affect banks’ net income but rather spread economic losses over (...)

July 2011

Note What is penalizing the industrialized countries?

The dynamics of Western countries are inadequate because, two years after leaving the recession behind, their economies still seem unable to implement a sturdy, autonomous trajectory of growth, explains Philippe Waechter, chief economist at Natixis (...)

July 2011

Opinion Eurozone crisis – a constructive response

What the package has done is help to create a fire-break to avoid the spread of contagion throughout the eurozone.

July 2011

Opinion Reviewing the bank stress tests – July 2011

As was seen during the stress tests carried out in July 2010, the latest ones published by the European Banking Authority on the 15th of July 2011 do not include a proper measure of market systemic risk. This hinders their (...)

July 2011

News Chinese rating agency Dagong downgrades the U.S rating

The Chinese rating agency Dagong Global Credit Rating Co. has downgraded last Thursday the credit rating of the United States to A +, on negative watch for possible downgrade. The agency had already downgraded the rating of France and (...)

July 2011

Note Euro zone bailout plans: origin and utilization

Back on bailout plans granted to countries in the Euro zone encountering severe fiscal deficits since May 2010. How are tens of billions Euros raised, what are they for, and mainly, are those amounts enough to re-establish the public finances and stabilize those countries (...)

July 2011

News Greece rescue plan: The resurgence of structured finance?

The Greek rescue plan, suggested by a consortium of banks led by BNP Paribas, praises the techniques of structured finance, with this time the politicals’ blessing...

June 2011

Note Sorting out the Greek issue

The aim of this short article is to set the ideas straight regarding the Greek situation. Several issues are considered, the first of which being that of economic growth. If the latter does not make any progress, it will be very difficult to reach public finance stability. (...)

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Latest articles

Popular articles

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Kiosk Crisis, stock market crash and risk management in 2011

Turmoil around sovereigns’ solvency and the strong market drop currently observed raise many questions and misunderstandings. Taking a short break to look back at some analysis and themes developed throughout the year seems then (...)

Logo

News Chinese rating agency Dagong downgrades the U.S rating

The Chinese rating agency Dagong Global Credit Rating Co. has downgraded last Thursday the credit rating of the United States to A +, on negative watch for possible downgrade. The agency had already downgraded the rating of France and (...)

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Note Trying to assess the Cajas’ mess

The real estate bubble was huge and now Spanish banks are in a mess. Two questions come to mind: why does this comes into the spotlight so late ? what is the exact size of the mess and what is the possible impact of a full stress scenario on financial markets (...)

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Kiosk Understanding the eurozone crisis and its various facets

The current crisis is multiple. Initially sovereign and financial, it then became a social and political crisis. These changes do not facilitate the assessment of the situation, let alone the implementation of solutions. Back on the various facets of the (...)

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News Currency Swaps to hide Greek debt?

The general opinion that Goldman Sachs might have helped the Greek government to hide its debt through Currency Swaps, leaves one more than skeptical.....

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Opinion Central Banks : the global financial system trashcans ?

Institutionalized monetization condemns central banks to become the international financial system trashcans and, despite German opposition, it is likely to be the same for the ECB.

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Strategy What would it take to solve the eurozone crisis?

Last year’s key call was to spot the indebtedness of peripheral European governments and go underweight quickly. Those who did prospered all year, but in January of this year they got a nasty shock as peripheral spreads came rattling in and peripheral financials (...)

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Opinion Decline in Eurozone growth set to continue into 2012

ING Investment Management is warning that a combination of fiscal austerity, a lingering debt crisis and a slow down in external demand will translate into a fall in Eurozone GDP growth from 1.7 to 1.0.

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Opinion The Financial Crisis 2008 - 2011 : repetitions

We have exhausted our recourse to borrowing. Other ways must be found if we want to avoid general bankruptcy

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Note Survey: European investors are optimistic for the future of the Euro

It emerges from an poll, conducted by the Global Alliance of Investors, dealing with institutional investors in Europe, that 80% of those questioned, believe in the ability of the euro to cope with current challenges. British investors are less (...)

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News Gold as collateral for a participation in the Greek support plan

Will Finland jeopardize the Greek plan? The country requires collateral in exchange for its participation in the support plan. The German labour minister, Ursula Von Der Leyen, has agreed to those terms…

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Opinion European Debt: Focus on Spain

Spain is at the heart of the European debt crisis. In the space of one year, Spain’s long term credit rating was reduced from AAA to AA, with a negative outlook.

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Opinion The Euro, a foreign currency?

The Euro is, in principle, the common currency of the Europeans, however the crisis of sovereign has uncovered something completely unexpected and previously hidden. The Euro is, in fact, proving itself to be a foreign (...)

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Opinion Is there Corporate Life after the Euro

Several opinion leaders have started a public debate regarding the possibility to breakup the Euro and return to the former local currencies. In light of this debate, we look at the possible implications of this break-up scenario for companies active on the Euro capital (...)

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Opinion Investors and sovereign debt: a love-hate relationship?

Rarely has the relationship of investors with sovereign debt been more ambivalent. The Western media tell us that we face a debt crisis, with debt-to- GDP ratios approaching 100%

Focus

News Eurozone: How the City is bracing itself for the worst.

Within the large investment banks, special teams consisting of 10 to 30 people have been assembled in order to develop rescue kits designed to face all types of scenarios resulting from a breakup of the Eurozone.

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Greek crisis

Focus on the greek crisis

Irish crisis

Focus on the irish crisis

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