Archive | Financial Observatory RSS feed for this section

Pour l’ex-chancelier Kohl, la crise révèle le besoin de “plus d’Europe”

28 Feb

  L’ancien chancelier allemand, Helmut Kohl, estime que la crise actuelle doit être considérée comme “une chance” et qu’elle révèle le besoin “de plus et non de moins d’Europe”, dans une tribune publiée mardi dans le quotidien Bild. “Nous devons nous servir de la crise comme d’une chance. Nous avons besoin -justement maintenant- de plus […]

Euro falls against dollar after G-20 fails to add money to IMF

28 Feb

      NEW YORK — The euro fell against the dollar Monday after finance ministers from the world’s 20 leading economies said that they would not add money to the International Monetary Fund until the European Union puts up more money to stave off its debt crisis. (more…)

The ECB Power Base Grows Ever Stronger

28 Feb

    Seekers of silver linings will have noticed one positive outcome from last Monday’s Greek bailout deal: It has managed to survive a week without unravelling. True, the markets haven’t exactly reacted with euphoria to a deal that has supposedly prevented a disorderly default and Greek euro exit. But the fact markets haven’t yet […]

What the ECB Did in Greece, & More

28 Feb

      Now that the much-awaited Greek debt-exchange offer has been launched, a few buried nuggets are rising to the surface. For instance, we Greek debt wonks have long wondered just what Greek bonds the European Central Bank had been buying during its forays into the secondary market in 2010 and 2011. (more…)

And the winner is… Greece

28 Feb

The countries on the right of the chart pushed through the deepest structural changes in the OECD bloc over a three year period. Three quick observations: 1) Greece scores highest. It has been turning itself inside out, contrary to the impession that you might have been getting. (From a low base, of course, and too […]

Swaps arbiter to discuss merit of Greek CDS question

28 Feb

          The International Swaps and Derivatives Association, the arbiter of rules governing the sale and use of credit default swaps, said on Monday it will decide this week whether to discuss if Greece’s debt swap should constitute a “credit event” and trigger a payout. (more…)

ECB temporarily suspends Greek bonds as collateral

28 Feb

        The European Central Bank said on Tuesday it was temporarily suspending the eligibility of Greek bonds for use as collateral in its funding operations and that national central banks would have to provide banks with liquidity using an emergency measure. (more…)

Elena Panaritis @Huffington Post: What’s Next?

28 Feb

  http://www.huffingtonpost.com/elena-panaritis/greece-debt-crisis_b_1304360.html With the economy on life support, Greece is making Herculean attempts to maintain vital functions so that no one pulls the plug. The country’s interim governing coalition managed to survive negotiations in Brussels and secure a new 130-million-euro bailout. It also got a hated IMF-EU memorandum passed through parliament, despite violent protests. It […]

G20 turns up pressure on Germany

28 Feb

      (Financial Times) — Finance ministers from the world’s largest economies ratcheted up the pressure on Germany to increase the size of the eurozone’s €500bn rescue fund, saying the move would be “essential” to a decision by non-European countries to raise more resources for the International Monetary Fund. (more…)

Juncker Says Greece May Need Additional Support, Maerkische Says

28 Feb

  Greece may require additional support beyond the second bailout package, Luxembourg Prime Minister Jean-Claude Juncker, who also heads the group of euro- area finance ministers, told Maerkische Allgemeine in aninterview. Juncker told the German newspaper that he can’t rule out that further efforts will be needed given the uncertain international situation, according to a […]