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Euro Rot Continues

December 20, 2010
The steady drum beat of negative European news continues and the euro has been sold off in response.  It is not simply limited to the periphery, as we have pointed out.  There are rumors today that Belgium faces an imminent downgrade.  Recall that Belgium's outlook was cut to negative from S&P on Dec 14.  There is also increasing concern t…
Euro Rot Continues Euro Rot Continues Reviewed by Marc Chandler on December 20, 2010 Rating: 5
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Handicapping European End Game Scenarios

December 17, 2010
The European financial crisis is of historic proportions and it remains unresolved as the year draws to a close. The resolution remains elusive, but there seems to be a finite number of ways that the situation will ultimately be resolved. Let’s consider them.
Scenario I: Country Leaving Monetary Union (3%) Many observers suggest that the only soluti…
Handicapping European End Game Scenarios Handicapping European End Game Scenarios Reviewed by Marc Chandler on December 17, 2010 Rating: 5
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Fade Euro Resilience

December 17, 2010
The EU Summit may have ended, but the European debt crisis has most certainly not. What does it really matter to current investors, under mark-to-market pressure that the European officials have agreed to some wording changes in their Treaty to allow for a permanent crisis facility at the end of 2013?  Even the aid packages for Greece and Ireland …
Fade Euro Resilience Fade Euro Resilience Reviewed by Marc Chandler on December 17, 2010 Rating: 5
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ECB Increase Subscription Capital by 5 bln Euros

December 16, 2010
The ECB announced its subscription capital base of 5.8 bln euros would effectively be doubled to 10.8 bln euros effective at the end of the year. The move is not surprising and has been hinted for the better part of a week at least.
It does not have market implications. The ECB will have 10.8 bln euro capital base and asset holdings that are just …
ECB Increase Subscription Capital by 5 bln Euros ECB Increase Subscription Capital by 5 bln Euros Reviewed by Marc Chandler on December 16, 2010 Rating: 5
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Dollar Consolidates Wednesday's Gains

December 16, 2010
The EU Summit begins shortly. Out of the cacophony of voices will come some agreements, principally the modifications of the Lisbon Treaty, the closest thing to a constitution that Europe may have for quite some time, that will enshrine the European Stabilization Mechanism--the successor of the EFSF. This may include an agreement on collective act…
Dollar Consolidates Wednesday's Gains Dollar Consolidates Wednesday's Gains Reviewed by Marc Chandler on December 16, 2010 Rating: 5
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