Tag Archives: CDS

Euro spivs?


Marshall Auerback writing on the blogspot New economic Perspectives says that the markets are again in free-fall and, once again, a lazy Mediterranean profligate is to blame. This time, it’s an Italian, rather than a Greek’.   His ire is aimed at the new head of the European Central Bank Mario Draghi saying that it was extraordinary to observe the euphoric reaction to the formation of the European Financial Stability Forum a few weeks ago, along with the “voluntary” 50% haircut on Greek debt.  That to anybody with a modicum of understanding of modern money, it was obvious that the EFSF would never end well and that the absence of a substantive role for the European Central Bank would prove to be its undoing. As far as the haircuts went, the façade of voluntarism had to be maintained in order to avoid triggering a series of credit default swaps (CDS) written on Greek debt, which again highlights the feckless quality of our global regulators being hoisted on their own petard, given their reluctance to eliminate these Frankenstein-like financial innovations in the aftermath of the 2008 disaster. Read more of this post

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The Land Is Ours

a Landrights campaign for Britain

The Bulletin

This site was created for members and friends of My Telegraph blog site, but anyone is welcome to comment, and thereafter apply to become an author.

TCWG Short Stories

Join our monthly competition and share story ideas...

The Real Economy

Blogs and stuff from Ed Conway

Public Law for Everyone

Professor Mark Elliott

Bleda

Am I my Brothers keeper?

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