October 8, 2012 | Daily JAM, Morning Briefing |
Finally, the permanent bailout fund, the European Stability Mechanism, has gone into businesses. You’re pardoned if 1) you thought this had happened months ago, and 2) you find the firepower behind the ESM rather anticlimactic.
October 4, 2012 | Daily JAM, Mid Term |
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October 3, 2012 | Daily JAM, Mid Term |
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October 3, 2012 | Daily JAM, Morning Briefing |
Spanish Prime Minister Rajoy can’t put off a formal request for very long. Spain will need to borrow 207 billion euros in the financial markets in 2013. There’s simply no way that the government will be able to raise that sum without bond buying by the European Central Bank.
October 1, 2012 | Uncategorized |
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September 28, 2012 | Daily JAM |
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September 27, 2012 | Daily JAM, Morning Briefing, Short Term |
The 2013 budget that Spain announced today was intended to send a message. And it looks like the U.S. market got it. What was the message? That a European Central Bank program of bond buying is on the way.
September 26, 2012 | Daily JAM, Morning Briefing, Short Term |
Thousands of Spaniards in the streets marching in protest. Yields on Spain’s 10-year bond back over 6%. The parliament building ringed by angry Spaniards. And still Spanish Prime Minister Mariano Rajoy says it’s still too soon to tell if Spain needs a bond-buying program from the European Central Bank.
September 25, 2012 | Daily JAM, Morning Briefing |
So how will Spanish politicians read this morning’s auction of three-month and six-month government debt? The Spanish Treasury met its goal for the auction by selling 4 billion euros in debt. The rates that Spain paid on this debt, however, were sharply higher. So complacency or call to action?
September 24, 2012 | Uncategorized |
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September 24, 2012 | Uncategorized |
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September 22, 2012 | Short Term |
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