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Next Brick to Drop on UK Economy: Housing Bubble Deflates
Next Brick to Drop on UK Economy: Housing Bubble Deflates London home prices are already tanking, as demand sags. The symbiotic sectors of construction and real estate have been a vital engine of economic growth in the United Kingdom for decades, but that could be about to come to an end. In the words of […]
Spain’s New Big Bubble Begins to Wobble
Spain’s New Big Bubble Begins to Wobble Tourism is now bigger than construction was during the real estate bubble. Since hitting rock bottom in 2013, Spain has been one of the biggest engines of economic growth in Europe, expanding at around 3% per year. But according to a report by the Bank of Spain, most […]
The ECB Morphs into the Mother of All “Bad Banks”
The ECB Morphs into the Mother of All “Bad Banks” More than just a few “fallen angels.”. As part of its QE operations, the ECB continues to pour billions of freshly created euros each month into corporate bonds – and sometimes when it buys bonds via “private placements” directly into some of Europe’s biggest corporations […]
Many European Banks Would Collapse Without Regulators’ Help: Fitch
Many European Banks Would Collapse Without Regulators’ Help: Fitch Only two things keep these banks alive: “a State willing to support them and a regulator that does not declare them insolvent.” Dozens of Greek, Italian, Spanish and even German lenders have volumes of troubled assets higher or similar to that of Spain’s fallen lender Banco […]
Is Another Spanish Bank about to Bite the Dust?
Is Another Spanish Bank about to Bite the Dust? Stockholders and junior bondholders fear a “bail-in.” After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander […]
Catalonia Threatens Spain with “Financial Bloodbath”
Catalonia Threatens Spain with “Financial Bloodbath” Catalonia’s independence would set off Spain’s debt time-bomb. On Monday El Pais published leaked excerpts from what it claims to be the Catalonian regional government’s road map to independence. The secret document includes a plan for the region to unilaterally break away from Spain should its citizens be prevented […]
Here’s Why Italy’s Banking Crisis Has Gone Off the Radar
Here’s Why Italy’s Banking Crisis Has Gone Off the Radar Just how many banks are insolvent? Turns out, a lot! But elections are coming up. For a country that is on the brink of a gargantuan public bailout of its toxic-loan riddled banking sector, or failing that, a full-blown financial crisis that could bring down […]
Italy’s Banking Crisis Is Even Worse Than We Thought
Italy’s Banking Crisis Is Even Worse Than We Thought The insider blame game has begun. In this late winter of generalized discontent, it is not easy to pinpoint just where the biggest threat to Europe’s increasingly flimsy union lies, so intense is the competition. One obvious contender is the Eurozone’s third largest economy, Italy, which […]
It’s Time We Talked About Our Owners
It’s Time We Talked About Our Owners How vast asset managers impact “our increasingly cartelized economy.” The world’s biggest asset manager, BlackRock, was splashed across the front pages of the Spanish financial news yesterday. The firm had just raised raised its stake in Spain’s telecoms giant Telefónica to 336 million shares — the equivalent of 6.7% of […]
Things Just Got Serious in Europe’s War on Cash
Things Just Got Serious in Europe’s War on Cash To protect citizens from threats as defined by apparatchiks in Brussels. The central authorities in Europe just launched their most important offensive to date in their multiyear War on Cash. The new move comes directly from the European Union’s executive branch, the European Commission, which just announced its […]
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options The bank-bailout business rages on. During the first week of 2017, Spain’s “most Italian bank”, Banco Popular, got off to a flying start as its stock outperformed all other major Spanish banks. By Jan 5th its shares had even crossed the €1-line for the first […]
Who Exactly Benefits from Italy’s Ballooning Bank Bailout?
Who Exactly Benefits from Italy’s Ballooning Bank Bailout? Italy’s third largest bank, Monte dei Paschi di Siena, is not insolvent, according to the ECB; it just has “serious liquidity issues.” It’s a line that has already been heard a thousand times, in countless tongues, since some of the world’s largest banks became the world’s biggest public […]
Tiny Region of Wallonia in Small Country of Belgium Trips up Global Corporatocracy
Tiny Region of Wallonia in Small Country of Belgium Trips up Global Corporatocracy “Thinly veiled threats” from corporations. Visibly shaken, as Reuters put it, Canadian trade minister Chrystia Freeland walked out of EU trade negotiations in Belgium on Friday evening, lamenting that the EU is “incapable of reaching an agreement – even with a country with European values […]
Why Italy’s Banking Crisis is Spiraling to Heck
Why Italy’s Banking Crisis is Spiraling to Heck €4.8 billion window-dressing to cover a growing €360 billion hole Things have got so serious in Italy that the only two things propping up the country’s crumbling banking sector — apart from the last few remaining crumbs of public faith in the system — are two inadequately capitalized bad […]
Investor Fears Spike as Italy (and the EU) Inch Closer to Doomsday Scenario
Investor Fears Spike as Italy (and the EU) Inch Closer to Doomsday Scenario Risk of contagion in Italy and far beyond would be huge. Just how low can Italian bank shares go? That’s the question plaguing the minds of European investors, policy makers, bankers and central bankers. Today the shares of the country’s third largest […]
