PIGS Archive

Portugal Union Leader Wants Debt Renegotiation

Yes, as previously discussed, the obvious political move is to demand the same discounts as Greece. Especially with the pending Greek ‘restructure’ and ECB check writing to support the banking system seemingly making the euro stronger and not causing inflation. And the ‘sustainability maths’ is just about the same for all of ...Read More

more on ECB funding dependence in the eurozone

Yet another substantiation of just how much the entire system is (necessarily) dependent on ECB funding/backstopping. The ECB’s Secret Bailout Strategy By: Hans-Werner Sinn Excerpt: The amount of the ECB’s “replacement lending” is shown by the so-called Target2 account, which measures the deficit or surplus of a country’s financial transactions with other ...Read More