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Eurozone Banks Dump Bad Paper on Taxpayers

by John Rubino on July 2, 2012 · 23 comments

Bloomberg is reporting on what looks like a brazen con being pulled on taxpayers by eurozone banks and governments. It goes like this: During the recent credit bubble the PIIGS country banks created and then sold a bunch of low-quality mortgage bonds. Now they’re buying them up at big discounts to the original price, booking […]


Another Signpost On The Road To Inflation

by John Rubino on May 15, 2012 · 11 comments

Europe’s leaders — that is to say German Chancellor Angela Merkel and the bureaucrats running the various eurozone agencies from Brussels — have looked into the abyss and don’t like what they see. Specifically, a default and departure by even a relatively insignificant country like Greece might start a contagion that cripples or destroys the […]


Getting Europe’s mainstream politicians and appointed technocrats to agree to bailouts and austerity was actually the easy part. The real challenge for these guys will be holding onto their jobs — and preserving the deals they’ve cut — in upcoming elections. Voters, it seems, aren’t convinced that that a depression is the only solution to […]


Next Up: Portugal

by John Rubino on February 14, 2012 · 25 comments

It looks like Greece will get its debt restructuring, which presumably delays its collapse by a few months. So now the spotlight shifts to the other functionally bankrupt eurozone countries which have no choice but to demand the same deal. Portugal, by general consensus, is next in line. It hasn’t blatantly lied about its problems […]


Yet Another Make-Or-Break Week For Europe

by John Rubino on February 5, 2012 · 19 comments

Nobody really expects Greece to default on its debt and leave the eurozone. But Greek leaders do seem to be squeezing as much drama as possible from the bailout process: Euro zone loses patience with Greece (Reuters) – Euro zone finance ministers told Greece on Saturday it could not go ahead with an agreed deal […]


For Europe, Every Day Is A New Adventure

by John Rubino on January 12, 2012 · 7 comments

Europe’s parade of surreal financial news just keeps coming. This week, investors are paying Germany to take their money by accepting negative interest rates on new government debt: Germany Issues Bills With Negative Yields As Economists Agree Country Is In Recession Continuing the schizoid overnight theme, we look at Germany which just sold €3.9 billion […]


Europe’s Problem, America’s Solution

by John Rubino on December 13, 2011 · 15 comments

Greece has been out of the spotlight for a couple of weeks, which means it’s past due for another market-rattling announcement. And sure enough, today we find out that its economy is shrinking even faster than expected: Greece Apparently Even Worse Off Than Realized, Hitting Euro, Stocks This flew under the radar a little bit […]


This is Europe’s “Powerful” Plan?

by John Rubino on December 8, 2011 · 18 comments

Europe’s leaders have convened another summit meeting that will, they promise, put all the break-up speculation to bed once and for all. But the ideas that were floated pre-meeting are, um, logically challenged. Consider this excerpt from a recent Wall Street Journal article: The Pitfalls of Merkozy’s Third Way …Perhaps the markets are simply relieved […]


Why Would Anyone Buy A Spanish Bond? Part 3

by John Rubino on November 20, 2011 · 12 comments

The Eurozone’s descent into chaos is starting to get repetitive — though with each iteration the numbers do get scarier. Back in 2010, for instance, the crisis was already almost a year old and Spain looked like the most likely post-Greece domino. In Why Would Anyone Buy a Spanish Bond? and Why Would Anyone Buy […]


After Greece, Portugal

by John Rubino on July 5, 2011 · 13 comments

Now that Greece has been kicked down the road, it’s time for the other PIIGS countries to start lining up for similar deals. Portugal looks to be next, after its most recent deficit report: Portugal’s 1Q Budget Deficit Higher Than Expected LISBON (Dow Jones)–Portugal’s budget deficit for the first quarter of the year came in […]


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