Note how ‘currency users’ are limited to relatively low levels of debt by markets: Valencia’s total outstanding debt at the end of 2011 was EUR20.76 billion, equal to around 20% of its GDP. Spain ran up it’s current national debt as a currency issuer when it not only didn’t matter financially with regards to funding […]
Tag Archives: Spain
Spanish Banks Face Bond Losses in LTRO Aftermath: David Powell
Looks like it was at least the Spanish banks that got the nod to buy their govt’s bonds when the LTRO was announced. Problem is they can only buy them to the extent their capital allows, and as raising more capital isn’t happening, it was probably a one time buying binge. That’s why subsequent LTRO’s […]
Spanish 10 yr Government Bonds today
Been moving up steadily all day and since they announced they were ok missing their deficit targets a few days ago. > > (email exchange) > > On Tue, Mar 13, 2012 at 1:48 PM, wrote: > > But that’s OK. I’m sure they’ll make good next year! > Give me a euro loan today for deficit reduction […]
CNBC’s John Carney on Krugman and MMT
> > (email exchange) > > On Sat, Nov 12, 2011 at 2:19 PM, Stephanie wrote: > > John Carney loving on us again Yes! Paul Krugman Goes MMT on Italy By John Carney November 11 (CNBC) — It seems pretty clear that the school of thought known as Modern Monetary Theory has made a big impact on […]
2008-06-19 EU News Highlights
[Skip to the end] Highlights Italian Unemployment Rate Rises for First Time Since 2003 Euro Central bankers think that’s a good thing for their fight against inflation. Unemployment was getting far too low for comfort. France’s Woerth Maintains Economic Growth Forecast at 1.7%-2% More than enough to warrant rate hikes. French government wants more work […]