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Financial Times (June 5)

2018/ 06/ 07 by jd in Global News

“A clear lesson from last week’s sharp sell-off in Italian bond markets: the ‘doom loop’ that creates a direct link between eurozone countries and their banking systems is still a powerful force.”

 

Fund Strategy (June 1)

2017/ 06/ 03 by jd in Global News

“European sceptics are being forced to acknowledge the recovery in a region that they have failed to understand politically, as the eurozone enjoys positive PMIs and employment figures while rejecting populist politics…. April saw the fifth largest allocation shift from US to European equities since the start of the eurozone in 1999.”

 

Financial Times (February 13)

2017/ 02/ 13 by jd in Global News

“Greece is as sick as ever and its agony goes on and on….  Barring wholly improbable changes in the politics of European crisis management, Greece will earn the unwanted distinction by late 2019 of having spent more of its eurozone existence in an intensive care unit than outside.”

 

Financial Times (April 12)

2016/ 04/ 13 by jd in Global News

“There are clear practical limits to cutting rates indefinitely; and in the eurozone at least, the policy may be close to its political limits. The question now is what should take its place…. Opponents of negative rates need to spell out the alternatives.”

 

New York Times (July 26)

2015/ 07/ 27 by jd in Global News

“While the eurozone may have temporarily avoided a Greek exit, it is hard to see how a deal that requires more spending cuts, higher taxes and only vague promises of debt relief can restore the crippled economy enough to keep Greece in the currency union.”

 

Financial Times (March 30)

2015/ 03/ 30 by jd in Global News

“The real eurozone problems are hidden under the bonnet…. The most important adjustment that needs to take place is a convergence of prices and labour costs.”

 

New York Times (February 18)

2015/ 02/ 18 by jd in Global News

“The eurozone ministers may find it difficult to make concessions to a nation they perceive as profligate and ungrateful. Nevertheless, they must still “come to grips with the fact that cutting Greece some slack now is the only good choice they have.”

 

Wall Street Journal (January 26)

2015/ 01/ 27 by jd in Global News

While the Greeks are likely to remain in the eurozone, “the Syriza victory is nonetheless a rebuke to European leaders. Greeks believe, not unreasonably, that the conditions imposed by the troika have been disastrous.” Rather than “promoting pro-growth reforms,” the European Commission, European Central Bank and International Monetary Fund imposed measures focused on “draconian fiscal tightening.” The result was predictable: “falling wages and pensions and rising taxes, with no growth in return for the pain.”

 

Financial Times (January 23)

2015/ 01/ 23 by jd in Global News

“It has taken far too long for the European Central Bank to embark on quantitative easing but its belated action is no less welcome.” ECB president Mario Draghi unveiled a massive program to purchase eurozone bonds through 2016 to help counter the threat of deflation. “There is no doubt that Mr Draghi needed to act. Growth and underlying inflation have been relentlessly weak, providing clear evidence that demand in the eurozone is faltering.”

 

Financial Times (January 9)

2015/ 01/ 10 by jd in Global News

“Investors looking for haven assets are increasingly having to pay up for the safety they provide as the volume of negative-yielding eurozone government debt has swollen to a record €1.2tn.” The change to assets you effectively pay to hold is unprecedented. At €0 in June 2014, this negative-yielding debt now accounts for roughly one quarter of outstanding eurozone sovereign debt, mostly “concentrated among the short-dated debt of core eurozone countries.”

 

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