(Photo By Yanis Varoufakis feels "on top of the world" now his part in the crisis talks is over. Photo: Getty) Read the report from Greece of our interview with Varoufakis here. This conversation took place before the deal. Harry Lambert: So how are you feeling? Yanis Varoufakis: I’m feeling on top…

Peak Central Banker Hypocrisy: ECB Warns On ELA "Moral Hazard" by Tue, 07/07/2015 - 10:25 0 SHARES On Monday, the ECB ratcheted up the pressure on the Greek banking sector. The bank holiday is now in its second week and Greeks have been living with capital controls for nine days. The unequivocal…

by Tue, 07/07/2015 - 10:12 0 SHARES Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of…

Eurojärjestelmä toteuttaa rahapolitiikkaa myöntämällä vakuudellisia luottoja pankeille. Niiden ja muiden rahapolitiikan operaatioiden avulla ohjataan markkinoiden korkotasoa. Keskuspankeilla on tärkeä rooli myös sen varmistamisessa, että tilapäiset vaihtelut pankkien likviditeetissä eivät vaikeuta…

Greece’s referendum was not “legally correct”, the European Commission has declared. Valdis Dombrovskis, the Latvian-born EU vice president responsible for the euro, said the vote had “complicated” the work of the creditors and had left the Greek government in a weaker, not stronger, negotiating…

While sovereign bond markets in Europe remain relatively calm in the face of a potential “Grexit” scenario, equity markets across Europe have continued to remain under pressure posting new multi month lows in the process, with Italian and Spanish markets posting the sharpest falls. The mood is…

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Rarely in modern times have we witnessed such a display of petulance and bad judgment by those supposed to be in charge of global financial stability, and by those who set the tone for the Western world. The spectacle is astonishing. The European Central Bank, the EMU bail-out fund, and the…

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Officially, Syriza wants Greece to remain in the euro area — but the strength of this desire obviously depends on the circumstances. There is no point in avoiding the costs of exit if staying in the single currency only guarantees years of stagnation, perhaps with the added pain of unhelpful…

…The compliance of Bulgaria and Romania with the preconditions for EU and NATO accession have so far prevented the development of movements which are at odds with what the Euro-Atlantic bloc sees as politically acceptable. This trend, however, has reached its limits. Any further deadlock or delay in…

Below, we publish a column by Greek Prime Minister Alexis Tsipras, written for Le Monde , which includes the first list of concessions accepted by the Greek government in its negotiations with the troika (the European Commission, European Central Bank, and International Monetary Fund). Tsipras’s…

The French and German economy ministers have called for a strengthened eurozone with a common budgetary mechanism and tools to avoid the kind of debt problems Greece is suffering . "It's time to strengthen the eurozone by way of the EU's biggest reform," Emmanuel Macron and his German counterpart…

EPA opinion The single currency, the beloved offspring of European elites, is largely immune to criticism. The eurozone crisis that has crippled the Continent for the better part of a decade now has all the makings of a Wagnerian opera, in which one tragedy chases the next. The longevity of the…

by Mon, 06/01/2015 - 10:34 0 SHARES Until May, as part of its Public Sector Purchase Programme (aka QE), the ECB bought just over €47 billion in Eurozone (excluding Greece of course) government bonds. Then, after Gross said, and Gundlach chimed in, that the German Bund is "the short of a lifetime"…

by Sat, 05/30/2015 - 21:43 0 SHARES As previously reported by both IMF and Greek sources , Greece now has less than a week before it defaults on its June 5 payment to the IMF, a payment which it can't make simply because it run out of money even before its last "payment" to the IMF on May 12 . To be…

The reason why Zero Hedge has been steadfast over the past 6 years in its accusation that the Fed is making a mockery of, and destroying not only the very fabric of capital markets (something which Citigroup now openly admits almost every week ) but the US economy itself (as Goldman most recently…

Greek prime minister Alexis Tsipras is facing open rebellion in his ruling Syriza party over Greece's future in the eurozone, raising the spectre of snap elections being called as early as this month. The extreme “Left Platform” faction of Syriza, who make up a third of the party’s membership, have…

