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The Italian people must understand that their country is at war
The Italian people must understand that their country is at war The conflict between the European Union and Italy is a full-blown financial war. Euro countries cannot print their own money and for that reason they cannot have an endless deficit. Countries within the eurozone have to live within their means or else, without the […]
Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured
Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as […]
Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia
Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations. While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with […]
Venezuela Headed For “Messiest Debt-Restructuring In History” Thanks To US Sanctions
Venezuela Headed For “Messiest Debt-Restructuring In History” Thanks To US Sanctions After being effectively shut out from global financial markets – a situation that was made more precarious by US sanctions prohibiting purchases of Venezuelan debt (unless you’re buying them off Goldman Sachs, should the bank’s asset-management arm desire to liquidate its $3 billion “hunger […]
A Year of Sovereign Defaults?
A Year of Sovereign Defaults? MIAMI – When it comes to sovereign debt, the term “default” is often misunderstood. It almost never entails the complete and permanent repudiation of the entire stock of debt; indeed, even some Czarist-era Russian bonds were eventually (if only partly) repaid after the 1917 revolution. Rather, non-payment – a “default,” […]
Obama Unveils Roadmap To ‘Bailout’ Puerto Rico: “New” Bankruptcy Rules & Federal Fiscal Oversight
Obama Unveils Roadmap To ‘Bailout’ Puerto Rico: “New” Bankruptcy Rules & Federal Fiscal Oversight America is not Greece, but judging from the Obama administration’s just-unveiled plans to bailout Puerto Rico’s disastrous debt situation, the American territory may have to sacrifice a little more sovereignty to get some relief. Obama is pressing for Congress to give […]
Greece: It’s Time For Your Default And Debt Restructuring
Greece: It’s Time For Your Default And Debt Restructuring For some reason, people think a sovereign default, and a subsequent debt restructuring such as Greece’s government faces, is something that is conceivable – the proverbial asteroid hitting the earth – but which has never actually happened. Sometimes, raw data says more than words. According to […]
It’s Greece vs Wall Street
It’s Greece vs Wall Street On the one hand, I’ve written so much about Greece lately I fear I’m reaching overkill. On the other hand, there’s so much going on with Greece, and so fast, that I wouldn’t know here to begin. Moreover, I’m thinking and trying to figure what is what and what is […]
