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The European Central Bank as a lender of last resort | vox

The European Central Bank as a lender of last resort | vox | Focus Europe | Scoop.it
you need to read again this paper from De Grauwe, post the OMT decision. The OMT makes the ECB as close as we can get to the lender of last resort to the Euro governments? See also other comments on poddoux.com.
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Merkel has decided to pay up for the euro - FT.com

Merkel has decided to pay up for the euro - FT.com | Focus Europe | Scoop.it

As mentioned in Philip Stevens' FT article last week, I do believe that the OMT supported by Merkel against the Bundesbank views, is a significant shift, similar to the decision by Kohl to overrule the Bundesbank on the East Germany integration The change of the German stance on Greece is also remarkable, along the other decisions to give more time to the other countries (Spain, Portugal). Merkel has entered the election campaign, just when the German economy is showing some weakness

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Some pullback in financials (at last!) - Spanish yields up but relatively minor move - Stay positive

Some pullback in financials (at last!) - Spanish yields up but relatively minor move - Stay positive | Focus Europe | Scoop.it
The ECB bond Buying OMT remains a very significant step forward in Europe, but in itself does not resolves the whole European crisis which by in large remains in the hand of the governments and...
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EDP Breaks 20-Month Deadlock as Peripheral Companies Sell Bonds

EDP Breaks 20-Month Deadlock as Peripheral Companies Sell Bonds | Focus Europe | Scoop.it
Energias de Portugal SA is selling the country’s first corporate bonds since January 2011 as companies in the euro-region periphery issue at the fastest pace in more than a year.
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Latest comments

Latest comments | Focus Europe | Scoop.it
 The surge in long term rate in Spain last Friday was unsettling for many, but  again the yield move in the 10yr yield was not followed by any increase of the yield in the font of the yield curve,...
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Latest comments

Latest comments | Focus Europe | Scoop.it
More an Economic risk pricing than another Euro Spasm - Financials are NOT leading  the way, neither does the periphery.

 

European markets continue to be rather volatile on a day to day basis, but unlike previous sell off episode driven by Euro-systemic risk increase, I would argue that the latest move are more the result of a more classical economic cycle move with Credit Spread widening at first on the cyclical side rather than the financials. The country risk CDS has been going up again but bonds overall stay in a tight range with the OMT still anchoring the front end. The biggest change in the last month has been the clear support given by Merkel to the OMT and the change of attitude versus Greece. For sure risk remains, but  the upcoming German elections when the German economy deteriorates is a significant elemen

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Banking union must halt Balkanisation - FT.com

Banking union must halt Balkanisation - FT.com | Focus Europe | Scoop.it
Balkanisation is the buzzword of the day in banking – a handy way to describe the breakdown of cross-border banking, as nervous lenders retreat in particular from the more troubled parts of the eurozone or at least try to isolate operations within...
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Could the Black Swan actually be a White European one?

Could the Black Swan actually be a White European one? | Focus Europe | Scoop.it
The  German court ruling came as foreseen: no block of the ESM, but demand to have any additional financial liability approve by the German parliament. The risk of blocking the ESM was relatively...
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XE.com - Berlusconi says an Italian exit from euro would be disaster

Former Italian prime minister Silvio Berlusconi said on Saturday his People of Freedom (PDL) party firmly opposed Italy leaving the euro and believed such a policy would be disastrous.
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