All stressed up, and nowhere to go: banks pass stress tests as regulator plays calming music
26 Jul 2010 [1 Comment | 168 views]
Markets breathed a sigh of relief on Friday. And as for the politicians, if you had put your ear to the nearest window on Friday afternoon and listened very carefully, you would have heard their sigh as it emitted synchronously across the length and breadth of Europe. It seems the EU’s banks are in good [...]
Fears over US double dip make place for new European panic , but at least news from China could perk up economists
19 Jul 2010 [0 Comments | 172 views]
Are the Chuckle Brothers still going strong, does anyone know? Alas, the author recalls the duo because his kids were young when they were popular, not because he was a child himself then. You may recall their famous line went like this: “From me, to you”. The other would respond in like fashion, and whatever [...]
Keep the euro, or ditch it?
12 Jul 2010 [0 Comments | 372 views]
It’s been a week of contradictions. German and Chinese exports have soared. UK exports stuttered. The IMF seems to have developed a severe case of multiple-personality syndrome. The president of the European Central Bank, Jean-Claude Trichet, has made his most nonsensical comments yet. We will be returning to these important developments later in the week, [...]
The three musketeers have riposte for German queen
24 Jun 2010 [0 Comments | 387 views]
And while all around there was Armageddon, Mr and Mrs UK Press had a picnic. Okay, that’s a little harsh and maybe a touch over the top. But the truth is, this week’s budget should have been no more than a sideshow while some serious stuff was taking off in other parts of the world. [...]
The pain in Spain comes out of the drains
26 May 2010 [0 Comments | 282 views]
As you know, Spanish regulators did things the right way. In Spain, unlike the rest of the banking world, banks were required to maintain much higher capital ratios. And for the last 18 months we have been told that regulators should learn the lesson of Spanish banks. Governments have imposed the impossible condition on banks [...]
Should Greece default?
26 May 2010 [0 Comments | 271 views]
Opinion is split. Writing in The Times, Anatole Kaletsky claims that a Greek default would have a more serious impact on the global economy than the collapse of Lehman Brothers. Much to his disgust, however, a growing chorus of voices is calling for Greek default. He said: “Yet the possibility of a Greek debt default [...]
Austerity begins
25 May 2010 [0 Comments | 449 views]
The great austerity drive begins, and not only in the UK. The Italian government is due to reveal its austerity package today, and the IMF has slated Spain for not doing enough. As for Blighty, it may be… well, if nothing else it tells us how politicians seemed to be awful at seeing the bl***ing [...]
Merkel desperation
19 May 2010 [0 Comments | 478 views]
The German government banned naked short-selling and speculation on government bonds yesterday and the markets punished Germany. The move may yet go down in history as a wise, bold move. It is more likely it will be recalled as one of the great errors. The impact on the UK’s fiscal funding challenge – so far [...]
Hysteria rules, OK
18 May 2010 [3 Comments | 884 views]
Panic grows, but to an extent it seems we are panicking about panicking. Sure, it is easy to paint a picture that suggests the EU dream is over; it is even easier to paint a picture which suggests the UK is done for. The last few days have seen plenty in the media and the [...]
End of EU warning, Greece blames the banks, and government finds black hole
17 May 2010 [0 Comments | 567 views]
Did Labour want to form next government? And so Paddy Ashdown reckons David Milliband wasn’t even interested in a deal with the Lib Dems. According to press reports this weekend, while poor old Gordon was up for a Lib–Lab pact, it was young Mr Milliband who put the kybosh on the idea. Can’t think why. [...]
