Economics,Politics
European Stocks Decline on Monti Resignation Plan
10.12.2012 10:31
Bloomberg: European stocks fell from an 18- month high as Italian Prime Minister Mario Monti’s intended resignation and a delayed Greek bond buyback reignited concern about the debt crisis. U.S. futures and Asian shares fluctuated.
Intesa Sanpaolo SpA led a gauge of banks lower,...
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Greece Extends Debt Buyback Deadline After Nearing Target
10.12.2012 10:30
Bloomberg: Greece extended the deadline for the buyback of sovereign debt designed to unlock aid from the International Monetary Fund and the European Union, the country’s Public Debt Management Agency said.
Greece is giving investors until midday London time tomorrow to offer their...
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Is the IMF Changing Tune on Capital Controls?
10.12.2012 10:27
EconoMonitor: The IMF’s statement today on capital controls (here and here) on the surface would seem to be a substantial shift towards a more accommodating position on their use, and is drawing attention.
Over the last two years, Fund staff has put out a number of good papers (from 2010,...
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The Year of Betting Conservatively
10.12.2012 10:25
EconoMonitor: The upswing in global equity markets that started in July is now running out of steam, which comes as no surprise: with no significant improvement in growth prospects in either the advanced or major emerging economies, the rally always seemed to lack legs. If anything, the...
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Nouriel Explains More Positive Outlook on Greece to WSJ
10.12.2012 10:22
EconoMonitor: he recent Greek debt buyback announcement and apparent softening of German rhetoric on the troubled eurozone (EZ) member-state represents a short-term boost to morale, Nouriel Roubini told the Wall Street Journal recently, but does not change fundamental flaws in the structure of...
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Europe’s Dying Bank Model
10.12.2012 10:20
ProjectSyndicate: LONDON – The good news for Europe is that it will not reenact the dramatic collapse of Lehman Brothers. The European Central Bank’s unlimited ability to provide liquidity ensures that. But European leaders have yet to recognize that old bank business models are obsolete, and...
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The ECB’s Moment of Decision
10.12.2012 10:17
ProjectSyndicate: LONDON – With the crisis of the eurozone’s periphery having mutated into a crisis of its core, the prescriptions for recovery must change. Fortunately, it is not too late, but an effective response must be immediate, overwhelming, and free of the ideological rivalries that have...
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Is Europe’s Financial Crisis Over?
10.12.2012 10:14
ProjectSyndycate: LONDON – The European Central Bank’s recently announced policy of bond buying, what it calls “outright monetary transactions” (OMTs) marks a convergence of European central banks with their Anglo-Saxon counterparts. While the ECB’s actions represent the best chance yet to put an...
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Central Banks on the Offensive?
10.12.2012 10:12
ProjectSyndicate: FRANKFURT – It looks like a coordinated offensive: on September 6, the European Central Bank outlined a new bond-buying program, letting markets know that there were no pre-set limits to its purchases. On September 13, the United States Federal Reserve announced that in the...
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Pulling the OMT Trigger
10.12.2012 10:10
ProjectSyndicate: CHICAGO – Europe has been experiencing a period of calm after the storm since European Central Bank President Mario Draghi’s “whatever it takes” speech in July and the ECB’s decision in September to proceed with its “outright monetary transactions” (OMT) program to purchase...
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