We report Schroders' comment in full, edited by Azad Zangana, Senior European Economist and Strategist of the international financial group. The risk of an Italian debt crisis linked to the choice of Italian policy towards Europe also weighs on the scenario.
First sparks between the new Greek finance minister and Merkel on debt - Waiting for tonight's conclusions of the Fed - Treasury and Bank of Italy summit at AIAF: very positive boost from Qe - US quarterly reports disappoint,…
The Ukrainian revolution brings with it a series of negative implications aggravated by the need to find an immediate solution. At the end of the demonstrations in Maidan square, it is now Moscow that is reviewing its positions by freezing the aid plan for 15…
Croatia's entry into the EU is expected to enhance the country's economic growth in the medium-long term thanks to the inflow of capital and the possibility of overcoming the institutional weaknesses of the local economic system.
Atradius analyzes characteristics and possible measures against the drop in product, employment and confidence in France: greater competition in the labor market and professions is essential to stimulate competitiveness and debt reduction.
According to Atradius, the banking restructuring with its heavy short-term consequences in terms of job losses, wealth and confidence requires the Cypriot economy to quickly rethink its production strategy.
REPORT REF RESEARCH edited by Giacomo Vaciago - The crisis of the Italian industry does not depend on the single currency (in fact the German one is perfectly fine) but it is structural and has much older roots than the sovereign debt crisis - It would…
According to the American rating agency, the year that has just begun could mark the beginning of the sustainability of the currency area, which should be able to overcome the volatility and fragmentation of the market.
The Greek Public Debt Agency has announced that the deadline has been postponed to 13pm tomorrow - According to the Greek press, the government of Antonis Samaras has so far managed to reach around 27 billion.
The German central bank: "The economy currently presents a mixed picture, which will probably slow down further towards the end of the year" - And Weidmann still attacks the banking union.
While the markets wait for Prime Minister Mariano Rajoy to ask for aid from the European Union, thus tying himself to the recipe for measures to contain public spending, millions of Spaniards (and Europeans) take to the streets in a general strike against the policies…
Even if in the case of Brazil, India, Russia, China and South Africa it is only a slowdown, the brick economies are highly dependent on Western countries and suffer from the weaknesses of the USA and Europe.
Opening the annual meeting of the IMF and the World Bank in Tokyo, Lagarde emphasized the need to combine the fight against the debt crisis with a return to growth, above all to curb the continuous increase in unemployment - Accelerate…
The finance ministers of the countries of the euro area have launched the new permanent bailout fund which in 2014 will have a lending capacity of 500 billion - The ESM will be able to issue bonds on the market and finance the countries…
ADVISE ONLY - While the yield on 40-year bonds grows and the spread accelerates again, the government of Mariano Rajoy proposes XNUMX billion euros of additional cuts - But social discontent grows and independence pushes increase…
To cope with the 34% increase in public debt interest and keep the promise to increase pensions by 1%, the Madrid government will have to increase public spending by 5,6% in 2013 - But the Spanish Executive has already a…
It is the fifth Spanish region to have recourse to the special fund - The amount requested corresponds to 10% of the total debt of the autonomous community - Romans: "It is not a bailout but a liquidity support mechanism".
According to the President of the Bundesbank, in a meeting with Economy Minister Vittorio Grilli, Italy "has achieved important progress from which the euro area will also benefit" - "It is a fundamentally healthy country" - The Italian minister has…
Interview with GIANGIACOMO NARDOZZI - It is sad that the solution to the global economic and financial crisis is entrusted to central banks - Bernanke and Draghi did their best but monetary policy is by definition short-sighted…
US economist accuses Germany that, as the eurozone's main creditor country, it should shoulder its responsibilities - Angela Merkel's country must decide quickly whether to lead a political union with debt sharing or leave the euro…
The Wall Street Journal reports a list of large investment funds that have returned to investing in Italian and Spanish government bonds.
The member of the Eurotower Governing Council underlined that "almost all southern countries will record negative growth in 2012" - Only France is expected to experience "stagnation".
