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LOTS OF FROTH, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
A brand new development in the history of the ECB has occurred: leaks yesterday revealed the broad outlines of its new sovereign debt securities’ purchase programme. One cannot help thinking that it was necessary to prepare the ground in advance, with the ECB decisions…
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BEHIND THE SCENES, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
There are some sinister goings-on behind the scenes of the European financial system, which are hardly being proclaimed from the rooftops! Even Mario Draghi himself is preoccupied by it, drawing attention to vague manifestations of “fragmentation” which are developing at the heart of the…
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SURRENDER, YOU ARE SURROUNDED!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
It is not just Italy and Spain causing problems, after the decisions taken during the last summit suffered a setback, in view of the spectacle of great confusion and nervousness we have witnessed with regard to the joint press release – which wasn’t one…
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QUIET ON THE SET, AND… INACTION!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Events are moving fast. We were expecting it of Greece, but Spain is overtaking it. Yesterday evening, a human tidal wave invaded Spanish town streets, which these days have become virtually permanent places of mini-demonstrations at midday or after work. Today, at the very…
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FIRST IT WAS THE AGENCIES, NOW ITS THE FORECASTERS’ FAULT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
“I can’t see any time soon when…the pressure will be off” replied David Cameron, the British Prime-Minister, in an interview with The Daily Telegraph. He continued, “this is a period for all countries, not just in Europe but I think you will see it…
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THE RESULT OF UNRAVELLING A BALL OF WOOL… FROM THE WRONG END, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
François Hollande has confirmed that the Government is going to propose for adoption an organic law (which a simple law cannot undo) in order to have the balanced budget rule adopted, on the advantageous pretext that it is provisional. There have been many occasions…
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WELL SPOTTED, BRAVO!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
As already highlighted the Spanish government is already benefitting from a de facto rescue plan under another name. To save appearances, the new austerity measures put forward for vote in parliament have not been the object of a memorandum jointly signed with those providing…
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WHEN WE’RE NOT MOVING FORWARDS WE’RE GOING BACKWARDS…, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The European Finance Ministers managed during the course of the night to finalize a minimal agreement, which needs, as usual, to be examined in detail due to its grey areas. They put together a set of nominations to the ECB and the ESM based…
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GUILTY PARTIES WANTED !, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
In accordance with the predictable script, the bond market is under pressure again. The cost of servicing Spanish and Italian debt has continued to increase as their financing plans move forward in little measured steps. The effect of all this is to place an…
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A BIG BANG, OR NOTHING , by François Leclerc
Guest post. Translated from the French by Tim Gupwell
With the G20 meeting being held in Mexico at the start of the week, our perspective will find itself altered, falsely accustomed as we are to only seeing the debt crisis from a European angle. On the 18th and 19th June, the greats of…
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THE RAMIFICATIONS OF THE SPANISH BANKING BAIL-OUT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell.
Some important details are still lacking with regard to the Spanish banking bailout plan: its final amount, which is going to depend on the results of the audit commissioned by the government; its rate, which we will be coming back to; and the stabilizing…