This short film made with Seedance 2.0 is absolutely insane.The realism looks like a real movie — no one can…
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THE SPANISH RISK PREMIUM
There were two bond issues today, one in Spain, the other in Denmark, which allow us to carry out an interesting little calculation of the risk premium required of Spain when it borrows on the capital markets.
A short while ago the Spanish Treasury department issued more than 3 billion Euros of debt for 12- 18 month securities.
Because we must always look on the bright side of life, it was pointed out that for an offer of only 3 billion there was a demand up to 8…
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Le Vif/L’Express, « There is ALWAYS an alternative », June 22, 2012
This is an exclusive preview – in English! – of my column which will be published in the Belgian weekly Le Vif/L’Express this coming Thursday
The phenomenon is the way in which things manifest themselves to us, and this can be real – either with things appearing as they really are; or it can be deceptive – with things appearing other than they really are – such is the case for optical illusions for example which suggest a false reality. Where the Greek language said phainomenon, latin said apparentia, appearance, with the same two nuances as for phenomenon – either an…
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FRANCE AND THE FUTURE OF EUROPE
France and the future of Europe
The fact that Spain seems to have lost all access to the capital markets for the foreseeable future, seeming thus, at first glance, to condemn the entire existence of the Eurozone, was headline news on Paul Jorion’s blog yesterday. Firstly, as discussed in the article ironically entitled “The Greeks have made the right choice”, where I drew attention to the fact that the victory of the right-wing party New Democracy in the elections didn’t seem to have any positive or negative effect on the international markets since the coupon for 10 year…
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THE LOSS OF CONFIDENCE IN SPANISH DEBT: LIVE
In my article this morning ‘The Greeks have made the right choice’ I indicated that:
…the 10 year rate for Spanish bonds was 6.82% at opening time this morning and now stands at 7.13%. (10.25 AM).
The dramatic progression has continued: it is 2.40 PM and the rate is now at 7.22%
The correct Greek vote did not lead to much of a state of grace, to say the least!
To follow the developments live, click here.
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“THE GREEKS HAVE MADE THE RIGHT CHOICE!”
“The Greeks have made the right choice!”
Oh blast, the markets see it differently: the 10 year Spanish rate was at 6.82% at opening this morning and now it’s at 7.25% (3:30 PM). Unheard of, one has to say. Damned markets!
Voting for the Troïka method – it was pretty obvious – was voting to continue the same slow, downward spiral towards Hell, with the members of the Euro zone like a climbing team roped together, whose ropes, one after the other, are working loose.
Voting against would have brought things to a halt, forcing a rethink of the…
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ON THE EVE OF THE GREEK ELECTIONS, by Panagiotis Grigoriou
Guest post. Translated from the French by Tim Gupwell
On Thursday 14th June a woman from Crete, aged 32 years old, stole three packs of milk and an ice-cream from a supermarket in Héraklion, causing a loss to the shop of 20.77 Euros. For several days, her four children had been given nothing but plain pasta to eat. Caught in the act, the young unemployed woman was immediately remanded into custody. She has just been released (Friday the 15th June) and the charges have finally been withdrawn, thanks to the mobilization of…
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A BIG BANG, OR NOTHING , by François Leclerc
Guest post. Translated from the French by Tim Gupwell
With the G20 meeting being held in Mexico at the start of the week, our perspective will find itself altered, falsely accustomed as we are to only seeing the debt crisis from a European angle. On the 18th and 19th June, the greats of this world are going to gather in Los Cabos, a tourist resort in Southern Lower California, under the double auspices of debt and global recovery.
To avoid standing idly by whilst confronted by a disaster of its own making, the British Government has just announced…
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STEPS TOO STEEP TO CLIMB, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
François Hollande is on the offensive and Angela Merkel firmly on the defensive, with both setting their sights on a compromise in the summit at the end of June (a compromise which remains inconceivable for the moment). How is it viewed by Paris, with Berlin continuing to stall, proposing a political union first and, pending this, the use of the existing mechanisms already in place – based on an analysis which sees the origin of the crisis as excessive public debt and a lack of competitiveness?
The main measure…
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AND NOW?
14 juin 2012 par Paul Jorion
And now? What are we going to do? Now that Spain has lost access to capital markets for its debt?
True, the downgrading yesterday evening of Spain’s rating by three notches by Moody’s, from an A3 to Baa3 has not helped matters. But after all, it hasn’t taught us anything that we didn’t already know last weekend: with a 10 year sovereign debt rate stuck around the level of 6.75% (*), the game was up anyway when it comes to financing its debt on the capital…
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NOW THE CHAINS ARE GIVING WAY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The chorus of voices is becoming increasingly strident and events are moving very fast: the now inevitable Spanish request to benefit from a rescue package; plus the impending recognition of the failure of the second Greek plan, followed by the negotiation of a third one with a new extended timescale – whatever the result of the elections this week-end.
Having claimed as a “victory” the Spanish banking bail-out (which he had tried to avoid at all costs), Mariano Rajoy can no longer remain in denial, and will now have…
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