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“New Economic or Financial Crisis” in the Eurozone Could Start in Italy: French Government Frets
“New Economic or Financial Crisis” in the Eurozone Could Start in Italy: French Government Frets French banks are heavily exposed to Italy. “Don’t underestimate the impact of the Italian recession.” This was the stark warning from French Economy Minister Bruno Le Marie in an interview with Bloomberg News. “We talk a lot about Brexit, but we don’t […]
Turkey’s Debt Crisis Deepens, Erdogan Bails out Banks His Way
Turkey’s Debt Crisis Deepens, Erdogan Bails out Banks His Way Shifting bad consumer & business debts from banks to the public, but the way this bank bailout got packaged is pretty nifty. Turkish President Recep Tayyip Erdoğan has launched a raft of measures ostensibly designed to reanimate the economy, including offering direct financial support for […]
Italy’s New Government Eats Its Words, Joins Bank Bailout Club
Italy’s New Government Eats Its Words, Joins Bank Bailout Club Well, that didn’t take long. And whatever happened to the Eurozone’s new bail-in rule? Italy’s government, in its eighth month in power, has already bailed out a bankrupt bank, mid-sized Banca Carige, with public funds. If approved by European Commission and the ECB, it will […]
QE Created Dangerous Financial Dependence, Italy Hooked, Withdrawal Next, ECB Warns
QE Created Dangerous Financial Dependence, Italy Hooked, Withdrawal Next, ECB Warns “Who will purchase the €275 billion of government debt Italy is to issue in 2019?” The ECB, through its army of official mouthpieces, has begun warning of the potentially calamitous consequences for Italian bonds when its QE program comes to an end, which is […]
Why’s France so Worried about Italy’s Showdown with Brussels?
Why’s France so Worried about Italy’s Showdown with Brussels? The French megabanks are on the hook. France was just served with a stark reminder of an inconvenient truth: €277 billion of Italian government debt — the equivalent of 14% of French GDP — is owed to French banks. Given that Italy’s government is currently locked […]
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending Cash is less of a threat to central bank policies when interest rates rise above zero. Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from […]
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch But it’s going to be tough; he’ll need more than luck to pull it off. Moody’s has rated the $2 billion of senior unsecured notes due 2029 that Mexico’s state-owned oil company Pemex is in the process of issuing one notch above junk. Pemex is offering […]
Backlash Against War on Cash Reaches the Bank of Canada
Backlash Against War on Cash Reaches the Bank of Canada A cashless society could have “adverse collective outcomes.” In recent months, a slew of political and financial institutions have raised concerns about the march toward a cashless economy. They include: The ECB warned that a phase-out of cash could pose a serious risk to the financial system. […]
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts Plunging bank stocks got the Court’s attention, or something. That was fast: Spain’s Supreme Court on Friday flip-flopped on its own ruling announced on Thursday that had sent bank stocks plunging. It started like this: Thursday morning, […]
Italy’s Debt Crisis Flares Up, Banks Get Hit, as Showdown with the EU Intensifies
Italy’s Debt Crisis Flares Up, Banks Get Hit, as Showdown with the EU Intensifies Who will blink first? A serious showdown is brewing in the Eurozone as Italy’s anti-establishment coalition government takes on the EU establishment in a struggle that could have major ramifications for Europe’s monetary union. The cause of the discord is the […]
Loans Sour in Turkey, Inflation Hits 25%, Interest Rates Spike, Fears of Contagion Rise
Loans Sour in Turkey, Inflation Hits 25%, Interest Rates Spike, Fears of Contagion Rise The economic miracle fueled by foreign-currency debt. The Bank of Turkey’s decision mid-September to hike its policy rate from 17.75% to 24% may have temporarily stemmed the rout in the Turkish lira, but the hiatus is now over. This week, the […]
President-Elect of Mexico’s Bombshell: Economy in “Situation of Bankruptcy”
President-Elect of Mexico’s Bombshell: Economy in “Situation of Bankruptcy” And why are Bank of Mexico executives and employees resigning in droves? Around 200 central bank employees, including 20 senior executives, have left their posts at the Bank of Mexico (Banxico) since presidential elections on July 1 handed a resounding victory to populist Andrés Manual Lopez […]
Credit-Cardholders & Bank Customers Burned Again as New IT Chaos Breaks Out in the UK
Credit-Cardholders & Bank Customers Burned Again as New IT Chaos Breaks Out in the UK The payments industry deplores it, but cash is starting to look pretty good, and central banks agree: “We do not foresee a totally cashless society”: ECB This has not been a good year for IT systems in the UK. First […]