Before he admits he has lost the game of chicken, Alexis Tsipras, the Greek prime minister, right, should think hard about euro analysis of his finance minister, Yanis Varoufakis.Photograph: Alkis Konstantinidis/Reuters Yanis Varoufakis rues the day when Greece joined the euro. The Greek finance…

by Mon, 05/25/2015 - 10:00 0 SHARES Between escalating Grexit concerns and Podemos 'victory' in Spain, European bond and stock markets shuddered somewhat today. EURUSD continues to close lower - back below 1.1000 . All major bourses across Europe are in the red with Greece and Spain worst (ASE -3%)…

by Mon, 05/25/2015 - 09:29 0 SHARES This week I found myself in rare agreement with Janet Yellen when she admitted that her economic predictions are likely to be wrong . Sadly, Yellen did not follow up her admission by handing in her resignation and joining efforts to end the Fed. An honest…

Yellen: Inflation will rise 2% as economy strengthens 1:31 PM ET Fri, 22 May 2015 | 01:46 ‹ 01:46 Yellen: Inflation will rise 2% as economy strengthens 1:31 PM ET Fri, 22 May 2015 01:50 Yellen: Rate hikes appropriate this year if econ improves 1:15 PM ET Fri, 22 May 2015 05:39 Yellen: Labor market…

by Wed, 05/20/2015 - 03:00 0 SHARES Less than 48 hours after the official launch of the ECB’s celebrated PSPP Q€ initiative (or what we might call ‘Draghi’s descent into delirium’), we examined the program’s structure and noted that full implementation might prove challenging. Citi had already…

by Fri, 05/08/2015 - 12:00 0 SHARES On Thursday we witnessed the culmination of what has been a weeks-long German Bund rout. At one point yesterday, yields on German 10s hit 77bps, up from below 10 in mid-April. The severity of the move has taken some (but certainly not us) off guard. For instance,…

Bill Gross Says Bunds "Short Of A Lifetime", As Mario Draghi Is About To Run Out Of Bunds To Buy by Tue, 04/21/2015 - 10:45 0 SHARES By now everyone has seen the infamous chart showing how much of Europe's government bond market is trading in negative territory. This is simply a visual…

Source: Bloomberg Germany's borrowing costs have shot up from nothing to slightly more than that in violent fashion, and it's either a sign that Europe's economy is finally beginning to recover or that the European Central Bank's efforts to do so are coming up short. It's not clear which. Just a few…

by Wed, 05/06/2015 - 21:00 0 SHARES Over the past decade or so, "transparency" has become one of the buzzwords that has guided the Federal Reserve's culture. The word was meant to convey the belief that central banking was best done for all to see in the full light of day, not in the murky back…

Victor J. Blue | Bloomberg | Getty Images Companies are gearing up for a plethora of share buybacks this year, but investors may want to look past the short-term boost for a potential sell signal. "We expect companies will repurchase shares at a robust pace in 2015, and investors will reward these…

by Wed, 05/06/2015 - 17:30 0 SHARES While The Fed and its apologists ( except for Jim Bullard ) remain firmly attached to the idea that it is the 'stock' (or absolute level) of Fed Assets that represents the amount of policy-easement and not the 'flow' (rate of change) , we have explained numerous…

by Wed, 04/29/2015 - 09:46 0 SHARES A little over a week ago, the “old” Bond King Bill Gross called the 10-year German Bund the “ short of a lifetime. ” Shortly thereafter, David Einhorn challenged Mario Draghi to explain what he imagines would constitute signs of a bubble in the sovereign debt…

"Dear Fed, It’s Time To Lean, Or Leave" by Wed, 04/29/2015 - 07:58 0 SHARES From Bloomberg's Richard Breslow whose recent pieces have been spot on. Dear Fed, It’s Time to Lean, or Leave At long last we’ve reached April’s FOMC day. Interesting that while almost everyone agrees on what the statement…

A trader sits and monitors his computer screens. Photographer: Chris Ratcliffe/Bloomberg It has been a busy period in markets across the globe, with trends (and trades) breaking down everywhere. The U.S. dollar has been weakening . Euro-area sovereign debt has been selling off , causing yields to…

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Here’s an astonishing statistic; more than 30pc of all government debt in the eurozone – around €2 trillion of securities in total – is trading on a negative interest rate. With the advent of European Central Bank quantitative easing, what began four months ago when 10-year Swiss yields turned…