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Tag Archives: ecb
Greece – Cruising Toward a “Happy End”?
reece – Cruising Toward a “Happy End”? Bankrupt Greek Government Hopeful … Hope dies last, as they say in Germany, but it has always been certain that the EU would do “whatever it takes”, to use a Draghi-ism, to keep Greece in the euro fold by finding a way to continue the existing extend and […]
There Is No Solution To The Crisis
There Is No Solution To The Crisis A long, long time ago… it was the 16 September 1992, Black Wednesday, when the British Government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism(ERM) after it was unable to keep the pound above its agreed lower limit in the ERM. A certain […]
For Heaven’s Sake: Hedge!
For Heaven’s Sake: Hedge! If you’re not positioned defensively by now, you’re nuts Q: How do you make a small fortune on Wall Street? A: Start with a large fortune. ~ old investing adage Last fall, I wrote an article titled Defying Gravity that warned of the absurd price levels that stocks and bonds had risen to. […]
Greek Debt Crisis
Greek Debt Crisis Is Default or Exit Inevitable? This past week, April 24, European finance ministers met in Riga, Latvia. High on the agenda was the topic of Greek debt negotiations. Two months after the February 28 interim agreement between Greece and the EU ‘troika’—the IMF, European Commission, and European Central Bank—in which both sides agreed to […]
Is Greece About To “Lose” Its Gold Again?
Is Greece About To “Lose” Its Gold Again? When it comes to the topic of Greece, most pundits focus on two items: i) when will Greece finally run out ofconfiscated cash, and ii) will Greece fold to the Troika (and agree to another bailout(s) with even more austerity) or to Russia (and agree to the passage […]
Germany Prepares For “Plan B”, Says Greece Would “Need Not Only A Third Bailout, But Fourth, Fifth Or Even More”
Germany Prepares For “Plan B”, Says Greece Would “Need Not Only A Third Bailout, But Fourth, Fifth Or Even More” It has been a very disturbing 24 hours for Greece. It all started during yesterday’s surprisingly short, just one hour long Eurozone finmin meeting in Riga, where Yanis Varoufakis not only got the most “hostile” […]
The Greek People Just Destroyed Syriza’s Strategy
The Greek People Just Destroyed Syriza’s Strategy Greek stocks ventured deeper into purgatory. The ASE index dove below 700 intraday on Wednesday for the first time since the crisis days of June 2012. Then word spread that the ECB had raised the cap on the Emergency Liquidity Assistance for Greek banks by €1.5 billion to […]
Grexit: Remaining In The Eurozone Is No Longer ‘The Base Case’ For Greece
Grexit: Remaining In The Eurozone Is No Longer ‘The Base Case’ For Greece According to the Wall Street Journal, Greece staying in the eurozone is no longer “the base case” for European officials, and one even told the Journal that “literally nothing has been achieved” in negotiations with the new Greek government since the Greek election […]
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut In what seems like a coincidental retaliation for Greece’s pivot to Russia (and following Greece’s initiation of capital controls), the supposedly independent European Central Bank has decided suddenly that – after dishing out €74 billion of emergency liquidity to the Greek National Bank to fund […]
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees With Greece teetering on the edge of insolvency and forced to raid pension and most other public funds, ahead of another month of heavy IMF repayments which has prompted even the ECB to speculate Greece should introduce a parallel “IOU” […]
Is Mario Draghi Stupid, Crooked Or What?
Is Mario Draghi Stupid, Crooked Or What? Europe is surely at the top of the heap among today’s raging financial market lunacy. It seems that Ireland has now broken into the negative interest rate club, investment grade multinationals are flocking to issue 1% debt on the euro-bond markets and, if yield is your thing, you can get all of 3.72% on the Merrill […]
The Weak Suffer What They Must: Yanis and the End of Europe
The Weak Suffer What They Must: Yanis and the End of Europe From southern Europe to the far north, matters are shifting, sometimes slowly, sometimes faster. There are moments when it seems all that goes on is the negotiations over the Greek dire financial situation and its bailout conditions, but even there nothing stands still. […]
Keep Pushing Until Something Really BIG Breaks?
Keep Pushing Until Something Really BIG Breaks? The minutes of the FOMC’s March meeting make clear just how hard it is for the Fed to even think about the possibility of unwinding what they’ve wrought. After six-plus years of interest-rate repression, absurdity has become the established norm. Now they can’t even figure out how to get out of it […]
NATO is Building Up for War
NATO is Building Up for War The German city of Frankfurt is continental Europe’s largest financial center and host to the country’s Stock Exchange, countless other financial institutions, and the headquarters of the European Central Bank (ECB) which is responsible for administering the monetary policy of the 18-nation Eurozone. The place is awash with money, […]
Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans
Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, […]
