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10 ways the Greek debt deal shapes global markets for the next few months
Let’s say that Monday’s deal on rescuing Greece—again—holds together. The Bundestag votes Yes on the deal. Enough of that small collection of private holders of Greek debt decide to take the buyback...
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Happy days for Greece and the euro
The euro climbed to $1.324 today. That’s the highest level against the U.S. dollar since May. The euro also hit a 16-month high against the yen today. Lots of good news driving the euro today—most of...
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I can see the first signs of a return of the euro debt crisis
Financial markets rallied in 2012 and have continued that rally so far in 2013 despite worries over slow growth in the United States and the realities of no growth in Europe and Japan. Why? Money from...
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Did Germany kill the euro yesterday?
Yesterday,, March 14, Germany left the EuroZone. Oh, nothing official. And I’m not holding my breath waiting for any objective confirmation such as the re-introduction of the Deutschmark. But the new...
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Cyprus votes down–resoundingly–the bailout plan–now what?
The Cypriot parliament today voted down the proposed bailout of the country’s banking sector using a combination of EuroZone money and cash generated by a fee on savings accounts. This is despite...
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In the Greek debt crisis it’s now all about the July 5 referendum
It’s now all up to the July 5 referendum but, as you might expect, the Greek government and its creditors don’t agree on what a No or Yes vote would mean. Greek Prime Minister Alexis Tsipras is urging...
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Shanghai enters a bear and that’s not good for global markets looking for an...
Anyone looking to see whether financial markets are done tumbling as a result of the chaos in Greece and the possibility that the country will fall out of the euro after the July 5 referendum isn’t...
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Last minute offer fails and Greece misses payment to the IMF; sees bailout...
Well, that didn’t work. The last minute request by the Greek government for a delay in the 1.6 billion euro payment due to the International Monetary Fund today, for billions in debt relief, and for a...
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The horrible Greek debt deal isn’t even a deal–just an agreement to negotiate...
What a horrible …. I was going to say deal, but the agreement reached early this morning to avert, at least temporarily, a Greek exit from the euro isn’t really a deal. It’s only an agreement to begin...
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Yesterday’s Greek debt agreement to agree already showing stress
Well, that didn’t take long. Hours after the early Monday morning agreement on an agreement, the plan for a third Greek bailout program and bridge loan had started to come apart. The obstacles could...
View ArticleThe Euro Zone gets desperate to push Ireland into a bailout deal
Take this bailout money, please. The European Union is so anxious for Ireland to take a bailout package that it’s offered to sweeten the deal. The Irish government so far has said it doesn’t need a...
View ArticleUK voters decide to leave European Union–What’s next (Part 1 short term...
By a surprisingly large margin of 52% to 48% the United Kingdom voted to leave the European Union in Thursday’s Brexit referendum. Global financial markets plunged in a decline all the more dramatic...
View ArticleEconomy and financial markets point in different directions ahead of...
Pity the poor Federal Reserve. In making decisions about interest rates–in this case about whether or not to raise interest rates at its June, July or September meetings–it has to consider the...
View ArticleCan the EuroZone kick its debt problem down the road again? To where?
We've now got very clear evidence that the bailouts plus austerity solutions haven't worked in Greece. Since the summer of 2012 Greek government debt has climbed to 183% of GDP from 159%. The economic...
View ArticleThe Euro Zone gets desperate to push Ireland into a bailout deal
Take this bailout money, please. The European Union is so anxious for Ireland to take a bailout package that it’s offered to sweeten the deal. The Irish government so far has said it doesn’t need a...
View ArticleUK voters decide to leave European Union–What’s next (Part 1 short term...
By a surprisingly large margin of 52% to 48% the United Kingdom voted to leave the European Union in Thursday’s Brexit referendum. Global financial markets plunged in a decline all the more dramatic...
View ArticleEconomy and financial markets point in different directions ahead of...
Pity the poor Federal Reserve. In making decisions about interest rates–in this case about whether or not to raise interest rates at its June, July or September meetings–it has to consider the...
View ArticleCan the EuroZone kick its debt problem down the road again? To where?
We've now got very clear evidence that the bailouts plus austerity solutions haven't worked in Greece. Since the summer of 2012 Greek government debt has climbed to 183% of GDP from 159%. The economic...
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