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Tuesday, November 30, 2010

European Contagion Spreading to more Banks

The debt contagion is spreading rapidly, almost virulently at this time. Here is a good article from Toronto's Globe&Mail newspaper illustrating why bailouts have gotten so much traction with superficially reluctant France and Germany. These two countries hold the lion's share of Portuguese and Spanish debt. Guess whose banks would collapse if Portugal and Spain are allowed to default (or if Ireland and Greece had been allowed to default).

Europe Debt Crisis Cheat Sheet

An excellent chart (courtesy of ZeroHedge) of the European Debt Crisis situation can be found here: European Debt Crisis Cheat Sheet. Read the titles and axis descriptions carefully. A fast glance can be misleading.
A sample:


Europe's PowderKeg: The Financial Cracks Deepen Some More

Not at all surprisingly, the financial dismemberment in Europe is continuing unabated. The Spanish situation is  described here. The Belgian and Italian situations are described here. Let's leave Portugal et alteri for another day. Some nations (France, Ireland and Hungary) have taken to absconding with their national pension funds to help relieve short term financial pressures.

Friday, November 26, 2010

Europe's PowderKeg: The Financial Cracks Deepen

Ireland has followed Greece while Portugal and Spain are looming larger on the horizon. The now familiar pattern continues. Spain and Portugal deny they will need assistance. The EU dismisses reports that it is preparing further bailouts. This is all nonsense. Why do they bother with such transparent posturing? A recent summary on Europe's Powderkeg here, courtesy of the Globe and Mail.