In its latest report, the American rating agency warns that the Eurozone recession is tougher than expected and that growth in emerging markets will be slower than expected - Furthermore, according to Moody's, Italy's GDP will contract in…
The slowdown in the Japanese economy in the second quarter was the drop in domestic consumption and the indirect effects of the crisis in the euro area and the Chinese slowdown on exports - The possibilities of direct intervention by the authorities to stimulate…
The Eurotower will carry out operations "of a volume such as to have a strong impact on the markets" - Governor of the Bank of France Noyer: it is "possible" that the ECB will buy government bonds of countries in difficulty on the secondary market…
Meanwhile, the growth prospects for advanced countries are worsening: in July, the super-index recorded a drop of 0,29% compared to 2011 - The index relating to Italy is the one that has recorded the strongest annual decline of all…
On August 9, 2007, the first truly great global crisis began with subprime mortgages, in the heart of Wall Street - Strong economic imbalances, abnormal use of debt and unregulated finance with blind faith in the market at the base of…
EU-ECB-IMF have given the green light to the 11,5 billion euro cut package approved by the Greek government for the two-year period 2013-2014 - The Greek authorities "have undertaken to proceed with their work with determination within the next month"…
The International Monetary Fund fears the contagion of the European crisis to the rest of the world - EU leaders must make more incisive decisions - But each country has its own problem: the US must prevent 4 from being lost...
We must not rely on the judgments of the rating agencies and Moody's is very wrong both because the Italian crisis is political and not based on economic fundamentals and because, even in the unfortunate hypothesis of the sinking of the euro, Italy will not…
AN ESSAY BY MARCELLO MESSORI - Courtesy of "Il Mulino" we are publishing an essay by the economist Marcello Messori on European economic governance contained in a book ("Public finance in Italy" by A.Zanardi) in bookstores these days which explains …
The Professor replies to the President of Confindustria, Giorgio Squinzi: "The negativities are all there, but none of these transforms a country in compliance with the EU guidelines into a country that is no longer in compliance, nor on the contrary into a country…
Reconciling austerity with growth, tackling excess debt and guaranteeing the ECB greater freedom to deal with liquidity shocks - This is the package of proposals suggested by Stefano Micossi, member of the Board of the European think-tank Ceps,…
This evening, in the French capital, a meeting will take place between the German, Italian, Spanish and French finance ministers to "actively prepare" the Brussels summit - Deputy Minister Vittorio Grilli will be present for Italy.
Meanwhile, this morning the Fitch agency downgraded Cyprus' rating to junk level - The rating on the country's government bonds fell from BBB- to BB+ due to "a concrete increase in capital needs that…
During the first quarter of 2012, Europe's leading economy reached a total debt of 2.042 billion euros - the Federal Statistical Office Destatis announced.
The EU Commission lists three different versions of bonds - In the short term, the only viable one is a partial replacement of national debts with a joint guarantee, capable of eliminating the risk of moral hazard - Unicredit's proposal to…
Today the Greeks will be called to the polls - On the one hand, the conservatives of New Democracy envisage an austere but secure future, in the solid arms of the ECB and the euro - On the other, the radical Syriza with alternative proposals with an aftertaste…
After the first bilateral meeting with the French president, the Italian premier speaks of "very strong convergence" - A three-point document sent to Brussels from Paris to save the Eurozone from speculation: growth, stability and integration - The two leaders…
The idea comes from a young Greek entrepreneur who proposes an alternative model for reorganizing food distribution - On a website, city dwellers rent a piece of land from a farmer, choose which vegetables to grow for us…
The chancellor speaks to the Bundestag in view of the G20: "Germany's strength is not unlimited and should not be overestimated" - We need to build a political union that is able to offer the EU a "solid foundation" for the future - Everyone…
In its latest report on financial stability, the European Central Bank warns: the "profitability of banks, which can be undermined by the weakening of economic growth and be associated with increases in losses on loans disbursed and on portfolio assets".
ECB alarm on European sovereign debt - Fitch downgrades Spanish banks with contagion effect on ours and on Piazza Affari (-0,7%), the only European list to close in the red - Many suspensions for excessive reductions on the Milan Stock Exchange…
"To have European institutions able to supervise banks better, it is necessary to give up national supervision" - But the German chancellor reiterates her no to the introduction of Eurobonds: "It's like putting the cart before the horse" - The…
If the Sun speaks in German - Deluding Italians that the fault of the crisis lies entirely with the Germans and that salvation must come from Mrs. Merkel is a risky and fraudulent operation - Hoping that somehow one…
"I find it completely inappropriate for representatives of other governments of the European Union to talk about the situation in other countries of the Union" - Prime Minister Mario Monti replies to the Austrian Finance Minister, Maria Fekter, according to whom "Italy too may need Of…
The Cypriot banking system brought to its knees after the Greek debt restructuring - Just to save the most important institution, the Cyprus Popular Bank, Nicosia has to recover an amount equal to 10% of its GDP, or about 1,8…
According to Antonio Guglielmi of Mediobanca, the sovereign debt crisis resembles a game of Texas Hold'em: Germany is bluffing, and will choose the card of community integration at the last moment. The markets can help, by revealing the overvaluation of bunds…
The technical difficulties of the intervention, according to the experts who spoke to the National Economic and Labor Council, must not lead the Government to give up an extraordinary debt reduction operation, necessary to reduce interest expense, restore credibility to the …
