Stories The Greek crisis : the Danaides’ barrel ?
Back on the Greek saga or the largest bankruptcy in the 21st century without credit event trigger (to date). The succession of bailout plans shows that we do not simply resolve the insolvency of a country by emergency (...)
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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 (...)
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News BNP Paribas denies having trouble obtaining USD funding
BNP Paribas categorically denies the statements made by a certain anonymous BNP Paribas executive who states that the bank has a liquidity problem in dollars and is participating in the creation of a market in euros to solve the (...)
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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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Strategy Buy in may and go away
According to Mandarine Gestion, current valuation levels in the banking sector constitute opportunities rarely seen over a medium-term horizon. However, over the short term, investors are preferring to focus on two factors while at the same time exaggerating in our view (...)
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Opinion The standoff between Greece and its partners is clearly softening
According to Eric Chaney Head of Research at AXA Investment Managers, this will not be the end of the Greek saga, since funding will remain quite challenging until the last tranche of the bailout is disbursed and the interest payments on the bonds held by the ECB are paid to (...)
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Opinion There is scope for a deal on Greek debt
The Greek government and its creditors have strong incentives to reach an agreement – and have scope to find a mutually beneficial solutions. Negotiations will be difficult - temporary setbacks could cause bouts of market volatility over the next few months, but these may (...)
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Wealth Management New research shows tax evasion costsGreece billions
Leading tax evaders are in highly educated service industries, with low paper trail and strong representation in Parliament...
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Opinion Greece: awaiting the inevitable
The credit default swap market is pricing in a 65% probability of a default within the next five years.
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Opinion Greece crisis to restrain European equities, but valuations should provide buffer
According to Rory Bateman,head of european equities at Schroders, volatility in markets is likely to continue for an extended period until the ramifications of a potential Greek exit from the euro are fully understood. QE and current valuations could provide some downside (...)
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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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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 Can the euro survive democracy?
If Greece is allowed to default now, the risk of a confidence crisis and contagion is substantial. The debt of other weak eurozone countries may fall victim to speculators and the market for credit default swaps could experience difficulties (...)
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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...
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Opinion The never ending story
The fall-out from the Lehman default in 2008 should remind everybody that a negative feedback mechanism into other parts of the financial system and the real economy can create a negative-sum game for all parties (...)
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