Greece Archive

WRKO interview

WRKO interview ...Read More

Visa on consumer spending, GDP, Consumer sentiment, Greece update, Personal income, Employment costs

Visa quantifies impact to consumer spending from lower gas prices (from its earnings call Thurs night) – US fuel prices are down ~30% since June. The drop amounts to ~$60/month for the avg. consumer according to our survey. Approximately 50% of the savings are being saved, 25% is being used to pay ...Read More

The Stockman’s big swinging whip

The Man from Snowy River By Banjo Paterson So Clancy rode to wheel them — he was racing on the wing Where the best and boldest riders take their place, And he raced his stock-horse past them, and he made the ranges ring With the stockwhip, as he met them face to ...Read More

Why prices can go up when demand is low

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_27/09/2012_463278 Greece’s biggest employers group on Thursday said that rising costs, poor infrastructure, higher borrowing costs and red tape were among the main reasons that the cost of goods in the country has not dropped despite the ongoing crisis. In a memo sent to the Development Ministry on Thursday, the Hellenic Federation ...Read More

Greek funding

Falls under ‘will do whatever it takes’ ;) Greece is in the process of trying to secure funding from Greek local banks to payoff 2.6 bb in Greek Government bonds maturing this month (4.10% 8/20/12) that are owned by the ECB and EIB. The Eurozone turned down a request from Greece for ...Read More

Greece after math

Looking like it was another ‘buy the rumor sell the news’ near term. After you do the maths it still doesn’t add up. It can’t add up. Ever. Given today’s institutional structures- pension funds, insurance reserves, etc.- that include massive, tax advantaged, demand leakages where private sector credit expansion is bound to ...Read More

HOLLANDE SAYS BANKING LICENSE WOULD GIVE ESM `GREATER POWER’

Yes, a banking license means unlimited ECB support. The ‘talk’ continues to move in the right direction. *HOLLANDE SAYS BANKING LICENSE WOULD GIVE ESM `GREATER POWER’ *HOLLANDE SAYS MANY IDEAS ON TABLE TO COMBAT CRISIS *HOLLANDE SAYS EUROPE CAN IMPROVE ITS CRISIS RESPONSE *HOLLANDE SAYS EUROPE HAS THE MEANS TO CONTROL ITS ...Read More

Secret Greek Fund Revealed

Except it’s just about an ‘allowable entry’, not a ‘fund’. The BOG, functionally a ‘branch’ of the ECB, just ‘accounts for’ negative member bank balances as loans. Presumably on a ‘legally’ collateralized basis. That’s what CB’s do in the normal course of business. CB’s don’t ‘have funds’ in their currency of issue ...Read More

Quick update

US economy muddling through, growing modestly, particularly given the output gap, but growing nonetheless. Lower crude prices should also help some. I had guessed the Saudis would hold prices at the $120 Brent level, given their output of just over 10 million bpd showed strong demand and their capacity to increase to ...Read More

Athens Stock Exchange

They have certainly had their ups and downs: Click here for larger version ...Read More