The Hungarian-US multibillionaire warned that "the EU authorities have three months to implement extraordinary measures and reverse the course of the crisis" - "The banks must have a common guarantee fund and must be able to be financed directly by the ESM" -…
The economy of the third largest island in the Mediterranean, with fewer than 1 million inhabitants and in the Eurozone since 2008, is hand-in-hand with that of Greece, where Cypriot banks have invested over 22 billion in loans to the private sector -…
"The main challenges of this crisis may", said the president of the ECB in a hearing in the Committee on Economic and Monetary Affairs - Bisgona "limit the risk of contagion" and the time has come for EU leaders "to clarify their…
The Minister of Economy, Luis de Guindos, has denied the proposal to recapitalize the bank's 19 billion through European funds - Bankia will receive liquidity from the Frob bank restructuring fund, which however has a budget of just over 4 billion…
In the financial stability report, the central institute underlines that the main risks for the country are linked "to the possible worsening of the sovereign debt crisis in the euro area and to a worse than expected economic performance of the main economic partners of the…
Yesterday the Group's board of directors announced the 2011 results: a consolidated loss of 4,95 billion and toxic assets linked to the real estate sector over 40 billion - But only the Bfa, which owns most of…
According to the latest pools, the radical Syryza party could win the elections on June 17 with 30% of the votes - Followed by New Democracy with 26% and Pasok with 15% - Furthermore, 85% of Greeks would be…
According to the US financial giant, it is very probable that Athens will abandon the single currency - Citi estimates an exposure of the public and private sector of 410 billion euros - The greatest risk is that capital flight will extend…
Eurogroup officials advise each country in the monetary union to prepare an individual contingency plan in the event Athens gives up on the euro - "Nothing has yet been prepared at the eurozone level, for fear of a news,” reveals…
The leader of the radical Syriza party, favored in the upcoming Greek elections on June 17, reiterated his willingness to remain in the eurozone - This however does not change his opposition to the austerity measures imposed by the Troika -…
The European financial stability fund will give 18 billion euros to the four largest Greek banks - The funds will be destined for their recapitalization and will receive them by Friday.
The eight world leaders will wonder whether the best recipe to stimulate European growth is tax incentives or austerity - Hollande and Obama agree on two points: Greece must stay in the euro and the EU must return to growth…
The eight world leaders will ask themselves whether the best recipe for stimulating European growth is tax incentives or austerity - From the USA to Japan, the primary interest is for European GDP to start running again - Merkel always…
Greece, which is no longer able to pay the salaries of its employees, was forced to pay 400 million euros to Kenneth Dart, the speculator who owns the hedge fund of the same name - Lives in the Caymans and his master…
No agreement has been reached between the main parties - Venizelos: "Unfortunately we are heading towards new elections and in very bad conditions" - The Greeks will return to vote on June 10 or 17 - Kammenos, leader of Independent Greeks: "We have to choose…
The leaders of the three main parties will meet again today with the head of state to discuss the hypothesis of a caretaker government - Today, 436 million bonds in the hands of international creditors also expire: if Athens does not pay, it will trigger…
The President of the Republic Carolos Papoulias has convened a new summit for today at 19.30 with the secretaries of the four main parties - Meanwhile the finance ministers of the Eurogroup meet in Brussels in the afternoon - Tensions on the markets at…
The yield differential between 10-year BTPs and Bunds is back to its highest level since January due to tensions linked to the political crisis in Greece and the outcome of the German regional elections - Stock markets collapse.
The radical Syriza party has opposed the pro-European government and Venizelos has failed to form a grand coalition - Meeting with the President of the Republic today - More and more likely new elections in June.
The hypothesis of expelling Greece from the euro area as a solution to the sovereign debt crisis should not even be taken into consideration: the cost would be 10 times the total amount of the plans developed to date to keep it inside - We must…
The young leader of the radical party will meet New Democracy and Pasok today to try to find an agreement to form the government, but he said he will not give in on five points - It seems that the two parties, so far firmly…
Tsipras' radical party has three days to form a coalition government - But alliances are hard to predict - A return to the drachma? Madness for other European countries - The EU Commission and the…
The paradox of the markets, obsessed with the hunt for short-term results, and filled with distrust of long-term economic and financial prospects - It is difficult to find a balance between markets and democracy but also between global problems…
The reform of the Spanish banking system can be an excellent starting point for reflecting on the structural changes necessary for our country - Interventions capable of producing the revitalization of the minor banking system are fundamental for promoting economic development…
The director of the International Monetary Fund, Christine Lagarde, would like to extend the assistance capacity of the Fund by 600 billion dollars - On the occasion of the G20 summit in Washington, the members of the table would have committed themselves to a disbursement of only…
The number of unemployed reached 21,8% in January, almost double the 14,8% recorded in the same month last year - On the other hand, unemployment among young people (50-15 years) exceeds 24% - In total i…
Bloomberg has drawn up a graph that shows how state-controlled companies listed on the Madrid, Lisbon and Athens stock exchanges are worth as much as the capitalization of the Apple company on Wall Street - Meanwhile, the gap between the spreads of…
Prime Minister Lucas Papademos decided today: ''I asked for a proposal to the Head of State to dissolve the chambers and call early elections on May 6".
