Tags: banks

S&P Says Greek Plan IS Default

July 5th, 2011
in Op Ed

Last week the French (banks and government) proposed a roll-over of Greek debt into new bonds, some with maturities as long as 30 years. By Thursday German lenders, insurers and government agreed to join the plan, which would cover debts falling due from now until the end of 2014. As France and Germany are by far the largest Greek creditors, the world heaved a big sigh of relief as a Greek default was going to be avoided, at least temporarily. Stock markets around the world staged huge rallies. Armageddon had been avoided again. more »

Merchant of Venice Redux

July 4th, 2011
in Op Ed

As the bankers queue up to get served their pound of flesh, which is all that’s currently on offer, it’s hard not to notice the striking similarities between the Greece of today and Germany in 1923. Then Germany owed billions thanks to a treaty that was made in a French-speaking country along with an offer that couldn’t be refused, back then Versailles, this time Maastricht. more »

Will Greece be Colonized?

June 29th, 2011
in Op Ed

They're just extending Greece's payout schedule, but the real underlying problem isn't a liquidity problem. It's not that Greece doesn't have enough money to pay the debt right now. The problem is that Greece is never going to be able to repay this debt. more »

Shadow Banking, A Menace in China

June 21st, 2011
in Op Ed

In China, the persistence of inflation pressure has brought “shadow banking” into a topic of hot debate recently. According to a study issued by the People's Bank of China in 2010, non-banking sector lending has expanded to 63.3 trillion Yuan, ($10 trillion), 44.4% of total lending activities of China's economy. more »

QE3 Options

June 18th, 2011
in Announcements, Op Ed

The second round of quantitative easing is drawing to a close. Legitimately, the QE2 trade was ‘officially over’ in late March. My comments from March about a potential QE3 are still operative: My sense from the totality of Fed communications - from… more »

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