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Roubini Topic Archive: Finance and Banking
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After The Fat Lady Sings
Financial journalists across the globe were both surprised and puzzled recently when they heard Christine Lagarde using a strange expression. “You know, it’s not over until the fat lady sings, as the saying goes,” she told bemused reporters at a press conference in Manilla. Which fat lady, and what does she sing must have been [...]
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El Rosario De La Aurora
The exact origins of the expression are unknown. They are lost back then, somewhere in the mists of time. But the meaning of the phrase is perfectly intelligible. In Spanish “to end up like the Rosario De L’Aurora” (acabar como el rosario de la aurora), means to end up badly. Very badly. The Rosario in question [...]
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Taking A Man At His Word
Legendary hedge fund supremo Ray Dalio is in ebullient mood. Following a series of moves by Mario Draghi to underpin European government financing Dalio told Bloomberg that, in his opinion, the euro will now “likely” stay together because existing growth-constraining austerity measures will henceforth be balanced by money printing over at the European Central Bank. [...]
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Is The Italian Elephant About To Break Loose Again?
Market nervousness about Italy has been growing in recent weeks, with the Moody’s credit downgrade of the country being only one of the reasons. A bailout is clearly in the offing, with the only real questions being how and when. While the situation inside his country appears to be deteriorating, Mario Monti has been doing [...]
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Neither Grexit, Nor Spexit, It’s Fixit or Fexit
The aftermath to last weeks EU summit has certainly proved to be a damn sight more perplexing than the actual summit itself. Contrary to earlier experiences, this time round the more the details have been “clarified” the more confused we have become. Just what exactly was approved? Will Spain’s banks really obtain capital directly from the ESM, and [...]
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On the Brink of What?
This weekend I have been thinking quite a lot about what the world is gonna look like on Monday, and have come to the conclusion that it won’t be that different from the way it was last Friday. The big news surprise of the weekend was in fact Greece related - since the national football team qualified for the [...]
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Can This Really Be Europe We Are Talking About?
In recent days I have been think a lot, and reading a lot, about the implications of Greece’s recent election results. At the end of the day the only difference this whole process makes to the ultimate outcome may turn out to be one of timing. If Alexis Tsipras of the anti bailout, anti Troika, party Syriza [...]
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It’s Time to Stop Using Chewing Gum and Chicken Wire in Spain
“Every leg of the eurozone crisis has been marked by denial of the full scale of the problems. Whether Spain’s authorities have been deceitful or wilfully blind makes little difference at this point. The banks will need more capital; the government will need external help, with all the market uncertainty and strings attached that this [...]
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Portugal Gradually Shuffles Its Way Towards the Front of the Debt Queue
Well, a weekend during which Greece seems to have been finally able to pass muster on its bond deal, while Mario Draghi has given the official “all clear” on the debt crisis, seems to be as good a moment as any to have a look at the country which many investors consider likely to be the next [...]
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Homeric Similes and Spanish Debt
“Nihil sapientiae odiosius acumine nimio“ (Nothing is more hateful to wisdom than excessive cleverness) Petrarch, “De Remediis utriusque Fortunae” Like Leo Messi charging his way through a packed Real Madrid defense, twisting now this way, now that, never stopping without being stopped, so did the Spanish sovereign debt surge forward, breaking directly into the red [...]