ALBERTO GIOVANNINI'S SLIDES - According to the CEO of Unifortune asset management, the difficult management of liquidity, the high indebtedness of especially French banks (which have a leverage of 50), the difficulty of central banks in managing systemic risk…
The debt alarm puts government bonds in crisis and the spread of Italy (382bp) and Spain (414bp) soars - The banks are paying the price, hit by a questionable attack by the New York Times: Intesa, Unicredit and Mps…
Piazza Affari uncertain after yesterday's black day - The other European lists are better - The spread falls, but remains above 330bp - The worsening of the economy and the resurgence of sovereign risk still frighten the markets -…
The German chancellor, the Financial Times confirmed this morning, yields on the strengthening of the funds of the European stability mechanism (ESM) - Germany will contribute through the temporary state-saving fund (EFSF) - Finland too is ready to bow its head.
Fernando Ruas, president of the national association of Municipalities, declared that the debt of Portuguese municipalities reaches 9 billion euros - "If we were a company we would call it insolvency" - The blame for the unsustainable situation stems from cuts in public spending …
The chancellor: "Today we cannot say that the crisis is over. We continue to find ourselves in a different phase of this crisis" - The president of the Fed: "The American Central Bank is monitoring the European crisis and is ready to intervene if…
To stabilize the sovereign debt, Lisbon would have to reach a surplus of 2% of GDP: it has happened only 3 times in the last 17 years - If the Portuguese government reduced its debt by 40%, reaching the target would be much easier…
The restructuring of the Greek debt is the largest in history and the first of a Western country in the last 50 years: the exchange on the 206 billion bonds in private hands is five times the Argentine default -…
Stock markets in the red: there is fear on the markets that the Greek bond swap will not go as expected - If at least 90% of private creditors do not accept the cut in the value of the securities in portfolio, Athens could reach…
The Asian country has declared its willingness to support the International Monetary Fund in helping the European debt crisis - The exact figure will be established at this weekend's G-20 meeting.
In the Greek affair, all the actors have made gross mistakes, which we hope last night's agreement will lead to a rational solution - The Greeks will have to be the first to convince themselves that bankruptcy would have entailed far greater sacrifices than…
Here's a funny story that has been circulating on the net for a few days, a nice solution to the debt crisis...
The French bank closes a disappointing 2011: profits -39%, in particular in the fourth quarter it earned only 100 million against almost 900 in the same period of the previous year - Greece's debt cost Frédéric Oudéa's institution…
Rumors are spreading about a possible postponement of some parts or even all of the second aid package for Athens and the spread is inflamed - The same trend is recorded in the main countries of the euro area: from 15.30…
Political leaders reassure Europe (in writing) that they will continue the austerity measures even after the April elections - But the 325 million needed to obtain the second aid package from the Troika (EU, ECB and IMF) are still missing…
The German finance minister suggested Athens follow the example of the reforms taken by the Monti government to get out of the crisis - "We should really think about doing like Italy".
Juncker: "I have not received from the leaders of the coalition parties in government the required political assurances on the application of the plan" - "We still have to find the 325 million".
The extent of the contraction has worsened again compared to the -5% per annum recorded in the second quarter - And with the new austerity measures imposed by the troika, the prospects for the 2012 recession are not improving.
China's premier Wen Jiabao: "Ready to contribute more to a solution to solve the European debt crisis".
In his latest book, Paolo Savona proposes a reform of the ECB's statute which provides for each state the possibility of leaving the euro - "The single currency, as constructed, has not helped us" - To overcome the crisis we must…
While Athens burns amid clashes of protesters with the police, Parliament approves new austerity reforms - But after the news of the elections in April, Europe is starting to no longer trust Greek promises - Schaeuble…
Clashes in front of Parliament ahead of tonight's vote at 23pm on the anti-crisis package - Black Bloc with Molotov cocktails in Syntagma Square: the police respond with tear gas - Two injured.
ADVISE ONLY, the online financial advisory blog, explains which scenarios could open up in the Eurozone after the Greek Government's agreement on austerity measures - What will be the effects on our country of a decrease in the Btp-Bund spread? -…
